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Michael Pignatelli, CPA
CEO, Unloop

Category: Bookkeeping

Are you stuck in a bookkeeping pinch and don't have access to a computer or a laptop? That's a tough situation you’ve got there. As a business owner, you don't always have the luxury of sitting at your desk all day working on accounting tasks. There are other business matters to address, which may sometimes require you to be out of the office.

You can always appoint a bookkeeping and accounting team to manage financial matters. Still, staying on top of what's happening is necessary. So, is there anything you can do about it? Yes, there is! If you're using QuickBooks online, you can use the mobile app to accomplish essential bookkeeping duties.

Let us give you a quick overview of the convenience of mobile bookkeeping with QuickBooks.

Mobile Bookkeeping and Accounting Basics: 8 Convenient Features of the QuickBooks App

Mobile devices are used for almost anything nowadays. Most people bring their smartphones around with them, whether they’re for locating areas or for completing quick transactions. Conducting business on your smartphone is no exception. It's a fast and convenient way to get things done.

This is why bookkeeping mobile apps must function correctly. It can be complicated, but a smooth mobile platform makes a significant difference. Here are eight convenient features of the QuickBooks mobile app that you'll appreciate.

bookkeeping in quickbooks online - partial shot of laptop and mobile phone with quickbooks app icon on its screen

Your Business on a Page: Mobile-Friendly Surface

The dashboard, menu, and other pages of the QuickBooks Online mobile app differ from the desktop version. They are designed to fit the restricted screen space of mobile devices perfectly.

The orientation is vertical rather than landscape for quick scrolling. Text is as concise as possible to avoid clutter. The page elements are also interactive, allowing you to expand the details when necessary.

You can view a lot of vital business data at a glance. Examples are:

  • Profit summary
  • Expenses summary
  • Balance of your bank accounts
  • Balance sheets
  • Financial snapshots of invested equity, liabilities, debts, and assets
  • Monthly profit and loss

Is this your first time using the mobile app? Don't worry. It is more user-friendly than other accounting or bookkeeping software. Should you experience a learning curve, seek the help of a professional bookkeeping team.

Adding a Personal Touch: Customizable Receipts

If you're in the mood for changing how your loans, sales receipts, invoices, and estimates appear, the QuickBooks Online mobile app allows you to customize them. You may change the logo and colour of an invoice or add attachments, notes, or photos for reference. You can also make them fit your branding personality.

Connected Banking: Syncing Transactions

Know what happens with your bank accounts using the mobile syncing feature in a matter of minutes. Connect securely with your bank and use smart matching to automatically record any transactions you or your company make. You may also view profit and loss, pay bills, and categorize the details you want to see.

What if syncing is taking too long to update? In that case, consider adding your transactions manually. It will only require a couple of clicks; nothing you can't accomplish!

Quick Receipts: Seamless Snapshots

It is essential to keep and attach receipts to their corresponding bills. If you're out of the office and need to record certain expenses, simply take a quick snapshot of the receipt and upload it using the QuickBooks Online mobile app. This helps you monitor and organize your company expenses with ease.

QuickBooks Online will then upload and sync them to the main website.

Financial Data Protection: App Security Lock Options

Your financial accounting information is highly confidential. You must ensure that you're the only one with access to make changes to the app. The QuickBooks Online mobile app offers different locking methods to control user access. Choose between using a PIN, touch ID, or the fingerprint method to sign in. Enabling third-party password manager support is another option.

Invoice Chaser: Automated Invoice Reminder

Sometimes, customers forget about invoice due dates. Thus, you need to track and remind them to do so to avoid any bookkeeping or accounting issues. But how can you manage when you already have a full plate? Manually tracking and reminding them will take too much time and effort.

The QuickBooks Online mobile app has a feature called automated invoice reminders. It allows you to enable polite reminders for overdue or soon-to-be invoices. These reminders are sent a few days prior to or after their due date. You can also personalize the message to embody your branding personality.

Attachment Reader: Flexible File Support

Some mobile devices don't support specific file formats. You still have to install an app that can open them. But with mobile bookkeeping in QuickBooks, you can open various file types included in attachments. It could be a pdf, doc, or another accounting file type.

The mobile app also supports multi-currency and negative prices and rates.

Quick Banking: Easy Banking Actions

You can perform more banking actions using the QuickBooks Online mobile app. Aside from syncing, you can access bank, credit card, and transaction feeds, which you can modify and refresh on demand. If you need to work on multiple transactions simultaneously, that is also possible with the app.

Other banking actions include adding a new bank account, reconciling transactions from connected bank accounts, viewing card balances, and easy swiping to accept bank transactions.

bank accounts recording expenses - magnifying glass zooming in on quickbooks online logo on a browser

Why You Should Use QuickBooks Online for Accounting and Bookkeeping

No bookkeeping software is doing it like QuickBooks. It is often preferable compared to other bookkeeping and accounting tools. That said, it could be better and will only work for some businesses out there.

Still considering using QuickBooks Online? Here are reasons that might resonate with you.

Logically Unbreakable Security

Did you know that QuickBooks Online uses a 128-bit Secure Sockets Layer encryption? That alone is enough to demonstrate how secure their system is. It will require massive calculations and virtually thousands of years to break it! That's how secure this encryption method is.

QuickBooks also uses a cloud-based accounting system. Your data is stored in the cloud, enabling access anytime and anywhere on the Internet. It's easy to control who can view and modify confidential financial data about your business. Your data is also updated in real time and comes with a backup.

Flexible Pricing

QuickBooks has something to offer for businesses with tight budgets. They have flexible pricing plans, a reason they're popular among small companies. The prices range from $7.50 per month to $90 per month, depending on your chosen plan. Each plan also offers a free setup, so you can start connecting bank accounts and cards.

Seamless Integration

QuickBooks is just one of many tools you can use for bookkeeping and accounting tasks. Juggling them can be confusing and overwhelming, so why not manage them all in one place? That's where QuickBooks's integration feature comes in. Connect your Amazon, Shopify, or other ecommerce platforms to it for easy transactions and inventory management.

Customized Files

While QuickBooks offers ready-to-use templates for generating invoices, business plans, stats, and spreadsheets, it also makes room for customization. Feel free to change the look and feel of your documents to make them stand out even more or match your branding.

Take Your Business With You

Keeping up with bookkeeping and accounting while you're out and about for other business matters may seem like a pipe dream. But QuickBooks brings this dream to a reality with their mobile app. You can now pay bills, record expenses, ask for invoices, view transactions and activity, generate reports, and secure your financial data anytime and anywhere.

Sit back and relax, knowing your business finances are in good shape and that you can always fix them without a computer or laptop.

Need a Helping Hand to Navigate QuickBooks? Try Unloop's Bookkeeping Business Services

The more your business grows, the harder it is to handle bookkeeping. This is especially true for small companies with little to zero experience in professional bookkeeping with QuickBooks. In that case, why not consider working with Unloop?


Our bookkeeping services specialize in ecommerce and inventory businesses. We’ll set up your stack, which includes QuickBooks for bookkeeping. We’ll also prepare your financial statements and work with your CPA or other CPA firms to help keep your taxes in check. Book a discovery call with us and talk to an expert for free!

8 Convenient Features of Mobile Bookkeeping With QuickBooks
Watch Now

Are you stuck in a bookkeeping pinch and don't have access to a computer or a laptop? That's a tough situation you’ve got there. As a business owner, you don't always have the luxury of sitting at your desk all day working on accounting tasks. There are other business matters to address, which may sometimes require you to be out of the office.

You can always appoint a bookkeeping and accounting team to manage financial matters. Still, staying on top of what's happening is necessary. So, is there anything you can do about it? Yes, there is! If you're using QuickBooks online, you can use the mobile app to accomplish essential bookkeeping duties.

Let us give you a quick overview of the convenience of mobile bookkeeping with QuickBooks.

Mobile Bookkeeping and Accounting Basics: 8 Convenient Features of the QuickBooks App

Mobile devices are used for almost anything nowadays. Most people bring their smartphones around with them, whether they’re for locating areas or for completing quick transactions. Conducting business on your smartphone is no exception. It's a fast and convenient way to get things done.

This is why bookkeeping mobile apps must function correctly. It can be complicated, but a smooth mobile platform makes a significant difference. Here are eight convenient features of the QuickBooks mobile app that you'll appreciate.

bookkeeping in quickbooks online - partial shot of laptop and mobile phone with quickbooks app icon on its screen

Your Business on a Page: Mobile-Friendly Surface

The dashboard, menu, and other pages of the QuickBooks Online mobile app differ from the desktop version. They are designed to fit the restricted screen space of mobile devices perfectly.

The orientation is vertical rather than landscape for quick scrolling. Text is as concise as possible to avoid clutter. The page elements are also interactive, allowing you to expand the details when necessary.

You can view a lot of vital business data at a glance. Examples are:

  • Profit summary
  • Expenses summary
  • Balance of your bank accounts
  • Balance sheets
  • Financial snapshots of invested equity, liabilities, debts, and assets
  • Monthly profit and loss

Is this your first time using the mobile app? Don't worry. It is more user-friendly than other accounting or bookkeeping software. Should you experience a learning curve, seek the help of a professional bookkeeping team.

Adding a Personal Touch: Customizable Receipts

If you're in the mood for changing how your loans, sales receipts, invoices, and estimates appear, the QuickBooks Online mobile app allows you to customize them. You may change the logo and colour of an invoice or add attachments, notes, or photos for reference. You can also make them fit your branding personality.

Connected Banking: Syncing Transactions

Know what happens with your bank accounts using the mobile syncing feature in a matter of minutes. Connect securely with your bank and use smart matching to automatically record any transactions you or your company make. You may also view profit and loss, pay bills, and categorize the details you want to see.

What if syncing is taking too long to update? In that case, consider adding your transactions manually. It will only require a couple of clicks; nothing you can't accomplish!

Quick Receipts: Seamless Snapshots

It is essential to keep and attach receipts to their corresponding bills. If you're out of the office and need to record certain expenses, simply take a quick snapshot of the receipt and upload it using the QuickBooks Online mobile app. This helps you monitor and organize your company expenses with ease.

QuickBooks Online will then upload and sync them to the main website.

Financial Data Protection: App Security Lock Options

Your financial accounting information is highly confidential. You must ensure that you're the only one with access to make changes to the app. The QuickBooks Online mobile app offers different locking methods to control user access. Choose between using a PIN, touch ID, or the fingerprint method to sign in. Enabling third-party password manager support is another option.

Invoice Chaser: Automated Invoice Reminder

Sometimes, customers forget about invoice due dates. Thus, you need to track and remind them to do so to avoid any bookkeeping or accounting issues. But how can you manage when you already have a full plate? Manually tracking and reminding them will take too much time and effort.

The QuickBooks Online mobile app has a feature called automated invoice reminders. It allows you to enable polite reminders for overdue or soon-to-be invoices. These reminders are sent a few days prior to or after their due date. You can also personalize the message to embody your branding personality.

Attachment Reader: Flexible File Support

Some mobile devices don't support specific file formats. You still have to install an app that can open them. But with mobile bookkeeping in QuickBooks, you can open various file types included in attachments. It could be a pdf, doc, or another accounting file type.

The mobile app also supports multi-currency and negative prices and rates.

Quick Banking: Easy Banking Actions

You can perform more banking actions using the QuickBooks Online mobile app. Aside from syncing, you can access bank, credit card, and transaction feeds, which you can modify and refresh on demand. If you need to work on multiple transactions simultaneously, that is also possible with the app.

Other banking actions include adding a new bank account, reconciling transactions from connected bank accounts, viewing card balances, and easy swiping to accept bank transactions.

bank accounts recording expenses - magnifying glass zooming in on quickbooks online logo on a browser

Why You Should Use QuickBooks Online for Accounting and Bookkeeping

No bookkeeping software is doing it like QuickBooks. It is often preferable compared to other bookkeeping and accounting tools. That said, it could be better and will only work for some businesses out there.

Still considering using QuickBooks Online? Here are reasons that might resonate with you.

Logically Unbreakable Security

Did you know that QuickBooks Online uses a 128-bit Secure Sockets Layer encryption? That alone is enough to demonstrate how secure their system is. It will require massive calculations and virtually thousands of years to break it! That's how secure this encryption method is.

QuickBooks also uses a cloud-based accounting system. Your data is stored in the cloud, enabling access anytime and anywhere on the Internet. It's easy to control who can view and modify confidential financial data about your business. Your data is also updated in real time and comes with a backup.

Flexible Pricing

QuickBooks has something to offer for businesses with tight budgets. They have flexible pricing plans, a reason they're popular among small companies. The prices range from $7.50 per month to $90 per month, depending on your chosen plan. Each plan also offers a free setup, so you can start connecting bank accounts and cards.

Seamless Integration

QuickBooks is just one of many tools you can use for bookkeeping and accounting tasks. Juggling them can be confusing and overwhelming, so why not manage them all in one place? That's where QuickBooks's integration feature comes in. Connect your Amazon, Shopify, or other ecommerce platforms to it for easy transactions and inventory management.

Customized Files

While QuickBooks offers ready-to-use templates for generating invoices, business plans, stats, and spreadsheets, it also makes room for customization. Feel free to change the look and feel of your documents to make them stand out even more or match your branding.

Take Your Business With You

Keeping up with bookkeeping and accounting while you're out and about for other business matters may seem like a pipe dream. But QuickBooks brings this dream to a reality with their mobile app. You can now pay bills, record expenses, ask for invoices, view transactions and activity, generate reports, and secure your financial data anytime and anywhere.

Sit back and relax, knowing your business finances are in good shape and that you can always fix them without a computer or laptop.

Need a Helping Hand to Navigate QuickBooks? Try Unloop's Bookkeeping Business Services

The more your business grows, the harder it is to handle bookkeeping. This is especially true for small companies with little to zero experience in professional bookkeeping with QuickBooks. In that case, why not consider working with Unloop?


Our bookkeeping services specialize in ecommerce and inventory businesses. We’ll set up your stack, which includes QuickBooks for bookkeeping. We’ll also prepare your financial statements and work with your CPA or other CPA firms to help keep your taxes in check. Book a discovery call with us and talk to an expert for free!

Read more

Disclaimer: Please note this article is not financial advice. The purpose of our blog is purely educational, so please consult a professional accountant or financial advisor before making any financial decision.

The entire global community has just started to recover from the COVID pandemic. Good thing that companies like Amazon open their doors to more career opportunities for accountants and finance professionals. 

Accounting and finance is not easy work, but it is lucratively rewarding. If you have an accounting background and experience, this article is for you. 

Why is Amazon Accounting Important? 

Accounting is the backbone of Amazon businesses—of any business, as a matter of fact. Having to track and monitor your numbers keeps your online store afloat. 

This is why business with Amazon is so much harder without any solid foundation of accounting in place. You would feel like a lab rat going through a very boring maze. Many times you would just be crashing into a lot of walls. 

Fortunately, Amazon and FBA (Fulfilled by Amazon) Sellers diversified accountancy to more job-specific careers to optimize the features Amazon has to offer and increase productivity by 50%.

Take a look below to help you get started with your accounting career: 

A woman working on her charts and graphs on her computer
  • Application Analyst 

A Corporate Report Systems Analyst, loosely termed an Application Analyst, takes an analytical role in designing and implementing technological solutions for Amazon’s global team, Enterprise Reporting Platform. You will be giving effective support for the following systems: 

  1. Blackline 
  2. Essbase 
  3. Oracle Financials General Ledger 
  4. Hyperion Financial and  Account Reconciliation Management
  5. Smart View 
  6. Hyperion

In addition, it is your responsibility to ensure the quality of application controls and meet Amazon’s financial goals. It sounds entirely techy because it has some IT-related work as well. 

For this job, you need to have a degree in Economics, Finance, Business Administration, IT, or any related field. You also need to have excellent communication, technical and problem-solving skills, and prior experience in Account Reconciliation systems and Task Management. 

Amazon Business prefers a hybrid of IT and accounting. So if you are a tech-savvy accounting graduate, give this job a try. 

  • International Tax Analyst 

If you have seen the movie Meet Joe Black, you’ve probably heard the line, “Death and taxes, what an odd pairing.” If you love math (death) and taxes, you’ll also love this job.

Anything to do with international income tax reporting, including improving the tax processes, is your main job responsibility. For this, you need to have up-to-date knowledge of tax regulations and international laws. 

Here is a more comprehensive description of your responsibilities:

  1. Gathering data for various US international, US federal income tax reporting disclosures 
  2. Preparing and reviewing international aspects of Amazon’s worldwide provisions relating to transactions 
  3. Managing junior tax professionals and outside service providers 
  4. Facilitating streamlining and automation of recurring calculations with Amazon’s tax technology

Amazon has job openings for a Senior International Tax Analyst as well. However, the qualifications are quite steep. Aside from having a degree in Finance, Accounting, or Tax Law, you need to pass the CPA or any related licensure examination. 

But if you do have these requirements, you’ll be receiving a hefty payment of $71,550 yearly. Better get started on those international law and taxation books.

  • Accounting Manager in Healthcare

Accounting is not just related to eCommerce or anything to do with numbers. Accounting can also be integrated with healthcare. If you would like to dedicate your skills to facilitating Amazon employees with health and instance, then this is the one for you. 

As long as you have knowledge about local healthcare and solutions for Electronics Healthcare Records, Telemedicine, and other solutions, this would be a big advantage for your application. 

Here are the basic qualifications for an accounting professional in healthcare: 

  1. Bachelor’s degree in Computer Science, Business Administration, Accounting, Economics or any other related field 
  2. 10 years of technology-related business development and sales experience
  3. Has experience presenting to CxO and senior management customers 
  4. Excellent written and verbal communications skills 

Amazon is currently seeking candidates from South Africa who can work in South Africa. So if you’ve been dying to tick off South Africa from your bucket list as well, now is the time to hit two birds with one stone. 

