Why is accounting important for my eCommerce business?
Proper accounting gives you the financial visibility to make sound decisions, understand profitability, and track progress. It's crucial for success.
What are the main components of eCommerce accounting I need to know?
Key areas include financial planning, recording transactions, tax preparation and payments, financial statement generation, and cash flow management.
What accounting method should I use?
Accrual basis accounting tracks revenue when earned and expenses when incurred. Cash basis tracks only cash inflows and outflows. Choose the method that best fits your business model and skills.
What expenses should I forecast and plan for?
Estimate costs like advertising, inventory purchases, shipping, warehouse/storage, software subscriptions, and other regular financial obligations so you can properly budget.
How can software help with my accounting?
Solutions like QuickBooks automate transaction recording, financial report generation, expense tracking, and other tedious accounting tasks to save time.
What financial statements should I regularly review?
Key reports include balance sheets, income statements, cash flow statements and statements of changes in equity. Review them to gauge profitability, health, and growth.
When should I hire an accountant?
If accounting feels overwhelming or confusing despite using software, bringing on a qualified accounting professional can establish robust systems and provide ongoing guidance.
What accounting basics should I learn first?
Start by understanding key reports, accounting methods, forecasting expenses, and how to leverage software. The fundamentals provide the building blocks for streamlined finances.
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