In 2018, e-commerce sales represented about 14.3 percent of all retail revenues. People around the world spent an estimated $517.36 billion purchasing items online, 15 percent higher than the previous year. This steady increase in the popularity of online stores has likewise increased the demand for reliable e-commerce bookkeeping.
WooCommerce is one of the most popular e-commerce platforms on the internet. It is a plug-in that works with WordPress to turn your site into a powerful online store. It can help you set up and manage a fully responsive online store. It offers countless features such as customization, hundreds of extensions, and impressive accounting features.
Scalability And Customization of WooCommerce
WooCommerce can adapt based on the size of your e-commerce business. Along with WordPress, you can always add new features to accommodate new challenges your e-commerce may face. WooCommerce has a dedicated team finding new ways to make it easier for e-commerce businesses of any size to use the system.
WooCommerce is an entirely open-source giving e-commerce businesses the power to transform the product as they see fit. If your company operates in El Salvador and requires a Spanish payment gateway, WooCommerce can help you do this easily. This customization takes away issues of incompatibility and reduces the need for you to adjust for the system. Developers can also create customized integrations to work with many providers your business may want to partners with.
WooCommerce’s Impressive Accounting Functions
A big part of owning an e-commerce business is the management of its finances. WooCommerce has been created to provide you with all the core features needed to run an eCommerce business. One of the best things about WooCommerce is that it is free to use. With e-commerce, the only thing you’d have to invest in would be your web hosting, domain name, and your products. After that, you’re pretty much set up to start selling your products or services. WooCommerce being free does not compromise the features that it offers. WooCommerce also offers automatic tax calculations for your customers. These taxes can be based on your client’s shipping address, billing address, or your store’s principal address. By using this feature, you avoid miscalculating taxes and under or over billing your customers.
WooCommerce also offers advanced inventory management support. With WooCommerce, you are always updated on the status and count of your stocks. This feature will allow you to know when to replenish your stocks or when you are overbuying certain products. Lastly, WoCommerce can provide you with reports on the performance of your e-commerce business. These reports include sales reports, refunds, and coupons used.
Another great feature of WooCommerce would be its seamless Quickbooks integration. By integrating your WooCommerce account to Quickbooks, you will receive real-time updates on the financial aspects of your e-commerce business. It will help you sync and record orders, products, payments, inventory, and more. Using this data, our team of e-commerce accountants will be able to create financial strategies that can provide the guidance you need to make high-level financial decisions. WooCommerce integration is compatible with Quickbooks Online, Desktop, and POS.
Our team of e-commerce accountants can help you with the integration of your e-commerce website to your Quickbooks Online account. You can trust our expert team of e-commerce integration CPAs to provide accurate and reliable interpretations of reports produced by your Quickbooks software.
We at Fusion CPA understand that a trustworthy e-commerce CFO advisory is not something to be taken lightly. By using the e-commerce accounting features of WooCommerce, our e-commerce CPAs can provide you with accurate and updated financial records. Our e-commerce financial advisers can assist firm leaders in making decisions based on their customized scaling strategy. We can help you identify opportunities that can help grow your business. If you wish to learn more, feel free to call us now!
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.