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Michael Pignatelli, CPA
CEO, Unloop

All resources

Have you tried going over tons of resources for thorough research? Visiting one library after the other, both online and physically, to arm yourself with knowledge on taxes? Or are you relying on stock knowledge from a long time ago?

As a business owner, you want to be well-versed and on top of all areas of your business, even your grueling tax management responsibility. However, with the many duties on your to-do list, it’s not easy to get everything done. And complicated tasks, like taxes, often get pushed to the back of the queue.

Don’t let this happen to you and your business, especially when you can get assistance from the best tax management agency

So, what kind of tax assistance can you get from them? And how will you know you are partnered with the best team? Keep on reading. We’ll answer these questions here!

Assistance From a Tax Management Service Agency

When you partner with an agency, they can give you bookkeeping and accounting services for your physical or online store. Some specialize in assisting income and expense tracking for various eCommerce sites, while others can cover everything. They also specifically take on the responsibility of managing your taxes. Here’s how they do it.

Sales Tax Computation

Sales taxes are one area of taxation that is constantly changing. This is because the regulations are under the imperative of states and provinces. They can enact changes anytime. Sales taxes can be based on the destination or source of the package. Some areas also have special rulings on sales taxes for different goods. Your tax agency has tools that are always updated with any recently altered tax laws and any new sales tax rulings ensuring that you always get the computation right. 

Income Tax Preparation and Filing

Since an agency manages your business bookkeeping and accounting, they can also determine your yearly income as a business or as an individual. After that, they can prepare the required income tax return the government mandates companies and individuals must file. 

Some agencies directly file your income taxes to ensure that you file your income tax return on time. As the owner, you must check your total income tax return and if it is already filed on your behalf.

Payroll Tax Computation and Filing

These are some of the payroll tax deductions your partner agency will compute, track on the books, and file with the tax office management concerned:

  • Federal income tax
  • Tax for Social Security
  • Medical care taxes
  • Income tax
  • Federal unemployment insurance tax
  • Self-employment tax

When applicable, these taxes will reflect in your books.

Tax Planning

As months, quarters, and years go by, your books will give you usable data for tax forecasting. The bookkeepers and accountants from your tax agency will use the historical data from accounting tax software for tax and financial planning. You can also forecast your after-tax income or profit when you plan your taxes. 

But note that financial projections aren’t always absolute as many uncontrollable factors can happen along the way. Nevertheless, it can provide you, at least, with data about the total taxes you’ll have to pay, whether you can still lower them, or how you can keep them to a minimum. 

Characteristics of the Best Team

Handling business financial records is a sensitive task, so you must be partnered with a trusted agency. When agencies seem to have the same bookkeeping and accounting offers, how do you know who to team up with? How do you make sure you are partnered with the best? Here are some of the characteristics to look for.

Team of Experts

Check if you’ll be partnered with a Certified Public Accountant, or check if agency team members have certifications and licenses. These prove they have the proper training to do the job. Check out the brands and companies with which the agency has already partnered with, and review their feedback for social proof. Hopping on a consultation call with the agency would also help you realize if they are the right team for you.

Cost-Efficient

Partner with an agency that allows you to save money because of their service setup and plans. The cost-efficient way to partner with a bookkeeping and accounting team these days is through remote work. It saves you on operating costs while still giving you the services you need. Get into the details of what the agency offers. Compare the offers and costs to know which team offers the most cost-efficient plan.

Goes the Extra Mile

Who doesn’t want service providers who always provide extra without additional cost? Clients who have experienced this will surely voice their satisfaction through feedback, so check out what their current and past partners have to say about this. If you don’t see anything, get the answer straight from the agency when you hop on a consultation call with them.

Unloop Tax Management Services

If you are looking for superb assistance with your taxes, exploring the services offered by a top-notch tax management service agency is definitely worth your time. By entrusting an experienced team of professionals with this important task, you can rest assured that they will cover all of your bases, and you’ll receive the highest level of care possible. Unloop’s tax management services can provide you with the highest quality of support, all while keeping your costs low. We're here to help you every step of the way, so don't hesitate to reach out if you have any questions or concerns.

Get Superb Assistance From the Best Tax Management Service Agency
Watch Now

Have you tried going over tons of resources for thorough research? Visiting one library after the other, both online and physically, to arm yourself with knowledge on taxes? Or are you relying on stock knowledge from a long time ago?

As a business owner, you want to be well-versed and on top of all areas of your business, even your grueling tax management responsibility. However, with the many duties on your to-do list, it’s not easy to get everything done. And complicated tasks, like taxes, often get pushed to the back of the queue.

Don’t let this happen to you and your business, especially when you can get assistance from the best tax management agency

So, what kind of tax assistance can you get from them? And how will you know you are partnered with the best team? Keep on reading. We’ll answer these questions here!

Assistance From a Tax Management Service Agency

When you partner with an agency, they can give you bookkeeping and accounting services for your physical or online store. Some specialize in assisting income and expense tracking for various eCommerce sites, while others can cover everything. They also specifically take on the responsibility of managing your taxes. Here’s how they do it.

Sales Tax Computation

Sales taxes are one area of taxation that is constantly changing. This is because the regulations are under the imperative of states and provinces. They can enact changes anytime. Sales taxes can be based on the destination or source of the package. Some areas also have special rulings on sales taxes for different goods. Your tax agency has tools that are always updated with any recently altered tax laws and any new sales tax rulings ensuring that you always get the computation right. 

Income Tax Preparation and Filing

Since an agency manages your business bookkeeping and accounting, they can also determine your yearly income as a business or as an individual. After that, they can prepare the required income tax return the government mandates companies and individuals must file. 

Some agencies directly file your income taxes to ensure that you file your income tax return on time. As the owner, you must check your total income tax return and if it is already filed on your behalf.

Payroll Tax Computation and Filing

These are some of the payroll tax deductions your partner agency will compute, track on the books, and file with the tax office management concerned:

  • Federal income tax
  • Tax for Social Security
  • Medical care taxes
  • Income tax
  • Federal unemployment insurance tax
  • Self-employment tax

When applicable, these taxes will reflect in your books.

Tax Planning

As months, quarters, and years go by, your books will give you usable data for tax forecasting. The bookkeepers and accountants from your tax agency will use the historical data from accounting tax software for tax and financial planning. You can also forecast your after-tax income or profit when you plan your taxes. 

But note that financial projections aren’t always absolute as many uncontrollable factors can happen along the way. Nevertheless, it can provide you, at least, with data about the total taxes you’ll have to pay, whether you can still lower them, or how you can keep them to a minimum. 

Characteristics of the Best Team

Handling business financial records is a sensitive task, so you must be partnered with a trusted agency. When agencies seem to have the same bookkeeping and accounting offers, how do you know who to team up with? How do you make sure you are partnered with the best? Here are some of the characteristics to look for.

Team of Experts

Check if you’ll be partnered with a Certified Public Accountant, or check if agency team members have certifications and licenses. These prove they have the proper training to do the job. Check out the brands and companies with which the agency has already partnered with, and review their feedback for social proof. Hopping on a consultation call with the agency would also help you realize if they are the right team for you.

Cost-Efficient

Partner with an agency that allows you to save money because of their service setup and plans. The cost-efficient way to partner with a bookkeeping and accounting team these days is through remote work. It saves you on operating costs while still giving you the services you need. Get into the details of what the agency offers. Compare the offers and costs to know which team offers the most cost-efficient plan.

Goes the Extra Mile

Who doesn’t want service providers who always provide extra without additional cost? Clients who have experienced this will surely voice their satisfaction through feedback, so check out what their current and past partners have to say about this. If you don’t see anything, get the answer straight from the agency when you hop on a consultation call with them.

Unloop Tax Management Services

If you are looking for superb assistance with your taxes, exploring the services offered by a top-notch tax management service agency is definitely worth your time. By entrusting an experienced team of professionals with this important task, you can rest assured that they will cover all of your bases, and you’ll receive the highest level of care possible. Unloop’s tax management services can provide you with the highest quality of support, all while keeping your costs low. We're here to help you every step of the way, so don't hesitate to reach out if you have any questions or concerns.

Read more

If you're like most small business owners, you wear a lot of hats. You're the CEO, CFO, and accountant all rolled into one. And while you may be able to handle most of your finances on your own, some bookkeeping, accounting, and tax service tasks are best left to the experts. That's where an accounting and tax solutions agency comes in.

This blog post will discuss the eight services you can expect from a tax and accounting solutions company. Knowing what these companies offer will help you decide if they are investment-worthy and if they are just what you need.

1. Bookkeeping

First among the financial tasks you should accomplish as a business is your company bookkeeping. Bookkeeping ensures that all your financial transactions are tracked and recorded. When tax season comes, you will be prepared with the details you need to declare. 

An accounting tax solutions company has trained bookkeepers who utilize the best bookkeeping and accounting software to ensure that they record accurate data. They team up with an accountant, so you can receive financial reports to help you direct your business’s next steps.

2. Forecasting

Aside from the regular reports bookkeepers and accountants prepare, like statement reports, balance sheets, shareholders’ equity reports, and cash flow, an accounting solutions company also handles forecasting.

Forecasting is a business method that foresees the company's financial status in the next month, quarter, or year. Predictors will use different methods like qualitative and quantitative methods to get forecasts that are as accurate as possible. Having updated books also helps ensure the accuracy of the business forecast.

3. Accounts Payable

Included in your books are accounts payable. Accounts payable is the amount you must pay your suppliers and creditors. When you know exactly how much your accounts payable is, you can set aside the payments immediately after accumulating your business income. 

As a result, the money you’ll spend on operations will not exceed the amount you are supposed to spend. On top of this, you’ll also have peace of mind knowing that you have paid all your dues before making any purchases or scaling your business.

4. Sales Tax

Taxes are already complicated, but even more when discussing sales tax. Sales tax regulations are different per state and province. Some charge sales taxes based on the destination, while others charge based on the package's source. 

Skip the worry about making mistakes in complicated sales tax calculations with an agency. Agencies have sales tax calculation tools that are always updated with the latest rules. With this, the money you file, remit, and get refunded will always be correct.

5. Payroll

When your business has grown, you’ll have more and more employees to manage. Included in your responsibility as an employer is handling their payroll. Although making payments is easy, behind the scenes, accountants need to get all employee tax information, calculate gross pay, check out for tax and other deductions, and determine a net pay to hand to your staff. 

The nitpicky details will all be handled by your partner accounting and tax solutions team. You can skip the worry of getting irate comments from your employees because they will always get the correct amount and deductions every time.

6. Income Tax

When you have bookkeeping and accounting in place, you’ll be more relaxed when tax season comes. This is because your partner agency, which keeps your book in order, will only use the data in the books for your income tax return. 

7. Customer Service and Resources

The best part about partnering with agencies is that you’ll always have a team to count on for your accounting and bookkeeping needs. Many of these agencies have their customer service channels readily available, so in case you have concerns or questions, you can contact them.

These agencies do not fall short of resources if you want to deepen your knowledge on accounting, bookkeeping, and taxes. They have articles, video explainers, and social media snippets to help you know more about the complicated world of business finances.

Unloop Accounting and Tax Solutions

As you can see, there are many bookkeeping, tax, and accounting services that an accounting and tax solutions agency can provide for your business. At Unloop, we offer all these services to help businesses in every stage of growth. We’ll be on top of your business’s financial management by ensuring accurate bookkeeping, timely forecasting, tax planning, and efficient accounts payable and payroll processes. We promise top-notch customer service and the resources you need to succeed. Book a call with us now to learn more about how we can help your business thrive!

7 Services to Expect From An Accounting and Tax Solutions Agency
Watch Now

If you're like most small business owners, you wear a lot of hats. You're the CEO, CFO, and accountant all rolled into one. And while you may be able to handle most of your finances on your own, some bookkeeping, accounting, and tax service tasks are best left to the experts. That's where an accounting and tax solutions agency comes in.

This blog post will discuss the eight services you can expect from a tax and accounting solutions company. Knowing what these companies offer will help you decide if they are investment-worthy and if they are just what you need.

1. Bookkeeping

First among the financial tasks you should accomplish as a business is your company bookkeeping. Bookkeeping ensures that all your financial transactions are tracked and recorded. When tax season comes, you will be prepared with the details you need to declare. 

An accounting tax solutions company has trained bookkeepers who utilize the best bookkeeping and accounting software to ensure that they record accurate data. They team up with an accountant, so you can receive financial reports to help you direct your business’s next steps.

2. Forecasting

Aside from the regular reports bookkeepers and accountants prepare, like statement reports, balance sheets, shareholders’ equity reports, and cash flow, an accounting solutions company also handles forecasting.

Forecasting is a business method that foresees the company's financial status in the next month, quarter, or year. Predictors will use different methods like qualitative and quantitative methods to get forecasts that are as accurate as possible. Having updated books also helps ensure the accuracy of the business forecast.

3. Accounts Payable

Included in your books are accounts payable. Accounts payable is the amount you must pay your suppliers and creditors. When you know exactly how much your accounts payable is, you can set aside the payments immediately after accumulating your business income. 

As a result, the money you’ll spend on operations will not exceed the amount you are supposed to spend. On top of this, you’ll also have peace of mind knowing that you have paid all your dues before making any purchases or scaling your business.

4. Sales Tax

Taxes are already complicated, but even more when discussing sales tax. Sales tax regulations are different per state and province. Some charge sales taxes based on the destination, while others charge based on the package's source. 

Skip the worry about making mistakes in complicated sales tax calculations with an agency. Agencies have sales tax calculation tools that are always updated with the latest rules. With this, the money you file, remit, and get refunded will always be correct.

5. Payroll

When your business has grown, you’ll have more and more employees to manage. Included in your responsibility as an employer is handling their payroll. Although making payments is easy, behind the scenes, accountants need to get all employee tax information, calculate gross pay, check out for tax and other deductions, and determine a net pay to hand to your staff. 