  • Accounts Payable Analyst 

Handling AP payments does work up a sweat. It’s a good thing to have amazing accounting software to help manage invoices, payments, and bank info. But the work of an AP analyst doesn’t stop there. 

You should have a working knowledge of Amazon’s invoice entry and transaction policies and procedures. Moreover, you must identify and accurately correct payment failures, delays, or variances. 

The basic qualifications of an AP analyst are: 

  1. A Bachelor’s degree in Accounting or any related field 
  2. 2 years of experience in AP, AR, Payments, Treasury, and/or Invoice Entry 
  3. Top-notch excel skills 

Amazon prefers advanced proficiency not only in English but also in Spanish or Portuguese.

  • Financial Analyst

If you’re an accountant from the UK, you might want to apply as Financial Analyst for Amazon’s London offices. For this, you need to have CIMA, ACCA, ACA, or similar credentials and some accounting experience. 

Your sole responsibility is to gather data, analyze financial results, make projections or forecasts, and develop recommendations to enhance daily operations in accounting for Amazon business.

Moreover, Amazon Web Services (AWS) is looking for a Financial Analyst II to make internal and external audits, preferably someone with SQL experience and effective interpersonal skills. Here are the basic requirements for an Amazon Financial Analyst II: 

  1. Bachelor’s degree in Finance, Accounting, or any other relevant field 
  2. 3 years experience in accounting 

Along with those qualifications, it doesn’t hurt to start perfecting your PPT presentations when you make internal reports or even KPIs. 

  • Accounting Finance Manager 

Amazon business could never get enough of recruiting finance managers that specialize in US GAAP, IAS, and IFRS reporting. Those with CPA, ACCA, ACA, CIMA, or other relevant credentials are welcome to apply.

Your job supports Amazon customer retail accounting and operations worldwide, so you should be able to effectively talk about financial terms to other Amazon departments. You would also most likely lead an accounting team. 

If you want more detailed descriptions of the role of Accounting Finance Manager, go check their site. Meanwhile, here are their preferred qualifications: 

  1. Work experience from the ‘Big 4’ accounting firm: Deloitte Touche Tohmatsu, PricewaterhouseCoopers, Ernst & Young, and Klynveld Peat Marwick Goerdeler
  2. Work experience from large US or international companies 
  3. Knowledge of Oracle 
  • Accounting Data Governance Manager 

This job mainly involves designing and implementing SOPs for role delegations, rules, and processes of Amazon. You should have a deep understanding and experience handling financial IT systems, GDPR (General Data Protection Regulation) requirements, SEC/PCAOB regulations, and control frameworks. 

Here are some of their basic and preferred requirements: 

  1. Bachelor’s degree in Accounting, IT, or other related fields 
  2. Seven or more years of internal control experience 
  3. Extensive knowledge of COSO and CoBIT 
  4. Extensive knowledge of SOX methods and standards 

If you have held similar positions in large organizations before, then Amazon has a place for you. 

  • Amazon FBA Specialist 

Many newbie sellers on Amazon aren’t familiar with Amazon FBA, which is perfectly fine 

because Accounting Amazon FBA experts exist. You don’t even have to get a license or a finance-related degree to apply for this job. If you’re intimately familiar with the policies and processes of FBA, Amazon sellers would be happy to have you. 

Amazon FBA sellers still have preferences so check these out to see if you are fit for the role: 

  1. A Bachelor’s degree in any field 
  2. Prior experience in customer service, virtual assistance, and/or Amazon Seller Central FBA experience 

Having an accounting background is a plus factor in getting this job since you’d be helping with inventory management, purchase orders, and logistics. 

  • Accounting Amazon Seller 

If you have the fundamentals and experience of bookkeeping and accounting as well as a passion for business, open up a business on Amazon! What’s great about this is that you don’t need to be any graduate of accounting or any degree for that matter. Plus, it might be your door to financial independence. 

When you are willing to learn everything about Amazon’s policies, basic accounting, and business management, you can be successful as any other businessman or woman out there. Professional or not, as long as you have the necessary skills in tech and finance, the sky's the limit for you. 

A mobile phone, showing Amazon FBA, on top of an Amazon prime package

Stay in The Loop 

Unemployment rates have skyrocketed over the last two years. It is a good thing that a lot of big companies like Amazon are starting to get back on track and that economies are now starting to recover as well.

Perhaps you’re looking to further your career, or you just need financial and accounting services for your business. If so, Unloop is here to hook you up with the best financial assistance and advice for your Amazon business. 
Learn more about our accounting Amazon and other services at Unloop today!

Top 9 Accounting Amazon Jobs to Look Out for This 2023
Watch Now

Disclaimer: Please note this article is not financial advice. The purpose of our blog is purely educational, so please consult a professional accountant or financial advisor before making any financial decision.

The entire global community has just started to recover from the COVID pandemic. Good thing that companies like Amazon open their doors to more career opportunities for accountants and finance professionals. 

Accounting and finance is not easy work, but it is lucratively rewarding. If you have an accounting background and experience, this article is for you. 

Why is Amazon Accounting Important? 

Accounting is the backbone of Amazon businesses—of any business, as a matter of fact. Having to track and monitor your numbers keeps your online store afloat. 

This is why business with Amazon is so much harder without any solid foundation of accounting in place. You would feel like a lab rat going through a very boring maze. Many times you would just be crashing into a lot of walls. 

Fortunately, Amazon and FBA (Fulfilled by Amazon) Sellers diversified accountancy to more job-specific careers to optimize the features Amazon has to offer and increase productivity by 50%.

Take a look below to help you get started with your accounting career: 

A woman working on her charts and graphs on her computer
  • Application Analyst 

A Corporate Report Systems Analyst, loosely termed an Application Analyst, takes an analytical role in designing and implementing technological solutions for Amazon’s global team, Enterprise Reporting Platform. You will be giving effective support for the following systems: 

  1. Blackline 
  2. Essbase 
  3. Oracle Financials General Ledger 
  4. Hyperion Financial and  Account Reconciliation Management
  5. Smart View 
  6. Hyperion

In addition, it is your responsibility to ensure the quality of application controls and meet Amazon’s financial goals. It sounds entirely techy because it has some IT-related work as well. 

For this job, you need to have a degree in Economics, Finance, Business Administration, IT, or any related field. You also need to have excellent communication, technical and problem-solving skills, and prior experience in Account Reconciliation systems and Task Management. 

Amazon Business prefers a hybrid of IT and accounting. So if you are a tech-savvy accounting graduate, give this job a try. 

  • International Tax Analyst 

If you have seen the movie Meet Joe Black, you’ve probably heard the line, “Death and taxes, what an odd pairing.” If you love math (death) and taxes, you’ll also love this job.

Anything to do with international income tax reporting, including improving the tax processes, is your main job responsibility. For this, you need to have up-to-date knowledge of tax regulations and international laws. 

Here is a more comprehensive description of your responsibilities:

  1. Gathering data for various US international, US federal income tax reporting disclosures 
  2. Preparing and reviewing international aspects of Amazon’s worldwide provisions relating to transactions 
  3. Managing junior tax professionals and outside service providers 
  4. Facilitating streamlining and automation of recurring calculations with Amazon’s tax technology

Amazon has job openings for a Senior International Tax Analyst as well. However, the qualifications are quite steep. Aside from having a degree in Finance, Accounting, or Tax Law, you need to pass the CPA or any related licensure examination. 

But if you do have these requirements, you’ll be receiving a hefty payment of $71,550 yearly. Better get started on those international law and taxation books.

  • Accounting Manager in Healthcare

Accounting is not just related to eCommerce or anything to do with numbers. Accounting can also be integrated with healthcare. If you would like to dedicate your skills to facilitating Amazon employees with health and instance, then this is the one for you. 

As long as you have knowledge about local healthcare and solutions for Electronics Healthcare Records, Telemedicine, and other solutions, this would be a big advantage for your application. 

Here are the basic qualifications for an accounting professional in healthcare: 

  1. Bachelor’s degree in Computer Science, Business Administration, Accounting, Economics or any other related field 
  2. 10 years of technology-related business development and sales experience
  3. Has experience presenting to CxO and senior management customers 
  4. Excellent written and verbal communications skills 

Amazon is currently seeking candidates from South Africa who can work in South Africa. So if you’ve been dying to tick off South Africa from your bucket list as well, now is the time to hit two birds with one stone. 

  • Accounts Payable Analyst 

Handling AP payments does work up a sweat. It’s a good thing to have amazing accounting software to help manage invoices, payments, and bank info. But the work of an AP analyst doesn’t stop there. 

You should have a working knowledge of Amazon’s invoice entry and transaction policies and procedures. Moreover, you must identify and accurately correct payment failures, delays, or variances. 

The basic qualifications of an AP analyst are: 

  1. A Bachelor’s degree in Accounting or any related field 
  2. 2 years of experience in AP, AR, Payments, Treasury, and/or Invoice Entry 
  3. Top-notch excel skills 

Amazon prefers advanced proficiency not only in English but also in Spanish or Portuguese.

  • Financial Analyst

If you’re an accountant from the UK, you might want to apply as Financial Analyst for Amazon’s London offices. For this, you need to have CIMA, ACCA, ACA, or similar credentials and some accounting experience. 

Your sole responsibility is to gather data, analyze financial results, make projections or forecasts, and develop recommendations to enhance daily operations in accounting for Amazon business.

Moreover, Amazon Web Services (AWS) is looking for a Financial Analyst II to make internal and external audits, preferably someone with SQL experience and effective interpersonal skills. Here are the basic requirements for an Amazon Financial Analyst II: 

  1. Bachelor’s degree in Finance, Accounting, or any other relevant field 
  2. 3 years experience in accounting 

Along with those qualifications, it doesn’t hurt to start perfecting your PPT presentations when you make internal reports or even KPIs. 

  • Accounting Finance Manager 

Amazon business could never get enough of recruiting finance managers that specialize in US GAAP, IAS, and IFRS reporting. Those with CPA, ACCA, ACA, CIMA, or other relevant credentials are welcome to apply.

Your job supports Amazon customer retail accounting and operations worldwide, so you should be able to effectively talk about financial terms to other Amazon departments. You would also most likely lead an accounting team. 

If you want more detailed descriptions of the role of Accounting Finance Manager, go check their site. Meanwhile, here are their preferred qualifications: 

  1. Work experience from the ‘Big 4’ accounting firm: Deloitte Touche Tohmatsu, PricewaterhouseCoopers, Ernst & Young, and Klynveld Peat Marwick Goerdeler
  2. Work experience from large US or international companies 
  3. Knowledge of Oracle 
  • Accounting Data Governance Manager 

This job mainly involves designing and implementing SOPs for role delegations, rules, and processes of Amazon. You should have a deep understanding and experience handling financial IT systems, GDPR (General Data Protection Regulation) requirements, SEC/PCAOB regulations, and control frameworks. 

Here are some of their basic and preferred requirements: 

  1. Bachelor’s degree in Accounting, IT, or other related fields 
  2. Seven or more years of internal control experience 
  3. Extensive knowledge of COSO and CoBIT 
  4. Extensive knowledge of SOX methods and standards 

If you have held similar positions in large organizations before, then Amazon has a place for you. 

  • Amazon FBA Specialist 

Many newbie sellers on Amazon aren’t familiar with Amazon FBA, which is perfectly fine 

because Accounting Amazon FBA experts exist. You don’t even have to get a license or a finance-related degree to apply for this job. If you’re intimately familiar with the policies and processes of FBA, Amazon sellers would be happy to have you. 

Amazon FBA sellers still have preferences so check these out to see if you are fit for the role: 

  1. A Bachelor’s degree in any field 
  2. Prior experience in customer service, virtual assistance, and/or Amazon Seller Central FBA experience 

Having an accounting background is a plus factor in getting this job since you’d be helping with inventory management, purchase orders, and logistics. 

  • Accounting Amazon Seller 

If you have the fundamentals and experience of bookkeeping and accounting as well as a passion for business, open up a business on Amazon! What’s great about this is that you don’t need to be any graduate of accounting or any degree for that matter. Plus, it might be your door to financial independence. 

When you are willing to learn everything about Amazon’s policies, basic accounting, and business management, you can be successful as any other businessman or woman out there. Professional or not, as long as you have the necessary skills in tech and finance, the sky's the limit for you. 

A mobile phone, showing Amazon FBA, on top of an Amazon prime package

Stay in The Loop 

Unemployment rates have skyrocketed over the last two years. It is a good thing that a lot of big companies like Amazon are starting to get back on track and that economies are now starting to recover as well.

Perhaps you’re looking to further your career, or you just need financial and accounting services for your business. If so, Unloop is here to hook you up with the best financial assistance and advice for your Amazon business. 
Learn more about our accounting Amazon and other services at Unloop today!

Read more

Many entrepreneurs are drawn to ecommerce because it's an easy start. Selling items online through big platforms such as Amazon, eBay, and Shopify seems like no challenge. This is partly true. You have the potential to earn big because there are millions of shoppers on the internet.

But at some point in running an online store, you will encounter challenges. Almost every business owner can agree that ecommerce accounting is the most tedious part of running a business. But the company's finances play a key role in ensuring the business runs smoothly.

This post will focus on ecommerce bookkeeping since it is the first step in building a reliable accounting system for your business. We'll look into the common challenges business owners face in bookkeeping and share some tips and practices to overcome them.

Bookkeeping Challenges Every Business Owner Faces

When you hear the word bookkeeping, the first thing that comes to mind is documenting all financial transactions around the business. Keeping track of your transactions may seem easy at first, but when they pile up, that's when it starts to get messy. So be a step ahead with these challenges, and take note of the tips we'll share with you.

Inconsistencies in Cash Flow Statements

Proper bookkeeping is crucial in monitoring your cash flow. In order to create a working budget for your business operations and assess your financial health, you must know how the money goes in and out of your business. Unfortunately, according to research, almost 80% of small businesses have problems with their cash flow.

At the end of each accounting period, businesses tend to have unbalanced cash flow because they fail to keep tabs on their accounts receivable and payable. But there are still many factors that could affect your cash flow.

Here are simple tasks you can do to ensure your cash flow remains consistent:

  • Determine your breakeven point
  • Always have reserved cash for emergencies
  • Make sure to review and collect all accounts receivable
  • Audit your inventory
  • Fulfill all your accounts payable
  • Closely monitor your cash flow

Inventory Management

Even seasoned small business owners find inventory management confusing. The more products you sell and the more sales channels you open, the harder it is to keep on top of your inventory management.

The basic task of inventory management is tracking the number of items you have, knowing their value, and tracking their location if you have multiple warehouses or are outsourcing to a fulfillment center. Every sale you make means a change in the number of inventory. Changes also happen when you have returns and refunds.

Your inventory is the backbone of your business's cash flow management. Manually tracking inventory is a difficult endeavor. To avoid any issues, it is best to have accounting software with inventory tracking features. The software will automate the whole inventory management process, so you can be in full control of the movement of your products.

bookkeeping for ecommerce - books and records

Calculating Expenses and Overheads

Running a business is not all about income. Of course, gaining sales is the better part of running it, but you also have to manage and understand your expenses. If you don't monitor your expenses, you can spend over your budget, which could reflect in a negative income. Here are some types of business expenses you should consider:

  • Third-party marketplace fees
  • Marketing and advertising fees
  • Customer service fees
  • Packaging and shipping costs
  • Operating costs such as rent and utilities
  • Payment for employees

These expenses can add up rapidly. If you fail to monitor them, they could exceed your profit margin. Fortunately, there are ways you can manage your expenses and build a working profit margin that suits your business.

  • Keeping an organized and detailed book of your sales.
  • Categorizing your expenses when bookkeeping.
  • Generating profit and loss reports to see your sales and expenses.

Sales Tax Liabilities

The biggest challenge for ecommerce business owners is handling sales tax. Taxes, in general, are the most complicated part of accounting. Sales tax is the amount the government requires to be added to the cost of goods that consumers pay. Sellers are required to apply these taxes, collect them, and remit them to the tax collection agency.

The issues with sales tax start with identifying your tax nexus. Depending on where you belong, sales tax rates may differ. In bookkeeping, sales tax has its own ledger. This will help the owner track if they are collecting the right amount. But, if you don't know the proper rates, these mistakes can disrupt your cash flow.

You can overcome difficulties in sales tax by:

  • Knowing which economic tax nexus your business belongs to.
  • Seeing if your selling platforms can collect sales tax for you and maximizing this feature.
  • Investing in accounting software that automatically calculates the sales tax for your products.

Handling Seller Fees

The most common scenario in selling online is paying monthly fees to continue selling on the platform. Unfortunately, these miscellaneous fees are difficult to track because they are applied differently. For example, there are fees for listing, advertising, shipping fulfillment, and other merchant fees.

When you have bulk orders, these fees may go unnoticed and unlisted. Failing to list them as expenses can reflect discrepancies on your balance sheets at the end of the accounting period. Fortunately, there are online calculators that can calculate fees in popular marketplaces like Amazon and Shopify.

But different selling platforms may vary in their fee structures. Tracking seller fees can be difficult if you're selling on multiple platforms. The best solution to not get overwhelmed by these fees is automation through accounting software. Don't play a guessing game with your fees. When mistakes pile up, it will cost you more money in the future.

Doing Manual Data Entry

We are not saying that the traditional bookkeeping method is wrong, but it's a thing of the past. Even if you have a small business, don't underestimate the number of entries you need to jot down for record-keeping. You may find manual entry easy at first, but as your business keeps growing, it will be harder for you to keep up.

Once again, the best solution for this problem is investing in accounting software. You don't have to worry about investing big money in an accounting system. Instead, take advantage of software you can use for free. Even free versions can do the basic task of ecommerce bookkeeping. So you don't have to spend much, if at all, to automate your record-keeping process.

Fraud

Fraud is probably the biggest concern that will get your bookkeeping into shambles. Imagine your records being manipulated. This can affect your business's financial health if things get out of hand. According to research, small businesses are more prone to fraud compared to larger companies.

