Discover the multitude of advantages QuickBooks offers for Ecommerce, designed to streamline your financial management and elevate your business efficiency. Here are the top five benefits that resonate with countless clients:

Seamless Collaboration with Accountants:

QuickBooks is the preferred software for many Certified Public Accountants (CPAs). Facilitate collaborative bookkeeping by granting your accountant access to your QuickBooks Company files. They can effortlessly make adjusting entries, monitor your bookkeeping, and generate their reports. Ensure your accountant has a QuickBooks Accountant account to enable this collaboration, fostering a smooth relationship. You retain control by sending invitations, with the flexibility to revoke access if needed.

Mastering Double Entry Bookkeeping:

Double-Entry accounting is a cornerstone for accurate business income tax returns, essential for both DIY tax preparation and working with tax professionals. QuickBooks provides Profit and Loss reports and Balance Sheets, integral for tax filing and business evaluation. Unlike some inventory management services, QuickBooks allows the reconciliation of bank accounts, preventing oversights in income and expense entries. Leverage a plethora of reports to analyze business processes, track sales tax, and plan for expansion seamlessly.

Effortless Expense Management with Receipt Attachment:

Bid farewell to the traditional shoebox of receipts. QuickBooks enables you to attach digital copies directly to transactions. Whether scanned or captured through your phone, attaching receipts becomes a breeze. Desktop versions can be backed up to Cloud-based servers for data security. Utilize an all-in-one printer/scanner or create folders on Cloud servers like OneDrive or Google Drive for efficient receipt organization. Simplify file naming for easy retrieval, enhancing your expense management.

Efficient Import of Banking Transactions and Rule Setting:

Save valuable time with QuickBooks’ banking transactions import feature. Set up rules to automatically input matching transactions, ensuring a swift and accurate process. Importing transactions is a crucial time-saver, making it essential to choose a bank that offers this service. In rare instances of missed transactions, manual input during monthly reconciliation resolves the issue. QuickBooks Bank Feed proves to be an indispensable tool for seamless financial management.

Comprehensive Inventory Tracking for Ecommerce:

Desktop versions of QuickBooks include robust inventory tracking features, offering invaluable insights. Although not universal across online versions, it has become indispensable for businesses with a substantial number of SKUs. Private Label and Wholesale resellers often find QuickBooks superior to external inventory management systems due to its simplicity and cost-effectiveness. Explore other options like dynamic spreadsheets or Inventory Lab for specific business needs, with the flexibility to adapt to your inventory tracking requirements.

 

Additional thoughts:  Depending on the number of SKU you have, inventory tracking in QuickBooks may be helpful.  There are limits, though.  Somewhere around 10,000 SKU, which sounds like a lot, unless you are primarily using Retail or Online Arbitrage.  In that case, some Amazon sellers will take advantage of an inventory management system like Inventory Lab making a monthly entry to Cost of Goods Sold more practical.  There is a monthly fee for Inventory Lab.  Private Label and Wholesale resellers with minimal SKU may find that QuickBooks is a better option over the monthly fee of an outside inventory management system.  In my courses, I teach both options.  Another option for inventory tracking is a spreadsheet like the one I created that works with any platform and can be used for multiple platforms at once.  It works well for clients using QuickBooks for eCommerce since it is a dynamic spreadsheet.  If you aren’t familiar with the benefit of a spreadsheet being dynamic, that just means it changes as you input information.  So the spreadsheet starts with a database sheet for inventory.  Then purchases and sales have their own pages for adding and subtracting inventory items.  Finally, there is an on-hand sheet that calculates all the information and returns your available totals, along with replenishment alerts.

Ecommerce Accounting Coach – Vicki McCay

Elevate your Ecommerce financial management with the guidance of Vicki McCay, an experienced Ecommerce Accounting Coach. Clear confusion about the right QuickBooks version for your business through personalized coaching, optimizing your financial processes, and maximizing cost savings. Whether using QuickBooks solely for bookkeeping or embracing its inventory tracking capabilities, Vicki McCay is your dedicated partner in achieving financial success.