E-commerce Bookkeeping requires extra care and focus to maintain and keep the books in order. If the responsibility to manage E-commerce Books were given to be a general bookkeeper, the books might become messy within a few weeks if not taken care of regularly. This business requires specialised bookkeepers with some experience in different software platforms and their integrations. They should be able to understand the E-Commerce business structure and domain.
An experienced Bookkeeper could help you set up the initial process by introducing you to different software and integration apps.
E-commerce Features
- Online Payment Processing– Debit/Credit Card, PayPal, Affirm, Apple Pay, and Google Pay. More payment option gets more customers.
- Policies for Returns/Refunds/Exchanges– It encourages the customers to buy things without having a second thought. It is a painful process for the business. Also, it is hard to maintain without the proper knowledge and supporting apps.
- Inventory– Tracking the inventory helps the supply chain run smoothly. It helps to get the orders to the customers on time.
- Shipping Fees– This is the biggest deal-breaker for the owners and customers. The customers may pay more or less than the actual cost of shipping. The owners have to decide if they want to charge or not, if so they should also decide where to charge and how it should be accounted and presented.
- Overseas Sales– It reaches more customers and creates more income. It requires bookkeepers with the knowledge of Currency Exchange Rates. The exchange rate may vary depending on time, and it should be recorded as Exchange Rate – Gain/Loss.
Best E-commerce platforms – Shopify, Square Online, Wix, Square Space, Big Commerce & Magento Commerce.
Best Merchant Services – Square, Stripe & PayPal.