Small ecommerce businesses don't have as much security for their financial documents as big companies do, and that's why many people take advantage of it. Here are some common fraud cases you should look into:

  • Payroll schemes
  • Cash theft
  • Inventory theft
  • Reimbursement schemes
  • Cheque tampering

You can prevent fraud by being consistent and transparent with your records. Furthermore, assigning a dedicated ecommerce bookkeeper for your bookkeeping process can keep your financial records secure.

bookkeeping services

Professional Ecommerce Bookkeeping Services at Unloop

If you're an ecommerce business owner, you must have many things on your plate. Managing a business has many aspects, and bookkeeping can be time-consuming and confusing for some. Instead of worrying about it, let Unloop handle it for you.

Our bookkeeping services include:

  • Automating your entire bookkeeping process regardless of what ecommerce platform you are selling on.
  • Preparing all necessary financial reports, like income statements, cash flow statements, balance sheets, and many more.
  • Creating custom analytics and KPIs based on your business needs.
  • Filing taxes on behalf of your business.

Bookkeeping for ecommerce may sound simple initially, but when your business starts to grow, it is better to let professionals handle it. This way, the process goes smoothly and without problems.
More than just bookkeeping, Unloop also offers different accounting services for small business owners. Book a call with our experts and work with us today!

Bookkeeping for Ecommerce: 7 Issues and How To Overcome Them
Watch Now

Many entrepreneurs are drawn to ecommerce because it's an easy start. Selling items online through big platforms such as Amazon, eBay, and Shopify seems like no challenge. This is partly true. You have the potential to earn big because there are millions of shoppers on the internet.

But at some point in running an online store, you will encounter challenges. Almost every business owner can agree that ecommerce accounting is the most tedious part of running a business. But the company's finances play a key role in ensuring the business runs smoothly.

This post will focus on ecommerce bookkeeping since it is the first step in building a reliable accounting system for your business. We'll look into the common challenges business owners face in bookkeeping and share some tips and practices to overcome them.

Bookkeeping Challenges Every Business Owner Faces

When you hear the word bookkeeping, the first thing that comes to mind is documenting all financial transactions around the business. Keeping track of your transactions may seem easy at first, but when they pile up, that's when it starts to get messy. So be a step ahead with these challenges, and take note of the tips we'll share with you.

Inconsistencies in Cash Flow Statements

Proper bookkeeping is crucial in monitoring your cash flow. In order to create a working budget for your business operations and assess your financial health, you must know how the money goes in and out of your business. Unfortunately, according to research, almost 80% of small businesses have problems with their cash flow.

At the end of each accounting period, businesses tend to have unbalanced cash flow because they fail to keep tabs on their accounts receivable and payable. But there are still many factors that could affect your cash flow.

Here are simple tasks you can do to ensure your cash flow remains consistent:

  • Determine your breakeven point
  • Always have reserved cash for emergencies
  • Make sure to review and collect all accounts receivable
  • Audit your inventory
  • Fulfill all your accounts payable
  • Closely monitor your cash flow

Inventory Management

Even seasoned small business owners find inventory management confusing. The more products you sell and the more sales channels you open, the harder it is to keep on top of your inventory management.

The basic task of inventory management is tracking the number of items you have, knowing their value, and tracking their location if you have multiple warehouses or are outsourcing to a fulfillment center. Every sale you make means a change in the number of inventory. Changes also happen when you have returns and refunds.

Your inventory is the backbone of your business's cash flow management. Manually tracking inventory is a difficult endeavor. To avoid any issues, it is best to have accounting software with inventory tracking features. The software will automate the whole inventory management process, so you can be in full control of the movement of your products.

bookkeeping for ecommerce - books and records

Calculating Expenses and Overheads

Running a business is not all about income. Of course, gaining sales is the better part of running it, but you also have to manage and understand your expenses. If you don't monitor your expenses, you can spend over your budget, which could reflect in a negative income. Here are some types of business expenses you should consider:

  • Third-party marketplace fees
  • Marketing and advertising fees
  • Customer service fees
  • Packaging and shipping costs
  • Operating costs such as rent and utilities
  • Payment for employees

These expenses can add up rapidly. If you fail to monitor them, they could exceed your profit margin. Fortunately, there are ways you can manage your expenses and build a working profit margin that suits your business.

  • Keeping an organized and detailed book of your sales.
  • Categorizing your expenses when bookkeeping.
  • Generating profit and loss reports to see your sales and expenses.

Sales Tax Liabilities

The biggest challenge for ecommerce business owners is handling sales tax. Taxes, in general, are the most complicated part of accounting. Sales tax is the amount the government requires to be added to the cost of goods that consumers pay. Sellers are required to apply these taxes, collect them, and remit them to the tax collection agency.

The issues with sales tax start with identifying your tax nexus. Depending on where you belong, sales tax rates may differ. In bookkeeping, sales tax has its own ledger. This will help the owner track if they are collecting the right amount. But, if you don't know the proper rates, these mistakes can disrupt your cash flow.

You can overcome difficulties in sales tax by:

  • Knowing which economic tax nexus your business belongs to.
  • Seeing if your selling platforms can collect sales tax for you and maximizing this feature.
  • Investing in accounting software that automatically calculates the sales tax for your products.

Handling Seller Fees

The most common scenario in selling online is paying monthly fees to continue selling on the platform. Unfortunately, these miscellaneous fees are difficult to track because they are applied differently. For example, there are fees for listing, advertising, shipping fulfillment, and other merchant fees.

When you have bulk orders, these fees may go unnoticed and unlisted. Failing to list them as expenses can reflect discrepancies on your balance sheets at the end of the accounting period. Fortunately, there are online calculators that can calculate fees in popular marketplaces like Amazon and Shopify.

But different selling platforms may vary in their fee structures. Tracking seller fees can be difficult if you're selling on multiple platforms. The best solution to not get overwhelmed by these fees is automation through accounting software. Don't play a guessing game with your fees. When mistakes pile up, it will cost you more money in the future.

Doing Manual Data Entry

We are not saying that the traditional bookkeeping method is wrong, but it's a thing of the past. Even if you have a small business, don't underestimate the number of entries you need to jot down for record-keeping. You may find manual entry easy at first, but as your business keeps growing, it will be harder for you to keep up.

Once again, the best solution for this problem is investing in accounting software. You don't have to worry about investing big money in an accounting system. Instead, take advantage of software you can use for free. Even free versions can do the basic task of ecommerce bookkeeping. So you don't have to spend much, if at all, to automate your record-keeping process.

Fraud

Fraud is probably the biggest concern that will get your bookkeeping into shambles. Imagine your records being manipulated. This can affect your business's financial health if things get out of hand. According to research, small businesses are more prone to fraud compared to larger companies.

Small ecommerce businesses don't have as much security for their financial documents as big companies do, and that's why many people take advantage of it. Here are some common fraud cases you should look into:

  • Payroll schemes
  • Cash theft
  • Inventory theft
  • Reimbursement schemes
  • Cheque tampering

You can prevent fraud by being consistent and transparent with your records. Furthermore, assigning a dedicated ecommerce bookkeeper for your bookkeeping process can keep your financial records secure.

bookkeeping services

Professional Ecommerce Bookkeeping Services at Unloop

If you're an ecommerce business owner, you must have many things on your plate. Managing a business has many aspects, and bookkeeping can be time-consuming and confusing for some. Instead of worrying about it, let Unloop handle it for you.

Our bookkeeping services include:

  • Automating your entire bookkeeping process regardless of what ecommerce platform you are selling on.
  • Preparing all necessary financial reports, like income statements, cash flow statements, balance sheets, and many more.
  • Creating custom analytics and KPIs based on your business needs.
  • Filing taxes on behalf of your business.

Bookkeeping for ecommerce may sound simple initially, but when your business starts to grow, it is better to let professionals handle it. This way, the process goes smoothly and without problems.
More than just bookkeeping, Unloop also offers different accounting services for small business owners. Book a call with our experts and work with us today!

Read more

Tax is a word people don't like to hear—especially Shopify sellers. It's enough to make anyone feel nervous. But you can't avoid it if you don't want to pay penalties or possibly face jail time.

Fortunately, Shopify has robust sales tax collection software that collects sales tax on your behalf, but these software don't file or remit your sales taxes. So it's up to you to organize and take care of the nitty-gritty bit of filing your taxes, not to mention issuing tax refunds.

Sales tax compliance can be a daunting aspect of your Shopify business, but there are software apps that can help you with automation. Here are five software apps you can use to automate Shopify sales tax compliance in 2023.

TaxJar

TaxJar is a leading provider of sales tax automation services for eCommerce businesses. They help online sellers collect, file, and pay their sales taxes. TaxJar makes sales tax filing and payment easy, so shop owners can concentrate on what they should be doing: selling online.

Price: Starts at $19/month

Free Trial: 30 days

Pros

  • Pulls your sales data from Shopify and turns it into easy-to-read reports.
  • Single-click auto file allows automatic submission of returns to the states where you have an economic nexus.
  • Automated state and local sales tax reports.
  • Sorts reports by date range to make filing tax returns with ease.
  • Compatible with top marketplaces like Amazon, Etsy, Walmart, and eBay.
  • Generates sales tax reports compared to what you should have collected.
  • Intuitive dashboard with an easy-to-use interface.
  • 30-day free trial.

Cons

  • AutoFiling is usually billed on a pay-per-filing basis if you're not on the premium plan.
  • AutoFiling and reporting are only available for US transactions.
  • The tax return feature is only in the United States.
  • Customer support is not easily accessible.
  • Pricing plans are not transparent.

Zonos Duty & Tax

Zonos Duty & Tax is an eCommerce software developed by a team of professionals with extensive experience in the field. It can help you rest at ease with tax and duty compliance in the United Kingdom, Europe, and other international borders.

Customers won't be blindsided when they receive their items. There will be no unexpected taxes, duties, or other hidden costs. This should minimize issues with returned goods and costly returns.

Price: Starts at $20/month + 1.9% transaction fee for international orders.

Free Trial: None

Pros

  • Automates calculations and displays the landed cost of items, including duty, tax, VAT, and more.
  • Removes the element of surprise from taxes and duties charged on foreign transactions.
  • Allows buyers to pre-pay tax and duty for quicker customs clearance.
  • Free plugin for different languages that welcome international shoppers in their language.
  • Provides absolute control over shipping rates.
  • Custom services are available for a fee.

Cons

  • You need to enable Shopify Carrier Service API to calculate the landed cost (Advanced Shopify plan or higher.)
shopify sales tax - a woman working in a desk

Quaderno

Quaderno is a Shopify app that helps store owners with tax obligations and international compliance. It can help store owners who want to comply with international laws while also providing them with peace of mind that their enterprises' major tax, invoicing, and accounting concerns are taken care of.

It also helps owners keep track of their sales tax liability. The tool automatically calculates the sales tax rate for each state and jurisdiction and provides a streamlined way to file and pay taxes. Quaderno offers several other features, such as invoicing and reporting, that can help businesses save time and money. Quaderno is essential for any business that needs to manage its sales tax liability.

Price: Starts at $49/month

Free Trial: 7 days

Pros

  • Generates complete tax reports in a single click.
  • Files accurate and tax obligations quickly.
  • Gives customers access to invoices at any time.
  • Supports multiple languages and currencies.
  • Integrates with other payment platforms like Stripe and Paypal.
  • Real-time revenue tracking in a digestible format.
  • An intuitive dashboard for managing your data.
  • Customizable to your brand.

Cons

  • No bad reviews on Shopify, so the good reviews are sketchy.

Tax Exempt Manager

LatoriApps' Tax Exempt Manager is a tax management software designed for store owners who want to stay compliant with the complex EU tax laws. Compliance with VAT rules for business-to-business transactions in Europe is tough. However, it's made a lot easier thanks to this software, which captures and verifies each customer's VAT ID automatically.

Price: $9.99/month

Free Trial: 14 days

Pros

  • Assist you in complying with EU VAT exemptions for B2B.
  • Collects and verifies your customer's VAT ID automatically.
  • Provides a quick rundown of all purchases that have been made after checks for positive VAT IDs.
  • The program is easy to install and set up.

Cons

  • Customer service is unreliable.
  • Residual code remains even after deleting it.

QuickBooks Online

Intuit's QuickBooks Online is a small business accounting software that gives users the ability to handle their accounting data in a single app. In addition, the software is accessible from any internet-connected device, making it a convenient option for business owners who are always on the go.

Price: Starts at $8.50/month

Free Trial: 30 days

Pros

  • Beginner-friendly interface.
  • Integrates well with eCommerce platforms.
  • Flexible with third-party apps
  • Provides accurate accounting reports.
  • Affordable and has a long free trial.
  • Accessible from any device.
  • Intuitive dashboard and interface.
  • Customer information and relevant data are easy to access.
  • Allows you to fix accounting mistakes quickly.

Cons

  • System often crashes.
  • Lackluster customer support.
  • A limited number of users allowed per account.
  • Backup data is not always generated.
  • Lacks an invoicing feature.
  • Have limitations on robust inventory management.

Conclusion

If you're looking for a comprehensive sales tax solution or need help staying on top of your tax compliance, TaxJar or QuickBooks should do the trick. But as an eCommerce shop owner, you have a lot of things to worry about. From keeping up with inventory to managing shipping and customer service—there's a lot to stay on top of.

Of course, there's also the financial side of things. Keeping track of your sales, expenses, and profits can be daunting, especially if you're not accounting-savvy. That's where we come in. Unloop has a team of eCommerce accountants who are well-equipped and trained to handle accounting services in the US and Canada. Book a call with an expert today to learn more!

5 Shopify Sales Tax Software Apps Worth Checking Out in 2023
Watch Now

Tax is a word people don't like to hear—especially Shopify sellers. It's enough to make anyone feel nervous. But you can't avoid it if you don't want to pay penalties or possibly face jail time.

Fortunately, Shopify has robust sales tax collection software that collects sales tax on your behalf, but these software don't file or remit your sales taxes. So it's up to you to organize and take care of the nitty-gritty bit of filing your taxes, not to mention issuing tax refunds.

Sales tax compliance can be a daunting aspect of your Shopify business, but there are software apps that can help you with automation. Here are five software apps you can use to automate Shopify sales tax compliance in 2023.

TaxJar

TaxJar is a leading provider of sales tax automation services for eCommerce businesses. They help online sellers collect, file, and pay their sales taxes. TaxJar makes sales tax filing and payment easy, so shop owners can concentrate on what they should be doing: selling online.

Price: Starts at $19/month

Free Trial: 30 days

Pros

  • Pulls your sales data from Shopify and turns it into easy-to-read reports.
  • Single-click auto file allows automatic submission of returns to the states where you have an economic nexus.
  • Automated state and local sales tax reports.
  • Sorts reports by date range to make filing tax returns with ease.
  • Compatible with top marketplaces like Amazon, Etsy, Walmart, and eBay.
  • Generates sales tax reports compared to what you should have collected.
  • Intuitive dashboard with an easy-to-use interface.
  • 30-day free trial.

Cons

  • AutoFiling is usually billed on a pay-per-filing basis if you're not on the premium plan.
  • AutoFiling and reporting are only available for US transactions.
  • The tax return feature is only in the United States.
  • Customer support is not easily accessible.
  • Pricing plans are not transparent.

Zonos Duty & Tax

Zonos Duty & Tax is an eCommerce software developed by a team of professionals with extensive experience in the field. It can help you rest at ease with tax and duty compliance in the United Kingdom, Europe, and other international borders.

Customers won't be blindsided when they receive their items. There will be no unexpected taxes, duties, or other hidden costs. This should minimize issues with returned goods and costly returns.

Price: Starts at $20/month + 1.9% transaction fee for international orders.

Free Trial: None

Pros

  • Automates calculations and displays the landed cost of items, including duty, tax, VAT, and more.
  • Removes the element of surprise from taxes and duties charged on foreign transactions.
  • Allows buyers to pre-pay tax and duty for quicker customs clearance.
  • Free plugin for different languages that welcome international shoppers in their language.
  • Provides absolute control over shipping rates.
  • Custom services are available for a fee.

Cons

  • You need to enable Shopify Carrier Service API to calculate the landed cost (Advanced Shopify plan or higher.)
shopify sales tax - a woman working in a desk

Quaderno

Quaderno is a Shopify app that helps store owners with tax obligations and international compliance. It can help store owners who want to comply with international laws while also providing them with peace of mind that their enterprises' major tax, invoicing, and accounting concerns are taken care of.

It also helps owners keep track of their sales tax liability. The tool automatically calculates the sales tax rate for each state and jurisdiction and provides a streamlined way to file and pay taxes. Quaderno offers several other features, such as invoicing and reporting, that can help businesses save time and money. Quaderno is essential for any business that needs to manage its sales tax liability.

Price: Starts at $49/month

Free Trial: 7 days

Pros

  • Generates complete tax reports in a single click.
  • Files accurate and tax obligations quickly.
  • Gives customers access to invoices at any time.
  • Supports multiple languages and currencies.
  • Integrates with other payment platforms like Stripe and Paypal.
  • Real-time revenue tracking in a digestible format.
  • An intuitive dashboard for managing your data.
  • Customizable to your brand.

Cons

  • No bad reviews on Shopify, so the good reviews are sketchy.

Tax Exempt Manager

LatoriApps' Tax Exempt Manager is a tax management software designed for store owners who want to stay compliant with the complex EU tax laws. Compliance with VAT rules for business-to-business transactions in Europe is tough. However, it's made a lot easier thanks to this software, which captures and verifies each customer's VAT ID automatically.

Price: $9.99/month

Free Trial: 14 days

Pros

  • Assist you in complying with EU VAT exemptions for B2B.
  • Collects and verifies your customer's VAT ID automatically.
  • Provides a quick rundown of all purchases that have been made after checks for positive VAT IDs.
  • The program is easy to install and set up.

Cons

  • Customer service is unreliable.
  • Residual code remains even after deleting it.

