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NEWS AND HELPFUL INFORMATION ABOUT ACCOUNTING AUTOMATION
This is a terrific training opportunity for the people in your organization who process Shopify orders, and manage the Inventory listing. We encourage sharing this article with your teams, so they understand the dire effects of doing something seemingly innocuous. There are two places in Shopify that you should never
If you are coding your books just based on the payout total you received, you are missing the bigger picture. Not only will your books be wrong (because the deposit doesn’t reflect the actual revenue and sales tax, etc), but you will not see the entire financial picture of all
For busy e-commerce, retail and restaurant businesses (and the accounting teams that serve them), e-commerce and point-of-sale (POS) accounting automation is fast becoming table stakes. This is because the explosion of revenue channels and continuous development of new selling platforms make maintaining up-to-date accounting a daunting task without a solid
Shopify users who sell via Facebook, Instagram, or TikTok need to be especially careful when filing their sales tax returns to avoid overpayment. This is because these marketplace platforms are bound by the marketplace facilitator tax laws to withhold the sales tax, and remit it on the seller’s behalf. However,
Companies that sell on both Shopify and Amazon may inadvertently have an issue with the way their revenue is booked. This is because the two platforms use different methods to report revenue. In a prior article (The Challenge That Shopify Reports Can Create for Accurate Revenue Recognition), we explained how
Accurate revenue recognition is a cornerstone of reliable financial reporting. Most accounting professionals agree that accrual-based entries are the most accurate way to record revenue. This means that sales are recorded when the obligation to the customer is fulfilled (ie: the goods are shipped). Cash-based accounting is different. Under that
There are situations where orders can be placed and fulfilled in Shopify, but payment is not captured. In this article, we cover the dangers of using the “Marked as Paid” feature in Shopify. Draft orders “marked as paid” can result in reported revenue – without payment! Shopify allows a
Common practices like influencer gifting – where orders are processed at zero cost, usually by the user manually applying 100% discount on the order itself – can distort financial figures in Shopify. These orders impact revenue calculations and, if not accounted for correctly, can skew key financial metrics like gross
In thinking about where Bookkeep really SHINES, it’s in two areas. The first is our world-class customer support. The second is when there is significant channel complexity. The more selling and payment channels, the more time we can save you and the more confidence and clarity your team can gain
Integration set to automate and streamline data management and tax preparation. PRESS RELEASE FROM KORONA POS LAS VEGAS — In an exciting move set to transform how businesses handle their financial management and retail operations, Bookkeep, the best-in-class accounting automation platform, has joined forces with KORONA POS, a leading retail point
Former Intuit and Liscio Senior Leader Will Drive Strategy to Increase Awareness and Adoption Among Accountants and Bookkeepers for the Revenue & Sales Tax Automation Leader Brooklyn, NY (Nov 6, 2023) – Bookkeep, the leading accounting automation platform for ecommerce and retail, today announced the hiring of Alison Ball
SUMMARY It’s podcast episode 9, hot off the press, with your dynamic duo hosts : Straight out of SLC is Tyler Otto from Specialty Bookkeeping & Tax, which specializes in serving medium to large businesses in the glamourous Hospitality, Service, and Construction industries. Wilding out in Wisconsin is Jeremy Van
SUMMARY Ecommerce sales tax has become extremely complex – and the rising accountant shortage makes it even more difficult for retailers. Bookkeep CEO and Co-founder Jason Richelson explains how retailers can solve this in his most recent column for Accounting Today. READ THE FULL ARTICLE
SUMMARY Jason joins technologists Randy Johnston and Brian Tankersley on CPA Practice Advisor’s podcast, The Technology Lab, to discuss how accountants can improve their revenue accounting through automation. LISTEN TO THE FULL PODCAST
Accountants often find Treez to be a headache, finding issues with multiple reports running (with 10s of columns and 100s of daily orders). This makes for persistent difficulty interpreting and transforming the data into accurate accounting entries. Fortunately, Bookkeep solves these issues by automatically connecting Treez to QuickBooks Online, Xero,
Accountants often find Mindbody to be a headache, finding issues with clunky, time consuming accounting processes. Often, accountants must run multiple reports to capture the entire range of daily activity: daily closeout, gift card reports, etc. Moreover, data isn’t transparently reflected in the default Mindbody reports (e.g., the amount
Accountants often find Clover to be a headache, finding issues with clunky, time consuming accounting processes. Much of the time, accountants must run reports to capture the entire range of daily activity, create formulas and pivot tables, etc. Moreover, some accounting data isn’t fully reflected in the default Clover
Accountants often find Square to be a headache, finding issues with: Time-consuming work running reports to capture the entire range of daily activity for both sales and payouts Complexity around Square’s treatment of Square invoices, which recognizes sales only when the full balance is paid off and with proper
SUMMARY In this column for Thomson Reuters, Jason explains why we’re not going to see the transformation of AI right now in account reconciliation for retailers and restaurants. The piece explores the promise of AI in retail, how it affects CFOs, and what they can do to address the gaps. READ THE
Additional Integrations with Clover, Toast and MindBody Strengthen Bookkeep’s Position As the Market Leader in Automated Ecommerce Accounting St. Louis, Mo. (June 26, 2023) – Bookkeep, the smarter accounting automation platform, today at Scaling New Heights announced a new integration with Zoho Books, a cloud-based accounting software system used