The nitpicky details will all be handled by your partner accounting and tax solutions team. You can skip the worry of getting irate comments from your employees because they will always get the correct amount and deductions every time.

6. Income Tax

When you have bookkeeping and accounting in place, you’ll be more relaxed when tax season comes. This is because your partner agency, which keeps your book in order, will only use the data in the books for your income tax return. 

7. Customer Service and Resources

The best part about partnering with agencies is that you’ll always have a team to count on for your accounting and bookkeeping needs. Many of these agencies have their customer service channels readily available, so in case you have concerns or questions, you can contact them.

These agencies do not fall short of resources if you want to deepen your knowledge on accounting, bookkeeping, and taxes. They have articles, video explainers, and social media snippets to help you know more about the complicated world of business finances.

Unloop Accounting and Tax Solutions

As you can see, there are many bookkeeping, tax, and accounting services that an accounting and tax solutions agency can provide for your business. At Unloop, we offer all these services to help businesses in every stage of growth. We’ll be on top of your business’s financial management by ensuring accurate bookkeeping, timely forecasting, tax planning, and efficient accounts payable and payroll processes. We promise top-notch customer service and the resources you need to succeed. Book a call with us now to learn more about how we can help your business thrive!

Read more

Any excellent ecommerce business owner knows that sales and revenue must be the primary focus. From the business's infancy to maturity, owners must channel their efforts to activities that yield a better bottom line. 

But generating more business revenue is a challenging endeavor. Too often, entrepreneurs are left to deprioritize efforts in other aspects of their business, such as accounting and bookkeeping. As a result, they're more likely to commit mistakes.

That's why Unloop is here to inform ecommerce business owners about the common pitfalls they unknowingly fall into. Furthermore, this article will offer a practical solution that lets entrepreneurs go all out in pursuing profitability.

1. Not safekeeping business financial records

One thing any ecommerce small business owner often fails to do is to ensure all business financial records are well kept. A lot happens in a business, and oftentimes the owner fails to look over every receipt or financial document.

Storing financial data in tangible form has its merits. Still, in most cases, they are more vulnerable to being misplaced or lost. The only backup available is having several photocopies of each document which is time and resource-consuming.

In the digital age, it's unthinkable to lose data. That's why those who have migrated to online bookkeeping make sure all their business's financial data are synced to the cloud.

2. A lack of a filing system

A lack of a filing system is a common pitfall in safeguarding business financial records. An ecommerce business owner tends to have different types of business-related receipts and bills that are both tangible and virtual.

3. Poor transaction recording

When the lack of accounting and bookkeeping filing systems affects the safekeeping of financial records, accurate recording fails. Proof of business transaction is needed before anything is recorded, or else the IRS will come knocking.

As a result, transaction recording becomes distorted because some expenses that are supposed to be covered by the business cannot be recorded.

To solve this issue, you can: 

  • Be proactive in creating electronic copies of your receipts. 
  • Store them in folders inside a dedicated hard drive.
  • Invest in accounting software.

A major problem for online sellers, accountants, and bookkeepers that relates to transaction recording is balancing the business’s bank accounts. If the books and the bank accounts don't match, there's a whole set of problems you have to deal with.

It will be a breeze to solve this problem by incorporating online bookkeeping software to sync your business bank account. Then, monitor your accounts with a team of expert accounting services.

4. Not investing in online bookkeeping software early

Some ecommerce business owners still prefer old-fashioned "books." They or their bookkeepers still handwrite journal entries and fill out ledgers or spreadsheets. This is problematic, especially in a world increasingly reliant on virtual bookkeeping.

An ecommerce business may have difficulty keeping up with competitors using the time-consuming, manual method. So it's better to go virtual and invest in online bookkeeping software as early as possible.

5. Not having a certified public accountant on call

Some of us think that we don't need a certified public accountant (CPA) at the early stages of our business. It doesn't seem necessary if you're simply selling online. 

But there's plenty of value in having someone you can call when encountering an accounting or bookkeeping mishap. So find your CPA as early as possible or hire one from an accounting firm.

bookkeeping services - A guy holding his head down a table with scattered paper

6. Not distinguishing a small business owner's income

Ecommerce sellers selling in marketplaces such as Amazon will be at a loss whether their business is making money if they have no on-call accounting expert to call.

Often this gets thrown under the rug, and ecommerce business owners just withdraw cash from business accounts as needed. This may cause harm to their online business. So it's important to understand revenue, profit, and equity fully to know what is yours for the taking.

7. Not tracking what others owe and what the company owes

After all the withdrawals, a time will come when the business bank account may become overdrawn. The business owner may think they still have enough, but there will be unpaid receivables and plenty of payables that demand payment.

To avoid running short on cash, business owners need to track what is owed to the business and what it owes to others. Even their own debts to the business have to be tracked carefully. A reliable bookkeeper can help with this.

8. Not distinguishing between contractual and regular employees

Treatment for contractual and regular employees is different in the accounting books. This is because contractual employees fall under a different expense than regular employees, which falls under the 'salary expense' account.

Failing to identify this can skew the business financial statements and give inaccurate information about profit.

Be sure to draft different contracts for regular and contractual employees. Then, make these documents available to the accountant and bookkeeper so they can identify them for you.

9. A lack of tax planning and tax preparation

It's a challenge to pay taxes. That's why many ecommerce small business owners tend to put it off. This can be the case for those who suffer losses or breakeven.

Small business owners with little revenue may be given exemptions or breaks. But if they're not doing any tax planning and preparation, it's unlikely they’ll know about tax laws that serve an advantage.

To solve this problem is to be proactive about learning your business taxes. Also, go back and read pitfall #5 again.

10. Breakdown in communication between accounting and bookkeeping.

Many internal and external accounting problems stem from a lack of communication. The usual scenario is that ecommerce small business owners are always out of reach and busy, so the bookkeeper is left in the dark about how the entrepreneur is developing the business.

A solution is to have a platform where the ecommerce seller, their bookkeeper, and accountant can collaborate easily.

bookkeeping services - A guy holding his head down a table with scattered paper

Online Bookkeeping Services Will Reduce Startup Pitfalls

A lot of the pitfalls mentioned above are rooted in a single problem: time. So to solve these problems, it only makes sense to get online accounting services that will look after the accounting and financial aspects of your business. This is what a bookkeeping and accounting service can do for you.

Accurate Bookkeeping Service

These professional bookkeepers are trained to handle complex business transactions. They'll record every financially-impacting activity to reveal the true health of your business. So give them every financial data, and they'll take care of the rest.

Use of Online Bookkeeping

Outsourced bookkeeping firms use online accounting software such as Quickbooks Online (QBO) and Xero to record transactions fast. So if you have already transitioned your business to online accounting software, it'll be quick to hand it over to experts.

Network of Accountants

Hiring an online bookkeeping service firm lets you access a team of accounting experts. As a result, you are offered tax services where the online financial firm taps into its network to help file your business sales and income taxes.

This will be handy in case you don't have your CPA or private accountant to do it for you.

Financial Reports and Analytics Generation

A professional bookkeeper can generate different reports. For example, you can have financial statements that will give you detailed and accurate information about your monthly expenses, income, assets, liabilities, and capital.

Decision making will be much easier because you won't have to exert effort. Instead, an outsourced professional bookkeeper will help you see how your equity plays out in the bigger picture of your company.

Accounts Payable and Payroll Service

Part of the online bookkeeping service is ensuring all bills are accounted for and ready to be paid. Then, all it needs is a go-signal from you.

Accounting for employee salaries won’t be a worry for you by hiring an online bookkeeping service. This means you or your staff can focus more on identifying the employment nature of each worker within the company.

Accounting Software Cloud Backup and Sync

You won't have to worry about losing your financial transactions. Virtual bookkeeping services will monitor your transactions to ensure they are backed up in the cloud-based accounting software.

These professionals also ensure that your business bank accounts are properly synced to the accounting software. As a result, manual bank reconciliation will be a thing of the past.

Unlimited Communication

Partnering up with an online bookkeeping firm will help you solve one of the most vital components of an efficient accounting and bookkeeping system: communication.

You can have a responsive team of experts and you can discuss numbers. In addition, they'll be proactive in making sure you or your staff are well informed and reminded of what else is needed for them to hand you an accurate financial and analytics report.

Your Small Business Bookkeeping Services on Autopilot

Imagine yourself not thinking about accounting and bookkeeping in the course of your day-to-day business. That's what online bookkeeping services can do for you. It will make you feel like you're sitting in the cockpit with your hands behind your head, watching your business's accounting glide through the clouds because it's on autopilot.

Ecommerce bookkeeping services like Unloop will take care of your business's financial recording needs. We can be your outsourced accounting department, so all you need to do is click a button and make important decisions.

Talk to us if you're ready to make your accounting system fly. Call us at 877-421-7270 or check out our online bookkeeping service.

How Online Bookkeeping Services Can Solve Ecommerce Pitfalls
Watch Now

Any excellent ecommerce business owner knows that sales and revenue must be the primary focus. From the business's infancy to maturity, owners must channel their efforts to activities that yield a better bottom line. 

But generating more business revenue is a challenging endeavor. Too often, entrepreneurs are left to deprioritize efforts in other aspects of their business, such as accounting and bookkeeping. As a result, they're more likely to commit mistakes.

That's why Unloop is here to inform ecommerce business owners about the common pitfalls they unknowingly fall into. Furthermore, this article will offer a practical solution that lets entrepreneurs go all out in pursuing profitability.

1. Not safekeeping business financial records

One thing any ecommerce small business owner often fails to do is to ensure all business financial records are well kept. A lot happens in a business, and oftentimes the owner fails to look over every receipt or financial document.

Storing financial data in tangible form has its merits. Still, in most cases, they are more vulnerable to being misplaced or lost. The only backup available is having several photocopies of each document which is time and resource-consuming.

In the digital age, it's unthinkable to lose data. That's why those who have migrated to online bookkeeping make sure all their business's financial data are synced to the cloud.

2. A lack of a filing system

A lack of a filing system is a common pitfall in safeguarding business financial records. An ecommerce business owner tends to have different types of business-related receipts and bills that are both tangible and virtual.

3. Poor transaction recording

When the lack of accounting and bookkeeping filing systems affects the safekeeping of financial records, accurate recording fails. Proof of business transaction is needed before anything is recorded, or else the IRS will come knocking.

As a result, transaction recording becomes distorted because some expenses that are supposed to be covered by the business cannot be recorded.

To solve this issue, you can: 

  • Be proactive in creating electronic copies of your receipts. 
  • Store them in folders inside a dedicated hard drive.
  • Invest in accounting software.

A major problem for online sellers, accountants, and bookkeepers that relates to transaction recording is balancing the business’s bank accounts. If the books and the bank accounts don't match, there's a whole set of problems you have to deal with.

It will be a breeze to solve this problem by incorporating online bookkeeping software to sync your business bank account. Then, monitor your accounts with a team of expert accounting services.

4. Not investing in online bookkeeping software early

Some ecommerce business owners still prefer old-fashioned "books." They or their bookkeepers still handwrite journal entries and fill out ledgers or spreadsheets. This is problematic, especially in a world increasingly reliant on virtual bookkeeping.

An ecommerce business may have difficulty keeping up with competitors using the time-consuming, manual method. So it's better to go virtual and invest in online bookkeeping software as early as possible.

5. Not having a certified public accountant on call

Some of us think that we don't need a certified public accountant (CPA) at the early stages of our business. It doesn't seem necessary if you're simply selling online. 

But there's plenty of value in having someone you can call when encountering an accounting or bookkeeping mishap. So find your CPA as early as possible or hire one from an accounting firm.

bookkeeping services - A guy holding his head down a table with scattered paper

6. Not distinguishing a small business owner's income

Ecommerce sellers selling in marketplaces such as Amazon will be at a loss whether their business is making money if they have no on-call accounting expert to call.

Often this gets thrown under the rug, and ecommerce business owners just withdraw cash from business accounts as needed. This may cause harm to their online business. So it's important to understand revenue, profit, and equity fully to know what is yours for the taking.

7. Not tracking what others owe and what the company owes

After all the withdrawals, a time will come when the business bank account may become overdrawn. The business owner may think they still have enough, but there will be unpaid receivables and plenty of payables that demand payment.

To avoid running short on cash, business owners need to track what is owed to the business and what it owes to others. Even their own debts to the business have to be tracked carefully. A reliable bookkeeper can help with this.

8. Not distinguishing between contractual and regular employees

Treatment for contractual and regular employees is different in the accounting books. This is because contractual employees fall under a different expense than regular employees, which falls under the 'salary expense' account.

Failing to identify this can skew the business financial statements and give inaccurate information about profit.

Be sure to draft different contracts for regular and contractual employees. Then, make these documents available to the accountant and bookkeeper so they can identify them for you.

9. A lack of tax planning and tax preparation

It's a challenge to pay taxes. That's why many ecommerce small business owners tend to put it off. This can be the case for those who suffer losses or breakeven.

Small business owners with little revenue may be given exemptions or breaks. But if they're not doing any tax planning and preparation, it's unlikely they’ll know about tax laws that serve an advantage.

To solve this problem is to be proactive about learning your business taxes. Also, go back and read pitfall #5 again.

10. Breakdown in communication between accounting and bookkeeping.

Many internal and external accounting problems stem from a lack of communication. The usual scenario is that ecommerce small business owners are always out of reach and busy, so the bookkeeper is left in the dark about how the entrepreneur is developing the business.

A solution is to have a platform where the ecommerce seller, their bookkeeper, and accountant can collaborate easily.

bookkeeping services - A guy holding his head down a table with scattered paper

Online Bookkeeping Services Will Reduce Startup Pitfalls

A lot of the pitfalls mentioned above are rooted in a single problem: time. So to solve these problems, it only makes sense to get online accounting services that will look after the accounting and financial aspects of your business. This is what a bookkeeping and accounting service can do for you.

