When running an online eCommerce store, you have to handle a different set of bookkeeping challenges compared to traditional accounting, so I’m here today to make it clear and easier for you to sort everything out.
In this episode, I’m sharing the eCommerce accounting challenges that you’ll come across as a business owner running your business online. I share the common mistakes I see when eCommerce small businesses are DIYing their books to help you avoid wasting time and energy fixing everything.
So, what do you do with all of the different fees you pay?
There are so many payment methods that keep their cut before passing you the net amount into your bank, including AfterPay, LayBuy, and Shopify. Most of these fees can’t be automated or integrated in any way so you need to find out exactly what the fees were and manually add them in followed by increasing your sales by the same amount.
I’ll run you through the two main reasons you need to ensure you’re including all of the fees you’re paying.
We’ll go on to explore your payment providers (including PayPal), what GST you can claim (if any) on fees and how it impacts your BAS, tracking inventory with systems and processes, and if you should integrate your sales platform with your accounting software.
Tune in and find out how to handle all of the eCommerce accounting challenges you’re facing to make sure you’ve got it all covered and avoid increasing your workload with unnecessary effort and cost!
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