NEWS AND HELPFUL INFORMATION ABOUT ACCOUNTING AUTOMATION
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
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
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