QuickBooks Online

Intuit's QuickBooks Online is a small business accounting software that gives users the ability to handle their accounting data in a single app. In addition, the software is accessible from any internet-connected device, making it a convenient option for business owners who are always on the go.

Price: Starts at $8.50/month

Free Trial: 30 days

Pros

  • Beginner-friendly interface.
  • Integrates well with eCommerce platforms.
  • Flexible with third-party apps
  • Provides accurate accounting reports.
  • Affordable and has a long free trial.
  • Accessible from any device.
  • Intuitive dashboard and interface.
  • Customer information and relevant data are easy to access.
  • Allows you to fix accounting mistakes quickly.

Cons

  • System often crashes.
  • Lackluster customer support.
  • A limited number of users allowed per account.
  • Backup data is not always generated.
  • Lacks an invoicing feature.
  • Have limitations on robust inventory management.

Conclusion

If you're looking for a comprehensive sales tax solution or need help staying on top of your tax compliance, TaxJar or QuickBooks should do the trick. But as an eCommerce shop owner, you have a lot of things to worry about. From keeping up with inventory to managing shipping and customer service—there's a lot to stay on top of.

Of course, there's also the financial side of things. Keeping track of your sales, expenses, and profits can be daunting, especially if you're not accounting-savvy. That's where we come in. Unloop has a team of eCommerce accountants who are well-equipped and trained to handle accounting services in the US and Canada. Book a call with an expert today to learn more!

Read more

The wine business is one of the most vertically integrated businesses there is. A vineyard can work down the supply chain by building a winery. It can even go further and establish an ecommerce storefront!

This integration may come with reduced cost and higher profit margins, but it also comes with complexity, particularly in accounting. Having three businesses means having three separate accounting systems. Sounds daunting? Let Unloop show accounting for vineyards and wineries to you as simply as we can.

The Vineyard

At the top of the wine industry supply chain is the vineyard. This business takes care of grapefruit planting up to harvesting, which wineries will use as a raw material for making wine. The following is the vineyard's production process.

Planting

Farmers plant rows of grapes on a vast land using machinery and direct labour, which takes days to finish depending on the vineyard's land area and available labour.

Pruning

From the time when farmers plant the grapes, there's a period of dormancy that takes years. During these times, activity is focused mainly on pruning the growing branches to ensure high-quality grape yields.

Veraison

Veraison is the peak period of growth for grapes. A time when the grapes are ripe and ready for picking.

Harvest

Manual laborers select grapes and clip them off the branches. This is the final step in a vineyard's lifecycle. During this time the grapes are shipped to a winemaker or made into wine in-house.

Accounting System for a Vineyard

A vineyard is heavy on agricultural activities. So the production is long-winding and it will take years before the vineyard realizes a profit. Given the situation, accountants follow these practices.

Cash Accounting method

Accountants and bookkeepers use the cash accounting method, also known as the cash-based method. That's because this method makes it easy to record production costs accurately.

The Cost of Goods Produced (COGP)

According to accounting principles, since a vineyard vertically integrates to a winery, accountants use COGP to allocate vineyard costs associated with growing grapes, such as direct labour, overhead, and other supplies and activities involved in the process. Accounting professionals do this to avoid any miscalculations and confusion between the cost pool of the winery and the vineyard.

Cost Capitalization

Grapes take years to grow. As a result, the vineyard only gets revenue after several years. During that time, farming costs add up without any income to offset them. To resolve this problem, accountants may capitalize the vineyard's expenses so the business realizes a profit according to the total sales in the given period.

The Winery

Harvesting the grapes is the departure point of the vineyard and the start of the winery production processes. In the winery, the grapes are turned into wine and are stored as collections for sale in the future.

In most cases, vineyards also have a wine production facility (i.e., winery)—that's why the two terms are often confused. But a winery has a separate process.

Crushing and Pressing

The winemaking process starts by pouring the grapes into a crusher to extract the juice and make the must.

Fermentation

After the winemakers extract the grapes to form must, they introduce yeast strains into the must to start the fermentation. In most cases, wine producers also purify the must of any unwanted natural yeast to achieve desired quality.

Clarification and Filtering

From the fermenting tank, the winemakers will filter out any unwanted debris or pomace from the wine. They do this by transferring the liquid to the barrel or filtering using chemical processes.

Barrel Aging

At this stage, the must becomes wine. If the winemakers want to age the wine for a better taste, they will put it in bulk wine barrels and store it for inventory.

Bottling

If the wine producers want a quick turnover, they can transfer the wine to a green bottle and sell it in the market. The consumer can opt to bottle-age the wine or consume it after purchase.

Accounting System for a Winery

As briefly shown above, wine production has a different behaviour compared to the vineyard. It has similar functions to a general manufacturing process, with some nuances. As a result, accountants adjust their practices according to the winery's needs.

The Accrual Method of Accounting

Accountants use the accrual basis accounting method for wineries. It's a rational choice because obtaining the raw material for winemaking may not need to be paid immediately due to integration. On the other hand, getting cash from a sale of a barrel or bottles may also take time. To avoid any miscalculations, accountants record transactions once incurred.

The Cost of Goods Sold (COGS)

Wineries use the common COGS system primarily because they have a tangible good that they can sell for a profit.

The Ecommerce Wine Store

At present, many wine sellers take their products online. Ecommerce marketplaces offer a vast network of wine consumers, making it attractive for sellers of all kinds. Below we will discuss two models wine sellers can get into.

Third-Party Wine Retailer Model

A third-party seller can offer a wide variety of wines from different wineries. They are strictly retail. A third-party wine seller must also follow the steps a direct-to-consumer takes to have an ecommerce presence (see next section), but they have two additional core steps they must do to enter the ecommerce market.

Source a Wine Supplier

Sellers search for wineries, wine wholesalers, and distributors to get their products. They buy bulk to get a lower price and sell for a profit.

Create a Brand

To get credibility, third-party wine sellers create a brand that will serve as their identity for doing business. This will help them differentiate themselves from the rest.

Direct-to-Consumer (D2C) Model

Wineries now have the ability to sell their wine bottles directly to consumers using the power of ecommerce. Smaller wineries are often the ones engaging in a D2C. This model offers a high profit margin and makes for a smooth transition, given that they already have the supply and the brand. All wineries have to do are the following.

Set Up an Online Store or Marketplace Seller Account

If they're selling their wine on Amazon, they'll have to register for a seller account and put all the necessary information about their winery. They'll have to wait for the account activation afterward.

Upload Wine Inventory

Once they have an active seller account, the winemakers can start taking photos of their wine inventory and post them online with full descriptions and other helpful content.

Plan for Wine Packaging and Shipment

Wine bottles are fragile, so producers must plan their packaging and shipping to avoid any in-transit mishaps. They also have to check state laws regarding alcohol selling and distribution.

Engage in Digital Marketing and Advertising

Once producers have an online presence and have sorted out their shipping and packaging, the wine producers can start marketing online. They can hire a digital marketer and other online professionals to find customers and turn their bottles and barrels to revenue.

Outsource Your Ecommerce Bookkeeping and Accounting

The challenge of running a winery is that it has two different accounting systems in place—one for the vineyard and another for the winery itself. Plus, taking the business online will be like creating a separate retail business. Therefore, wine producers must establish another accounting system. Here's what wineries can get when they outsource their financial management.

Bookkeeping

Accounting professionals will record all the ecommerce business financial data using double-entry accounting software, such as QuickBooks. This service will include generating financial statements and other financial reporting documents as needed.

Reporting on Cost of Goods Sold

The ecommerce retail side of the wine business will have separate COGS recordkeeping. Accountants and bookkeepers report this financial data to you or include them in the income statement for your analysis.

Tax Assistance

The ecommerce business will have to pay different taxes for accounting compliance. The usual ones are sales tax and income tax. Outsourcing your accounting for ecommerce will give you a team of experts who can help your accountant with their tax filing obligations using an accurate record and other data as needed.

Financial Management Can Be a Breeze for Your Ecommerce Wine Business

Whether you own a vineyard or are a third-party seller, outsourcing your bookkeeping and accounting will lift a huge burden off your back.

Ecommerce has a lot of potential to scale. If the demand for wine spikes, it will be more challenging to do your accounting on your own, so leave it to experts and focus on growing your wine business.Book a call with us if you want to discuss how this works, or you can also check out our bookkeeping services now.

Bookkeeping for Wineries: From Vineyard to Ecommerce Storefront
Watch Now

The wine business is one of the most vertically integrated businesses there is. A vineyard can work down the supply chain by building a winery. It can even go further and establish an ecommerce storefront!

This integration may come with reduced cost and higher profit margins, but it also comes with complexity, particularly in accounting. Having three businesses means having three separate accounting systems. Sounds daunting? Let Unloop show accounting for vineyards and wineries to you as simply as we can.

The Vineyard

At the top of the wine industry supply chain is the vineyard. This business takes care of grapefruit planting up to harvesting, which wineries will use as a raw material for making wine. The following is the vineyard's production process.

Planting

Farmers plant rows of grapes on a vast land using machinery and direct labour, which takes days to finish depending on the vineyard's land area and available labour.

Pruning

From the time when farmers plant the grapes, there's a period of dormancy that takes years. During these times, activity is focused mainly on pruning the growing branches to ensure high-quality grape yields.

Veraison

Veraison is the peak period of growth for grapes. A time when the grapes are ripe and ready for picking.

Harvest

Manual laborers select grapes and clip them off the branches. This is the final step in a vineyard's lifecycle. During this time the grapes are shipped to a winemaker or made into wine in-house.

Accounting System for a Vineyard

A vineyard is heavy on agricultural activities. So the production is long-winding and it will take years before the vineyard realizes a profit. Given the situation, accountants follow these practices.

Cash Accounting method

Accountants and bookkeepers use the cash accounting method, also known as the cash-based method. That's because this method makes it easy to record production costs accurately.

The Cost of Goods Produced (COGP)

According to accounting principles, since a vineyard vertically integrates to a winery, accountants use COGP to allocate vineyard costs associated with growing grapes, such as direct labour, overhead, and other supplies and activities involved in the process. Accounting professionals do this to avoid any miscalculations and confusion between the cost pool of the winery and the vineyard.

Cost Capitalization

Grapes take years to grow. As a result, the vineyard only gets revenue after several years. During that time, farming costs add up without any income to offset them. To resolve this problem, accountants may capitalize the vineyard's expenses so the business realizes a profit according to the total sales in the given period.

The Winery

Harvesting the grapes is the departure point of the vineyard and the start of the winery production processes. In the winery, the grapes are turned into wine and are stored as collections for sale in the future.

In most cases, vineyards also have a wine production facility (i.e., winery)—that's why the two terms are often confused. But a winery has a separate process.

Crushing and Pressing

The winemaking process starts by pouring the grapes into a crusher to extract the juice and make the must.

Fermentation

After the winemakers extract the grapes to form must, they introduce yeast strains into the must to start the fermentation. In most cases, wine producers also purify the must of any unwanted natural yeast to achieve desired quality.

Clarification and Filtering

From the fermenting tank, the winemakers will filter out any unwanted debris or pomace from the wine. They do this by transferring the liquid to the barrel or filtering using chemical processes.

Barrel Aging

At this stage, the must becomes wine. If the winemakers want to age the wine for a better taste, they will put it in bulk wine barrels and store it for inventory.

Bottling

If the wine producers want a quick turnover, they can transfer the wine to a green bottle and sell it in the market. The consumer can opt to bottle-age the wine or consume it after purchase.

Accounting System for a Winery

As briefly shown above, wine production has a different behaviour compared to the vineyard. It has similar functions to a general manufacturing process, with some nuances. As a result, accountants adjust their practices according to the winery's needs.

The Accrual Method of Accounting

Accountants use the accrual basis accounting method for wineries. It's a rational choice because obtaining the raw material for winemaking may not need to be paid immediately due to integration. On the other hand, getting cash from a sale of a barrel or bottles may also take time. To avoid any miscalculations, accountants record transactions once incurred.

The Cost of Goods Sold (COGS)

Wineries use the common COGS system primarily because they have a tangible good that they can sell for a profit.

The Ecommerce Wine Store

At present, many wine sellers take their products online. Ecommerce marketplaces offer a vast network of wine consumers, making it attractive for sellers of all kinds. Below we will discuss two models wine sellers can get into.

Third-Party Wine Retailer Model

A third-party seller can offer a wide variety of wines from different wineries. They are strictly retail. A third-party wine seller must also follow the steps a direct-to-consumer takes to have an ecommerce presence (see next section), but they have two additional core steps they must do to enter the ecommerce market.

Source a Wine Supplier

Sellers search for wineries, wine wholesalers, and distributors to get their products. They buy bulk to get a lower price and sell for a profit.

Create a Brand

To get credibility, third-party wine sellers create a brand that will serve as their identity for doing business. This will help them differentiate themselves from the rest.

Direct-to-Consumer (D2C) Model

Wineries now have the ability to sell their wine bottles directly to consumers using the power of ecommerce. Smaller wineries are often the ones engaging in a D2C. This model offers a high profit margin and makes for a smooth transition, given that they already have the supply and the brand. All wineries have to do are the following.

Set Up an Online Store or Marketplace Seller Account

If they're selling their wine on Amazon, they'll have to register for a seller account and put all the necessary information about their winery. They'll have to wait for the account activation afterward.

Upload Wine Inventory

Once they have an active seller account, the winemakers can start taking photos of their wine inventory and post them online with full descriptions and other helpful content.

Plan for Wine Packaging and Shipment

Wine bottles are fragile, so producers must plan their packaging and shipping to avoid any in-transit mishaps. They also have to check state laws regarding alcohol selling and distribution.

Engage in Digital Marketing and Advertising

Once producers have an online presence and have sorted out their shipping and packaging, the wine producers can start marketing online. They can hire a digital marketer and other online professionals to find customers and turn their bottles and barrels to revenue.

Outsource Your Ecommerce Bookkeeping and Accounting

The challenge of running a winery is that it has two different accounting systems in place—one for the vineyard and another for the winery itself. Plus, taking the business online will be like creating a separate retail business. Therefore, wine producers must establish another accounting system. Here's what wineries can get when they outsource their financial management.

Bookkeeping

Accounting professionals will record all the ecommerce business financial data using double-entry accounting software, such as QuickBooks. This service will include generating financial statements and other financial reporting documents as needed.

Reporting on Cost of Goods Sold

The ecommerce retail side of the wine business will have separate COGS recordkeeping. Accountants and bookkeepers report this financial data to you or include them in the income statement for your analysis.

Tax Assistance

The ecommerce business will have to pay different taxes for accounting compliance. The usual ones are sales tax and income tax. Outsourcing your accounting for ecommerce will give you a team of experts who can help your accountant with their tax filing obligations using an accurate record and other data as needed.

Financial Management Can Be a Breeze for Your Ecommerce Wine Business

Whether you own a vineyard or are a third-party seller, outsourcing your bookkeeping and accounting will lift a huge burden off your back.

Ecommerce has a lot of potential to scale. If the demand for wine spikes, it will be more challenging to do your accounting on your own, so leave it to experts and focus on growing your wine business.Book a call with us if you want to discuss how this works, or you can also check out our bookkeeping services now.

Read more

An ideal way to start every workday is to perform a business health check. It involves analyzing data and financial reports about income, expenses, sales, clients, suppliers, your team, and the different projects you run. 

It will greatly help if you can get all this information not by opening several spreadsheets but by opening just a single software that instantly pulls up the reports. That software is QuickBooks. 

This article will discuss the best QuickBooks for small business features and the ten advantages of using this accounting and bookkeeping software for your business in 2023. 

Partnership with experienced bookkeepers

The first benefit you’ll reap in signing up for a QuickBooks online plan is a partnership with bookkeeping experts whose first task is to handle your bookkeeping backlogs. Get all your files and documents from the past months ready so that your partner bookkeeper can categorize and track each transaction. 

After doing so, you’ll receive Live Bookkeeping, as QuickBooks calls it, which includes tracking income and expenses and storing important data like invoices and receipts in one place. Aside from these, you’ll have at least two video calls with your bookkeeper per month to ensure that you are updated on the different areas of your business finances. 

Cash flow management 

Cash flow management is one of the essential tasks you need to do for your business. It ensures that the money coming in and out of your business is all accounted for. Also, through cash flow monitoring, you’ll know if your business is profitable, or you can plan ways to make it one. 

The QuickBooks software monitors your cash flow, from capturing images of receipts and automatically categorizing the transaction to ensuring all income from sales and client payments are reported. It records all transactions in real time, especially bank integrations and automatic invoices.

Invoices are generated automatically.

Speaking of invoicing, skip the hassle of printing them, as you can create one-time-only invoices or recurring documents electronically through QuickBooks. You can request payment from your clients by adding a “Pay Now” button to the invoice. Your customers can then conveniently pay through this method, and their payment will go straight to your account, recorded as income. 

Do you manage a team and have several employees relying on the monthly salary they earn from you? QuickBooks can also assist you in paying them on time by recording employee timesheets and automatically computing them. Then, you can send your payments in a few clicks. 

Accurate tax calculation

Many businesses cram tax calculations or hire bookkeepers or accountants only when tax season comes. This practice may work, but it is not effective in getting an accurate view of your business to calculate your profit. It would be best if you also deducted the tax you need to pay. 

QuickBooks promptly tracks all data needed for tax calculation, such as receipts, expenses, and payroll taxes. Data accuracy is the priority of the software, so it assures you of $25,000 tax penalty protection for any tax penalty you receive. 

Time tracking and project management—both covered!

Whether you have staff working in-house or remotely, you can manage your team and monitor project progress through QuickBooks. 

QuickBooks is also a payroll software that has a time tracking feature your employees can use. It automatically generates an invoice for the hours they render, calculating their salary, taxes, and other details about their payroll. After payout, it categorizes the transaction under expenses. All these happen in using just a single small business accounting software!

