The advent of e-commerce has opened doors for many businesses, creating sales opportunities and avenues of revenue that didn’t previously exist. With this increase in transactions, though, comes a huge increase in data. Successful businesses might see thousands of transactions a month from several different clients, and information regarding all of it needs to be accurately reflected in the company’s accounting.
While many businesses are excited to expand into e-commerce, many questions remain about how to properly account for these new activities, especially when multiple clients are involved. At times it can feel like you’re spending all your time wrangling data, but with the right tools, that doesn’t have to be the case.
In our upcoming webinar on October 14, 2020, Polly Sidoruk, Head of Customer Success with Synder, CloudBusiness, Inc. will take a closer look at how accounting professionals that use tools like QuickBooks and Xero can do accounting more efficiently while serving multiple e-commerce clients. Polly’s expertise in bookkeeping automation and experience in researching numerous accounting flows to guide custom integration for customers has helped many businesses to simplify their accounting workflows, saving valuable time in the process.
QuickBooks and Xero for E-Commerce Accounting
Two of the most popular accounting softwares on the market today, QuickBooks and Xero both offer sophisticated functionality that takes the stress out of accounting for e-commerce clients and makes it easier to manage multiple clients at the same time.
For example, these tools allow you to automate data recording so you can always see instant cash flows for either a single client or several clients at once, in order to monitor all your clients’ payment and e-commerce systems in a single, centralized place. These tools also allow you to create accurate P&L reports every time, and allow you to always have correct balance sheets for your clients at your fingertips.
QuickBooks Online also integrates with popular e-commerce sales platforms like Stripe, PayPal, and Shopify. That means that you can reconcile your clients’ transactions on those platforms in QuickBooks Office with just a single click. The ease of these integrations and the advanced features of both QuickBooks and Xero as a whole make it as easy to track and manage the activities of multiple clients as it is to handle a single customer.
How Synder Can Help
Synder is a leading provider of financial management tools for online businesses. Remember that mountain of e-commerce data you’ve been struggling to manage? Synder does it for you automatically and in real time, running in the background as you run your business. Just sync your e-commerce platform of choice with Synder, and the rest takes care of itself. At the end of the month when you need your books for reporting and reconciliation, they’ll be waiting there for you, with all your data organized and ready to analyze.
E-commerce transactions involve a lot of details that must be properly accounted for – things like product and customer information, price and discounts, shipping costs, fees, taxes, and more. Synder captures all that information and automatically categorizes it for accounting purposes.
With Synder, you cannot only handle multiple e-commerce customers at once, you can also connect multiple e-commerce platforms, online payment systems, and accounting companies all at the same time. This gives you maximum control over and insight into all your various clients in a single place. Synder integrates with all the top tools you’ll need to master e-commerce, including QuickBooks, Xero, Stripe, Shopify, Square, PayPal, and more, all with the highest levels of security.
Expanding into e-commerce and serving many customers at once doesn’t have to be daunting from an accounting perspective. Join us at our webinar on October 14, 2020 to learn more about the tools that can help you more efficiently handle accounting for multiple e-commerce clients.
Author Bio: Michael Astreiko is the CEO and founder of CloudBusiness. Michael is a results-oriented entrepreneur with a 10 years developer background and a FinTech business experience. Passionate about technology, IT architecture, customer-centric development, and building a team of rock stars that are ready to drive it all forward. He can be reached at michael.astreiko@cloudbusinesshq.com. Learn more about Snyder at https://synderapp.com.