Accurate Bookkeeping Service

These professional bookkeepers are trained to handle complex business transactions. They'll record every financially-impacting activity to reveal the true health of your business. So give them every financial data, and they'll take care of the rest.

Use of Online Bookkeeping

Outsourced bookkeeping firms use online accounting software such as Quickbooks Online (QBO) and Xero to record transactions fast. So if you have already transitioned your business to online accounting software, it'll be quick to hand it over to experts.

Network of Accountants

Hiring an online bookkeeping service firm lets you access a team of accounting experts. As a result, you are offered tax services where the online financial firm taps into its network to help file your business sales and income taxes.

This will be handy in case you don't have your CPA or private accountant to do it for you.

Financial Reports and Analytics Generation

A professional bookkeeper can generate different reports. For example, you can have financial statements that will give you detailed and accurate information about your monthly expenses, income, assets, liabilities, and capital.

Decision making will be much easier because you won't have to exert effort. Instead, an outsourced professional bookkeeper will help you see how your equity plays out in the bigger picture of your company.

Accounts Payable and Payroll Service

Part of the online bookkeeping service is ensuring all bills are accounted for and ready to be paid. Then, all it needs is a go-signal from you.

Accounting for employee salaries won’t be a worry for you by hiring an online bookkeeping service. This means you or your staff can focus more on identifying the employment nature of each worker within the company.

Accounting Software Cloud Backup and Sync

You won't have to worry about losing your financial transactions. Virtual bookkeeping services will monitor your transactions to ensure they are backed up in the cloud-based accounting software.

These professionals also ensure that your business bank accounts are properly synced to the accounting software. As a result, manual bank reconciliation will be a thing of the past.

Unlimited Communication

Partnering up with an online bookkeeping firm will help you solve one of the most vital components of an efficient accounting and bookkeeping system: communication.

You can have a responsive team of experts and you can discuss numbers. In addition, they'll be proactive in making sure you or your staff are well informed and reminded of what else is needed for them to hand you an accurate financial and analytics report.

Your Small Business Bookkeeping Services on Autopilot

Imagine yourself not thinking about accounting and bookkeeping in the course of your day-to-day business. That's what online bookkeeping services can do for you. It will make you feel like you're sitting in the cockpit with your hands behind your head, watching your business's accounting glide through the clouds because it's on autopilot.

Ecommerce bookkeeping services like Unloop will take care of your business's financial recording needs. We can be your outsourced accounting department, so all you need to do is click a button and make important decisions.

Talk to us if you're ready to make your accounting system fly. Call us at 877-421-7270 or check out our online bookkeeping service.

Read more

One of the best advances technology has for business is accounting software which helps manage finances more conveniently. Almost all businesses today have automated accounting software for more accurate management of finances. So even if you run a tiny company, investing in accounting software will benefit you. 

There are several accounting software available for business owners. In addition, there are free trials left and right for you to experiment with. Among the software, three names always stand out—Xero, FreshBooks, and Sage Accounting. But which one should you invest in? 

We will look at the different features of each accounting software to see which comes out on top of the Xero vs. Freshbooks vs. Sage Accounting software battle. 

Features of Xero Software 

The ideal cloud-based accounting software for small and expanding businesses is Xero. Its features include managing invoices, inventory, bank reconciliation, and many more. Using Xero has a lot of benefits you may take advantage of. Let's examine some of this accounting software's top attributes. 

Invoicing Features 

The traditional method of creating invoices is through Excel sheets and manual input of data. This can be a hassle when you have a number of clients and don’t have much time to dedicate to creating invoices. For small business owners, Xero accounting makes invoicing simpler. 

  • You don't have to create a new invoice each time one is required because recurring invoices can be set up. 
  • You can send bulk invoices simultaneously. 
  • You can send invoices through a mobile application. 
  • Allows third-party apps payment channel integrations and multi-currency invoices. 

Billing Features 

Of course, businesses also have dues to pay to their suppliers, especially for shipping and inventory. Xero helps you stay on top of dues and manage them. Here are some great features of Xero’s billing for business. 

  • Bills paid through Xero are automatically turned into paperless records, uploaded to the cloud, and sent to your email. 
  • With this feature, you can monitor your bills and send alerts when a payment is due soon. 
  • You can schedule simultaneous payments ahead, so you are never late with your obligations. 

Xero has different plans for different needs. The most basic plan only costs $12 and is limited to 20 invoices per month which is perfect for micro businesses. Other plans will give unlimited use of the features and are better for medium to large companies.

xero vs. freshbooks vs. sage - creating invoice

Features of FreshBooks Software 

Initially, FreshBooks was recommended for freelancers who wanted to track their incomes and expenses. But FreshBooks accounting software has launched different versions with additional features that can cater to small businesses. 

Their new feature is the Accounting Partner Program which allows for a more cooperative approach between a hired accountant and business owner. Moreover, there are other features you can use, and here are some of them. 

Time Tracking 

Every worker expects to get paid for the time they use for work. However, how frequently do workers neglect to record their time in and time out? It is a common problem with manual recording. FreshBooks has a time tracking feature so you can log in and out easily and record time automatically. 

If you are working on several projects for a client, you may even categorize the time you spent on each project. Moreover, the built-in time tracking feature allows you to track time when you work off location. 

Project Management

Certain projects involve different people. FreshBooks allows multi-user access and lets everyone involved share essential documents needed in the project. This project management feature allows you to store all the files and documents in a single location and access them easily. 

Accounting Reports

One reason business owners get accounting software is to keep track of their finances. Reports, however, are the most effective approach to see insights. FreshBooks can generate accounting reports from the transactions that happen in your business. 

Some reports that the accounting software can generate are general ledger reports, profit and loss reports, sales reports, and expense reports. You can customize these reports by exporting them to an Excel sheet, or if you're happy with them, you can directly download them as PDF files. 

Features of Sage Software 

Sage 50 is the leading accounting software for business, and it's also most popular for professional accounts because it can handle accounting tasks for small to big businesses. Here are some of the impressive features of Sage 50 accounting software

Cash Flow Management 

As an owner, it's critical to understand how much money is coming into and going out of your company. Tracking your sales and expenses will let you know if you are making or losing money. Sage 50 can automate reports instantly, and you can even choose to generate monthly, quarterly, and yearly reports to assess the financial health of your business. 

Furthermore, Sage 50 has built-in templates to choose from, so your reports are always suitable for presentation. This feature will save you numerous hours of compiling all your financial transactions, and you are less likely to make crucial errors. 

Payroll Features 

Not all accounting software has payroll features, and its addition to Sage 50 makes it stand out. Other accounting software have payroll features through integrated applications, but this also means a separate subscription you have to pay for. 

If your business has many employees, getting accounting software with a payroll service is an advantage. However, preparing your employee's payroll is time-consuming, and mistakes can be costly. 

Sage's payroll features can report taxes, create pay slips and send payments—all through the application. In addition, all payroll details are uploaded to the cloud, where you can store and access them anytime. 

Inventory Management 

Inventory management is one way to track your sales for businesses that sell products. Lack of stock may give your competitor an edge over you, and overstocking may affect your budget severely. 

The inventory management feature of Sage 50 has real-time stock data, which tells you which products you should discontinue because they don't generate sales, and the products you should stock up on because they are profitable. You can use this information to guide your decisions regarding the products to invest in.

inventory management through accounting software

Xero vs. FreshBooks vs. Sage Accounting: Which is Best? 

Now that we've seen the best features of each accounting software, which of these applications are best suited for your business? Each software has its advantages that will help you better manage your business. 

For small businesses that are first-timers to accounting software, Xero is the best choice. Among the three, it is the most budget-friendly. Additionally, it has an intuitive user interface, so even beginners won't struggle with navigation. You can always upgrade your subscription if your company expands and requires more sophisticated accounting tools.

FreshBooks is best for self-employed individuals that cater to multiple clients. Time tracking is its greatest feature and it is especially useful when you need to be paid by the hour. It also helps you organize your projects because you can create different profiles for the different projects you are working on. 

Lastly, we recommend Sage 50 for medium to large businesses. This accounting software has more advanced features that may be overwhelming for beginners. Consequently, it is preferable to utilize this software with the assistance of a qualified accountant. Moreover, the full package has payroll services, so it’s best suited for businesses with many employees.

Final Thoughts 

Undeniably, accounting software takes off the tedious workload of managing your finances. Choosing the most appropriate accounting tool is crucial. To determine what works best for you, take the time to try each with the free trials available. We hope this comparison on Xero vs. FreshBooks vs. Sage gives you a clearer view of your choices. 

If you need professional help regarding your business, Unloop’s services include tax management, payroll service, forecasting, and taxes. Visit Unloop today, and book a call with our experts and learn more about what we can do for your business.

Battle of The Best: Xero vs. FreshBooks vs. Sage Accounting Software 
Watch Now

One of the best advances technology has for business is accounting software which helps manage finances more conveniently. Almost all businesses today have automated accounting software for more accurate management of finances. So even if you run a tiny company, investing in accounting software will benefit you. 

There are several accounting software available for business owners. In addition, there are free trials left and right for you to experiment with. Among the software, three names always stand out—Xero, FreshBooks, and Sage Accounting. But which one should you invest in? 

We will look at the different features of each accounting software to see which comes out on top of the Xero vs. Freshbooks vs. Sage Accounting software battle. 

Features of Xero Software 

The ideal cloud-based accounting software for small and expanding businesses is Xero. Its features include managing invoices, inventory, bank reconciliation, and many more. Using Xero has a lot of benefits you may take advantage of. Let's examine some of this accounting software's top attributes. 

Invoicing Features 

The traditional method of creating invoices is through Excel sheets and manual input of data. This can be a hassle when you have a number of clients and don’t have much time to dedicate to creating invoices. For small business owners, Xero accounting makes invoicing simpler. 

  • You don't have to create a new invoice each time one is required because recurring invoices can be set up. 
  • You can send bulk invoices simultaneously. 
  • You can send invoices through a mobile application. 
  • Allows third-party apps payment channel integrations and multi-currency invoices. 

Billing Features 

Of course, businesses also have dues to pay to their suppliers, especially for shipping and inventory. Xero helps you stay on top of dues and manage them. Here are some great features of Xero’s billing for business. 

  • Bills paid through Xero are automatically turned into paperless records, uploaded to the cloud, and sent to your email. 
  • With this feature, you can monitor your bills and send alerts when a payment is due soon. 
  • You can schedule simultaneous payments ahead, so you are never late with your obligations. 

Xero has different plans for different needs. The most basic plan only costs $12 and is limited to 20 invoices per month which is perfect for micro businesses. Other plans will give unlimited use of the features and are better for medium to large companies.

xero vs. freshbooks vs. sage - creating invoice

Features of FreshBooks Software 

Initially, FreshBooks was recommended for freelancers who wanted to track their incomes and expenses. But FreshBooks accounting software has launched different versions with additional features that can cater to small businesses. 

Their new feature is the Accounting Partner Program which allows for a more cooperative approach between a hired accountant and business owner. Moreover, there are other features you can use, and here are some of them. 

Time Tracking 

Every worker expects to get paid for the time they use for work. However, how frequently do workers neglect to record their time in and time out? It is a common problem with manual recording. FreshBooks has a time tracking feature so you can log in and out easily and record time automatically. 

If you are working on several projects for a client, you may even categorize the time you spent on each project. Moreover, the built-in time tracking feature allows you to track time when you work off location. 

Project Management

Certain projects involve different people. FreshBooks allows multi-user access and lets everyone involved share essential documents needed in the project. This project management feature allows you to store all the files and documents in a single location and access them easily. 

Accounting Reports

One reason business owners get accounting software is to keep track of their finances. Reports, however, are the most effective approach to see insights. FreshBooks can generate accounting reports from the transactions that happen in your business. 

Some reports that the accounting software can generate are general ledger reports, profit and loss reports, sales reports, and expense reports. You can customize these reports by exporting them to an Excel sheet, or if you're happy with them, you can directly download them as PDF files. 

Features of Sage Software 

Sage 50 is the leading accounting software for business, and it's also most popular for professional accounts because it can handle accounting tasks for small to big businesses. Here are some of the impressive features of Sage 50 accounting software

Cash Flow Management 

As an owner, it's critical to understand how much money is coming into and going out of your company. Tracking your sales and expenses will let you know if you are making or losing money. Sage 50 can automate reports instantly, and you can even choose to generate monthly, quarterly, and yearly reports to assess the financial health of your business. 

Furthermore, Sage 50 has built-in templates to choose from, so your reports are always suitable for presentation. This feature will save you numerous hours of compiling all your financial transactions, and you are less likely to make crucial errors. 

Payroll Features 

Not all accounting software has payroll features, and its addition to Sage 50 makes it stand out. Other accounting software have payroll features through integrated applications, but this also means a separate subscription you have to pay for. 

If your business has many employees, getting accounting software with a payroll service is an advantage. However, preparing your employee's payroll is time-consuming, and mistakes can be costly. 

Sage's payroll features can report taxes, create pay slips and send payments—all through the application. In addition, all payroll details are uploaded to the cloud, where you can store and access them anytime. 

Inventory Management 

Inventory management is one way to track your sales for businesses that sell products. Lack of stock may give your competitor an edge over you, and overstocking may affect your budget severely. 

The inventory management feature of Sage 50 has real-time stock data, which tells you which products you should discontinue because they don't generate sales, and the products you should stock up on because they are profitable. You can use this information to guide your decisions regarding the products to invest in.

inventory management through accounting software

Xero vs. FreshBooks vs. Sage Accounting: Which is Best? 

Now that we've seen the best features of each accounting software, which of these applications are best suited for your business? Each software has its advantages that will help you better manage your business. 