For team and project management, QuickBooks allows you to see your team’s progress. You can check out how your teams are faring on their tasks and cut the hassle of contacting team leads one by one. 

best quickbooks for small business

Bank connections

Linking your bank account to the QuickBooks accounting software has many advantages. Here are some of them.

  • You can automatically receive payments from your clients when they click the “Pay Now” button in the invoices you sent out. 
  • Send out cashless payments to your suppliers and partner vendors.
  • Tracking of money coming in and out of your business ensures your business is free from fraudulent practices. 
  • The software not only records all transactions in your bank but also registers and categorizes them, be they income, payments, or other customized classifications you set. 

Data security through cloud-based accounting

What is cloud-based accounting? It is an accounting type in which all your data is stored not only on your QuickBooks desktop app but also in the cloud, allowing you to access it anywhere on the Internet. 

This data storage type is safe because only you and the people you give access to can see confidential financial data about your business. You and other people accessing the cloud can see the same data updated in real time. Data is always backed up, too!

QuickBooks is an example of an accounting solution using cloud-based accounting. You do not have to worry about your data security as it has 128-bit Secure Sockets Layer encryption, making it safe. 

Generate reports in just a few clicks

Do you perform weekly, monthly, quarterly, and annual reviews? Good news: even daily reports are possible since QuickBooks tracks all your business transactions. 

Some of the information you can generate, thanks to the complete data you have, are as follows:

  • Profit and loss statements
  • Income statement
  • Balance sheet
  • Account receivable aging
  • Account payable aging
  • Customer revenue

In addition, your partner bookkeeper in the Live Bookkeeping service will also give you reports, insights, and even consultations about your business at least twice a month. 

You can integrate other business applications into the software.

Most likely, you are using other applications in your business processes. To ensure that you do not need to access them one by one to check them, integrate them into the QuickBooks accounting tool. 

Here are the integrations you can include.

  • Bill.com
  • Salesforce
  • HubSpot
  • DocuSign
  • Amazon
  • Shopify
  • WooCommerce
  • eBay
  • Squarespace
  • Online banking

These integrations will make payment transactions and inventory management in different e-commerce sites easier. Because of integrations, you can access your inventory data, order fulfillment, sales information, and other essential statistics about your business in a single software. 

Flexible pricing once you sign up

How much is QuickBooks for a small business? The pricing varies depending on the services you want to enjoy. 

QuickBooks has four basic plans you can choose from.

Simple Start$12.50/month
Essentials$25/month
Plus$40/month
Advanced$90/month
Freelancer$7.50–17/month

All these plans include free setup, which allows you to connect banks and credit cards to the system; discussion of QuickBooks best practices; and automation of tasks. If you want to know how the software works, you can also sign up for a 30-day free trial. 

Need assistance on QuickBooks small business accounting?

Do you want to enjoy the benefits of using QuickBooks, but you still have questions about how to use QuickBooks for a small business? Then, delegate your business accounting and bookkeeping tasks to QuickBooks experts here at Unloop. We have a team of bookkeepers and accountants who are well-versed in the software and can get your business data organized. 

If you are looking into using alternative accounting software like A2X or Hubdoc, we can give you a hand too. Contact us now so that we can discuss your needs! We’d love to offer you our solutions!

10 Reasons Why QuickBooks Small Business Software Is a Must-Have This 2023
Watch Now

An ideal way to start every workday is to perform a business health check. It involves analyzing data and financial reports about income, expenses, sales, clients, suppliers, your team, and the different projects you run. 

It will greatly help if you can get all this information not by opening several spreadsheets but by opening just a single software that instantly pulls up the reports. That software is QuickBooks. 

This article will discuss the best QuickBooks for small business features and the ten advantages of using this accounting and bookkeeping software for your business in 2023. 

Partnership with experienced bookkeepers

The first benefit you’ll reap in signing up for a QuickBooks online plan is a partnership with bookkeeping experts whose first task is to handle your bookkeeping backlogs. Get all your files and documents from the past months ready so that your partner bookkeeper can categorize and track each transaction. 

After doing so, you’ll receive Live Bookkeeping, as QuickBooks calls it, which includes tracking income and expenses and storing important data like invoices and receipts in one place. Aside from these, you’ll have at least two video calls with your bookkeeper per month to ensure that you are updated on the different areas of your business finances. 

Cash flow management 

Cash flow management is one of the essential tasks you need to do for your business. It ensures that the money coming in and out of your business is all accounted for. Also, through cash flow monitoring, you’ll know if your business is profitable, or you can plan ways to make it one. 

The QuickBooks software monitors your cash flow, from capturing images of receipts and automatically categorizing the transaction to ensuring all income from sales and client payments are reported. It records all transactions in real time, especially bank integrations and automatic invoices.

Invoices are generated automatically.

Speaking of invoicing, skip the hassle of printing them, as you can create one-time-only invoices or recurring documents electronically through QuickBooks. You can request payment from your clients by adding a “Pay Now” button to the invoice. Your customers can then conveniently pay through this method, and their payment will go straight to your account, recorded as income. 

Do you manage a team and have several employees relying on the monthly salary they earn from you? QuickBooks can also assist you in paying them on time by recording employee timesheets and automatically computing them. Then, you can send your payments in a few clicks. 

Accurate tax calculation

Many businesses cram tax calculations or hire bookkeepers or accountants only when tax season comes. This practice may work, but it is not effective in getting an accurate view of your business to calculate your profit. It would be best if you also deducted the tax you need to pay. 

QuickBooks promptly tracks all data needed for tax calculation, such as receipts, expenses, and payroll taxes. Data accuracy is the priority of the software, so it assures you of $25,000 tax penalty protection for any tax penalty you receive. 

Time tracking and project management—both covered!

Whether you have staff working in-house or remotely, you can manage your team and monitor project progress through QuickBooks. 

QuickBooks is also a payroll software that has a time tracking feature your employees can use. It automatically generates an invoice for the hours they render, calculating their salary, taxes, and other details about their payroll. After payout, it categorizes the transaction under expenses. All these happen in using just a single small business accounting software!

For team and project management, QuickBooks allows you to see your team’s progress. You can check out how your teams are faring on their tasks and cut the hassle of contacting team leads one by one. 

best quickbooks for small business

Bank connections

Linking your bank account to the QuickBooks accounting software has many advantages. Here are some of them.

  • You can automatically receive payments from your clients when they click the “Pay Now” button in the invoices you sent out. 
  • Send out cashless payments to your suppliers and partner vendors.
  • Tracking of money coming in and out of your business ensures your business is free from fraudulent practices. 
  • The software not only records all transactions in your bank but also registers and categorizes them, be they income, payments, or other customized classifications you set. 

Data security through cloud-based accounting

What is cloud-based accounting? It is an accounting type in which all your data is stored not only on your QuickBooks desktop app but also in the cloud, allowing you to access it anywhere on the Internet. 

This data storage type is safe because only you and the people you give access to can see confidential financial data about your business. You and other people accessing the cloud can see the same data updated in real time. Data is always backed up, too!

QuickBooks is an example of an accounting solution using cloud-based accounting. You do not have to worry about your data security as it has 128-bit Secure Sockets Layer encryption, making it safe. 

Generate reports in just a few clicks

Do you perform weekly, monthly, quarterly, and annual reviews? Good news: even daily reports are possible since QuickBooks tracks all your business transactions. 

Some of the information you can generate, thanks to the complete data you have, are as follows:

  • Profit and loss statements
  • Income statement
  • Balance sheet
  • Account receivable aging
  • Account payable aging
  • Customer revenue

In addition, your partner bookkeeper in the Live Bookkeeping service will also give you reports, insights, and even consultations about your business at least twice a month. 

You can integrate other business applications into the software.

Most likely, you are using other applications in your business processes. To ensure that you do not need to access them one by one to check them, integrate them into the QuickBooks accounting tool. 

Here are the integrations you can include.

  • Bill.com
  • Salesforce
  • HubSpot
  • DocuSign
  • Amazon
  • Shopify
  • WooCommerce
  • eBay
  • Squarespace
  • Online banking

These integrations will make payment transactions and inventory management in different e-commerce sites easier. Because of integrations, you can access your inventory data, order fulfillment, sales information, and other essential statistics about your business in a single software. 

Flexible pricing once you sign up

How much is QuickBooks for a small business? The pricing varies depending on the services you want to enjoy. 

QuickBooks has four basic plans you can choose from.

Simple Start$12.50/month
Essentials$25/month
Plus$40/month
Advanced$90/month
Freelancer$7.50–17/month

All these plans include free setup, which allows you to connect banks and credit cards to the system; discussion of QuickBooks best practices; and automation of tasks. If you want to know how the software works, you can also sign up for a 30-day free trial. 

Need assistance on QuickBooks small business accounting?

Do you want to enjoy the benefits of using QuickBooks, but you still have questions about how to use QuickBooks for a small business? Then, delegate your business accounting and bookkeeping tasks to QuickBooks experts here at Unloop. We have a team of bookkeepers and accountants who are well-versed in the software and can get your business data organized. 

If you are looking into using alternative accounting software like A2X or Hubdoc, we can give you a hand too. Contact us now so that we can discuss your needs! We’d love to offer you our solutions!

Read more

Running a business may seem overwhelmingly rewarding, especially in today's outlook. With small businesses thriving online and successful low-capital startups emerging everywhere, one can say that it must be easy to run a business. Many business industries scale and expand so quickly once they find the right niche or product to sell. However, note that the cost of having great success also comes with the great responsibility of making sure all business records and financial data are intact and correct. 

Accurate bookkeeping can help the stakeholders make crucial business decisions. Reliable financial data is key to identifying the next step for the business venture. Apart from having the necessary data available, there should be a system, which ensures that all transactions are appropriately categorized for financial reports to be prompt and accurate. 

The following business elements explain why bookkeeping is important:

Cash 

Cash is the lifeblood of the entire operation. Everything in a business for profit is driven by cash, so it is imperative to ensure that all cash receipts and disbursements are accounted for. Constant reconciliations must be made between the movements in the bank statements and the books. We are in an age wherein almost all cash transactions are done via bank transfer or credit card. Although the bank statements automatically show the merchant or recipient for such transactions, the habit of appropriately categorizing it right after it takes place goes a long way when it is time to summarize those financial reports.

Inventory and Cost of Goods Sold 

When you buy inventory from a supplier, you need to account for it against the cost of goods sold. This amount is not just the sum total of all the payments incurred to the supplier. A $5.00 mug you have been sourcing from a reliable supplier may look profitable if you sell it for $20.00, but have you considered how much it costs to ship it to the warehouse and the customer? How about the customs fees and the various third-party salaries behind the shipment? There are numerous factors to consider when computing the actual selling price of a product and it will only get more complicated as the number of products or services increases. Having a reliable system for computing the cost of goods would be advantageous when reviewing the profitability per product or determining if the business is better off without it. 

Receivables and Payables 

Keeping track of one’s own dues and collections is still a manageable task for small businesses, but once the business starts to scale, overlooking new and old transactions flooding your ledgers becomes a whole ‘nother ballpark. Knowing which customers are prompt and reliable would be helpful in making a major decision, especially if the cash flow is currently tight. Setting time to organize a list of your supplier’s terms and due dates would maximize your cash position. Take advantage of early-bird discounts from specific vendors.

Sales

All cash receipts may pertain to revenue or sales, but you must also keep track of which ones to be recognized as other income. Some cash inlay may pertain to interest income, which should not be part of your main revenue. Setting unique tags and keywords per sales category will also be a big help in determining which sales products, channels, or demographics you should focus your market study and improvements on.

Operating Expenses 

Trend analysis with expenses is vital when it comes to forecasting budgets and sales quotas for the next period. Regularly preparing a monthly Profit and Loss statement might seem like a tedious job, but it will be an excellent basis to see how the business is currently standing. With so many online subscriptions and recurring expenses nowadays, one must keep track of which is necessary or not to minimize losses. It is also vital to accurately categorize all expenses as some may have different tax rate deductions. When it comes to looking at the bottom-line figures, this will be a great way to maximize profits.

There are many tools and platforms available online that can aid business owners in having top-notch accounting records. However, it is also essential to make the data as straightforward as possible in order to generate any financial report on time. Bookkeeping is and will always be a beneficial cloud-based function everyone should take advantage of. Meanwhile, data protection is an important service that entails handling sensitive information, which you should only delegate to a reliable team.

Conclusion

In conclusion, it is worth maintaining an accurate bookkeeping system regardless of the nature of your business. Think of it as some sort of investment. The earlier you start properly bookkeeping your financial records, the easier it will be to transition to bigger operations as your business grows.

You do not have to be a professional accountant in order to maintain books, but as the business undergoes expansion, you should consider hiring experts to ensure that the necessary accounting records have a solid foundation for the upcoming years. You need someone who can perform the tedious process of ensuring all financial reports are of the government's standards when tax season comes. With Unloop in the picture, keeping your books will be a breeze.

Importance‌ ‌of‌ ‌Bookkeeping‌ ‌in‌ ‌2023
Watch Now

Running a business may seem overwhelmingly rewarding, especially in today's outlook. With small businesses thriving online and successful low-capital startups emerging everywhere, one can say that it must be easy to run a business. Many business industries scale and expand so quickly once they find the right niche or product to sell. However, note that the cost of having great success also comes with the great responsibility of making sure all business records and financial data are intact and correct. 

Accurate bookkeeping can help the stakeholders make crucial business decisions. Reliable financial data is key to identifying the next step for the business venture. Apart from having the necessary data available, there should be a system, which ensures that all transactions are appropriately categorized for financial reports to be prompt and accurate. 

The following business elements explain why bookkeeping is important:

Cash 

Cash is the lifeblood of the entire operation. Everything in a business for profit is driven by cash, so it is imperative to ensure that all cash receipts and disbursements are accounted for. Constant reconciliations must be made between the movements in the bank statements and the books. We are in an age wherein almost all cash transactions are done via bank transfer or credit card. Although the bank statements automatically show the merchant or recipient for such transactions, the habit of appropriately categorizing it right after it takes place goes a long way when it is time to summarize those financial reports.

Inventory and Cost of Goods Sold 

When you buy inventory from a supplier, you need to account for it against the cost of goods sold. This amount is not just the sum total of all the payments incurred to the supplier. A $5.00 mug you have been sourcing from a reliable supplier may look profitable if you sell it for $20.00, but have you considered how much it costs to ship it to the warehouse and the customer? How about the customs fees and the various third-party salaries behind the shipment? There are numerous factors to consider when computing the actual selling price of a product and it will only get more complicated as the number of products or services increases. Having a reliable system for computing the cost of goods would be advantageous when reviewing the profitability per product or determining if the business is better off without it. 

Receivables and Payables 

Keeping track of one’s own dues and collections is still a manageable task for small businesses, but once the business starts to scale, overlooking new and old transactions flooding your ledgers becomes a whole ‘nother ballpark. Knowing which customers are prompt and reliable would be helpful in making a major decision, especially if the cash flow is currently tight. Setting time to organize a list of your supplier’s terms and due dates would maximize your cash position. Take advantage of early-bird discounts from specific vendors.

Sales

All cash receipts may pertain to revenue or sales, but you must also keep track of which ones to be recognized as other income. Some cash inlay may pertain to interest income, which should not be part of your main revenue. Setting unique tags and keywords per sales category will also be a big help in determining which sales products, channels, or demographics you should focus your market study and improvements on.

Operating Expenses 

Trend analysis with expenses is vital when it comes to forecasting budgets and sales quotas for the next period. Regularly preparing a monthly Profit and Loss statement might seem like a tedious job, but it will be an excellent basis to see how the business is currently standing. With so many online subscriptions and recurring expenses nowadays, one must keep track of which is necessary or not to minimize losses. It is also vital to accurately categorize all expenses as some may have different tax rate deductions. When it comes to looking at the bottom-line figures, this will be a great way to maximize profits.

There are many tools and platforms available online that can aid business owners in having top-notch accounting records. However, it is also essential to make the data as straightforward as possible in order to generate any financial report on time. Bookkeeping is and will always be a beneficial cloud-based function everyone should take advantage of. Meanwhile, data protection is an important service that entails handling sensitive information, which you should only delegate to a reliable team.

Conclusion

In conclusion, it is worth maintaining an accurate bookkeeping system regardless of the nature of your business. Think of it as some sort of investment. The earlier you start properly bookkeeping your financial records, the easier it will be to transition to bigger operations as your business grows.

You do not have to be a professional accountant in order to maintain books, but as the business undergoes expansion, you should consider hiring experts to ensure that the necessary accounting records have a solid foundation for the upcoming years. You need someone who can perform the tedious process of ensuring all financial reports are of the government's standards when tax season comes. With Unloop in the picture, keeping your books will be a breeze.

Read more

Disclaimer: Please note this article is not financial advice. The purpose of our blog is purely educational, so please consult a professional accountant or financial advisor before making any financial decision.

It's 2023, and you're ready to set foot in the e-commerce world. It's a huge, significant step considering how most shoppers these days rely heavily on technology. While sitting prettily on the couch, people love ordering almost anything online—food, clothes, electronics, and even furniture. 

Moreover, it's become the most feasible shopping option because of the pandemic. Consumers now use it to meet their basic needs and wants while staying safe in the comforts of their homes.

Meanwhile, for sellers, it's an opportunity to expand the customer base on an international scale. With e-commerce, distance won't hinder a business from selling to another state or country. That's an incredible advantage of technology, but there are also new challenges to take. 

More specifically, there are new, complicated regulations to comply with and ensure that every package is delivered seamlessly. 

On top of these complexities, we need to address one more challenging factor: the e-commerce sales tax. At first, you might not consider it a concern. You might ask yourself: "Do remote businesses need to pay sales tax?" Yes.

Tax collection and remittance are now part of the requirements in e-commerce. Does this overwhelm you? Don't worry. Everyone knows the struggle here, and no one expects you to digest everything in a day or two. You still need to familiarize yourself with the system and plan what to do next. 

This article breaks down the fundamentals of online sales tax in the USA. Know the basics and read some valuable tips on how to manage tax compliance. 

