The internet has opened up a whole new world for business opportunities and also made it easier to view the competition and see what you're up against. In order to succeed as the owner of a small business, you've got to keep track of your expenses and income, make sure you get paid after invoicing clients and utilize independent contractors or employees who help keep your business operating. Wave’s accounting functionality can assist with streamlining this. It allows you to keep track of your invoiced customers, received payments and manage your payroll.
E-commerce Accounting Capabilities
An important aspect that should be included in contributing to your success is how you handle your company’s bookkeeping. Whether you're an e-commerce business that sells multiple products or a company selling a single product or service, it's imperative that you know your current financial condition. Wave's financial platform provides you with a great start in making sure that your company is staying on track financially. It utilizes double entry accounting software and bulk transaction updates, which our e-commerce accountants love and also provides exportable account reports for important items such as sales tax, profit and loss, and cash flow.
When you're using the financial software offered by Wave, you can take these numbers and generate a clear financial picture of your business as it stands day-to-day. The Wave platform offers unlimited income and expense tracking, customizable income and expense categories, instant updates for payments, payroll and invoice, and billing invoice reminders. This makes it easier for our small business accountants utilize small business accounting best practices to streamline your accounting tasks.
If you'd like to take your accounting methods a leap ahead, you'll allow our team of small business accountants to assist you in streamlining the bookkeeping for your e-commerce company. As a business owner who wants to spend more time focusing on scaling your business, it just makes sense to utilize our accountants and have them help you with your financials.
Strategic Small Business Tax Planning
We also have the ability to assist with small business tax planning. When you create a strategy for the way that you plan for taxes, your business won't be left scrambling and trying to figure out how you're going to cover your unanticipated tax bill. By utilizing the assistance of our small business tax accountants, we'll be able to help you create financial estimates for expenses and sales in the future. Our CPAs can use the accounting dashboard on the Wave app to determine the actual amount of revenue that your company is making. When they take these numbers and configure in your expenses, it gives them good estimates to work with for your tax planning. This way, you can set aside a sufficient amount of funds to cover your tax bill when that day comes.
Consistent Small Business CFO Advisory
Your small business is moving forward in a positive way when you utilize a financial platform like the one offered by Wave. To continue your forward motion, you'll also receive the benefit of having our company perform an unbiased analysis of your financials via our business advisory service. Having a CFO by your side who is experienced with e-commerce businesses can assist with aspects such as designing a compensation plan or negotiating a contract. In addition, we have the ability to dig deep and give you a detailed synopsis of your company’s profitability. When you need help with your e-commerce bookkeeping and tax planning or just want to come up with more strategies for your small business’ growth, be sure to contact us.
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.