For small businesses that are first-timers to accounting software, Xero is the best choice. Among the three, it is the most budget-friendly. Additionally, it has an intuitive user interface, so even beginners won't struggle with navigation. You can always upgrade your subscription if your company expands and requires more sophisticated accounting tools.

FreshBooks is best for self-employed individuals that cater to multiple clients. Time tracking is its greatest feature and it is especially useful when you need to be paid by the hour. It also helps you organize your projects because you can create different profiles for the different projects you are working on. 

Lastly, we recommend Sage 50 for medium to large businesses. This accounting software has more advanced features that may be overwhelming for beginners. Consequently, it is preferable to utilize this software with the assistance of a qualified accountant. Moreover, the full package has payroll services, so it’s best suited for businesses with many employees.

Final Thoughts 

Undeniably, accounting software takes off the tedious workload of managing your finances. Choosing the most appropriate accounting tool is crucial. To determine what works best for you, take the time to try each with the free trials available. We hope this comparison on Xero vs. FreshBooks vs. Sage gives you a clearer view of your choices. 

If you need professional help regarding your business, Unloop’s services include tax management, payroll service, forecasting, and taxes. Visit Unloop today, and book a call with our experts and learn more about what we can do for your business.

Read more

Whether you have a hundred or ten employees to pay, managing payroll is stressful and time-consuming. One error can lead to a series of misunderstandings and can be costly for the whole company. That's why it is crucial for people handling the payroll to be accurate and have attention to detail. 

As a small business owner, you probably handle even the payroll department. To help you, here are some common errors that involve payroll and how payroll services make a difference in handling them. 

Payroll Mistakes to Look Out For 

With a process as complex as payroll, this aspect of the business is prone to errors. Here are some of the mistakes to watch concerning payroll

Failure to track overtime work 

Some of your employees extend their time to work for your company, and the best way to return their efforts is to ensure their overtime work is paid. It's a common complaint for workers not to receive their overtime pay, whether they worked for an hour or three hours and more. Make sure to have proper tracking systems in place to ensure proper compensation. 

Moreover, be mindful of government laws concerning overtime pay. For example, there are specific rates for overtime pay depending if your employee works on a regular day or a holiday. Make sure your company complies with them to avoid unnecessary issues. 

Delayed payment release

Being on time is an absolute must in releasing payroll. Your employees trust the admin to deliver the payment on time. However, payroll involves many steps like computing tax deductions, identifying employee benefits, and necessary reimbursements. 

Delayed payments can greatly affect the morale of your employees and give a negative impression of your company's administration. 

Failing to provide complete records 

Having payroll records is important to the employees as well as the employers. Providing your employees with a record will give them transparency on their pay. Records will help your employee see all the necessary deductions and the total pay they receive. In addition, these records will help them clarify if their pay is accurate. 

For employees, payroll records will come in handy when someone audits your business. In case of audits, keep at least three years' worth of payroll records for accuracy. 

Raises, promotion and terminations 

Raises and promotions of your employees are common and happen more often than you think. Promoted employees expect to see the changes in their salary effective as soon as possible. It's a common payroll mistake to overlook raises and promotion changes. The human resource department should have the proper documentation to identify the proper designation of your employees. 

Moreover, it's also important for the employer to have updates on employee termination. For example, some payroll periods rely on the pay cycle and fail to see a terminated employee. This situation may lead to overcompensation which puts your company at a disadvantage. 

Continuity of the payroll process 

As long as your company is running, payroll is a continuous process. After releasing payroll, you must ensure that the next pay cycle is already running. It's a common mistake in the payroll department to forget to apply necessary changes in the next cycle. Whether it is for recalculating rates, bonuses, commissions, or other payroll-related matters, make sure to implement necessary changes. 

Benefits of Online Payroll Services for Small Business

As much as possible, business owners want an error-free payroll. An efficient payroll system is one less thing to worry about. Many businesses outsource these tasks to payroll services and use payroll software. But are they necessary? Here are some advantages that businesses will get with payroll services. 

Accurate calculations 

As your business grows, naturally, the number of employees also increases. This means more people to pay, which in turn means more calculations that are more prone to human error. You don't have to worry about committing these errors with payroll services. All payroll computations are automated so that you won't make miscalculations. 

Furthermore, payroll services keep your business in the loop with tax changes. The software automatically notifies the user of changes and directly applies them to the payroll. So you are sure your employees are compensated accordingly, and your business complies with current tax laws. 

Always on schedule 

When you switch to an online payroll service, you’ll be surprised at how fast the payroll process is compared to the traditional method. Aside from making fast computations, these services can also produce instant reports and statements with a few simple clicks. You don't need hours of waiting and tedious data recording to make them. 

Moreover, being punctual in your payments gives your company a positive impression to your employees. Adhering to the schedule will motivate them and likely increase their productivity, which benefits the whole company. 

Efficient time tracking 

Most companies pay their employees depending on the time they spend working. That's why time tracking plays a critical role in ensuring a proper payroll process. Payroll software has built-in time trackers. This feature will save you time gaps from manual time recordings. 

Employers can easily identify if their employees are eligible for overtime pay and the number of hours they need to pay them. Discrepancies in pay are less likely to happen when you have a reliable payroll system and software. 

More data security 

The human resource department will require personal information from employees to process the payroll. Automated payroll services offer more security to your employee's data. The system has restricted access and requires passwords. Only administrators and authorized persons can access the data. 

Furthermore, these data are less likely to be lost compared to manual records. You can easily pull up information on bank details or social security numbers when your employee needs them. 

No required expertise

You don't need to be an expert to use payroll software. Most of these tools have user-friendly interfaces, making them perfect even for business owners new to automated payroll management. Furthermore, payroll services have designated experts to help you with payroll. 

These services provide unlimited support. Customer service is always ready to help and update with the changes with their system upgrades. So you will not be left not knowing how to operate your payroll management system. 

Moreover, payroll software is a good starting ground for business owners with no background in payroll management. The software providers include onboarding to help train business owners to handle and learn more about payroll. 

Online Payroll Services at Unloop 

If you can’t decide which payroll service to get, Unloop offers payroll solutions for small businesses. Here are some inclusions that come with our payroll service. 

  • We’ll handle paying your employees for you. We will link your business to a cloud-based payroll system and manage everything for you. 
  • We can easily generate important reports and statements and send them to your employees for proper tax filing. 
  • We automate everything so you can easily organize and access reports when in need. 
  • We use the best payroll software suitable for your business. You have the option to use payroll software like Gusto, Quickbooks, Paychex, BambooHR, Humi, and Wagepoint. 
  • We have three different pricing points to cater to businesses of all sizes.

Final Thoughts 

Payroll may be the most tedious department when owning a business, and simple errors can lead to a series of issues spreading through the company. We hope these common mistakes help you build a more reliable team for your payroll department. Moreover, take advantage of affordable payroll services and software for more efficient payroll management. If you’re looking for expert help for your growing business, Unloop has more to offer besides our payroll services. We have bookkeeping services, tax filing, and business forecasting. So book a call with our experts, and let's talk about what we can do for your business.

The Common Errors in Payroll and How Payroll Services Can Solve Them
Watch Now

Whether you have a hundred or ten employees to pay, managing payroll is stressful and time-consuming. One error can lead to a series of misunderstandings and can be costly for the whole company. That's why it is crucial for people handling the payroll to be accurate and have attention to detail. 

As a small business owner, you probably handle even the payroll department. To help you, here are some common errors that involve payroll and how payroll services make a difference in handling them. 

Payroll Mistakes to Look Out For 

With a process as complex as payroll, this aspect of the business is prone to errors. Here are some of the mistakes to watch concerning payroll

Failure to track overtime work 

Some of your employees extend their time to work for your company, and the best way to return their efforts is to ensure their overtime work is paid. It's a common complaint for workers not to receive their overtime pay, whether they worked for an hour or three hours and more. Make sure to have proper tracking systems in place to ensure proper compensation. 

Moreover, be mindful of government laws concerning overtime pay. For example, there are specific rates for overtime pay depending if your employee works on a regular day or a holiday. Make sure your company complies with them to avoid unnecessary issues. 

Delayed payment release

Being on time is an absolute must in releasing payroll. Your employees trust the admin to deliver the payment on time. However, payroll involves many steps like computing tax deductions, identifying employee benefits, and necessary reimbursements. 

Delayed payments can greatly affect the morale of your employees and give a negative impression of your company's administration. 

Failing to provide complete records 

Having payroll records is important to the employees as well as the employers. Providing your employees with a record will give them transparency on their pay. Records will help your employee see all the necessary deductions and the total pay they receive. In addition, these records will help them clarify if their pay is accurate. 

For employees, payroll records will come in handy when someone audits your business. In case of audits, keep at least three years' worth of payroll records for accuracy. 

Raises, promotion and terminations 

Raises and promotions of your employees are common and happen more often than you think. Promoted employees expect to see the changes in their salary effective as soon as possible. It's a common payroll mistake to overlook raises and promotion changes. The human resource department should have the proper documentation to identify the proper designation of your employees. 

Moreover, it's also important for the employer to have updates on employee termination. For example, some payroll periods rely on the pay cycle and fail to see a terminated employee. This situation may lead to overcompensation which puts your company at a disadvantage. 

Continuity of the payroll process 

As long as your company is running, payroll is a continuous process. After releasing payroll, you must ensure that the next pay cycle is already running. It's a common mistake in the payroll department to forget to apply necessary changes in the next cycle. Whether it is for recalculating rates, bonuses, commissions, or other payroll-related matters, make sure to implement necessary changes. 

Benefits of Online Payroll Services for Small Business

As much as possible, business owners want an error-free payroll. An efficient payroll system is one less thing to worry about. Many businesses outsource these tasks to payroll services and use payroll software. But are they necessary? Here are some advantages that businesses will get with payroll services. 

Accurate calculations 

As your business grows, naturally, the number of employees also increases. This means more people to pay, which in turn means more calculations that are more prone to human error. You don't have to worry about committing these errors with payroll services. All payroll computations are automated so that you won't make miscalculations. 

Furthermore, payroll services keep your business in the loop with tax changes. The software automatically notifies the user of changes and directly applies them to the payroll. So you are sure your employees are compensated accordingly, and your business complies with current tax laws. 

Always on schedule 

When you switch to an online payroll service, you’ll be surprised at how fast the payroll process is compared to the traditional method. Aside from making fast computations, these services can also produce instant reports and statements with a few simple clicks. You don't need hours of waiting and tedious data recording to make them. 

Moreover, being punctual in your payments gives your company a positive impression to your employees. Adhering to the schedule will motivate them and likely increase their productivity, which benefits the whole company. 

Efficient time tracking 

Most companies pay their employees depending on the time they spend working. That's why time tracking plays a critical role in ensuring a proper payroll process. Payroll software has built-in time trackers. This feature will save you time gaps from manual time recordings. 

Employers can easily identify if their employees are eligible for overtime pay and the number of hours they need to pay them. Discrepancies in pay are less likely to happen when you have a reliable payroll system and software. 

More data security 

The human resource department will require personal information from employees to process the payroll. Automated payroll services offer more security to your employee's data. The system has restricted access and requires passwords. Only administrators and authorized persons can access the data. 

Furthermore, these data are less likely to be lost compared to manual records. You can easily pull up information on bank details or social security numbers when your employee needs them. 

No required expertise

You don't need to be an expert to use payroll software. Most of these tools have user-friendly interfaces, making them perfect even for business owners new to automated payroll management. Furthermore, payroll services have designated experts to help you with payroll. 

These services provide unlimited support. Customer service is always ready to help and update with the changes with their system upgrades. So you will not be left not knowing how to operate your payroll management system. 

Moreover, payroll software is a good starting ground for business owners with no background in payroll management. The software providers include onboarding to help train business owners to handle and learn more about payroll. 

Online Payroll Services at Unloop 

If you can’t decide which payroll service to get, Unloop offers payroll solutions for small businesses. Here are some inclusions that come with our payroll service. 

  • We’ll handle paying your employees for you. We will link your business to a cloud-based payroll system and manage everything for you. 
  • We can easily generate important reports and statements and send them to your employees for proper tax filing. 
  • We automate everything so you can easily organize and access reports when in need. 
  • We use the best payroll software suitable for your business. You have the option to use payroll software like Gusto, Quickbooks, Paychex, BambooHR, Humi, and Wagepoint. 
  • We have three different pricing points to cater to businesses of all sizes.

Final Thoughts 

Payroll may be the most tedious department when owning a business, and simple errors can lead to a series of issues spreading through the company. We hope these common mistakes help you build a more reliable team for your payroll department. Moreover, take advantage of affordable payroll services and software for more efficient payroll management. If you’re looking for expert help for your growing business, Unloop has more to offer besides our payroll services. We have bookkeeping services, tax filing, and business forecasting. So book a call with our experts, and let's talk about what we can do for your business.

Read more

Have you made it a habit to check your accounting dashboard to see where your business is financially? This is a good start as it lets you keep an eye on your goals, milestones, achievements, and points for improvement. You can continue best practices that allow you to get more sales and lower business costs. At the same time, you can identify the pain points and address them as soon as you can before they cause detrimental effects on your business finances. 

On top of tracking your finances, there is another business practice that can help you even further—business forecasting. In this blog post, we’ll explain what it is and how bookkeeping can help you achieve forecast accuracy.

Business Forecasting Basics

The Basics

As the name suggests, business forecasting is the practice of predicting how your finances will look at a specific time in the future. You’ll want to see predictions for future sales, future events, and future trends. The forecasts can be done quarterly, annually, or even every couple of years. Metrics and variables like sales, operational costs, income, expenses, and revenue are often the essential information collected and dissected. 