We will be covering the following points:

Part 1: UNDERSTANDING E-COMMERCE AND THE SALES TAX SYSTEM

Part 2: E-COMMERCE TAX MANAGEMENT GUIDE

E-Commerce and Sales Tax: How Did It Start?

If your business has a physical storefront, office, or warehouse in a certain state, you must pay and remit sales tax. That's the golden rule until the South Dakota v. Wayfair, Inc. happened in 2018, which states that online businesses must collect sales tax regardless of physical presence

In addition, states can redefine the "sales tax nexus" from a broader perspective so that e-commerce retailers become a part of the scope. Nexus or tax nexus refers to the linkage between a business and a state involving tax obligations. 

court decision concept judge holding document in the background image

How Does It Affect E-Commerce Businesses?

The development of e-commerce sales tax laws makes the system immensely complicated. One of the most challenging aspects of e-commerce tax is compliance with constantly changing state policies. 

The Tax Law Varieties Are Overwhelming

E-commerce sales tax by state differs, and businesses have to learn and comply with all of that. It's not easy, and what more if you deal with international matters? Each country has a different tax law, and you need to consider that too. 

You Need to Implement Drastic Changes 

Because of the new tax policy, businesses are pushed to reassess their processing systems and implement operational changes as necessary. If they fail to apply them, the opportunities might stop coming, and the risk of financial trouble can increase. 

The Basics of Sales Tax in E-Commerce

Now that you understand how crucial sales tax is in your e-commerce venture, it's time to learn the basic terms and processes. Keep reading so that you no longer get confused when you encounter technical terms in the future.

What is E-Commerce Sales Tax?

Sales tax is a minor percentage of an online retailer's sales. It is a consumer or consumption tax, which means that consumers pay sales tax only on taxable goods. In the U.S., 45 states and Washington D.C. implement e-commerce sales tax. 

Moreover, there are combined sales taxes because counties, cities, and other local areas have "special taxing districts." Special taxing districts (also called limited purpose districts) provide special benefits to the residents of a certain local area. 

How Does It Work?

The state where you sell and the point of destination are the main factors in charging sales tax. You'll charge customers the amount of sales tax required and remit it to the particular state.

However, sales tax collection only applies with a nexus (more on this subject in the next sections).

How Do You Calculate E-Commerce Sales Tax Rates?

Here's a quick guide on how to calculate sales tax for E-commerce.

  1. First, have these details ready: (1) the state-mandated product rate, (2) the cost of the item, and (3) other important local rates, if any.
  2. Multiply the item cost by the state tax rate. Ensure to convert percentage into decimals. 
  3. If there are additional local rates, multiply the cost of the item with these extra rates. Then, add the amounts you get from this and the sales tax rate multiplication.

As you can see, you can calculate the total sales tax in just a few steps. To sum it up in a formula structure:

 (Item Cost) * (State-mandated Sales Tax Rate) = Total Sales Tax 

For example, you have a $30 item, and the state tax rate is 7.5%. In that case,

(30) * (0.75) = $22.5

What is a Tax Nexus?

Tax nexus is the connection between your business and a state or any other taxing authority. Naturally, you get a tax nexus in your home state, but some conditions may also prompt other sales tax nexuses in some states.  

These conditions are as follows:

  • Your business has a physical presence in a certain state (office, warehouse, storefront, and more)
  • You have staff working on a particular state for business purposes (employee, salesperson, contractor, and more)
  • You have stored inventory in a specific state
  • You have affiliates working in particular states
  • You work with third-party shipping companies
  • You sell products through Fulfillment by Amazon 
  • You conduct temporary selling at an event
  • You exceed the number of transactions required in a state (economic nexus)
  • You run ad campaigns on an in-state website 
  • You use website cookies or software on in-state devices
  • You sell on a marketplace with a facilitator that collects taxes on behalf of a state (marketplace nexus)

Once you confirm a sales tax nexus, then you must perform the following steps:

  • Register with the state's tax department
  • Collect and remit sales tax 
  • File a tax return

Which Products Are Taxable?

A rule of thumb in product taxability is that any tangible item is automatically taxable. Still, some states have exceptions, such as products without or with a reduced sales tax rate. Your customers will pay for these, so ensure that they're paying only as necessary.

Alt tag: ecommerce sales tax solution puzzle piece concept image

E-Commerce Tax Management: Know Everything About Tax Compliance and E-Commerce Sales Tax Solutions

We hope the discussions above helped you understand the online sales tax system. We know that it is overwhelming and stressful, but that's a lot better than getting into a heap of financial trouble later. 

Now that you're equipped with the basic knowledge, let's move on to tax compliance. 

E-Commerce Tax Compliance: A Step-by-Step Guide

Tax compliance can be extremely confusing, and the smallest mistake can cause a huge financial mess. To prevent the mess (and stress) of your e-commerce taxes, we've provided a step-by-step procedure to serve as your to-do list. 

Step 1: Perform a Thorough Q&A Session 

Before proceeding to action, ask yourself some important questions first. This will help you understand where you stand, such as knowing where you have a sales tax nexus.

Here's a quick checklist:

  • Which areas do you have a physical presence in?
  • Which areas do you have personnel working concerning your business?
  • Where do you store inventory?
  • What is the mandated number of sales/transactions of each state you sell or have a physical presence in? Did you exceed the limits? Here's a quick table on U.S. states with the required number of sales/transactions. 
ecommerce sales tax thresholds data
  • Which areas do you have drop shippers or third-party shipping companies in?
  • Where do your affiliates advertise your business?
  • Which areas hold certain events that you participate in as part of your marketing plan?

Once you have the answers, you'll know which states you have a nexus. We would also recommend you consult with each state you're involved with to confirm these details.

ecommerce sales tax tax nexus per state data

Step 2: Register With the Tax Authority for a Sales Tax Permit

Here's the first step to e-commerce tax compliance, the document which allows you to collect taxes legally. Contact your state's tax authority to obtain a sales tax permit. Then, you'll be asked to provide the following (not limited to) information:

  • Employer Identification Number or Federal Employer Identification Number
  • Contact information (business and personal)
  • Social security number 
  • Your business entity
  • North American Industry Classification System Code
How Much is the Sales Tax Permit Fee?

These permits range from $0 to $100, depending on the state. 

Do These Permits Need Renewal?

It depends on the tax authority you're associated with. For example, some sales tax permits need renewal every one or two years. Meanwhile, others don't require renewal as long as your business is running. 

What Else Can a Sales Tax Permit Do?

Some states consider seller's permits as "resale certificates." Generally, resale certificates are signed documents. Having one allows you to buy tax-free goods as long as you're reselling them. 

Like sales tax regulations, policies for resale certificates also differ by state. For example, one state considers your sales tax permit as the resale certificate. Meanwhile, another requires you to have an independent reseller's permit number. 

Step 3: Set E-Commerce Sales Tax Systems and Start Collecting

Ensure that your shopping carts, online checkouts, and other marketplace processing systems function properly. There are different bases for tax rates, so your platforms must charge the correct amounts.

Origin-Based vs Destination-Based Tax Rates

Each state makes its own sales tax rules, so different "sales tax sourcing" has emerged. Sales tax sourcing is the basis of charging sales tax. It has two categories, namely, origin-based and destination-based tax rates. 

The origin-based rate refers to the business location. For example, you're an online seller from Columbus, Ohio, and made a sale in Dayton. Ohio is an originated-based state, so you must charge the customer sales tax based on the Columbus rate. 

Meanwhile, the destination-based rate refers to the shipping address. Suppose you're selling online from Marietta, Georgia, which is a destination-based state. If you make a sale and ship on Covington, you should use the Covington sales tax rate to charge your customer. 

Do E-Commerce Platforms Have Different Tax Collection Systems?

Yes. Generally, marketplaces significantly differ from each other, and so are their tax collection systems. For example, if you sell on Amazon, you will find a very detailed tax collection engine different from another e-commerce site.

Automation Is Key to Efficient Sales Tax Management

Manual digital marketing management puts you at great risk. You might not find any issues at first, but that's because you can still handle the numbers. However, as time passes, digits and sales tax laws can change. Hence, it will be difficult (and error-prone) to manage data manually.

An automated, cloud-based solution is the go-to of e-commerce tax compliance. It helps you keep on top of all deadlines and tax rate differences via real-time. By doing so, you can prevent discrepancies and financial trouble with the states and customers.

Alt tag: ecommerce sales tax time calculator concept image 

Step 4: File and Remit Sales Tax

Take note of the filing frequency the state provided when you were obtaining a seller's permit. It tells you how often and on which due dates your e-commerce sales tax filing will take place. You will usually file and remit taxes monthly, quarterly, or annually depending on your tax authority. 

What Kind of Sales Tax Report Should You Submit?

Unfortunately, states aren't satisfied with just an overall amount of collected taxes. Instead, they would ask for the tax you collected per state, county, city, and other local areas with special taxes. 

Before you get floored upon tax remittance day, ensure you're fully equipped with this information. As previously mentioned, automated technology can help you filter out these details.

What if You Didn’t Collect Anything From a Registered Area?

Let's say you have a tax permit in a certain county but didn't collect anything within a specific period. Still, you need to file a sales tax return since it's mandatory. To do so, simply file "zero reports" or "zero returns" for compliance. 

Step 5: Keep Track of Tax Compliance Updates

The current sales tax policies for e-commerce won't stay the same forever. It's still developing, so expect changes in requirements and processes in the future. To avoid trouble with outdated sales tax activities, stay on top of changes concerning tax compliance.

Seek updates from the states where you're permitted to collect sales tax. You may regularly visit their website, social media or subscribe to newsletters, if any. If you have an accounting team or tax advisor, consult them about it. Additionally, always monitor your sales and stay alert when they exceed a certain threshold limit. 

Be Safe Than Sorry: Hiring a Bookkeeping and Accounting Team

If you're still unsure whether you're collecting and filing your taxes the right way or not, you can ask the help of accounting or bookkeeping experts. Don't wait for your tax authority to assess your tax compliance and avoid charging your customers the wrong amount in their purchases.

Hence, it is best to work with a trusted team of accountants to help you with the how-tos and management of sales taxes.

How to Hire the Right Bookkeeping or Accounting Team

When tax management starts to take a toll on you, it's time to get help from experts. You might feel reluctant to pay an entire team and have them take charge of your company's financial work. We understand that, which is why we've enumerated the important things you need to know when hiring bookkeepers or accountants. 

business team in a conference room image

Setting the Right Expectations

When hiring a bookkeeping or accounting team, you must first understand their roles. By doing this, you will know exactly what you're paying for and avoid miscommunication during the collaboration. For example, bookkeeping and accounting tasks are different—bookkeepers conduct administrative tasks while accountants interpret and analyze financial data. 

Find out the specific tasks they will conduct. For example, in tax compliance, ask if they will help you prepare, manage, or submit sales taxes. Knowing this allows you to picture the job distribution: which tasks are my responsibilities? Which tasks can I turn over to the team? 

Freelance vs Firm

You get to choose between freelance or firm for tax management services. Each has a different set of pros and cons, and you need to understand them to make a final hiring decision. For example, you have less control over freelancers, but they usually charge lower rates than firms.

Bookkeeping or accounting firms, on the other hand, have a fixed schedule and offer more personnel. While cost can be an issue, you won't have days when you can't contact anyone to work on tax management.

Area and Level of Expertise

Consider asking for the area of expertise of the bookkeepers or accountants you're hiring. No matter how good they can be, progress can become slow-paced and risky if they don't understand how your industry works. 

If they have working experience concerning your niche, things will be easier to manage and improve. In addition, look for their certifications, such as the American Institute of Professional Bookkeepers (AIPB) and Certified Public Accountant (CPA) licenses. 

Way of Communication

Whether you know a lot about financial management or not, how your accountant communicates with you is more important. Without proper communication, your business is at risk of financial dilemma. Thus, hire someone or a company that complements the way you communicate.

If you need guidance on sales taxes, they must communicate complex matters in a way that you can easily understand. Generally, they should not force you to act in any way without even listening to your opinions first. They might have good intentions for your company, but they should still respect your pace and adapt to it as necessary.

Technological Knowledge

Technology matters significantly in e-commerce tax management. Your e-commerce platforms should display accurate tax rates and process orders seamlessly. Thus, the accountants you'll hire should know the latest and most effective technologies in managing your finances.

Moreover, they should provide you with a demonstration of these tools. Ask them why they'd choose a particular e-commerce sales tax software for a certain transaction. Then, evaluate if their choices are valid, not overpriced, and are the latest, most efficient programs you can use.

Technology and Sales Tax Management

Since the South Dakota v. Wayfair in 2018, businesses need to turn heads in not just one or two states but almost all of them. As a result, merchants spend up to 300 hours on tax management—isn't it natural to switch to automation now?

However, some companies don't include this in their list of priorities, and you shouldn't be one of them. As a seller, you should know that managing sales tax is a huge concern when not properly taken care of. In addition, you must be aware of the potential long-term consequences of incorrect tax compliance. To avoid that, you must switch to automated management.

What are the benefits awaiting you in sales tax automation?

  • Reduce half of the time you spend managing taxes 
  • Prevent inaccurate tax payments more often (e.g., overpaying or underpaying)
  • Submit reports and avoid potential penalties more often
  • Make every working hour and effort more worthwhile

QuickBooks, A2X, Taxjar, and Hubdocs are usually the most preferred tax management and compliance software today. When hiring bookkeepers or accountants, ensure this will be an essential part of your discussion.

business handshake

Sales Tax For E-Commerce Sellers: Tax Solutions With Unloop

With Unloop's e-commerce sales tax services, you can ensure seamless tax management and compliance for your business. We partner with accounting firms and Taxjar, a tax compliance company, to ensure accurate internet sales taxes on time. 

We accommodate you in every step you need to take for sales tax compliance. Our action plans are as follows: 

  • We identify where you have a sales tax nexus.
  • We determine if you're able to abide by the tax laws of your state(s).
  • We help register your business for tax permits.
  • We take charge of setting up your e-commerce platforms for automated tax rate adjustments.
  • We help manage your tax filings. While we don't file tax returns (we're not a CPA firm), we work with CPAs who can file them for you instead.
  • Monitor sales rates and tax compliance to help you stay on top of things. 

Whether you're a U.S. seller on Amazon or Shopify, we have all the bookkeeping solutions ready. If you're serious about growing your business in the online marketplace, take this step with great courage and let us help you out from start to finish!

E-commerce is rapidly developing, and so are the states adapting to the Wayfair rule. In the constantly changing chain of tax systems, you must keep pace with the changes to achieve proper tax compliance. 

Once you understand how things work, implement solutions that help you make the work manageable and eliminate the mess. Hire the right people, use effective tools, and stay on top of your growing e-commerce sales. 

A 2023 Guide to E-Commerce Sales Tax in the USA: Eliminate the Mess and Stress of Digits
Watch Now

Disclaimer: Please note this article is not financial advice. The purpose of our blog is purely educational, so please consult a professional accountant or financial advisor before making any financial decision.

It's 2023, and you're ready to set foot in the e-commerce world. It's a huge, significant step considering how most shoppers these days rely heavily on technology. While sitting prettily on the couch, people love ordering almost anything online—food, clothes, electronics, and even furniture. 

Moreover, it's become the most feasible shopping option because of the pandemic. Consumers now use it to meet their basic needs and wants while staying safe in the comforts of their homes.

Meanwhile, for sellers, it's an opportunity to expand the customer base on an international scale. With e-commerce, distance won't hinder a business from selling to another state or country. That's an incredible advantage of technology, but there are also new challenges to take. 

More specifically, there are new, complicated regulations to comply with and ensure that every package is delivered seamlessly. 

On top of these complexities, we need to address one more challenging factor: the e-commerce sales tax. At first, you might not consider it a concern. You might ask yourself: "Do remote businesses need to pay sales tax?" Yes.

Tax collection and remittance are now part of the requirements in e-commerce. Does this overwhelm you? Don't worry. Everyone knows the struggle here, and no one expects you to digest everything in a day or two. You still need to familiarize yourself with the system and plan what to do next. 

This article breaks down the fundamentals of online sales tax in the USA. Know the basics and read some valuable tips on how to manage tax compliance. 

We will be covering the following points:

Part 1: UNDERSTANDING E-COMMERCE AND THE SALES TAX SYSTEM

Part 2: E-COMMERCE TAX MANAGEMENT GUIDE

E-Commerce and Sales Tax: How Did It Start?

If your business has a physical storefront, office, or warehouse in a certain state, you must pay and remit sales tax. That's the golden rule until the South Dakota v. Wayfair, Inc. happened in 2018, which states that online businesses must collect sales tax regardless of physical presence

In addition, states can redefine the "sales tax nexus" from a broader perspective so that e-commerce retailers become a part of the scope. Nexus or tax nexus refers to the linkage between a business and a state involving tax obligations. 

court decision concept judge holding document in the background image

How Does It Affect E-Commerce Businesses?

The development of e-commerce sales tax laws makes the system immensely complicated. One of the most challenging aspects of e-commerce tax is compliance with constantly changing state policies. 

The Tax Law Varieties Are Overwhelming

E-commerce sales tax by state differs, and businesses have to learn and comply with all of that. It's not easy, and what more if you deal with international matters? Each country has a different tax law, and you need to consider that too. 

You Need to Implement Drastic Changes 

Because of the new tax policy, businesses are pushed to reassess their processing systems and implement operational changes as necessary. If they fail to apply them, the opportunities might stop coming, and the risk of financial trouble can increase. 

The Basics of Sales Tax in E-Commerce

Now that you understand how crucial sales tax is in your e-commerce venture, it's time to learn the basic terms and processes. Keep reading so that you no longer get confused when you encounter technical terms in the future.

What is E-Commerce Sales Tax?

Sales tax is a minor percentage of an online retailer's sales. It is a consumer or consumption tax, which means that consumers pay sales tax only on taxable goods. In the U.S., 45 states and Washington D.C. implement e-commerce sales tax. 

