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Why Accounting Matters in Ecommerce? . . Learn How? https://lnkd.in/gh3b6tmu #saasant #ecommerce #finance #accounting

Running a successful e-commerce business requires meticulous financial management. Here's a quick checklist to help you stay on top of your game. Contact us to know more: https://bit.ly/45q8MO3 #UnicornAccountants #ECommerce #ECommerceAccounting #Finance #FinancialManagement

Reviewing your financial plan and comparing it to actual performance is an essential practice for e-commerce businesses. Here's a concise yet comprehensive guide on how to conduct this evaluation: 1. Regularly Assess Actual Performance: Consistently track and assess your e-commerce business's financial performance. Regular intervals, such as monthly or quarterly, provide you with the necessary data to evaluate your plan effectively. 2. Identify Deviations from the Plan: Compare your actual financial results to the projections outlined in your financial plan. Identify any significant deviations—both positive and negative. This step allows you to understand where your business is succeeding and where it might be falling short. 3. Analyse Causes and Trends: Dive deeper to uncover the underlying causes of deviations. Was an increase in sales due to a successful marketing campaign, or did expenses unexpectedly rise? Identifying trends and root causes empowers you to make informed decisions. 4. Adjust Strategies as Needed: Armed with insights from your analysis, adjust your strategies as needed. If a particular marketing channel is outperforming expectations, consider reallocating resources to capitalise on that success. Conversely, if expenses are higher than projected, develop cost-control measures. 5. Set New Targets: Based on your analysis and adjustments, set new financial targets and update your financial plan accordingly. These revised goals should reflect your current business trajectory and objectives. 6. Repeat the Process: Financial planning and performance evaluation are ongoing processes. Regularly repeat this cycle to ensure your e-commerce business remains aligned with your financial goals and adaptable to changing market conditions. Effective financial review and adjustment are integral to maintaining financial health and achieving growth in the dynamic e-commerce landscape. Looking for help with your bookkeeping? Contact us today!⁠ ☎️ 0208 050 6450⁠ 📧 enquiries@rainysfinancials.co.uk⁠ 👩🏻💻 https://lnkd.in/efU4K5yf ⁠⁠ #EcommerceTips #FinancialReview #BusinessGrowth #EcommerceStartup #BusinessInvestment #Entrepreneurship #OnlineBusiness #DigitalCommerce #SmallBusinessTips #FinancialPlanning #BusinessStrategy

💥 "Running an ecommerce business without an accountant is like sailing without a compass!" 💥 Yes, you read that right. If you think you can navigate the ecommerce jungle without a financial expert, you're in for a rude awakening. 📉💣 Here’s why you NEED an accountant NOW: Financial Clarity: Guesswork doesn't cut it. Get precise, data-driven insights. Tax Compliance: Avoid those dreaded fines and stay legally sound. Cash Flow Control: Ensure you have the funds to thrive, not just survive. 🎯 Still skeptical? Dive into why having an accountant is your ecommerce lifeline: Read more. And if you want to streamline your financial operations, tools like Finotor can make managing your ecommerce finances a breeze. 🧠💼 👇 What's your take? How do you manage finances in your ecommerce business? Share your thoughts! 💬 #Ecommerce #Accounting #BusinessGrowth #Finotor #FinancialManagement

Payment processing fees are often categorized as Cost of Goods Sold (COGS) because they are directly tied to the sale of goods or services. In accounting, COGS is a financial metric that includes all the direct costs associated with producing goods that a company sells. Since payment processing fees are incurred as a direct result of a sale, they can be considered a part of the cost of selling those goods. This categorization can provide a more accurate reflection of the gross margin by including all costs that vary with sales volume. It's important to note that there are different perspectives on this categorization; some may argue that these fees should be recorded as operating expenses. However, the general consensus leans towards including them in COGS due to their direct correlation with sales transactions. Need help with your bookkeeping? I can help. Book a call now for a 30-minute FREE consultation: https://lnkd.in/gsUj4fih #virtualbookkeeper #virtualbookkeeping #bookkeepingservices #financialmanagement #businessowners #ecommercebookkeeping

Setting a budget is easier said than done. As you focus on filling orders, it's easy fall behind on the expenses, reconciliations and reporting that allow you to track when you're cash-flow positive and when you're not. Work with ClearCount to stay profitable. #cpa #ecommerce

Cost accounting in ops helps businesses make the best use of their resources by considering: ➡ Overhead Costs ➡ Contribution Margin ➡ Budgets These factors, along with data from timesheets, purchase orders, invoices, and received products or services, inform cost analysis. Leverage more data from cash flow and inventory. Set clear goals for effective financial performance tracking. Even a simple sales minus expenses approach (daily, weekly or monthly) can be valuable for making informed business decisions. #costaccounting #financialmanagement #resourceallocation #obmlife #ecommerce #contributionmarginmatters #cashflowanalysis #financialgoalsetting #datainformeddecisions

EOFY TIP - REVIEW YOUR BILLS . ❓ Are there bills that have been paid but not allocated? ❓ Credits outstanding not applied or refunded? ❓ Large bills where you could request a payment plan? . #SmallBusiness #SmartBusiness #EndOfFinancialYear #Xero #supplierpayments #cashflow #eofy #planning #review

EOFY TIP - REVIEW YOUR BILLS . ❓ Are there bills that have been paid but not allocated? ❓ Credits outstanding not applied or refunded? ❓ Large bills where you could request a payment plan? . #SmallBusiness #SmartBusiness #EndOfFinancialYear #Xero #supplierpayments #cashflow #eofy #planning #review