Forecast findings, especially market trends, help business owners like you set realistic goals and doable action plans to achieve or exceed the data. Depending on the business forecasting method, forecasters rely on various hard numerical data or information from experts and surveys. Businesses do this to ensure their business will thrive, remain relevant, and rise against the competition.

Quick Step-By-Step

Here are the steps to keep in mind for the forecasting process to be organized. 

  • Identify the Problem: Know the reason and the goal of your forecast and what you want to predict.
  • Zero in on Variables: Check which business variables will give you the answer. 
  • Pick a Forecasting Method: Know whether a quantitative or qualitative method will help you get the answers or achieve your forecasting goal.
  • Analyze Findings: Once you have collected data, forecasting begins. It’s best to have software and business analytics to generate accurate predictions and reports quickly.
  • Verify Outcomes: Do not forget to verify whether your forecast came to fruition and check discrepancies if the prediction did not come to life.
forecasting in business

Business Forecasting Methods

There are two main forecasting models for business, and there are subtypes under them. They can help you with demand forecasting, sales forecasting, cash flow forecasting, and even scenario planning for you to make smarter decisions for your business. Check out the difference between quantitative and qualitative methods.

Qualitative Forecasting

The qualitative method relies less on numbers but more on the observations of subject matter experts and opinions of specific groups of people. This method is best used for short-term predictions when the business doesn’t have substantive historical data. 

Under its wing are two other types: market research and the Delphi method. Market research involves interviewing or surveying individuals and groups to know the marketability of a product to be launched.

On the other hand, the Delphi method relies on experts’ predictions. Think of this method as taking advice from individuals with indisputable track records and experience in the field of business you are working in.

Quantitative Forecasting

Meanwhile, if your company has solid financial transaction records and you want to create forecasts based on hard data, you can use a quantitative method. This method solely relies on the variables you choose and the numbers corresponding to them, with no human opinions involved. Long term forecasts can be done using this method.

There are three more approaches used quantitatively: the indicator approach, econometric forecasting model, and time series. The indicator approach sees the relationship between variables, so when one indicator changes, another number will follow. 

On the other hand, the econometric model is more targeted and doesn’t assume relationships between variables unless tested and backed by data. Lastly, if you want to see trends and forecasts in a particular period, use a time series analysis.

Benefits of Good Bookkeeping in Forecasting

Business forecasting plays an important role in defining your company's future, so the goal should always be to get it right. And bookkeeping plays a huge part in achieving this. Forecasting will be much quicker if you have your bookkeeping and accounting already running. Check out why here.

High Trust in Data Accuracy

Historical data is the core of quantitative business forecasting. Having the correct numbers is a must, which is only possible through proper bookkeeping. A tag team between a bookkeeper and the best bookkeeping and accounting software ensures all transactions are recorded. Records in documents and those in the books should always match. With it, the data will also be validated as bookkeepers will constantly check for any financial discrepancies. 

Launch a Quantitative Forecast Anytime

One criticism about business forecasting is the reliance on old data. If the variables used in forecasting are too old, the findings may become irrelevant to the current state of your business because so many factors affecting the numbers have already changed. 

However, if you have your business bookkeeping in place, you always have fresh data to use for forecasting. Bookkeeping involves keeping records up-to-date for report generation. With this, you have a quick view of a company’s current financial health. As a result, your forecast findings will be more reliable as well.

Qualitative Business Forecasting by Experts

If you ever need to use a qualitative method for your forecast, opinions from experts or a team to run market research, accountants and bookkeepers help immensely. Bookkeepers will handle the organization of the data you get from market research. Then, the accountant, being an expert in report creation and coming up with suggestions, will give you choices and scenarios you can use for decision-making and your business plan. However, you still need to exert prior effort in interviewing and surveying people and getting ideas from experts.

business forecasting software

Tips for Collecting Accurate Data

You know by now that accurate data is essential in having a reliable business forecast. When you have bookkeepers and accountants on your team, you won’t have any problem with this. Nevertheless, it’s best to know how your company can collect and store accurate data as a business owner.

Invest in Bookkeeping and Accounting Software

Having the proper tools make data collection and storage easier. Many business forecasting software these days are integration-capable, so the data you have from other websites and applications can be stored in a single software. You can just rely on this main data source for your forecast. If you are looking for a forecasting tool, some software even makes it easy, allowing the generation of forecasts in just a few clicks.

Be Hands-on in Checking Your Books

As a business owner, you should be able to rely on reports. This means keeping an eye on the books where the data comes from. Make it a part of your daily routine to check the books and see if there are any mistakes or discrepancies. Doing so will allow you to correct them quickly before they turn into wrong reports and forecasts.

Hire Expert Bookkeepers and Accountants

You can hire in-house members who will be familiar with your day-to-day business operations. You can also have remote workers who will update your books occasionally, which costs less. Bookkeeping and accounting agencies are also available, offering complete solutions for bookkeeping, taxes, payroll, and forecasting!

Bookkeeping and Forecasting Assistance by Unloop

As a business manager, you’ll have a lot on your plate, but your finances should be on top of your priority list. It defines whether your business will thrive or fail. Forecasting in business plays an important role in foreseeing how your finances will turn out in the future. You can proactively work on solutions if you see dire forecast results, and maintain best practices or increase your efforts if your forecasts look great. 

Lighten the load and responsibilities by dedicating the task to experts. You can count on us here at Unloop! We have a team of bookkeepers and accountants who can gather accurate data for you, help you run reports, and create forecasts for your business. Does this sound promising? Give us a call now. We’d love to talk to you!

Business Forecasting and How Bookkeeping Helps
Watch Now

Have you made it a habit to check your accounting dashboard to see where your business is financially? This is a good start as it lets you keep an eye on your goals, milestones, achievements, and points for improvement. You can continue best practices that allow you to get more sales and lower business costs. At the same time, you can identify the pain points and address them as soon as you can before they cause detrimental effects on your business finances. 

On top of tracking your finances, there is another business practice that can help you even further—business forecasting. In this blog post, we’ll explain what it is and how bookkeeping can help you achieve forecast accuracy.

Business Forecasting Basics

The Basics

As the name suggests, business forecasting is the practice of predicting how your finances will look at a specific time in the future. You’ll want to see predictions for future sales, future events, and future trends. The forecasts can be done quarterly, annually, or even every couple of years. Metrics and variables like sales, operational costs, income, expenses, and revenue are often the essential information collected and dissected. 

Forecast findings, especially market trends, help business owners like you set realistic goals and doable action plans to achieve or exceed the data. Depending on the business forecasting method, forecasters rely on various hard numerical data or information from experts and surveys. Businesses do this to ensure their business will thrive, remain relevant, and rise against the competition.

Quick Step-By-Step

Here are the steps to keep in mind for the forecasting process to be organized. 

  • Identify the Problem: Know the reason and the goal of your forecast and what you want to predict.
  • Zero in on Variables: Check which business variables will give you the answer. 
  • Pick a Forecasting Method: Know whether a quantitative or qualitative method will help you get the answers or achieve your forecasting goal.
  • Analyze Findings: Once you have collected data, forecasting begins. It’s best to have software and business analytics to generate accurate predictions and reports quickly.
  • Verify Outcomes: Do not forget to verify whether your forecast came to fruition and check discrepancies if the prediction did not come to life.
forecasting in business

Business Forecasting Methods

There are two main forecasting models for business, and there are subtypes under them. They can help you with demand forecasting, sales forecasting, cash flow forecasting, and even scenario planning for you to make smarter decisions for your business. Check out the difference between quantitative and qualitative methods.

Qualitative Forecasting

The qualitative method relies less on numbers but more on the observations of subject matter experts and opinions of specific groups of people. This method is best used for short-term predictions when the business doesn’t have substantive historical data. 

Under its wing are two other types: market research and the Delphi method. Market research involves interviewing or surveying individuals and groups to know the marketability of a product to be launched.

On the other hand, the Delphi method relies on experts’ predictions. Think of this method as taking advice from individuals with indisputable track records and experience in the field of business you are working in.

Quantitative Forecasting

Meanwhile, if your company has solid financial transaction records and you want to create forecasts based on hard data, you can use a quantitative method. This method solely relies on the variables you choose and the numbers corresponding to them, with no human opinions involved. Long term forecasts can be done using this method.

There are three more approaches used quantitatively: the indicator approach, econometric forecasting model, and time series. The indicator approach sees the relationship between variables, so when one indicator changes, another number will follow. 

On the other hand, the econometric model is more targeted and doesn’t assume relationships between variables unless tested and backed by data. Lastly, if you want to see trends and forecasts in a particular period, use a time series analysis.

Benefits of Good Bookkeeping in Forecasting

Business forecasting plays an important role in defining your company's future, so the goal should always be to get it right. And bookkeeping plays a huge part in achieving this. Forecasting will be much quicker if you have your bookkeeping and accounting already running. Check out why here.

High Trust in Data Accuracy

Historical data is the core of quantitative business forecasting. Having the correct numbers is a must, which is only possible through proper bookkeeping. A tag team between a bookkeeper and the best bookkeeping and accounting software ensures all transactions are recorded. Records in documents and those in the books should always match. With it, the data will also be validated as bookkeepers will constantly check for any financial discrepancies. 

Launch a Quantitative Forecast Anytime

One criticism about business forecasting is the reliance on old data. If the variables used in forecasting are too old, the findings may become irrelevant to the current state of your business because so many factors affecting the numbers have already changed. 

However, if you have your business bookkeeping in place, you always have fresh data to use for forecasting. Bookkeeping involves keeping records up-to-date for report generation. With this, you have a quick view of a company’s current financial health. As a result, your forecast findings will be more reliable as well.

Qualitative Business Forecasting by Experts

If you ever need to use a qualitative method for your forecast, opinions from experts or a team to run market research, accountants and bookkeepers help immensely. Bookkeepers will handle the organization of the data you get from market research. Then, the accountant, being an expert in report creation and coming up with suggestions, will give you choices and scenarios you can use for decision-making and your business plan. However, you still need to exert prior effort in interviewing and surveying people and getting ideas from experts.

business forecasting software

Tips for Collecting Accurate Data

You know by now that accurate data is essential in having a reliable business forecast. When you have bookkeepers and accountants on your team, you won’t have any problem with this. Nevertheless, it’s best to know how your company can collect and store accurate data as a business owner.

Invest in Bookkeeping and Accounting Software

Having the proper tools make data collection and storage easier. Many business forecasting software these days are integration-capable, so the data you have from other websites and applications can be stored in a single software. You can just rely on this main data source for your forecast. If you are looking for a forecasting tool, some software even makes it easy, allowing the generation of forecasts in just a few clicks.

Be Hands-on in Checking Your Books

As a business owner, you should be able to rely on reports. This means keeping an eye on the books where the data comes from. Make it a part of your daily routine to check the books and see if there are any mistakes or discrepancies. Doing so will allow you to correct them quickly before they turn into wrong reports and forecasts.

Hire Expert Bookkeepers and Accountants

You can hire in-house members who will be familiar with your day-to-day business operations. You can also have remote workers who will update your books occasionally, which costs less. Bookkeeping and accounting agencies are also available, offering complete solutions for bookkeeping, taxes, payroll, and forecasting!

Bookkeeping and Forecasting Assistance by Unloop

As a business manager, you’ll have a lot on your plate, but your finances should be on top of your priority list. It defines whether your business will thrive or fail. Forecasting in business plays an important role in foreseeing how your finances will turn out in the future. You can proactively work on solutions if you see dire forecast results, and maintain best practices or increase your efforts if your forecasts look great. 

Lighten the load and responsibilities by dedicating the task to experts. You can count on us here at Unloop! We have a team of bookkeepers and accountants who can gather accurate data for you, help you run reports, and create forecasts for your business. Does this sound promising? Give us a call now. We’d love to talk to you!

Read more

More than half of small businesses don't make it during the first years in the ecommerce industry. A big part of that has to do with cash flow problems such as fixed costs and inventory. 

Are you offering products online? Then, finding ways to streamline your accounting and inventory management processes is important. That's where QuickBooks inventory software comes in. In this blog post, we'll discuss why QuickBooks is such a valuable tool for online businesses and how you can get started using it today. 

Quick Check on Your Inventory Management System

Every business needs some inventory, whether it's raw materials for manufacturing or finished products for retail. And keeping track of that inventory takes a lot of organization. That's why you need the QuickBooks inventory management system.

An inventory management system helps online businesses order, store, and sell inventory without the hassle of manually checking them. Software programs like QuickBooks and Xero have their own inventory software. What effective features should you look for?

  • Inventory tracking with barcode or RFID scanning 
  • Purchase orders
  • Order management
  • Transfer management
  • Reporting and analytics
  • Shipping and logistics

Advanced Features of QuickBooks Inventory Software

Some may opt for third-party app integrations for QuickBooks or another inventory management software altogether. But QuickBooks has a ton of inventory system features that you can take advantage of.

#1. Real-Time Inventory Tracking

Have you ever received late notification that your inventory level is low? Or have you ever had too much or too few purchase orders? These are some of the issues of being unable to keep track of your inventory count in real-time.

To maintain the sales order and purchase order flow, you must have a clear view of what inventory you have on hand at all times and to the second. This can be a challenge, particularly for businesses with large and changing inventory items.

Fortunately, QuickBooks offers an advanced inventory tool. With it, tracking and updating your items immediately has never been easier. 

This solution allows you to audit inventory even with your warehouses closed for the day. Plus, you can gain deep business insights with customizable inventory reports. This fast and accurate tracking of inventory will benefit your small business in the long run. 

#2. Multichannel Tracking

In the past, tracking inventory levels was a relatively simple task if you only sold through one channel. 

But, nowadays, many businesses sell through multiple platforms, including online stores, brick-and-mortar retail stores, and even social media platforms like Instagram. Thus, scaling your online business to multiple channels requires more inventory management systems. Thankfully, there's a neat feature called multichannel tracking.

