Elevating E-Commerce Decisions with Financial Reporting
We know that running an E-Commerce business can be fast paced at times and centered around customer service. This priority on customers can leave the accounting on the back burner. At firmTRAK Solutions, we love accounting and know that providing accounting data and reports are vital to making day to day decisions like when to reorder inventory, and deciding what products are profitable. Our passion is providing accurate financial reporting for your business to make better decisions.
Inventory Management Accounting
Like all good accountants, firmTRAK Solutions has the knowledge and skills to do proper costs accounting for inventory and costs of goods sold. The basics of revenue recognition require that inventory be held as an asset on the books until the item is sold and offsets the revenue received from the sale. Our team has worked with many different combinations of E-Commerce software, CRM’s, and accounting software to properly set up the add-on flow so that inventory cost accounting is done correctly. Our team can help you evaluate your technology stack and make recommendations and improvements where necessary.
More Back Office Horsepower
Many E-Commerce businesses have a volume of invoices that require a little extra help. The merchant reports have to be evaluated and matched to the store’s invoices to properly record sales of the correct products and income. This work can be tedious at times, and requires an attention to detail and a commitment to doing the accounting the right way. firmTRAK Solutions can provide an entire team to learn your unique sales cycle flow to properly record invoice payments accurately and efficiently.
firmTRAK has experience working with many online E-Commerce storefronts. We will become familiar with your particular group of products and invoices that go to your customers. Once that process is complete, our team will determine the most effective and efficient way to sync your data to the accounting system in order to ensure accurate financial reporting. Our team has experience in matching invoices to merchant processor payments to keep track of what customers are paying and when. We know this process can sometimes be time consuming and we’re here to help.
Sales Tax Add-on Setup
firmTRAK has worked with several different sales tax add-ons and can get you set up with the right combination that works for your business to automatically file and pay the state agencies for sales taxes owed. Or, we can set up the accounting software and run the reports to accrue the sales tax liability so that when you file your sales taxes returns, the process is smooth and accurate.
Customer Invoice Payment Matching
In our experience, matching customer payments to invoices is either not set up correctly, or not done at all because there is not enough time during the month to properly account for all the customer activity. This can lead to missed processing fee deductions and improper accounting for client’s accounts receivable balances. Our team has the dedication to keep on top of customer activity to properly match customer payments to invoices out of your preferred E-Commerce software.
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