Moreover, there are combined sales taxes because counties, cities, and other local areas have "special taxing districts." Special taxing districts (also called limited purpose districts) provide special benefits to the residents of a certain local area. 

How Does It Work?

The state where you sell and the point of destination are the main factors in charging sales tax. You'll charge customers the amount of sales tax required and remit it to the particular state.

However, sales tax collection only applies with a nexus (more on this subject in the next sections).

How Do You Calculate E-Commerce Sales Tax Rates?

Here's a quick guide on how to calculate sales tax for E-commerce.

  1. First, have these details ready: (1) the state-mandated product rate, (2) the cost of the item, and (3) other important local rates, if any.
  2. Multiply the item cost by the state tax rate. Ensure to convert percentage into decimals. 
  3. If there are additional local rates, multiply the cost of the item with these extra rates. Then, add the amounts you get from this and the sales tax rate multiplication.

As you can see, you can calculate the total sales tax in just a few steps. To sum it up in a formula structure:

 (Item Cost) * (State-mandated Sales Tax Rate) = Total Sales Tax 

For example, you have a $30 item, and the state tax rate is 7.5%. In that case,

(30) * (0.75) = $22.5

What is a Tax Nexus?

Tax nexus is the connection between your business and a state or any other taxing authority. Naturally, you get a tax nexus in your home state, but some conditions may also prompt other sales tax nexuses in some states.  

These conditions are as follows:

  • Your business has a physical presence in a certain state (office, warehouse, storefront, and more)
  • You have staff working on a particular state for business purposes (employee, salesperson, contractor, and more)
  • You have stored inventory in a specific state
  • You have affiliates working in particular states
  • You work with third-party shipping companies
  • You sell products through Fulfillment by Amazon 
  • You conduct temporary selling at an event
  • You exceed the number of transactions required in a state (economic nexus)
  • You run ad campaigns on an in-state website 
  • You use website cookies or software on in-state devices
  • You sell on a marketplace with a facilitator that collects taxes on behalf of a state (marketplace nexus)

Once you confirm a sales tax nexus, then you must perform the following steps:

  • Register with the state's tax department
  • Collect and remit sales tax 
  • File a tax return

Which Products Are Taxable?

A rule of thumb in product taxability is that any tangible item is automatically taxable. Still, some states have exceptions, such as products without or with a reduced sales tax rate. Your customers will pay for these, so ensure that they're paying only as necessary.

Alt tag: ecommerce sales tax solution puzzle piece concept image

E-Commerce Tax Management: Know Everything About Tax Compliance and E-Commerce Sales Tax Solutions

We hope the discussions above helped you understand the online sales tax system. We know that it is overwhelming and stressful, but that's a lot better than getting into a heap of financial trouble later. 

Now that you're equipped with the basic knowledge, let's move on to tax compliance. 

E-Commerce Tax Compliance: A Step-by-Step Guide

Tax compliance can be extremely confusing, and the smallest mistake can cause a huge financial mess. To prevent the mess (and stress) of your e-commerce taxes, we've provided a step-by-step procedure to serve as your to-do list. 

Step 1: Perform a Thorough Q&A Session 

Before proceeding to action, ask yourself some important questions first. This will help you understand where you stand, such as knowing where you have a sales tax nexus.

Here's a quick checklist:

  • Which areas do you have a physical presence in?
  • Which areas do you have personnel working concerning your business?
  • Where do you store inventory?
  • What is the mandated number of sales/transactions of each state you sell or have a physical presence in? Did you exceed the limits? Here's a quick table on U.S. states with the required number of sales/transactions. 
ecommerce sales tax thresholds data
  • Which areas do you have drop shippers or third-party shipping companies in?
  • Where do your affiliates advertise your business?
  • Which areas hold certain events that you participate in as part of your marketing plan?

Once you have the answers, you'll know which states you have a nexus. We would also recommend you consult with each state you're involved with to confirm these details.

ecommerce sales tax tax nexus per state data

Step 2: Register With the Tax Authority for a Sales Tax Permit

Here's the first step to e-commerce tax compliance, the document which allows you to collect taxes legally. Contact your state's tax authority to obtain a sales tax permit. Then, you'll be asked to provide the following (not limited to) information:

  • Employer Identification Number or Federal Employer Identification Number
  • Contact information (business and personal)
  • Social security number 
  • Your business entity
  • North American Industry Classification System Code
How Much is the Sales Tax Permit Fee?

These permits range from $0 to $100, depending on the state. 

Do These Permits Need Renewal?

It depends on the tax authority you're associated with. For example, some sales tax permits need renewal every one or two years. Meanwhile, others don't require renewal as long as your business is running. 

What Else Can a Sales Tax Permit Do?

Some states consider seller's permits as "resale certificates." Generally, resale certificates are signed documents. Having one allows you to buy tax-free goods as long as you're reselling them. 

Like sales tax regulations, policies for resale certificates also differ by state. For example, one state considers your sales tax permit as the resale certificate. Meanwhile, another requires you to have an independent reseller's permit number. 

Step 3: Set E-Commerce Sales Tax Systems and Start Collecting

Ensure that your shopping carts, online checkouts, and other marketplace processing systems function properly. There are different bases for tax rates, so your platforms must charge the correct amounts.

Origin-Based vs Destination-Based Tax Rates

Each state makes its own sales tax rules, so different "sales tax sourcing" has emerged. Sales tax sourcing is the basis of charging sales tax. It has two categories, namely, origin-based and destination-based tax rates. 

The origin-based rate refers to the business location. For example, you're an online seller from Columbus, Ohio, and made a sale in Dayton. Ohio is an originated-based state, so you must charge the customer sales tax based on the Columbus rate. 

Meanwhile, the destination-based rate refers to the shipping address. Suppose you're selling online from Marietta, Georgia, which is a destination-based state. If you make a sale and ship on Covington, you should use the Covington sales tax rate to charge your customer. 

Do E-Commerce Platforms Have Different Tax Collection Systems?

Yes. Generally, marketplaces significantly differ from each other, and so are their tax collection systems. For example, if you sell on Amazon, you will find a very detailed tax collection engine different from another e-commerce site.

Automation Is Key to Efficient Sales Tax Management

Manual digital marketing management puts you at great risk. You might not find any issues at first, but that's because you can still handle the numbers. However, as time passes, digits and sales tax laws can change. Hence, it will be difficult (and error-prone) to manage data manually.

An automated, cloud-based solution is the go-to of e-commerce tax compliance. It helps you keep on top of all deadlines and tax rate differences via real-time. By doing so, you can prevent discrepancies and financial trouble with the states and customers.

Alt tag: ecommerce sales tax time calculator concept image 

Step 4: File and Remit Sales Tax

Take note of the filing frequency the state provided when you were obtaining a seller's permit. It tells you how often and on which due dates your e-commerce sales tax filing will take place. You will usually file and remit taxes monthly, quarterly, or annually depending on your tax authority. 

What Kind of Sales Tax Report Should You Submit?

Unfortunately, states aren't satisfied with just an overall amount of collected taxes. Instead, they would ask for the tax you collected per state, county, city, and other local areas with special taxes. 

Before you get floored upon tax remittance day, ensure you're fully equipped with this information. As previously mentioned, automated technology can help you filter out these details.

What if You Didn’t Collect Anything From a Registered Area?

Let's say you have a tax permit in a certain county but didn't collect anything within a specific period. Still, you need to file a sales tax return since it's mandatory. To do so, simply file "zero reports" or "zero returns" for compliance. 

Step 5: Keep Track of Tax Compliance Updates

The current sales tax policies for e-commerce won't stay the same forever. It's still developing, so expect changes in requirements and processes in the future. To avoid trouble with outdated sales tax activities, stay on top of changes concerning tax compliance.

Seek updates from the states where you're permitted to collect sales tax. You may regularly visit their website, social media or subscribe to newsletters, if any. If you have an accounting team or tax advisor, consult them about it. Additionally, always monitor your sales and stay alert when they exceed a certain threshold limit. 

Be Safe Than Sorry: Hiring a Bookkeeping and Accounting Team

If you're still unsure whether you're collecting and filing your taxes the right way or not, you can ask the help of accounting or bookkeeping experts. Don't wait for your tax authority to assess your tax compliance and avoid charging your customers the wrong amount in their purchases.

Hence, it is best to work with a trusted team of accountants to help you with the how-tos and management of sales taxes.

How to Hire the Right Bookkeeping or Accounting Team

When tax management starts to take a toll on you, it's time to get help from experts. You might feel reluctant to pay an entire team and have them take charge of your company's financial work. We understand that, which is why we've enumerated the important things you need to know when hiring bookkeepers or accountants. 

business team in a conference room image

Setting the Right Expectations

When hiring a bookkeeping or accounting team, you must first understand their roles. By doing this, you will know exactly what you're paying for and avoid miscommunication during the collaboration. For example, bookkeeping and accounting tasks are different—bookkeepers conduct administrative tasks while accountants interpret and analyze financial data. 

Find out the specific tasks they will conduct. For example, in tax compliance, ask if they will help you prepare, manage, or submit sales taxes. Knowing this allows you to picture the job distribution: which tasks are my responsibilities? Which tasks can I turn over to the team? 

Freelance vs Firm

You get to choose between freelance or firm for tax management services. Each has a different set of pros and cons, and you need to understand them to make a final hiring decision. For example, you have less control over freelancers, but they usually charge lower rates than firms.

Bookkeeping or accounting firms, on the other hand, have a fixed schedule and offer more personnel. While cost can be an issue, you won't have days when you can't contact anyone to work on tax management.

Area and Level of Expertise

Consider asking for the area of expertise of the bookkeepers or accountants you're hiring. No matter how good they can be, progress can become slow-paced and risky if they don't understand how your industry works. 

If they have working experience concerning your niche, things will be easier to manage and improve. In addition, look for their certifications, such as the American Institute of Professional Bookkeepers (AIPB) and Certified Public Accountant (CPA) licenses. 

Way of Communication

Whether you know a lot about financial management or not, how your accountant communicates with you is more important. Without proper communication, your business is at risk of financial dilemma. Thus, hire someone or a company that complements the way you communicate.

If you need guidance on sales taxes, they must communicate complex matters in a way that you can easily understand. Generally, they should not force you to act in any way without even listening to your opinions first. They might have good intentions for your company, but they should still respect your pace and adapt to it as necessary.

Technological Knowledge

Technology matters significantly in e-commerce tax management. Your e-commerce platforms should display accurate tax rates and process orders seamlessly. Thus, the accountants you'll hire should know the latest and most effective technologies in managing your finances.

Moreover, they should provide you with a demonstration of these tools. Ask them why they'd choose a particular e-commerce sales tax software for a certain transaction. Then, evaluate if their choices are valid, not overpriced, and are the latest, most efficient programs you can use.

Technology and Sales Tax Management

Since the South Dakota v. Wayfair in 2018, businesses need to turn heads in not just one or two states but almost all of them. As a result, merchants spend up to 300 hours on tax management—isn't it natural to switch to automation now?

However, some companies don't include this in their list of priorities, and you shouldn't be one of them. As a seller, you should know that managing sales tax is a huge concern when not properly taken care of. In addition, you must be aware of the potential long-term consequences of incorrect tax compliance. To avoid that, you must switch to automated management.

What are the benefits awaiting you in sales tax automation?

  • Reduce half of the time you spend managing taxes 
  • Prevent inaccurate tax payments more often (e.g., overpaying or underpaying)
  • Submit reports and avoid potential penalties more often
  • Make every working hour and effort more worthwhile

QuickBooks, A2X, Taxjar, and Hubdocs are usually the most preferred tax management and compliance software today. When hiring bookkeepers or accountants, ensure this will be an essential part of your discussion.

business handshake

Sales Tax For E-Commerce Sellers: Tax Solutions With Unloop

With Unloop's e-commerce sales tax services, you can ensure seamless tax management and compliance for your business. We partner with accounting firms and Taxjar, a tax compliance company, to ensure accurate internet sales taxes on time. 

We accommodate you in every step you need to take for sales tax compliance. Our action plans are as follows: 

  • We identify where you have a sales tax nexus.
  • We determine if you're able to abide by the tax laws of your state(s).
  • We help register your business for tax permits.
  • We take charge of setting up your e-commerce platforms for automated tax rate adjustments.
  • We help manage your tax filings. While we don't file tax returns (we're not a CPA firm), we work with CPAs who can file them for you instead.
  • Monitor sales rates and tax compliance to help you stay on top of things. 

Whether you're a U.S. seller on Amazon or Shopify, we have all the bookkeeping solutions ready. If you're serious about growing your business in the online marketplace, take this step with great courage and let us help you out from start to finish!

E-commerce is rapidly developing, and so are the states adapting to the Wayfair rule. In the constantly changing chain of tax systems, you must keep pace with the changes to achieve proper tax compliance. 

Once you understand how things work, implement solutions that help you make the work manageable and eliminate the mess. Hire the right people, use effective tools, and stay on top of your growing e-commerce sales. 

Read more

The choice of bookkeeping service package you make today will directly impact your profit margin and your time for the short or long term. You also have to account for the costs your business incurs more than your revenue for it to be profitable.

Accounting services are essential for a growing business, but they have a cost. As a business owner, you pay to keep your business numbers intact. So it's only logical to make a cost-effective choice before deciding to commit.

If you're looking for bookkeeping price packages in Canada or the US, let Unloop help you with the following guide.

Different Accounting Pricing Packages

Bookkeeping and accounting firms adapt different pricing models for their services. This is to allow an option that will match the client's needs with the solutions they provide. There are at least three pricing packages.

Flat Rate or Fixed Fee

This type of bookkeeping pricing package offers you a fixed amount to pay for an agreed service. They may do the work earlier or later than expected, but as long as the service is completed, you must pay the rate.

Hourly Rate

Compared to a flat rate, an hourly rate charges you a fixed amount on an hourly basis. This type of accounting pricing package makes efficiency important because the longer the service takes to complete, the higher the amount you pay. The good news is that an hourly rate is a good option if you only need minor services.

Monthly Cost or Subscription

Some accounting businesses bundle services together and offer them on a fixed monthly bookkeeping and accounting rate called a subscription. They also offer different levels or what they call "tiers" that cater to different levels of accounting business needs.

Different Accounting and Bookkeeping Services You Can Get

Many accounting service companies offer a host of services for their clients. Their arrangement may vary depending on your case, or it may be a fixed package containing several services. But no matter what accounting service firm you deal with, you will encounter the following services.

Bookkeeping

This service is a staple in any bookkeeping service company. If there's only one service they have to provide, it is bookkeeping, which is the core process of any financial accounting.

Reporting Financial Statements

From bookkeeping, they can extend the service to financial statement preparation and reporting. In most cases, financial statements come bundled as part of bookkeeping service packages as it is connected to the process. But some accounting service firms offer monthly financial reports as a business advantage.

Accounts Payable Assistance

In some enterprises with a business-to-business (B2B) model, there can be frequent volume purchases, and these transactions often involve credits. Accountants understand that with the volume comes the complexity of managing accounts payable, which can wreak havoc on a business's cash flow. So they offer assistance and management as part of their service offering.

Payroll

As the number of employees increases, paying them becomes more challenging. That's because apart from the volume, you may also have different types of employees, such as regular full-time, part-time, or contract employees. All these employee types have different treatments. So accountants offer payroll services to ensure salary is paid accurately for everyone and the disbursement is recorded properly in the business's accounting system.

Forecasting

Accountants understand the value of knowing future revenue potential for management. So to relieve business owners of the guesswork, accountants offer forecasting services to project short-term and long-term income and how a purchase decision can affect future revenues.

Sales and Income Tax Services

Tax is the most complex subject for any business owner. Yet taxes are obligations that every business must fulfill. To ensure that business owners are paying the correct tax amount and avoid legal repercussions, accountants can offer tax preparation assistance to help businesses know the right tax amount to pay.

bookkeeping price packages - Two professionals calculating and doing paperwork

Things to Consider Before Committing to a Bookkeeping Service

Before selecting from bookkeeping pricing packages offered by an accounting service company, consider the following criteria. These will help you determine the right arrangement that will maximize your profit.

Your Business's Size

How big the business is plays an important factor when choosing a bookkeeping service. There are several ways to measure your business size: the number of employees, the size of equity invested, and the volume of transactions.

Each of these will affect how complex the accounting service is needed. For example, if you're a startup business with less than five employees, you may only need a part-time bookkeeping service, but if you have hundreds of regular workers, you'll need a skilled accounting team handling the payroll, books, and bank accounts.

Your Business's Accounting Software

Most small businesses use a program or software to handle their accounting and bookkeeping work. So it's important to tell your prospective bookkeeper what you are using (or not using) so they can do their best to adjust to your needs.

As an example, Unloop is a bookkeeping agency that specializes in QuickBooks. If you're using the same software, the transition will be smooth, but if you're using a different accounting software such as Xero or Sage50, they will have to work with what you have or transition you to QuickBooks.

The Bookkeeping Company's Industry Familiarity

An accountant familiar with your industry will know how your numbers work. This means they are far more capable of working efficiently and giving you accounting information that they know will help.

Unloop is a service agency that specializes in ecommerce. We know how to work with numbers and can provide you with the reports you need for decision-making. Not only that, but we can also offer advice on what steps you can take to maximize profitability.

Bookkeeping Company's Scope of Service

Inquire about what services the bookkeeping company has to offer. The more services they can offer, the better. That's because you can always expand the service you need for them, which makes for a more efficient operation of your accounting systems.

You'll want to get a full-service accounting agency that offers services like the ones mentioned above. This way, you won't have to search for another company to do a different aspect of your accounting.

The Bookkeeping Company's Client History

A bookkeeping service company must have a track record of both past and ongoing clients. So check if they have some under their belt. This verifies their legitimacy and competence.

It's much better if you can get feedback about their service. Check their website for client testimonials or ask for case studies you can read. If their clients are satisfied, then it's likely that you will be, too.