Multichannel tracking allows you to follow your inventory as it's sold across multiple channels. You don't need to be confused about which platform still has enough inventory items and which one has none. In addition, multichannel tracking can also help you identify which sales channels are performing the best to focus your attention on those channels. 

If you don't have a multichannel tracking feature on your accounting software or even on QuickBooks, now is the time to add it. It could just be the key to streamlining your inventory management and ensuring that your business is always running smoothly.

#3. Batch and Expiry Tracking

Are your products prone to spoilage? You might need this advanced inventory feature for your small business. 

Batch or lot tracking is a process whereby products are assigned a unique identifier that allows them to be traced back to the batch or lot in which they were produced. This information can be used to track where products are sold, how they are used, and when they need to be replaced. 

When it comes to customer relations, batch or lot tracking can be used to identify which products were sold to which customers. You can use this data to send replacement products or even market them for a lower price on future purchases.

Regarding business workflow, batch or lot tracking can help identify where bottlenecks occur in the production process, improving efficiency and reducing waste. Overall, batch or lot tracking offers many benefits that can improve customer relations, reduce discounts and spoilage, and improve business workflow.

#4. CRM

QuickBooks understands that customers willing to pay are the lifeline of any business. As such, they have developed a CRM feature to help your business keep track of customer behavior and preferences. 

This feature automatically records each customer's order and order history, so you can better understand what your target audience wants. By having this information on hand, you can provide a more personalized customer experience or create a new line of products that answers your audience's needs. 

As a result, QuickBooks' CRM feature can help you build stronger relationships with your customers and grow your business.

The Best Quickbooks Version for Advanced Inventory Tracking

Millions of business owners use QuickBooks due to its robust features in accounting and bookkeeping and specifically for checking stock inventory. But, as you know, QuickBooks offers several different versions, and the best inventory tracking software for QuickBooks depends on the business's specific needs. 

If you're a growing business, you might wonder if inventory software for QuickBooks Online is good for inventory management. The short answer is not really

QuickBooks Online is great for microbusinesses and small businesses, but it's not designed specifically for advanced inventory tracking. 

There are other software versions of QuickBooks better suited for that purpose. However, if you're starting and don't have much money to spend on software, QuickBooks Online can be a decent option. Just be aware that you might need to subscribe to QuickBooks Online Plus to get its inventory management feature. 

The QuickBooks Enterprise Solution is the most comprehensive option and includes advanced pricing rules and inventory alerts. The QuickBooks Pro or QuickBooks Premier versions may be more appropriate for businesses that need less comprehensive inventory tracking. 

Another QuickBooks inventory system worth checking out is QuickBooks Commerce. With features like automatic stock level updates and prompt reordering, you'll always be on top of your inventory, even if you have multiple warehouses and inventory in multiple currencies. 

Plus, QuickBooks Commerce's inventory management software integrates seamlessly with QuickBooks Online so that you can keep all of your inventory information in one place. Whichever version you choose, QuickBooks can help businesses to keep track of their inventory and make more informed decisions about stocking levels and pricing.

Stay In Full Stock With Unloop

If you're an online business, keeping your inventory levels from running low is important. Not only can this lead to unhappy customers and lost sales, but it can also be costly if you have to restock items at the last minute. Luckily, QuickBooks has versatile versions that can help you manage your stock more efficiently.

QuickBooks is a great tool for managing your finances, but it can be a bit overwhelming if you're not an accounting expert. That's where Unloop comes in. 

We complement QuickBooks by providing easy-to-understand financial reports and analysis. We also offer a range of creative solutions for managing your money, so you can focus on running your business instead of worrying about your finances.

We have affordable bookkeeping services, so why wait? Get in touch with us today and find out how we can help you keep your business in full stock!

Why Online Businesses Need QuickBooks Inventory Software
Watch Now

More than half of small businesses don't make it during the first years in the ecommerce industry. A big part of that has to do with cash flow problems such as fixed costs and inventory. 

Are you offering products online? Then, finding ways to streamline your accounting and inventory management processes is important. That's where QuickBooks inventory software comes in. In this blog post, we'll discuss why QuickBooks is such a valuable tool for online businesses and how you can get started using it today. 

Quick Check on Your Inventory Management System

Every business needs some inventory, whether it's raw materials for manufacturing or finished products for retail. And keeping track of that inventory takes a lot of organization. That's why you need the QuickBooks inventory management system.

An inventory management system helps online businesses order, store, and sell inventory without the hassle of manually checking them. Software programs like QuickBooks and Xero have their own inventory software. What effective features should you look for?

  • Inventory tracking with barcode or RFID scanning 
  • Purchase orders
  • Order management
  • Transfer management
  • Reporting and analytics
  • Shipping and logistics

Advanced Features of QuickBooks Inventory Software

Some may opt for third-party app integrations for QuickBooks or another inventory management software altogether. But QuickBooks has a ton of inventory system features that you can take advantage of.

#1. Real-Time Inventory Tracking

Have you ever received late notification that your inventory level is low? Or have you ever had too much or too few purchase orders? These are some of the issues of being unable to keep track of your inventory count in real-time.

To maintain the sales order and purchase order flow, you must have a clear view of what inventory you have on hand at all times and to the second. This can be a challenge, particularly for businesses with large and changing inventory items.

Fortunately, QuickBooks offers an advanced inventory tool. With it, tracking and updating your items immediately has never been easier. 

This solution allows you to audit inventory even with your warehouses closed for the day. Plus, you can gain deep business insights with customizable inventory reports. This fast and accurate tracking of inventory will benefit your small business in the long run. 

#2. Multichannel Tracking

In the past, tracking inventory levels was a relatively simple task if you only sold through one channel. 

But, nowadays, many businesses sell through multiple platforms, including online stores, brick-and-mortar retail stores, and even social media platforms like Instagram. Thus, scaling your online business to multiple channels requires more inventory management systems. Thankfully, there's a neat feature called multichannel tracking.

Multichannel tracking allows you to follow your inventory as it's sold across multiple channels. You don't need to be confused about which platform still has enough inventory items and which one has none. In addition, multichannel tracking can also help you identify which sales channels are performing the best to focus your attention on those channels. 

If you don't have a multichannel tracking feature on your accounting software or even on QuickBooks, now is the time to add it. It could just be the key to streamlining your inventory management and ensuring that your business is always running smoothly.

#3. Batch and Expiry Tracking

Are your products prone to spoilage? You might need this advanced inventory feature for your small business. 

Batch or lot tracking is a process whereby products are assigned a unique identifier that allows them to be traced back to the batch or lot in which they were produced. This information can be used to track where products are sold, how they are used, and when they need to be replaced. 

When it comes to customer relations, batch or lot tracking can be used to identify which products were sold to which customers. You can use this data to send replacement products or even market them for a lower price on future purchases.

Regarding business workflow, batch or lot tracking can help identify where bottlenecks occur in the production process, improving efficiency and reducing waste. Overall, batch or lot tracking offers many benefits that can improve customer relations, reduce discounts and spoilage, and improve business workflow.

#4. CRM

QuickBooks understands that customers willing to pay are the lifeline of any business. As such, they have developed a CRM feature to help your business keep track of customer behavior and preferences. 

This feature automatically records each customer's order and order history, so you can better understand what your target audience wants. By having this information on hand, you can provide a more personalized customer experience or create a new line of products that answers your audience's needs. 

As a result, QuickBooks' CRM feature can help you build stronger relationships with your customers and grow your business.

The Best Quickbooks Version for Advanced Inventory Tracking

Millions of business owners use QuickBooks due to its robust features in accounting and bookkeeping and specifically for checking stock inventory. But, as you know, QuickBooks offers several different versions, and the best inventory tracking software for QuickBooks depends on the business's specific needs. 

If you're a growing business, you might wonder if inventory software for QuickBooks Online is good for inventory management. The short answer is not really

QuickBooks Online is great for microbusinesses and small businesses, but it's not designed specifically for advanced inventory tracking. 

There are other software versions of QuickBooks better suited for that purpose. However, if you're starting and don't have much money to spend on software, QuickBooks Online can be a decent option. Just be aware that you might need to subscribe to QuickBooks Online Plus to get its inventory management feature. 

The QuickBooks Enterprise Solution is the most comprehensive option and includes advanced pricing rules and inventory alerts. The QuickBooks Pro or QuickBooks Premier versions may be more appropriate for businesses that need less comprehensive inventory tracking. 

Another QuickBooks inventory system worth checking out is QuickBooks Commerce. With features like automatic stock level updates and prompt reordering, you'll always be on top of your inventory, even if you have multiple warehouses and inventory in multiple currencies. 

Plus, QuickBooks Commerce's inventory management software integrates seamlessly with QuickBooks Online so that you can keep all of your inventory information in one place. Whichever version you choose, QuickBooks can help businesses to keep track of their inventory and make more informed decisions about stocking levels and pricing.

Stay In Full Stock With Unloop

If you're an online business, keeping your inventory levels from running low is important. Not only can this lead to unhappy customers and lost sales, but it can also be costly if you have to restock items at the last minute. Luckily, QuickBooks has versatile versions that can help you manage your stock more efficiently.

QuickBooks is a great tool for managing your finances, but it can be a bit overwhelming if you're not an accounting expert. That's where Unloop comes in. 

We complement QuickBooks by providing easy-to-understand financial reports and analysis. We also offer a range of creative solutions for managing your money, so you can focus on running your business instead of worrying about your finances.

We have affordable bookkeeping services, so why wait? Get in touch with us today and find out how we can help you keep your business in full stock!

Read more

Payroll management for ecommerce businesses can be a challenge. It’s because you must consider many factors, from calculating employee hours to paying taxes. Fortunately, there are so many tips and tools that can help do all these tasks. By using them to automate the payroll process, small companies can save time and money.

Let’s find out different ways that can help you manage your company’s payroll system in an easy yet flawless way.

Helpful Tips for a Smoother Payroll Management Process

To make your company’s payroll process even more efficient, we’ve made a list of tips from top payroll specialists. With these tips, you can make accurate payroll computations and avoid payroll processing errors.

Automate Your Payroll System with Cloud-Based Tools

If you want to make your payroll processes easier while reducing the risk of human error, you should consider automating your payroll system with cloud-based tools. Doing this ensures that employees are paid accurately and on time.

Additionally, cloud-based tools can help improve compliance with government regulations. With real-time updates and automatic filings, businesses can be confident that they are always up to date with the latest requirements.

Establish Strict Payroll Policies

Establishing strict payroll policies helps ensure that all employees are treated fairly and helps avoid the likelihood of workplace disputes. This will also promote a culture of transparency and trust within your company.

With firm payroll policies, you can ensure that accurate records are kept for each employee and that they are paid promptly. Additionally, it can reduce accounting and administrative costs while avoiding disruptions and maximizing efficiency.

Stay Updated on Tax Laws

Staying up-to-date on tax laws and regulations can be challenging because they are constantly changing. However, by ensuring that you know the latest changes, your company can maintain its compliance with the law, and your employees can get the right calculation of tax withheld from their paychecks.

Finally, staying up-to-date on tax laws can help you identify potential deductions and credits that your company may be eligible for.

payroll management-1 – an illustration of a payroll management service

Tools You Can Use for an Easier and More Efficient Payroll System

Why go through all the hassle of managing your ecommerce company’s payroll system when there are now plenty of tools that can help you automate the entire thing? Here are six tools that will make you realize managing payroll for your small business can be a breeze.

1. Gusto

Gusto provides small businesses with a completely automated payroll system, requiring only minimal human intervention. So your human resource employees can schedule remuneration data and benefit from hands-free payment processing. Thus, it gives little to no room for critical payroll errors.

You can use the tool to handle calculations, payments, and tax and year-end form submissions. It also allows you to unify and extract data from a cloud-hosted platform. So you can prepare single financial statements for different uses. Additionally, the tool uses digital pay stubs that are emailed to concerned parties after the payroll process, offering convenient paperless transactions.

2. Humi

Humi is a cloud-based tool that unites payroll and HR in one platform, making it easier for you to access and update payroll records. In addition, this system makes employee self-service possible because it allows them to download pay stubs and view benefits information, vacation requests, and more.

The tool gives your payroll manager full control over all payroll-related operations, including access permissions for executives, HR administrators, and employees. Aside from that, it has a centralized dashboard, allowing you to manage employee profiles and calendars as needed. Humialso has features like personalized reminders, digital signatures, payroll history tracking, and more.

Additionally, it automatically calculates, deducts, and remits payroll taxes, making it more convenient to keep your company in compliance with tax laws and regulations. 

3. Paychex

Paychex offers a couple of options for managing payroll systems. These options are Paychex Flex Essentials, Paychex Flex Select, and Paychex Flex Pro. Essentially, Paychex automates payroll processing and integrates employee data with HR and benefits, making management easier.

With its payroll management system, your payroll administrator can expect access to payroll activity controls, reporting tools, and analytics tools. In addition, it has more amazing features like automatic payroll calculation, payment, and tax filing. The best thing is that Paychex also tracks the changes in tax regulations and laws, Sso business owners can maintain compliance despite the changes.

The tool supports employee self service through access to pay stubs and tax documents in the employee portal. Your employees can also record their time and attendance and enroll, view, and update their employee benefits information.

4. QuickBooks

QuickBooks Payroll comes with a selection of service plans, so ecommerce businesses can upgrade their plan according to the services they require. The payroll management software is perfect for small businesses because it mainly offers human resource and employee management services.

It makes employee onboarding, attendance tracking, compensation calculation, and benefits administration more convenient. And with its tax penalty protection, you can also benefit from efficient compliance management. In addition, this feature automatically resolves errors and reimburses interest costs or penalty charges.

5. BambooHR

BambooHR collaborates with TRAXPayroll to provide robust payroll management services through HR and payroll data integration. So you can access employee account numbers, hours, gross wages, deductions, and benefits on one platform. Additionally, you can instantly generate payroll reports with just a click of a button.

