NEWS AND HELPFUL INFORMATION ABOUT ACCOUNTING AUTOMATION
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
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