NEWS AND HELPFUL INFORMATION ABOUT ACCOUNTING AUTOMATION
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