With so many commerce platforms and so many ways to gather their financial data, there is no easy solution to collect all that data into accounting systems. Manual data entry not only eats up your time, but is more susceptible to human error and can create larger issues in the process and in the office.
But we need to face the fact that e-commerce is not going anywhere. More and more industries are using multiple channels to achieve their best sales. So, at the end of the day, each of us needs to understand how to handle ecommerce correctly when it comes to bookkeeping and accounting.
Here are 6 areas of bookkeeping where automation will help:
No. 1 — Time
We all know manual bookkeeping is time-consuming. On average, bookkeepers spend one to four hours a week keying in vital business information. As the information is only becoming more diverse and complicated as time goes on, this average is sure to keep climbing for those doing manual entry. There are definitely more important things to do than spend your time laser-focused on inputting data.
No. 2 — Accuracy
Posting proper daily accrual-based accounting entries are vital to managing any retail, restaurant or ecommerce business. Inaccurately inputting just one number can throw off your books, and possibly cause other problems with projections, purchasing, and more. Bookkeep accounting automation platform removes the difficulties of manual data entry from multiple sales channels and payment systems. You will never panic about an error found “too late” again.
No. 3 — Integrations
There is a lot of variety in ecommerce platforms and accounting software, and each application behaves and prioritizes differently. Trying to figure out the ins and outs of each system, and then trying to pull the information you need is not just time consuming, it is tedious. Then try to translate all those numbers into something more standardized and you’ve got a project on your hands, instead of just tasks. Bookkeep works with Square, Shopify, Amazon Seller, PayPal, Stripe, Etsy, and more, to post sales and reconcile payment deposits to Netsuite, QuickBooks, Sage Intacct or Xero. Automatically.
No. 4 — Summarized Journal Entries
Most sales channel reporting and integrations are not built with accounting in mind. They typically post individual transactions, making it hard to see exactly how much money was made. On the other side of the scale, some take the route of summarizing sales for large chunks of time—weeks, even months. Wouldn’t it be best to summarize sales by day? We thought so. Bookkeep automatically posts daily sales summary financials to accounting platforms and goes the extra mile to help reconcile the payment deposits against those entries. This eliminates messy books, because there are not endless entries to sift through to find what you’re looking for.
Want to hear more?
Join our webinar — "Everything is Ecommerce. Now What?" — Feb. 23, 2 p.m. (EST), featuring Bookkeep CEO Jason Richelson and Totally Booked founder Kelly Gonsalves. You will learn more about accounting automation, as well as get a peek into what Bookkeep is working on in 2022.
No. 5 — Historical Posting
Don’t you hate it when you start some new app and one of the first things you have to do is figure out how to “catch up” on all the historical stuff that happened that month, or that year? We even post historical transactions as far back as you need to go, even to the day your client opened shop. This is incredibly helpful when trying to clean up their books, especially if they have not done any bookkeeping.
No. 6 — User Experience
Our customer success team walks each customer through the integration process. Customers are able to see Bookkeep in action and how their own data flows through our platform and posts to their accounting system. Not to mention our “almost instantaneous” chat support.
We understand what accountants are facing with the ever-increasing list of commerce apps and other sources of financial data. Our goal at Bookkeep is to be the end-all solution for accountants and bookkeepers. We are improving the experience and efficiency of accounting by automating the posting of financial entries.
Do you have clients using electronic payment and ecommerce gateways? Maximize your profit potential with smarter automation. Bookkeep is becoming the only one-stop shop to integrate all sources of financial data whether it is revenue, expenses or other financial information.
Emily Hedrick is the Marketing Lead at Bookkeep, an automation platform for accountants, bookkeepers, and business owners.
She began her career at Best Gurl inc, before working as a consultant for several different companies managing their social media, website, and other communications projects. Emily was introduced to the fintech space while working at Insightful Accountant as the Media Director.
Emily is a member of the American Business Women’s Association (ABWA), Emerald Coast Chapter. She was awarded the 2021 Business Associate of the Year Award and won a full-tuition scholarship through ABWA National.
Emily is currently a student at Northcentral University pursuing her Master’s of Business Administration. She received her Bachelor of Arts in Public Relations from Auburn University.
When not working, Emily loves to listen to bluegrass music and play outside with her dog, Banjo.
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