NEWS AND HELPFUL INFORMATION ABOUT ACCOUNTING AUTOMATION
Managing Shopify payouts can be complex, but it doesn’t have to be. Bookkeep’s latest update brings more clarity to your accounting process by offering specific, easy-to-understand labels for each adjustment in your Shopify payouts. No guesswork – just clean, accurate entries. Say Goodbye to Unclear Adjustments In the past, adjustments
As CFOs and accounting teams know, keeping books clean and accurate for Shopify and Square merchants can be a time-consuming, manual effort. Between reconciling sales data, managing sales tax, and keeping up with new payment methods, it’s easy to feel overwhelmed. We get it. That’s why, at Bookkeep, we’ve developed
Why Choose Bookkeep for your Shopify based Accounting? The direct accounting teams of top e-commerce merchants using Shopify, or the accounting firms representing them, have a tough task trying to keep their books clean. For CEOs and CFOs, it’s hard to instill confidence that your numbers are always accurate and
This “adventure in ecommerce accounting” is a DOOZY. And it’s a surprisingly common issue. It arises when your team adds an app or additional selling channel that creates orders in (or imports orders into) Shopify, but the sales generated on that channel are not shown separately in your Shopify Finance
Shopify and PayPal play so nicely together. Or, do they? The short answer is “Yes, they do”, but the longer more nuanced answer is that companies that use them together need to be aware of a very real risk of double-booking the sales revenue, and possibly the PayPal payouts as
When users talk about Shopify, they usually praise the advanced features that allow them to sell in so many ways. Shopify continues to wow in the key areas that the platform was built for – namely, to allow online retailers to sell, sell, sell, and customers to buy products quickly
Brooklyn, NY (June 18, 2024) – Bookkeep, the leading revenue accounting and sales tax automation platform for unified commerce, today announced plans to open a new office in Victoria, British Columbia, Canada led by Vice President of Marketing and Communications Alison Ball. The office will be focused on expanding access
It’s a given that in order to understand the business and to be able to make good business decisions, the business owner, CFO, or financial advisor needs data that is accurate, timely, and available to be leveraged in key reports. But when dealing with disparate systems that are designed for
Businesses of all sizes naturally enjoy seeing sales and payments roll in on Shopify, Amazon, Square, and Paypal, etc. And as the business grows, it’s natural to add more selling and payment channels so that sales can increase exponentially. However, each additional channel adds another layer of fiscal monitoring that
It’s literally the stuff of nightmares. You think your books are up to date, complete, and accurate, and then you discover a HUGE issue that makes you question the integrity of the entries. It could be missing or incorrectly recognized revenue, incorrect sales tax, or perhaps you realize you haven’t
Accountants, bookkeepers, CFOs, and controllers have common goals, even though their day-to-day work may vary. Accurate books, timely closes, and keeping on top of regulatory compliance issues are table stakes, however quality of life and quick access to business insights are becoming increasingly more important. The stakes get higher when
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