The ease of starting an e-commerce store has made it possible for people to start selling with just a phone or a computer. However, before you start your e-commerce shop, you need to understand that some accounting and financial challenges accompany these types of businesses. Tackling these challenges without the help of a reliable e-commerce accountant and platform can ruin your chances of success.
Shopping cart platforms like Sellbrite have made reaching and selling to customers easier and more accessible. Sellbrite is a multichannel e-commerce business software that offers features that can help you maximize your store’s potential. Some of these features include inventory management, listing creation, and monitoring, and a dashboard that allows you to manage all your orders.
Monitor Your Business’s Performance With Sellbrite ’s Reports
Sellbrite ’s Sales Reports feature allows you to view your sales from each of your channels. The report’s Sale By Time Period option will enable you to determine slack and busy seasons. By identifying these periods, you can plan an appropriate stocking level that will help you accommodate a sudden increase or decrease in your sales.
Sellbrite also offers a top of the line inventory reporting feature. This feature allows you to watch and monitor the performance and movement of your inventory. It can help you determine which of your products are selling better than others. With its Low Stock Report feature, Sellbrite can also help you time your restocking to reduce missed sales due to insufficient stocks.
Financial reports are only as good as how well they are interpreted. Our experienced e-commerce accountants are trained in analyzing trends and identifying opportunities present in your e-commerce business’ reports. You can rely on our team of knowledgeable e-commerce financial advisers to utilize these reports to create a customized scaling strategy for your e-commerce business.
Superior Multi-Channel Controls
Having lots of products to offer your customers is a great way to increase your net income. However, one key issue with this is the fact that you would have to manage and update each of these products regularly. Having to scroll through hundreds of items during price updates can take hours if not days. This problem can result in a delay in the accuracy of your price lists. You can also lose revenue from customers that buy from items with outdated details.
Sellbrite offers a centralized catalog that lets you manage all your products in just one place. Sellbrite ’s Product Catalog feature allows you to update every detail of your product all at once. Through it, you can change your product’s name, brand, description, image, prices, and more with just a click of a button.
You can also create new product listing in just a few seconds thanks to Sellbrite ’s Listing Templates and recipes. With this feature, you can save a template for products that you commonly release. It can save you time from having to enter redundant details for similar products.
Each product you offer can have its own unique tax management structure. The reason for these differences is that some states apply separate tax rates for some products. For example, if your e-commerce business that sells intangible products is registered in Arkansas, you may be exempted from the general sales tax. The opposite would be true, however, if it were located in Arizona.
These little differences can sometimes be hard to identify most, especially if you have no formal training in e-commerce accounting. Fortunately, our expert accountants here in Fusion CPA can help you with your e-commerce tax planning to make sure that you are paying the right amount of taxes. We can also help you maximize your deductions while minimizing your tax liability.
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.