Businesses nowadays are mostly opening up in e-commerce format, and in case of existing business, they are shifting to e-commerce or at least opening up a e-commerce storefront. E-commerce format does not have the restriction of having a physical store or geographical boundary, and thus businesses can grow by leaps and bounds.
Like other industry, e-commerce businesses also require you to manage your finance efficiently to grow your business. And to manage the business finance efficiently, one must put attention to detail in the bookkeeping and accounting for your business. The need for having an E-commerce Accounting solution is very obvious for a business to grow and expand or to survive in a highly competitive market.
Here are some challenges faced by e-commerce business that one must to ready to tackle if they belong to the E-commerce industry -
Non-compliance can lead to heavy penalties and fine, it is no different for an e-commerce business. When selling globally you must know about all different tax system applicable for those countries not to forget the export and import charges.
Inventory is the most important element of an e-commerce business and it is the management of inventory that can make or break your business. You should be able accurately track all your inventory and this could be a difficult when volume of transactions is high or when you serve various locations.
Customer loves when you have multiple payment channels but this is a challenge for the business owner as they must record information from various channels.
You could be selling your product on multiple channels like website, e-commerce sites like Amazon and even physical store. While having multiple channels will help to reach out to a broader audience but there will be different in invoice and give raise to confusion in record keeping process.
While most business wants to grow on global level but not everyone has the knowledge of dealing with multiple currencies. There is difference in sales value of different country and the fact that the oversea payment provider is not going to record the sales until the end of the day which does not match Indian time.
Whiz Consulting will guide you through all challenges and help bring efficiency in your e-commerce business with our E-commerce Accounting Solution.Get 30 Mins Free Personalised Consultancy
Apart from the above services we also provide the following services that are specific to E-commerce business –
E-commerce Accounting Services we provide for businesses based in India help business to keep up the day-to-day accounting and bookkeeping task. We help you accurately record all income, expenses, assets, liabilities, and equity transactions. We take pride in crafting a bookkeeping agenda to meet the needs of business owners.
There are various E-commerce Platforms that businesses can opt for apart from having their own website. These third-party tools are an efficient and effective way to conduct e-commerce business. Here is the list of E-commerce Platform we have worked with for our esteem clients.
Whiz Consulting has been providing e-commerce accounting services for over a long period now and we assist business to function smoothly as well as grow their business. This is made possible by following this process -
We make sure that your e-commerce business doesn’t commit any non-compliance. We keep ourselves updated any new updates and change in laws along with the basic accounting principles and standards.
Our accounting and bookkeeping service are customised for every industry and same is the case with E-Commerce industry. Apart from this we also customised our service as per the specific need of individual business owner.
We have experience of over a decade and our experts have knowledge of industry-specific requirements. We streamline your e-commerce bookkeeping and accounting systems further upsurging productivity.
You get access to unlimited phone and e-mail consultations with our experts where you can get assistance for any doubts and issues. We also modify a plan for you based on your exclusive business needs.
We provide dedicated team of experts for our clients who will guide the clients with the utilisation of accounting software packages and business operation programs. This comprises of inventory management, payment processing, CRM and CMO.
We bring scalability as well as experience to grip the bookkeeping and accounting needs of the business.