Let’s face it, we all hate sales taxes. It’s complex and different from state-to-state. But the penalties are costly if not managed correctly.
Many of our customers use TaxJar or Avalara to stay compliant with all the states.
6. Using a generic Chart of Accounts
A CoA is essentially the breakdown and structure of your finances. It shapes how you view and think about your finances. The one you use should be specific to ecommerce in order to give you the info you actually need.
Here's how to avoid losing money through accounting errors:
1. Focus on net revenue
2. Track your variable costs
3. Properly calculate inventory costs
4. Understand the cost of financing
5. Simplify sales tax compliance
6. Use a Chart of Accounts specific for ecommerce
We are a technology company providing automated end-to-end accounting service to ecommerce businesses. Our system connects to your apps, syncs all your data and reconciles your books in real-time, replacing your bookkeeper. We offer reconciled books available 24/7, tax-saving insights, and a single place for all your financial data.
*The information provided on this website does not, and is not intended to, constitute legal advice. All information, content, and materials available on this site are for general informational purposes only. Readers are advised to consult with their attorney or accountant with any questions or concerns.*
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