Is real-time bookkeeping right for your business? Take this quiz to find out.
July 4, 2022
July 4, 2022
AI bookkeeping can completely revolutionize the way you use your ecommerce financials. But, is it right for everyone?
Not all bookkeeping is created equal, especially when it comes to ecommerce and DTC brands.
There are multiple accounting options out there to help you manage your books - spanning from a DIY Excel for early-stage online sellers to a full-time accountant or bookkeeper for larger brands. Now, with the recent explosion of AI, it may be time to replace your bookkeeper with an AI solution. If ChatGPT can revolutionize the way you create your content, can AI do the same for your books and actually provide you with the financial and tax data you need?
Since there is no Tinder equivalent to finding the accountant of your dreams, you can take our short quiz to help you decide if an AI bookkeeper is your match made in cyberspace.
Here is what to consider when determining if it's a good fit for your specific business needs:
Transaction volume - If your business has a high volume of transactions, an AI solution may be your only option for getting fast and accurate data that can actually keep up with your business.
Complexity - Ecommerce businesses tend to generate vast amounts of data from their sales apps - like Shopify, Amazon, Faire, Walmart, Paypal, and Stripe - and from the transactions in their banks, credit cards, and loans. The more data to reconcile, the more crucial using an AI tool becomes. No traditional bookkeeper can keep up with the speed of an ecommerce or DTC brand, it's just not humanly possible (even on Red Bull + 4 espressos).
Future goals - What's the ultimate goal for your business - do you plan to sell it to an Amazon aggregator? Keep it as a side hustle? Grow to 9-figures? If you plan to grow, setting up a scalable bookkeeping and accounting process is key.
Human touch - There are some people, who prefer to have their CPA on speed dial and set up quarterly calls. Others prefer a process that's as low touch as possible - with the ability to send a chat or email if you have a question, but no consistent calls or meetings. This is a major difference between working with a local bookkeeper and using an online solution.
Helpful hint: certain AI solutions may have no human touch points even if you have questions. Using a solution like Finaloop allows you to utilize AI and machine learning technology while also having a team of human ecommerce financial experts to support you with any questions that arise.
Finaloop is 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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