Tax Risk Management
We help our clients make informed financial decisions by considering the tax implications of various options. Whether it’s choosing between different investment strategies or evaluating the tax consequences of a major purchase, tax planning plays a pivotal role in decision-making.
Why is eCommerce bookkeeping different from other types of businesses?
Sales Tax
E-commerce businesses often sell products to customers located in multiple states and even internationally. Each state and locality may have different sales tax rates, rules, and exemptions. Complying with these varying requirements can be cumbersome. Additionally, sales tax laws are subject to changes so it is important that you stay up to date with the laws and regulations. Non-compliance with sales tax regulations can lead to audits, penalties, and fines. E-commerce businesses need to be diligent in their compliance efforts to avoid costly consequences.
Inventory Management
E-commerce businesses often sell their products on multiple online marketplaces, such as Amazon, eBay, Shopify, and more. Each of these platforms may have its own inventory tracking system and requirements. Coordinating inventory across these various channels can be challenging and may require specialized software or integrations.
Making sense of all the sales data
When engaging in eCommerce bookkeeping, it is important to keep in mind that sales may come from different channels if you sell on more that platform. Pulling all the data and transactions from the different channels and creating reports that make sense can be time consuming and confusing if you don’t know what you are doing.
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