The Best Bookkeeping Price Package for You

Now that you know the different pricing packages and services available, you are in a better position to decide what the best package applies to your business. But to hone in on the most cost-effective decision, you must find out what your business needs and talk to an accounting service provider.Talk to Unloop. We have three different price packages to offer you to make sure it's customized according to your business needs. Book a call with us or check out our ecommerce services now.

Bookkeeping Price Packages: Choosing the Best Option for Your Business
Watch Now

The choice of bookkeeping service package you make today will directly impact your profit margin and your time for the short or long term. You also have to account for the costs your business incurs more than your revenue for it to be profitable.

Accounting services are essential for a growing business, but they have a cost. As a business owner, you pay to keep your business numbers intact. So it's only logical to make a cost-effective choice before deciding to commit.

If you're looking for bookkeeping price packages in Canada or the US, let Unloop help you with the following guide.

Different Accounting Pricing Packages

Bookkeeping and accounting firms adapt different pricing models for their services. This is to allow an option that will match the client's needs with the solutions they provide. There are at least three pricing packages.

Flat Rate or Fixed Fee

This type of bookkeeping pricing package offers you a fixed amount to pay for an agreed service. They may do the work earlier or later than expected, but as long as the service is completed, you must pay the rate.

Hourly Rate

Compared to a flat rate, an hourly rate charges you a fixed amount on an hourly basis. This type of accounting pricing package makes efficiency important because the longer the service takes to complete, the higher the amount you pay. The good news is that an hourly rate is a good option if you only need minor services.

Monthly Cost or Subscription

Some accounting businesses bundle services together and offer them on a fixed monthly bookkeeping and accounting rate called a subscription. They also offer different levels or what they call "tiers" that cater to different levels of accounting business needs.

Different Accounting and Bookkeeping Services You Can Get

Many accounting service companies offer a host of services for their clients. Their arrangement may vary depending on your case, or it may be a fixed package containing several services. But no matter what accounting service firm you deal with, you will encounter the following services.

Bookkeeping

This service is a staple in any bookkeeping service company. If there's only one service they have to provide, it is bookkeeping, which is the core process of any financial accounting.

Reporting Financial Statements

From bookkeeping, they can extend the service to financial statement preparation and reporting. In most cases, financial statements come bundled as part of bookkeeping service packages as it is connected to the process. But some accounting service firms offer monthly financial reports as a business advantage.

Accounts Payable Assistance

In some enterprises with a business-to-business (B2B) model, there can be frequent volume purchases, and these transactions often involve credits. Accountants understand that with the volume comes the complexity of managing accounts payable, which can wreak havoc on a business's cash flow. So they offer assistance and management as part of their service offering.

Payroll

As the number of employees increases, paying them becomes more challenging. That's because apart from the volume, you may also have different types of employees, such as regular full-time, part-time, or contract employees. All these employee types have different treatments. So accountants offer payroll services to ensure salary is paid accurately for everyone and the disbursement is recorded properly in the business's accounting system.

Forecasting

Accountants understand the value of knowing future revenue potential for management. So to relieve business owners of the guesswork, accountants offer forecasting services to project short-term and long-term income and how a purchase decision can affect future revenues.

Sales and Income Tax Services

Tax is the most complex subject for any business owner. Yet taxes are obligations that every business must fulfill. To ensure that business owners are paying the correct tax amount and avoid legal repercussions, accountants can offer tax preparation assistance to help businesses know the right tax amount to pay.

bookkeeping price packages - Two professionals calculating and doing paperwork

Things to Consider Before Committing to a Bookkeeping Service

Before selecting from bookkeeping pricing packages offered by an accounting service company, consider the following criteria. These will help you determine the right arrangement that will maximize your profit.

Your Business's Size

How big the business is plays an important factor when choosing a bookkeeping service. There are several ways to measure your business size: the number of employees, the size of equity invested, and the volume of transactions.

Each of these will affect how complex the accounting service is needed. For example, if you're a startup business with less than five employees, you may only need a part-time bookkeeping service, but if you have hundreds of regular workers, you'll need a skilled accounting team handling the payroll, books, and bank accounts.

Your Business's Accounting Software

Most small businesses use a program or software to handle their accounting and bookkeeping work. So it's important to tell your prospective bookkeeper what you are using (or not using) so they can do their best to adjust to your needs.

As an example, Unloop is a bookkeeping agency that specializes in QuickBooks. If you're using the same software, the transition will be smooth, but if you're using a different accounting software such as Xero or Sage50, they will have to work with what you have or transition you to QuickBooks.

The Bookkeeping Company's Industry Familiarity

An accountant familiar with your industry will know how your numbers work. This means they are far more capable of working efficiently and giving you accounting information that they know will help.

Unloop is a service agency that specializes in ecommerce. We know how to work with numbers and can provide you with the reports you need for decision-making. Not only that, but we can also offer advice on what steps you can take to maximize profitability.

Bookkeeping Company's Scope of Service

Inquire about what services the bookkeeping company has to offer. The more services they can offer, the better. That's because you can always expand the service you need for them, which makes for a more efficient operation of your accounting systems.

You'll want to get a full-service accounting agency that offers services like the ones mentioned above. This way, you won't have to search for another company to do a different aspect of your accounting.

The Bookkeeping Company's Client History

A bookkeeping service company must have a track record of both past and ongoing clients. So check if they have some under their belt. This verifies their legitimacy and competence.

It's much better if you can get feedback about their service. Check their website for client testimonials or ask for case studies you can read. If their clients are satisfied, then it's likely that you will be, too.

The Best Bookkeeping Price Package for You

Now that you know the different pricing packages and services available, you are in a better position to decide what the best package applies to your business. But to hone in on the most cost-effective decision, you must find out what your business needs and talk to an accounting service provider.Talk to Unloop. We have three different price packages to offer you to make sure it's customized according to your business needs. Book a call with us or check out our ecommerce services now.

Read more

As a business owner, there are several tasks that will need your attention aside from bookkeeping. However, staying on top of your bookkeeping will ensure that your business finances are healthy and running smoothly. Moreover, bookkeeping is your way to stop early financial issues in your business.

If you're not well-versed in finances and accounting, navigating the different bookkeeping tasks may be difficult. To help you understand, we’ve prepared the ultimate bookkeeping checklist that every business owner should know. So take notes!

Daily Bookkeeping To-Do List

Bookkeeping involves a wide range of tasks, and we've categorized these tasks whether you need them to do them daily, monthly, quarterly, or yearly. Here are daily bookkeeping chores you should keep on top of.

Monitor Your Cash Position

You should always want to handle your cash flow as a business owner. It is crucial for every business to know how much cash is going out and coming in and the cash you have on hand. This is the first way to know whether you are making a profit. So make it a habit to check your cash position at the beginning and at the end of your business day.

Update Bookkeeping Software

Having bookkeeping software is convenient for handling bookkeeping tasks for your business. Most bookkeeping software have regular updates to cater to the needs of a growing business. Make sure to check for daily updates and install them before your day begins to keep all necessary tasks automated and accurate.

Moreover, ensure that all data entries you need to input are finished. Things like data you need to enter manually, personal information of your clients, and other invoicing tasks.

Weekly Bookkeeping To-Do List

Here is the essential weekly bookkeeping checklist for business owners.

Reconcile Business Bank Accounts and Credit Card Statements

The earlier you do the reconciliation, the more time you have to spot inaccuracies and potential issues in your bank statements. Reconciliation allows you to fix problems before they become full-blown and seriously damage your business. So, we recommend doing reconciliation on a weekly basis.

Create and Send Invoices

Creating and sending invoices should be done weekly if you're a product-based business offering bulk orders. The more frequently you send invoices, the faster you get payments from your clients. Furthermore, invoices help your clients know when payments are due. Creating and sending invoices in a timely manner will promote a healthy cash flow for your business.

Settle Your Account Payables

If you're working with different vendors, make sure to pay them on time, especially when your inventory stocks depend on your suppliers. Make it a habit to know all the deadlines for your payables, even if not you are not paying them on a weekly basis. Keeping ahead of your payables will ensure your business will run smoothly.

Upload Your Receipts on the Bookkeeping Software

The bookkeeping software can make bookkeeping reports for your business, but it's your responsibility to upload all the receipts for recordkeeping. It is a good practice to upload receipts of business transactions, so you don't drown in receipts at the end of the month.

Monthly Bookkeeping To-Do List

Though bookkeeping is important, some tasks can be done once per month. Here is the monthly bookkeeping checklist you should take note of.

Do Payroll Reports

If you have employees, fixing their payroll is at the top of your monthly to-do list. You can choose weekly payments or your preferred schedule, but monthly payouts are easier for your bookkeeping tasks. Doing payroll also includes deducting necessary taxes and government-mandated payments.

Check Your Balance sheet

Checking your monthly balance sheet is equivalent to checking your business's monthly performance. This practice will help you see if you have done better or if there are points in your business you still need to improve on.

Checking your monthly balance sheet is also your opportunity to look for discrepancies. For example, if some of your clients are late on their payments, this is the time to follow up and settle.

Quarterly Bookkeeping To-Do List

Take note of these tasks so you can complete them every quarter.

Assess the Profit and Loss Statement

While you do monthly checks on your balance sheets, diving deeper into your finances by assessing your profit and loss statements each quarter will help you see a clearer and bigger picture of your financial health. Business finances go up and down, and this is the perfect time to see if your business strategy is still working and make plans to increase your sales if needed.

Settle Necessary Taxes

Make sure to familiarize yourself with the tax you need to pay quarterly. Taxes like federal unemployment and state unemployment taxes are paid quarterly. Other businesses are also required to pay their sales tax every quarter, so be conscious of those dates.

Settling your taxes also means you have to handle tax filings. Make sure you have all the documentation needed to avoid any delays.

Annual Bookkeeping To-Do List

The end of the year usually comes with a surge in sales, and it becomes more hectic. So to close your bookkeeping properly, here are some year-end bookkeeping tasks you need to do.

Submit Needed IRS Forms

In most cases, you must file IRS form W-2 for all your employees and 1099-NEC for independent contractors at the end of each year. As business owners, you are responsible for giving your employees copies of the IRS forms so they can use them to file their tax returns.

Close Your Books and Make Financial Reports

Before the year ends, if you have any outstanding invoices to your vendors or clients, you should settle them to close your books. After closing your books, you can now make year-end financial statements to assess your overall financial health and see how well your business performed throughout the year.

Some of these financial statements need the checking and approval of accountants to ensure they are valid when filing your business taxes.

Filing Tax Returns

Filing tax returns marks the end of the bookkeeping checklist. If you have a business accountant, you can pass on the filing process to them. But make sure you have the proper documentation to complete the process. Some documents you may need are bank statements, payroll reports, and balance sheets.

After filling, all you need to do is to pay your taxes, and your bookkeeping tasks are done for the entire year. Then, it's time to plan and get ready for another year of bookkeeping.

Professional Bookkeeping Needs at Unloop

Business bookkeeping can be a handful for owners new to the business industry. However, handling finances is essential to running a business and shouldn't be taken for granted. So, Unloop is here to offer you professional help for your bookkeeping needs.

  • Our bookkeepers are experts in ecommerce businesses, so we can immediately hook your business to bookkeeping software and automate your finances.
  • We provide you with necessary monthly financial statements, such as income statements, balance sheets, and cash flow statements made with the accrual accounting method.
  • Our service includes unlimited financial reconciliations for your checking, savings, and credit card accounts.
  • We create custom analytics and KPIs for your business with unlimited Slack support.

Are you ready to clean up your bookkeeping checklist? We hope these categorized tasks help you handle bookkeeping better. For more professional help, book a call and work with us today!

The Bookkeeping Checklist Every Small Business Owner Should Know
Watch Now

As a business owner, there are several tasks that will need your attention aside from bookkeeping. However, staying on top of your bookkeeping will ensure that your business finances are healthy and running smoothly. Moreover, bookkeeping is your way to stop early financial issues in your business.

If you're not well-versed in finances and accounting, navigating the different bookkeeping tasks may be difficult. To help you understand, we’ve prepared the ultimate bookkeeping checklist that every business owner should know. So take notes!

Daily Bookkeeping To-Do List

Bookkeeping involves a wide range of tasks, and we've categorized these tasks whether you need them to do them daily, monthly, quarterly, or yearly. Here are daily bookkeeping chores you should keep on top of.

Monitor Your Cash Position

You should always want to handle your cash flow as a business owner. It is crucial for every business to know how much cash is going out and coming in and the cash you have on hand. This is the first way to know whether you are making a profit. So make it a habit to check your cash position at the beginning and at the end of your business day.

Update Bookkeeping Software

Having bookkeeping software is convenient for handling bookkeeping tasks for your business. Most bookkeeping software have regular updates to cater to the needs of a growing business. Make sure to check for daily updates and install them before your day begins to keep all necessary tasks automated and accurate.

Moreover, ensure that all data entries you need to input are finished. Things like data you need to enter manually, personal information of your clients, and other invoicing tasks.

Weekly Bookkeeping To-Do List

Here is the essential weekly bookkeeping checklist for business owners.

Reconcile Business Bank Accounts and Credit Card Statements

The earlier you do the reconciliation, the more time you have to spot inaccuracies and potential issues in your bank statements. Reconciliation allows you to fix problems before they become full-blown and seriously damage your business. So, we recommend doing reconciliation on a weekly basis.

Create and Send Invoices

Creating and sending invoices should be done weekly if you're a product-based business offering bulk orders. The more frequently you send invoices, the faster you get payments from your clients. Furthermore, invoices help your clients know when payments are due. Creating and sending invoices in a timely manner will promote a healthy cash flow for your business.

Settle Your Account Payables

If you're working with different vendors, make sure to pay them on time, especially when your inventory stocks depend on your suppliers. Make it a habit to know all the deadlines for your payables, even if not you are not paying them on a weekly basis. Keeping ahead of your payables will ensure your business will run smoothly.

Upload Your Receipts on the Bookkeeping Software

The bookkeeping software can make bookkeeping reports for your business, but it's your responsibility to upload all the receipts for recordkeeping. It is a good practice to upload receipts of business transactions, so you don't drown in receipts at the end of the month.

Monthly Bookkeeping To-Do List

Though bookkeeping is important, some tasks can be done once per month. Here is the monthly bookkeeping checklist you should take note of.

Do Payroll Reports

If you have employees, fixing their payroll is at the top of your monthly to-do list. You can choose weekly payments or your preferred schedule, but monthly payouts are easier for your bookkeeping tasks. Doing payroll also includes deducting necessary taxes and government-mandated payments.

Check Your Balance sheet

Checking your monthly balance sheet is equivalent to checking your business's monthly performance. This practice will help you see if you have done better or if there are points in your business you still need to improve on.

Checking your monthly balance sheet is also your opportunity to look for discrepancies. For example, if some of your clients are late on their payments, this is the time to follow up and settle.

Quarterly Bookkeeping To-Do List

Take note of these tasks so you can complete them every quarter.

Assess the Profit and Loss Statement

While you do monthly checks on your balance sheets, diving deeper into your finances by assessing your profit and loss statements each quarter will help you see a clearer and bigger picture of your financial health. Business finances go up and down, and this is the perfect time to see if your business strategy is still working and make plans to increase your sales if needed.

Settle Necessary Taxes

Make sure to familiarize yourself with the tax you need to pay quarterly. Taxes like federal unemployment and state unemployment taxes are paid quarterly. Other businesses are also required to pay their sales tax every quarter, so be conscious of those dates.

Settling your taxes also means you have to handle tax filings. Make sure you have all the documentation needed to avoid any delays.

Annual Bookkeeping To-Do List

The end of the year usually comes with a surge in sales, and it becomes more hectic. So to close your bookkeeping properly, here are some year-end bookkeeping tasks you need to do.

Submit Needed IRS Forms

In most cases, you must file IRS form W-2 for all your employees and 1099-NEC for independent contractors at the end of each year. As business owners, you are responsible for giving your employees copies of the IRS forms so they can use them to file their tax returns.

Close Your Books and Make Financial Reports

Before the year ends, if you have any outstanding invoices to your vendors or clients, you should settle them to close your books. After closing your books, you can now make year-end financial statements to assess your overall financial health and see how well your business performed throughout the year.

Some of these financial statements need the checking and approval of accountants to ensure they are valid when filing your business taxes.

Filing Tax Returns

Filing tax returns marks the end of the bookkeeping checklist. If you have a business accountant, you can pass on the filing process to them. But make sure you have the proper documentation to complete the process. Some documents you may need are bank statements, payroll reports, and balance sheets.

After filling, all you need to do is to pay your taxes, and your bookkeeping tasks are done for the entire year. Then, it's time to plan and get ready for another year of bookkeeping.

Professional Bookkeeping Needs at Unloop

Business bookkeeping can be a handful for owners new to the business industry. However, handling finances is essential to running a business and shouldn't be taken for granted. So, Unloop is here to offer you professional help for your bookkeeping needs.

  • Our bookkeepers are experts in ecommerce businesses, so we can immediately hook your business to bookkeeping software and automate your finances.
  • We provide you with necessary monthly financial statements, such as income statements, balance sheets, and cash flow statements made with the accrual accounting method.
  • Our service includes unlimited financial reconciliations for your checking, savings, and credit card accounts.
  • We create custom analytics and KPIs for your business with unlimited Slack support.

Are you ready to clean up your bookkeeping checklist? We hope these categorized tasks help you handle bookkeeping better. For more professional help, book a call and work with us today!

Read more
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Markham, ON L3R 2N2
Canada
About unloop

Unloop is the first and only accounting firm exclusively servicing ecommerce and inventory businesses in the US and Canada. With the power of people and technology, our team dives deep into COGS and inventory accounting.. You are paired with a dedicated bookkeeping team that prepares accurate financial statements, financial forecasts, and can also pay bills or run payroll for you. Come tax time, everything is organized and ready to go, so you don't need to worry. Book a call with an ecommerce accountant today to learn more.

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