One of the greatest advantages BambooHR and TRAXPayroll give you is direct access to a payroll professional. That way, you can get immediate help in crucial situations. There’s also no need to worry about taxes because the integrated software has you covered. It automatically handles tax filing and tax payments in compliance with laws and regulations even if they constantly change.

6. Wagepoint

Wagepoint offers one of the best payroll management solutions by taking the manual labor out of your business’ payroll staff. It simplifies the payroll process through cloud-based automation. This means that the platform manages the whole process to ensure that your employees will get the payment they’re due.

This online payroll software organizes and maintains your company’s data to manage important employee information, including direct deposit information, additional income, payroll deduction, and more. It also keeps track of federal, state, and local tax-related forms.

payroll management-2 – an HR employee using a company portal

Final Thoughts

Payroll management doesn’t have to be a nightmare. You can make it simpler and more efficient by coming up with effective strategies and using the right tools. This way, you’ll be able to avoid the hassle of payroll and taxing errors and help your small business flourish.

We hope that this blog post provides you with everything you need to help make your company’s payroll system more efficient. If you’re interested in getting ecommerce accounting services for your business, contact Unloop today. Our team of experts will help you get started on streamlining your payroll system and other accounting needs.

Payroll Management for Ecommerce: Tips and Tools for Small Businesses
Watch Now

Payroll management for ecommerce businesses can be a challenge. It’s because you must consider many factors, from calculating employee hours to paying taxes. Fortunately, there are so many tips and tools that can help do all these tasks. By using them to automate the payroll process, small companies can save time and money.

Let’s find out different ways that can help you manage your company’s payroll system in an easy yet flawless way.

Helpful Tips for a Smoother Payroll Management Process

To make your company’s payroll process even more efficient, we’ve made a list of tips from top payroll specialists. With these tips, you can make accurate payroll computations and avoid payroll processing errors.

Automate Your Payroll System with Cloud-Based Tools

If you want to make your payroll processes easier while reducing the risk of human error, you should consider automating your payroll system with cloud-based tools. Doing this ensures that employees are paid accurately and on time.

Additionally, cloud-based tools can help improve compliance with government regulations. With real-time updates and automatic filings, businesses can be confident that they are always up to date with the latest requirements.

Establish Strict Payroll Policies

Establishing strict payroll policies helps ensure that all employees are treated fairly and helps avoid the likelihood of workplace disputes. This will also promote a culture of transparency and trust within your company.

With firm payroll policies, you can ensure that accurate records are kept for each employee and that they are paid promptly. Additionally, it can reduce accounting and administrative costs while avoiding disruptions and maximizing efficiency.

Stay Updated on Tax Laws

Staying up-to-date on tax laws and regulations can be challenging because they are constantly changing. However, by ensuring that you know the latest changes, your company can maintain its compliance with the law, and your employees can get the right calculation of tax withheld from their paychecks.

Finally, staying up-to-date on tax laws can help you identify potential deductions and credits that your company may be eligible for.

payroll management-1 – an illustration of a payroll management service

Tools You Can Use for an Easier and More Efficient Payroll System

Why go through all the hassle of managing your ecommerce company’s payroll system when there are now plenty of tools that can help you automate the entire thing? Here are six tools that will make you realize managing payroll for your small business can be a breeze.

1. Gusto

Gusto provides small businesses with a completely automated payroll system, requiring only minimal human intervention. So your human resource employees can schedule remuneration data and benefit from hands-free payment processing. Thus, it gives little to no room for critical payroll errors.

You can use the tool to handle calculations, payments, and tax and year-end form submissions. It also allows you to unify and extract data from a cloud-hosted platform. So you can prepare single financial statements for different uses. Additionally, the tool uses digital pay stubs that are emailed to concerned parties after the payroll process, offering convenient paperless transactions.

2. Humi

Humi is a cloud-based tool that unites payroll and HR in one platform, making it easier for you to access and update payroll records. In addition, this system makes employee self-service possible because it allows them to download pay stubs and view benefits information, vacation requests, and more.

The tool gives your payroll manager full control over all payroll-related operations, including access permissions for executives, HR administrators, and employees. Aside from that, it has a centralized dashboard, allowing you to manage employee profiles and calendars as needed. Humialso has features like personalized reminders, digital signatures, payroll history tracking, and more.

Additionally, it automatically calculates, deducts, and remits payroll taxes, making it more convenient to keep your company in compliance with tax laws and regulations. 

3. Paychex

Paychex offers a couple of options for managing payroll systems. These options are Paychex Flex Essentials, Paychex Flex Select, and Paychex Flex Pro. Essentially, Paychex automates payroll processing and integrates employee data with HR and benefits, making management easier.

With its payroll management system, your payroll administrator can expect access to payroll activity controls, reporting tools, and analytics tools. In addition, it has more amazing features like automatic payroll calculation, payment, and tax filing. The best thing is that Paychex also tracks the changes in tax regulations and laws, Sso business owners can maintain compliance despite the changes.

The tool supports employee self service through access to pay stubs and tax documents in the employee portal. Your employees can also record their time and attendance and enroll, view, and update their employee benefits information.

4. QuickBooks

QuickBooks Payroll comes with a selection of service plans, so ecommerce businesses can upgrade their plan according to the services they require. The payroll management software is perfect for small businesses because it mainly offers human resource and employee management services.

It makes employee onboarding, attendance tracking, compensation calculation, and benefits administration more convenient. And with its tax penalty protection, you can also benefit from efficient compliance management. In addition, this feature automatically resolves errors and reimburses interest costs or penalty charges.

5. BambooHR

BambooHR collaborates with TRAXPayroll to provide robust payroll management services through HR and payroll data integration. So you can access employee account numbers, hours, gross wages, deductions, and benefits on one platform. Additionally, you can instantly generate payroll reports with just a click of a button.

One of the greatest advantages BambooHR and TRAXPayroll give you is direct access to a payroll professional. That way, you can get immediate help in crucial situations. There’s also no need to worry about taxes because the integrated software has you covered. It automatically handles tax filing and tax payments in compliance with laws and regulations even if they constantly change.

6. Wagepoint

Wagepoint offers one of the best payroll management solutions by taking the manual labor out of your business’ payroll staff. It simplifies the payroll process through cloud-based automation. This means that the platform manages the whole process to ensure that your employees will get the payment they’re due.

This online payroll software organizes and maintains your company’s data to manage important employee information, including direct deposit information, additional income, payroll deduction, and more. It also keeps track of federal, state, and local tax-related forms.

payroll management-2 – an HR employee using a company portal

Final Thoughts

Payroll management doesn’t have to be a nightmare. You can make it simpler and more efficient by coming up with effective strategies and using the right tools. This way, you’ll be able to avoid the hassle of payroll and taxing errors and help your small business flourish.

We hope that this blog post provides you with everything you need to help make your company’s payroll system more efficient. If you’re interested in getting ecommerce accounting services for your business, contact Unloop today. Our team of experts will help you get started on streamlining your payroll system and other accounting needs.

Read more

No one can say they enjoy doing their taxes. It is messy and complicated, with unending forms and too many numbers. It also entails spending a lot of time getting it right, which may affect other aspects of your business. That's why owners need to be efficient when handling their taxes, so no part of their business is left behind. 

Tax preparation is tedious, but you can't escape it. At some point, you need to perform your tax obligations to keep your business running smoothly. To help you out, we have a checklist of the things you need to prepare and some helpful tips for tax preparation. 

The Complete Tax Preparation Checklist 

Keep your business running smoothly and maintain your good record with your local tax collection agency. Here are some things you should do in order to get the best business tax management possible. 

  1. Always be mindful of tax filing dates and other tax-related duties.

For individual taxpayers, the deadline for filing tax returns is April 15. In most common scenarios, this also applies to small business owners. However, depending on the type of business you choose to establish, timelines may change. 

For instance, if your small business is organized as an S corporation, the tax filing deadline is on March 15 at the conclusion of each fiscal year. In addition, several tax-related tasks have different deadlines. Make it a habit to consult your local tax calendar, so you never miss them. 

Missing the deadline may incur unnecessary penalties, and that money can be allocated to aspects of your business that need improvement instead. 

  1. Prepare all the tax forms you need 

One of the most time-consuming parts of tax preparation is gathering all the documents you need for filing and validation. In addition, each type of business may require different tax forms. If you don't know which to get, these forms are available for download on tax collection agency websites. 

Generally, forms include a complete picture of your finances and tax obligations. Sometimes, tax collection agencies may require supporting documents that go with the form, so have copies of your documents. 

Here are some of the most common tax forms you will encounter. 

  • Form 1120 is used by C companies.
  • S corporations use the IRS's own 1120-S.
  • Businesses with partnerships should fill out form 1065 and a separate form for partnership details.
  • Sole proprietorship uses form 1040 to declare business income and expenses. 
  1. Collect all records that show your business income

The taxes you are due to pay depends on the income you declare on the forms you file. The records are one way for tax agencies to verify if the numbers you report are true. When the IRS visits your company to conduct an audit, these records will also be useful. Of course, a number of financial records go through the business. So if you don't know what you need for your taxes, here are some important income records you should have ready. 

  • Gross receipts of all sales coming from goods sold and services. 
  • Records of the costs incurred for returns and refunds. Your declaration must not include money you send back to customers. 
  • Financial records from investments that you have under your business name. 
  1. Have documentation of all your business expenses

You can decrease the tax amount due by qualifying for exemptions in several ways. But the process is long and requires several documents for verification. The documentation of your business expenses is evidence you can submit for tax breaks. 

Correct and more detailed information will help get your deductions approved easily. Here are some business documents you should prepare when applying for deductions and exemptions. 

  • Important business expenses such as insurance, cost of supplies, utilities, and other professional fees. 
  • Other detailed expenses like transportation, meals, home office deductions, and entertainment expenses may also be allowed. 

Since exemptions may not be so clear cut, a tax expert's advice is usually recommended if you want to get the most from your allowable deductions. 

  1. Ensure you send all needed tax information and receive the ones you need 

Tax preparation goes both ways. Just as you report income to your local tax collection agency, they also need to return information to your business. So ensure you receive the information you need to ensure your tax preparation is on track. 

For example, if your business has employees, you should have W-2 forms that tell your workers the total income and allowable deductions. In addition, these forms will tell you if the amount you paid is taxable. Some taxation laws don't collect taxes unless you reach a certain amount. 

  1. Ask for a deadline extension if necessary 

It’s not a mistake to ask for an extension if you need the extra time to complete your tax returns. Remember, you also have to file a request if you need more time to complete your declarations. However, extensions are only applicable for filing. This means you still have to pay your taxes on time. 

First extensions are typically simple to obtain; after that, asking for another extension will be a more challenging process. Finances are messy, and if you're a business owner who wants to get everything done ahead of time, you may want to find tax preparation services for small businesses to help you.

  1. Make changes in your preparation for the next taxation year 

If this year was challenging for you, make appropriate adjustments to make tax preparation a breeze. Eliminating problems requires knowledge of what to do and what not to do. Moreover, it helps you avoid penalties due to late filing. 

Take note of the things that you could've done differently and implement them in the next taxation year. It takes years for business owners to learn how to manage their taxes smoothly, but you can speed it up through consultations with tax experts. 

  1. Utilize tax preparation software for small businesses 

Tax software is the best way to make preparations convenient and accurate. In addition, tax software can help with planning. All you need to do is input your data. It also gives you a projected cost of the tax you owe and ways on how you can save. 

Moreover, successful tax planning lies in organized bookkeeping. Some of the available software comes with automated bookkeeping, so your financial records will always be in line and ready for tax season. This way, preparations are faster and less prone to errors. 

Tax Preparation for Business at Unloop 

The best way to get taxes off your hands is to get a professional to handle them. If outsourcing is one of the most complicated parts of your business, get an expert to do it. Unloop offers tax management for ecommerce and small businesses. This way, you’ll never have tax complications again. 

Our tax services include the following: 

  • Determining which tax nexus your business belongs to. 
  • Registering your business for certain tax permits. 
  • For ecommerce, we set up your shopping carts so you can automatically charge the correct sales tax amount. 
  • Managing your tax filings to ensure you comply with tax laws and possible changes. 
  • Comes with subscriptions for tax preparation software for business and unlimited support with experts through Slack. 

We also ensure the services are accessible to everybody. We have three different price points, so you don't blow your entire budget all at once. You can talk to our experts to see which one fits your business needs best. 

Final Thoughts 

As a new business owner, learning how to manage your taxes will take time. Tax preparation is a complex process, and it can be time-consuming when you have no idea about the things you need to do. This checklist we created for you will help simplify the process. If you want to focus on other parts of your business, outsourcing tax preparations to experts is a wise decision. Aside from tax management, we also have other services your business may benefit from. Take a look at our payroll management, forecasting, and bookkeeping services, and don't forget to book a call with our experts to get started.

Tax Time: A Tax Preparation for Business Checklist
Watch Now

No one can say they enjoy doing their taxes. It is messy and complicated, with unending forms and too many numbers. It also entails spending a lot of time getting it right, which may affect other aspects of your business. That's why owners need to be efficient when handling their taxes, so no part of their business is left behind. 

Tax preparation is tedious, but you can't escape it. At some point, you need to perform your tax obligations to keep your business running smoothly. To help you out, we have a checklist of the things you need to prepare and some helpful tips for tax preparation. 

The Complete Tax Preparation Checklist 

Keep your business running smoothly and maintain your good record with your local tax collection agency. Here are some things you should do in order to get the best business tax management possible. 

  1. Always be mindful of tax filing dates and other tax-related duties.

For individual taxpayers, the deadline for filing tax returns is April 15. In most common scenarios, this also applies to small business owners. However, depending on the type of business you choose to establish, timelines may change. 

