eCommerce Bookkeeping Archives

Corporate Transparency Act: You Have Less Than 60 Days

With the Corporate Transparency Act (CTA) now in effect as of January 1, 2024, it’s important to consider if Beneficial Ownership Information (BOI) reporting is on your to-do list this year. Many of our clients are impacted by this new requirement, so here’s a streamlined guide to help you determine if you need to report […]

November 5, 2024 View Article

A Step-by-Step Guide to Reviewing Your Profit & Loss Statement

As an ecommerce business owner, understanding your financial health is critical to sustaining and growing your business. One of the most powerful tools at your disposal is the Profit & Loss Statement. This document not only reflects your company's performance over a specific period but also provides insights into areas where you can optimize for [...]

July 23, 2024 View Article

Conquer Q3 with Expert Ecommerce Accounting Tips

As we enter the third quarter next week, ecommerce businesses must focus on fine-tuning their financial strategies to ensure continued growth and profitability. Profit First provides a great set up to review your business and make sure you’re prepared for what’s to come. Here are some essential steps to help you navigate this Q3 with [...]

June 25, 2024 View Article

Boosting Profit with Sales Data

Aligning sales with profitability is vital for the sustainability and growth of any business, but this process can look a bit different when it comes to ecommerce. An increase in sales doesn’t automatically mean increases in profit, as there are other factors at play in the sales process. Let's talk about the essential elements that [...]

June 18, 2024 View Article

Essential Balance Sheet Insights for Ecommerce Success

As an ecommerce business owner, maintaining a firm grasp on your financial health is critical. One of the key tools at your disposal is the balance sheet. This document provides a snapshot of your company’s financial position at any given moment. Here’s a detailed look at what you should regularly review on your balance sheet [...]

June 11, 2024 View Article

Scratch the Spreadsheets and Switch to Software

I can’t tell you how many clients come to us and say the same thing; their CPAs recommend running the business using spreadsheets. For most businesses, this is bad advice. Now, don’t get me wrong, I love spreadsheets and we still use them for several things in our business. They’re just no longer an efficient [...]

May 28, 2024 View Article

Unveiling Ecommerce Profitability: The Driving Forces

Unlocking the secrets of profitability in your ecommerce business requires a special understanding of your financial statements. One report in particular, your balance sheet, provides 5 driving profitability forces to keep your eye on. So, let's discuss them and how they can impact your profit and your business. The 5 Drivers Picture your financial statements [...]

April 16, 2024 View Article

Why Hiring an Ecommerce Bookkeeper is Essential

Is tax season a constant source of stress rather than a manageable task? If you find yourself overwhelmed by financial paperwork, it might be time to consider investing in an ecommerce bookkeeping service. While making tax time less daunting is a significant advantage, there are numerous year-round benefits to enlisting professional help. Analytical Accuracy Timely [...]

February 20, 2024 View Article

Building Your Ecommerce Financial Blueprint

Understanding financial statements can feel like decoding a foreign language for many ecommerce folks. It's like trying to read a book without knowing the words. Sometimes, the problem isn't that you don't get it, but rather that the financial blueprint you're using doesn't match your ecommerce business. Building this blueprint starts with your Chart of [...]

January 30, 2024 View Article

Navigating Cash Flow with Inventory Intelligence

Cash flow is the lifeblood of any business, essential for daily operations and future growth. In the guest blog Cyndi wrote for Carbon6, she explains how financial statements like the Profit and Loss Statement (P&L), the Balance Sheet, and the Cash Flow Statement can provide insights into your business's financial health. It’s essential to understand [...]

October 24, 2023 View Article

eCommerce Bookkeeping