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Global eCommerce has been expanding year on year at a rapid pace. Even the coronavirus pandemic can’t keep down sales. But while COVID-19 sparked an international economic downturn, causing a lot of people to pull back on the amount they were spending on offline retail, many consumers moved to shop online to avoid the risks of infection. As a result, eCommerce sales have skyrocketed and in the U.S., for example, online sales have so far made up 16% of all retail purchases in 2020.
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Reselling and drop-shipping have become all the rage as people hear stories of others "striking it rich" and wanting their slice of the pie. There are videos, how-to's, and courses that explain almost every aspect of getting started with selling on Amazon. The one aspect that often gets overlooked is accounting.What is Accounting?Accounting is the process of keeping financial records, usually for a business. Although this is most often for tax purposes, it can also be for the ability to show the value of the business for a future potential sale of the business itself. Some people start businesses with the intention of building them up in order to sell them later. You need solid bookkeeping to prove the profitability and value of your business in order to sell it.
Bookkeeping for eCommerce comes with its own unique challenges. While brick-and-mortar businesses may have more than enough bookkeeping and accounting functionality with QuickBooks, eCommerce businesses often need to supplement QuickBooks with third-party add-ons and programs. This is especially true for eCommerce businesses that sell across multiple platforms like Amazon, eBay, and Shopify. Failing to recognize the inherent differences in eCommerce bookkeeping can even result in inaccurate profit and expense reports.
If you run an eCommerce business for more than a year or two, you’ve probably come across GoDaddy Bookkeeping. For years, GoDaddy offered solid, reliable eCommerce bookkeeping to a wide variety of freelancers and small businesses. However, GoDaddy discontinued this service in 2022, leaving many eCommerce businesses to figure out a solution on their own. Fortunately, there are various GoDaddy Bookkeeping replacements and alternatives for eBay, Amazon, and Shopify sellers.
When you run an eCommerce business, you have to know exactly how much every item costs. Unfortunately, this isn’t always easy, especially when the cost of getting products to their destinations varies with each and every product. This is why landed cost is such an important concept for eCommerce business owners to understand and use when calculating expenses and profits.
As an Amazon Seller, you almost have no choice but to turn to third-party platforms to handle your bookkeeping and accounting needs. Though Amazon does offers a multitude of reports, no single report provides a complete picture of your business finances. In fact, many sellers complain that the data provided in Amazon’s reports seemingly have discrepancies between each other. So, if you’re selling on Amazon, you’ll need to understand the basics of Amazon Seller bookkeeping and accounting to manage your eCommerce finances.
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