UpCounting

06/08/2022

Amazon sellers have a lot on their plate, and keeping track of the numbers can be tough.

Luckily for you, we've put together this list with ten easy-to-use automations that will help streamline your accounting! We wrote an article on ‘The Top 10 Accounting Automations for Amazon Sellers’. 👌

Click the link below! 👇

https://upcounting.com/blog/amazon-accounting-automation/

If you're an Amazon seller, you'll love this list of 8 accounting automations for Amazon sellers! These processes will make keeping track of your finances a breeze.

06/04/2022

We all know how important reviews are for any eCommerce business, especially those selling on Amazon. But it can be difficult to get reviews for beginners who haven’t made many sales yet 😞

We’ll we are here to help 🙌 Here are 4 simple ways to get reviews on your amazon products!

1. Use the "Request a Review" Button: you can use an automated tool like Helium 10 to automatically send these customers.
2. Product Giveaways & Discounted Products: offering discounts will naturally increase your sales, which leads to more potential customer reviews.
3. Amazon Vine: this program is available for brand-registered sellers on products with less than 30 reviews.
4. Product Inserts: include a QR code on the product insert directly to the product review page.

Are you ready to get 5-star reviews on your products? Save and share this post with all of your Amazon seller friends!👌 😁

06/01/2022

Some people think that starting an eCommerce business means you only need a computer and internet connection, but the reality is much more complicated than this 🤦‍♂️ In order to be successful in this industry there are many different operating expenses involved including payment processing systems & inventory cost.

Here are three eCommerce operating expenses you may not have taken into account.

💻 Marketing & Advertising - When you're starting a new venture, marketing and advertising can end up costing more than expected. The average cost for this type of campaign is about 7-12% percent of revenue but some prefer to spend fixed amounts instead.

📦 Return & Refunds - The free and easy return of online shopping is one of the many reasons why it's so popular. If you have a generous policy on returns, expect people to take advantage.

👩‍💻Customer Service - Let's not forget customer support costs. You need to know how you are going to respond to customer queries over chat, email, and phone. Not to mention the costs of technology, wages, and equipment.

05/27/2022

The recent changes in taxation have created a new challenge for e-commerce businesses that sell goods across North America. Let's cover what tax obligations arise when your company ships overseas, as well as how you can stay compliant with these laws while still operating effectively! 😃

1. Determine where you have sales tax nexus and what products are subject to tax
2. Register for a sales tax or vendor permit
3. Collect, report, and file your sales tax returns on time
4. Consider automating state/province sales tax bookkeeping & payments

It can always be difficult to obtain the proper resources and paperwork to make sure your eCommerce business stays compliant with sales tax obligations 😣 so be sure to speak to a professional if you’re having any trouble 🙂

05/26/2022

If you're an eCommerce business owner, then learning how to properly categorize your transactions is one of the most important tasks. This helps keep track of financial information and make sure that all relevant data gets reported in order for it to be accurate!

Luckily, categorizing businesses' transactions isn’t complicated. 😃 🙌

Click the link below to learn more 👇

Keeping track of your sales, expenses, and inventory can be daunting, but it doesn't have to be! This guide discusses how to categorize ecommerce accounting transactions.

05/20/2022

You can’t start a successful eCommerce business without understanding how accounting works. And the sooner you get familiar with these basics, the better! ⏳ There are few key areas of focus when it comes to eCommerce accounting 👇

Transactional data - is all the information about your transactions that are stored in a bank account. For e-commerce accounting, this would include any sales made through one of their selling channels like Amazon or Shopify as well as information from wherever you sell offline too! 🙂

Inventory - eCommerce companies have to be extra careful with their inventory. You can't afford not knowing how much you're going through or when it will run out, so keeping tabs on this throughout the day could help prevent problems later down the line. 👍

Sales tax - is a real hassle for any business, but it can be especially challenging if you're selling goods online. You may need specific software or an expert in this area to help manage the complicated rules and regulations. These rules vary depending on where your company resides as well as where you’re selling your goods. 😮

If you need help with e-commerce accounting, we'd love to hear from you. Head over to upcounting.com and schedule a free consultation today!😃

05/18/2022

The complicated tax returns of entrepreneurs are a thing we all know too well.

It's important to keep track not only of your income and expenses, but also the wages that you pay or any inventory loss due to damage, deterioration, theft etc.

Many business owners are hesitant to hire an accountant for fear of the cost 😕 but what many e-commerce entrepreneurs do not know is that hiring one can actually help them save time and money 💰 Stop wasting precious hours trying to figure out your accounting needs on your own - book a free consultation at upcounting.com! 😃

05/13/2022

The importance of accurate bookkeeping cannot be overstated. It's one thing to have a solid idea and vision, but if you don't know how much money has come in or gone out on any given day then it is very difficult to make progress.

There are pros and cons to every business decisions, however let’s look at some quick pros and cons of DIY (do it yourself) bookkeeping.🤓

Pros
- You will likely have a deeper understanding of your business
- You will potentially save on the cost of hiring an accountant. 👍

Cons
- Accurate bookkeeping is not easy, so expect a learning curve with a lot more work than you think
- Bookkeeping can be time-consuming and can take away from other areas of the business 😩 Even with the help of accounting softwares like Quickbooks & Xero.

If you’re an eCommerce business owner, it’s always helpful to speak to a professional to get their thoughts on your situation. And if you’re looking to outsource your accounting and scale your business you can always reach out to us! 😇

05/11/2022

Cash flow is one of the most important factors when it comes to your online business. 👀

You need to understand how much money is coming in and out over time, which can be difficult to determine with so many different components such as paying for web hosting, advertising, and inventory upfront.

At UpCounting our team of CPAs specialize in eCommerce accounting. We have all the knowledge and tools needed to answer all of your cash flow. Or you can click the link to learn more about cash flow on your own!
👉 https://upcounting.com/blog/ecommerce-cash-flow/

When running an ecommerce business it's important to manage your money correctly. These cash flow tips should help your Ecommerce Businesses.

05/06/2022

Should I use Sales Orders, Invoices, or Sales Receipts? 🤔

The differences between an invoice, sales order, and receipts might not always be clear.

- Sales Orders are used to track and manage orders.
- Invoices are created once the order is complete and ready to be invoiced, and - Sales Receipts are used to record the actual sale/payment.

Each of these has a different purpose and use, so it's important to choose the right one for your needs.

If you're tracking orders, then Sales Orders would be the best option. This way you can keep track of what's been ordered; when it was ordered, and who placed the order.

You can also add in notes about the order, such as special instructions or requests.

Once the order is completed and ready to ship, then you can generate an invoice and receipt.

05/04/2022

It turns out that fashion is the TOP eCommerce category in America, with consumers expected to spend up to $205 billion annually on fashion products 😮

If you’ve been thinking about starting an eCommerce business but you don't know what to sell - check out the rest of these stats to help get you started! 😃

04/29/2022

Shopify is a great way for eCommerce businesses with limited budget finances to get started. 🙌

However, businesses tend to struggle with managing debts or operating expenses from the beginning - which can be daunting if you're just getting your feet wet!

To help out those new Shopify sellers we wrote this article detailing some important tips. 👌
https://upcounting.com/blog/shopify-accounting/