For instance, if your small business is organized as an S corporation, the tax filing deadline is on March 15 at the conclusion of each fiscal year. In addition, several tax-related tasks have different deadlines. Make it a habit to consult your local tax calendar, so you never miss them. 

Missing the deadline may incur unnecessary penalties, and that money can be allocated to aspects of your business that need improvement instead. 

  1. Prepare all the tax forms you need 

One of the most time-consuming parts of tax preparation is gathering all the documents you need for filing and validation. In addition, each type of business may require different tax forms. If you don't know which to get, these forms are available for download on tax collection agency websites. 

Generally, forms include a complete picture of your finances and tax obligations. Sometimes, tax collection agencies may require supporting documents that go with the form, so have copies of your documents. 

Here are some of the most common tax forms you will encounter. 

  • Form 1120 is used by C companies.
  • S corporations use the IRS's own 1120-S.
  • Businesses with partnerships should fill out form 1065 and a separate form for partnership details.
  • Sole proprietorship uses form 1040 to declare business income and expenses. 
  1. Collect all records that show your business income

The taxes you are due to pay depends on the income you declare on the forms you file. The records are one way for tax agencies to verify if the numbers you report are true. When the IRS visits your company to conduct an audit, these records will also be useful. Of course, a number of financial records go through the business. So if you don't know what you need for your taxes, here are some important income records you should have ready. 

  • Gross receipts of all sales coming from goods sold and services. 
  • Records of the costs incurred for returns and refunds. Your declaration must not include money you send back to customers. 
  • Financial records from investments that you have under your business name. 
  1. Have documentation of all your business expenses

You can decrease the tax amount due by qualifying for exemptions in several ways. But the process is long and requires several documents for verification. The documentation of your business expenses is evidence you can submit for tax breaks. 

Correct and more detailed information will help get your deductions approved easily. Here are some business documents you should prepare when applying for deductions and exemptions. 

  • Important business expenses such as insurance, cost of supplies, utilities, and other professional fees. 
  • Other detailed expenses like transportation, meals, home office deductions, and entertainment expenses may also be allowed. 

Since exemptions may not be so clear cut, a tax expert's advice is usually recommended if you want to get the most from your allowable deductions. 

  1. Ensure you send all needed tax information and receive the ones you need 

Tax preparation goes both ways. Just as you report income to your local tax collection agency, they also need to return information to your business. So ensure you receive the information you need to ensure your tax preparation is on track. 

For example, if your business has employees, you should have W-2 forms that tell your workers the total income and allowable deductions. In addition, these forms will tell you if the amount you paid is taxable. Some taxation laws don't collect taxes unless you reach a certain amount. 

  1. Ask for a deadline extension if necessary 

It’s not a mistake to ask for an extension if you need the extra time to complete your tax returns. Remember, you also have to file a request if you need more time to complete your declarations. However, extensions are only applicable for filing. This means you still have to pay your taxes on time. 

First extensions are typically simple to obtain; after that, asking for another extension will be a more challenging process. Finances are messy, and if you're a business owner who wants to get everything done ahead of time, you may want to find tax preparation services for small businesses to help you.

  1. Make changes in your preparation for the next taxation year 

If this year was challenging for you, make appropriate adjustments to make tax preparation a breeze. Eliminating problems requires knowledge of what to do and what not to do. Moreover, it helps you avoid penalties due to late filing. 

Take note of the things that you could've done differently and implement them in the next taxation year. It takes years for business owners to learn how to manage their taxes smoothly, but you can speed it up through consultations with tax experts. 

  1. Utilize tax preparation software for small businesses 

Tax software is the best way to make preparations convenient and accurate. In addition, tax software can help with planning. All you need to do is input your data. It also gives you a projected cost of the tax you owe and ways on how you can save. 

Moreover, successful tax planning lies in organized bookkeeping. Some of the available software comes with automated bookkeeping, so your financial records will always be in line and ready for tax season. This way, preparations are faster and less prone to errors. 

Tax Preparation for Business at Unloop 

The best way to get taxes off your hands is to get a professional to handle them. If outsourcing is one of the most complicated parts of your business, get an expert to do it. Unloop offers tax management for ecommerce and small businesses. This way, you’ll never have tax complications again. 

Our tax services include the following: 

  • Determining which tax nexus your business belongs to. 
  • Registering your business for certain tax permits. 
  • For ecommerce, we set up your shopping carts so you can automatically charge the correct sales tax amount. 
  • Managing your tax filings to ensure you comply with tax laws and possible changes. 
  • Comes with subscriptions for tax preparation software for business and unlimited support with experts through Slack. 

We also ensure the services are accessible to everybody. We have three different price points, so you don't blow your entire budget all at once. You can talk to our experts to see which one fits your business needs best. 

Final Thoughts 

As a new business owner, learning how to manage your taxes will take time. Tax preparation is a complex process, and it can be time-consuming when you have no idea about the things you need to do. This checklist we created for you will help simplify the process. If you want to focus on other parts of your business, outsourcing tax preparations to experts is a wise decision. Aside from tax management, we also have other services your business may benefit from. Take a look at our payroll management, forecasting, and bookkeeping services, and don't forget to book a call with our experts to get started.

Read more

New technology and accounting software don't mean that accounting mistakes are a thing of the past. In fact, even with all of the new tools at their disposal, businesses still make costly mistakes on a regular basis. Fortunately, you can take one big step to solve these mistakes and avoid them in the future. 

In this blog post, we'll outline some of the most common accounting mistakes and suggest ways to prevent them. We'll also provide information on affordable accounting solutions to help you get your business back on track. So read on for helpful advice!

#1. Accounting Errors 

Your online business may rely on automated payment platforms and accounting tools, but there is still room for human errors. These errors are what usually cause money loss. While you cannot prevent these errors, you can put proper accounting procedures in place so that your books are always accurate

See if your online business has ever encountered these errors before.

  • Forgetting to record a transaction
  • Misplacing an account item 
  • Erroneously switching digits in amounts 
  • Recording wrong transactions 
  • Duplicating a transaction 
  • Recording personal expenses as business expenses
  • Treating expense as income (and vice versa)

#2. Last Minute Reconciliations 

If you're a busy business owner, you might think that reconciliation can wait. After all, there are always more pressing issues to deal with, and finding the time to go over your records with a fine toothed comb can be difficult. 

However, reconciliation is a crucial financial step you must do for your online business. By ensuring that your records are accurate and up-to-date, you can benefit from the following: 

  • It's important to know how much cash or credit you have available. This can help you avoid splurging and underpaying your vendors.
  • Checking your statements can help you catch any fraudulent activity. If you see unrecognized transactions, you can report them right away.
  • Sometimes banks make mistakes. By regularly reviewing your statements, you can catch errors and get them corrected.
  • It pays to know if your customer has paid you or if their payment failed. 

#3. Lack of Papers

Starting an ecommerce business is a great way to enter the world of entrepreneurship with relatively low overhead costs. Still, it doesn't give you reasons not to be tax compliant and avoid accounting and tax solutions. 

Does your ecommerce business have proper accounting for tax solutions? You are still heavily bound to comply with IRS publications and tax filing despite being a virtual store. So aside from financial statements, here is some documentation you need to hang onto.

  • Invoices
  • Cash memos
  • Receipts
  • Pay in slips
  • Cheques
  • Debit notes
  • Credit notes
  • Vouchers

#4. Misinterpretation of Profit and Cash Flow

Any business, whether it’s a small mom-and-pop shop or a major corporation, needs to generate profits to stay afloat. But, simply generating profits is not enough to ensure long-term success. 

Have you ever wondered what separates a profitable business from one that goes under? You probably think it depends on how much money the business brings in. But in reality, it's cash flow. 

Your online business can be highly profitable yet still find itself unable to pay its bills, and the reason has to do with how cash comes in and out. A business may have high profit margins, but it will quickly run into trouble if it also has low cash flow. That's because profit is only part of your accounting equation.

Total Revenues - Total Expenses = Accounting Profit/Loss

The other part is how much money the business has to cover its expenses. When your business has high profits but low cash flow, it's said to be "asset rich and cash poor." And unfortunately, it's a situation that often leads to failure.

So if you're running a business, don't just focus on making a profit; make sure you're also keeping an eye on your cash flow by learning to collect payments and pay bills. Because in the end, that's what matters—staying afloat.

#5. Failure to Optimize Accounting Software

If you're running a small business, you might be tempted to save money by using accounting software alone instead of hiring an ecommerce accountant. However, this can be a costly mistake. 

While accounting software can help you keep track of your finances, it can't provide the same level of expertise and accounting service as a qualified accountant

Accountants can offer valuable advice on financial planning and taxation, and they can also help you to spot potential problems before they become serious. Plus, accountants can access specialized software that can provide in-depth analysis and forecasting. Still, they can be costly. As a result, outsourced accounting is usually the best accounting solution for small online businesses.

Get Accounting Management Solutions with Unloop

Here at Unloop, we help small businesses save money by streamlining their online operations. 

We're a team of professionals equipped with the latest financial tools that enable all functions of your ecommerce business to capture productivity growth potential from time-cost reductions, greater accuracy, and increased control. In other words, we help businesses make more money while spending less. 
Whether it’s finding ways to reduce expenses, increase efficiency, or improve top-line revenues, we have the expertise and experience to help your business succeed. Contact us today to learn more about how we can help you save money and grow your business.

Avoid Costly Mistakes in Your Online Business with These Accounting Solutions
Watch Now

New technology and accounting software don't mean that accounting mistakes are a thing of the past. In fact, even with all of the new tools at their disposal, businesses still make costly mistakes on a regular basis. Fortunately, you can take one big step to solve these mistakes and avoid them in the future. 

In this blog post, we'll outline some of the most common accounting mistakes and suggest ways to prevent them. We'll also provide information on affordable accounting solutions to help you get your business back on track. So read on for helpful advice!

#1. Accounting Errors 

Your online business may rely on automated payment platforms and accounting tools, but there is still room for human errors. These errors are what usually cause money loss. While you cannot prevent these errors, you can put proper accounting procedures in place so that your books are always accurate

See if your online business has ever encountered these errors before.

  • Forgetting to record a transaction
  • Misplacing an account item 
  • Erroneously switching digits in amounts 
  • Recording wrong transactions 
  • Duplicating a transaction 
  • Recording personal expenses as business expenses
  • Treating expense as income (and vice versa)

#2. Last Minute Reconciliations 

If you're a busy business owner, you might think that reconciliation can wait. After all, there are always more pressing issues to deal with, and finding the time to go over your records with a fine toothed comb can be difficult. 

However, reconciliation is a crucial financial step you must do for your online business. By ensuring that your records are accurate and up-to-date, you can benefit from the following: 

  • It's important to know how much cash or credit you have available. This can help you avoid splurging and underpaying your vendors.
  • Checking your statements can help you catch any fraudulent activity. If you see unrecognized transactions, you can report them right away.
  • Sometimes banks make mistakes. By regularly reviewing your statements, you can catch errors and get them corrected.
  • It pays to know if your customer has paid you or if their payment failed. 

#3. Lack of Papers

Starting an ecommerce business is a great way to enter the world of entrepreneurship with relatively low overhead costs. Still, it doesn't give you reasons not to be tax compliant and avoid accounting and tax solutions. 

Does your ecommerce business have proper accounting for tax solutions? You are still heavily bound to comply with IRS publications and tax filing despite being a virtual store. So aside from financial statements, here is some documentation you need to hang onto.

  • Invoices
  • Cash memos
  • Receipts
  • Pay in slips
  • Cheques
  • Debit notes
  • Credit notes
  • Vouchers

#4. Misinterpretation of Profit and Cash Flow

Any business, whether it’s a small mom-and-pop shop or a major corporation, needs to generate profits to stay afloat. But, simply generating profits is not enough to ensure long-term success. 

Have you ever wondered what separates a profitable business from one that goes under? You probably think it depends on how much money the business brings in. But in reality, it's cash flow. 

Your online business can be highly profitable yet still find itself unable to pay its bills, and the reason has to do with how cash comes in and out. A business may have high profit margins, but it will quickly run into trouble if it also has low cash flow. That's because profit is only part of your accounting equation.

Total Revenues - Total Expenses = Accounting Profit/Loss

The other part is how much money the business has to cover its expenses. When your business has high profits but low cash flow, it's said to be "asset rich and cash poor." And unfortunately, it's a situation that often leads to failure.

So if you're running a business, don't just focus on making a profit; make sure you're also keeping an eye on your cash flow by learning to collect payments and pay bills. Because in the end, that's what matters—staying afloat.

#5. Failure to Optimize Accounting Software

If you're running a small business, you might be tempted to save money by using accounting software alone instead of hiring an ecommerce accountant. However, this can be a costly mistake. 

While accounting software can help you keep track of your finances, it can't provide the same level of expertise and accounting service as a qualified accountant

Accountants can offer valuable advice on financial planning and taxation, and they can also help you to spot potential problems before they become serious. Plus, accountants can access specialized software that can provide in-depth analysis and forecasting. Still, they can be costly. As a result, outsourced accounting is usually the best accounting solution for small online businesses.

Get Accounting Management Solutions with Unloop

Here at Unloop, we help small businesses save money by streamlining their online operations. 

We're a team of professionals equipped with the latest financial tools that enable all functions of your ecommerce business to capture productivity growth potential from time-cost reductions, greater accuracy, and increased control. In other words, we help businesses make more money while spending less. 
Whether it’s finding ways to reduce expenses, increase efficiency, or improve top-line revenues, we have the expertise and experience to help your business succeed. Contact us today to learn more about how we can help you save money and grow your business.

Read more

Stop guessing

Know exactly where your ecommerce business stands financially.
+1 877 421 7270
228 Park Ave S #82849
New York, NY 10003
United States
7676 Woodbine Ave #2
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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