Ecommerce Accounting Services, Ecommerce Bookkeeping Services

E-commerce Accounting And Book-Keeping

E-commerce accounting and book-keeping are two very essential aspects of any online business – small or large. Maintaining a correct record of all transactions can help you understand your company’s profit or loss, and the financial position.

Hiring an accountancy team and getting the task done in-house can be a hassle and an increased cost for your company. Outsourcing this service can take off your burden of managing another team, and also provide expert accounts management at reasonable costs.

When you outsource your e-commerce accounting service to Business Process Xperts (BPX), you are essentially buying a full, accounting department experience. All the routine activities such as managing a record of accounts payable and receivable, payroll management, as well as financial reporting are looked after by our team.

The typical process in which our team liaises with a company is elaborated below –

We do not just help with transaction processing but also take you through the numbers and help you understand them.
Depending on your business operations we have weekly, monthly or quarterly consultations with you to ensure that you are updated with the transactions in your books.
We help you understand and analyse your balance sheet as well as your profit or loss statements.

We have an army of expert accountants which enables us to provide a small team of accountants working for you at a much reasonable rate than in-house hiring. Our teams are efficient at handling the following tasks.

E-commerce accounting and Quickbooks integration -

For online businesses especially the ones selling through major platforms like Amazon, balancing accounting with running the store could be a task. Outsourced accounting solutions are the answer as they are comprehensive and updated with contemporary softwares like Quickbooks, saving you hours of time. Now that there are over one million sellers on Amazon, we offer specialised Amazon Accounting services and can help reconcile Amazon Seller Central transactions smoothly – including orders, returns, FBA charges, refunds etc.

Sales invoicing

Sales invoicing ensures that the amount due is communicated to the clients, in exchange of the goods or services provided. A sales invoice includes all the details of the sale like the price of the product, quantities bought, discounts, if any, and taxes applicable. A sales invoice should also contain any other terms and conditions applicable to the sale like delivery date etc. Our team ensures that the sales invoicing procedure is done professionally.

Payment To The Vendors

Managing payments to the vendors also comes under the purview of our out-sourced accounts department. When vendors are paid timely, the supply chain is maintained smoothly and orders are fulfilled successfully.

Payroll Management

Timely and proper payment to the staff is an important function of the accounts department, which is handled by us. When the employees are paid fairly and on time, the employee retention rate improves and this in turn helps in building an efficient workforce.

Budgeting, Forecasting And KPI Reporting

We extend our responsibility beyond the current financial position of your company. Our accounts team also carries out functions like forecasting future requirements in terms of working capital, projected profits and growth rates etc. We ensure that budgets are maintained and controlled to ensure a healthy bottom line. Reporting KPIs (key process indicators) is another function which helps in evaluating how effectively the company’s objectives are being met.

Price Modeling And Benchmarking

In the competitive e-commerce environment, it is essential for every company to compare their prices with those offered by their competitors. We at BPX can help you make the comparison with the industry average and see if any adjustments can be made to make your product the first choice of customers. Our job is to help increase the revenue without hurting profits.

Let’s now look at the benefits to your company by outsourcing accounting and book-keeping functions to us –

Accessible Records

We use accounting softwares that have cloud-based functionalities so you can access all your accounting records from any part of the world at any hour.

Eliminate HR Costs

When it comes to searching for new talent, you need to incur hiring costs. Besides, training and maintaining the accounts department in-house is an added hassle and cost to the company. Outsourcing eliminates these drawbacks and helps you avail expert accountancy services at competitive prices.

Security Of Data

Valuable company data is to be given out for accounting and book-keeping purpose. When you outsource the service from a reputed company as ours, we ensure that all your data is stored on secured servers and hence, you are less likely to incur data loss or damage.

Cash Fow Management Support

Outsourced accounting teams can analyse the company’s cash flow statements to help identify the scope, if any, of cutting down costs and generating higher profits. Cash flow analysis can also prepare your company to keep adequate credit availability (if your payments are made on credit basis). This additionally helps your company to cushion cost overruns or cover for late payments or bad debts.

Real-Time Transaction Recording

In most online businesses, there are transactions that keep happening either with the suppliers, vendors, or clients and customers very frequently. When the transactions are processed in real-time, that is they are recorded as when they happen, thus providing you actionable data right at your fingertips.

As all the transactions are recorded as and when they happen, your books of record are always up-to-date. There is no back-log or extra paper-work to be filed and processed later, which used to happen in the case of traditional accounting practices.

If you have a high-performing online business, you must consider outsourcing the accounting function to stay on top of your expenses and incomes. Business Process Xperts is a team of business consultants that can help you with your accounting and book-keeping needs. It gives you an added advantage as you can make data-driven business decisions and be proactive in tackling any possible problems, instead of being reactive.