Netsuite: E-Commerce Accounting
The e-commerce industry is quickly changing the world. In 2017, sales directly from e-commerce businesses went as high as $2.3 trillion; a number expected to grow to as much as $4.5 trillion by 2021. This massive growth emphasizes the importance of utilizing an e-commerce CPA for small and medium e-commerce businesses like yours. Along with this, is the equal importance that must be placed in e-commerce accounting programs like NetSuite. With this article, our e-commerce accountants will help you get familiar with the features and benefits of using NetSuite for your e-commerce business.
Dynamic General Ledgers For Growing E-commerce Businesses
E-commerce is a continuously changing and growing field. So, for your business to succeed, your general ledger must be just as dynamic as well. With NetSuite, you can tailor your general ledger to meet the needs of your business anytime. Whenever your business condition changes, your general ledger changes as well. NetSuite’s general ledger gives you visibility, reporting functionality, and the ability to follow audit trails. All of which allow you to adjust to changes in multinational financial management.
Managing Your E-commerce Accounts Receivables
Your ability to monitor and control cash flow is key to your success. NetSuite can help you optimize receivables while at the same time, accelerate your cash flow. As your business grows, our team of e-commerce bookkeepers can utilize Netsuite’s account receivable function to help you to identify ways to increase your profitability. Increased profitability can help you reinvest into your business to stimulate growth. NetSuite also provides ways to help you shorten your credit to cash cycle. This functionality can help you improve the services you offer to your customers, which can lead to new investment opportunities.
Reduce Your Time Spent On Your Accounts Payables
NetSuite’s account payable feature can improve liquidity and help you realize higher profits for your e-commerce business. The platform does this is by automating the processing and liquidation of invoices. Some of the outstanding AP capabilities of NetSuite include:
Automating the calculation of discounts while reducing the errors caused by manual entry
Minimizing the time it takes to process bills from vendors
Improving payment controls
Compliance With Domestic And Global Regulations
A challenge that e-commerce business owners often face is navigating through dozens of domestic and global tax laws. Fortunately, NetSuite makes e-commerce tax planning a lot easier by providing end-to-end local and global tax management. Netsuite’s tax features can help you save time, avoid errors, and determine accurate exchange rates. It has an easy-to-use system that can generate reports and analyze transactions. Our team of knowledgeable e-commerce CPAs is able to use this information to create a tax planning strategy for your business that is focused on tax minimization.
NetSuite is a comprehensive platform that has several features that, at first, can seem overwhelming. Our knowledgeable team of e-commerce accountants can work with you to identify features within the Netsuite platform that can streamline your e-commerce accounting and tax planning. If you want to learn more, click the button below to schedule a complimentary discovery call today!
This blog article is not intended to be the rendering of legal, accounting, tax advice or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.