As a Quickbooks Pro Advisors accounting for an eCommerce customer, you probably deal with numerous clients. Managing and handling bookkeeping for retail and ecommerce businesses could be quite tricky.
You will need to expertly advise and assist business owners to accurately track their income, expenses, and cash flow.
This is necessary for producing precise financial statements and analysing valuable financial business success metrics.
Here are some ways that you can become more invaluable to your retail and commerce clients.
Step into a retailerâ€™s shoes to fully understand their bookkeeping needs
Being a QuickBooks Pro Advisor accounting for an ecommerce customer or a retail client can sometimes be overwhelming. A good way to get around this is to understand the needs of your retail or ecommerce client.
For a retailer, it is important to track their cash flows. And if they operate an omnichannel retail business, this becomes even more essential. Being set up for multiple sales channels will be critical for any retail business.
If your client operates a high performing retail or eCommerce business, they will have the need to stay on top of their payments that are received and COGS that are going out.
Managing fixed vs working capital is another major concern for retailers. So is having a comprehensive financial plan that helps them strategize for the big picture.
Inventory tracking and business growth are other areas where retailers might need your help.
Configure their company preferences to specifics of retail finances when setting up or managing their QuickBooks account. This will help them better harness their business potential.
Help them forecast and budget in a post-pandemic world
The pandemic has hit the retail sector hard. The usual forecasting and budgeting practices have gone for a toss. Retail is among those businesses that need to plan their inventory, purchases, orders etc. well in advance.
Helping them optimize their forecast reports and plan their budgeting activities keeping the impact of the pandemic in mind will help them make much more calculated business decisions.
Providing actionable data analysis and real time numbers will help them better track their month end management reports as well. This will also assist them in being more focused on their revenue goals. They will be able to take more informed and strategic high-level business decisions.
Tailored feedback lets them know that you understand their unique business and your insights will be that much more impactful and valuable.
Helping them find the balance between their expenses and revenue, and whether expenses are exceeding revenues during the pandemic will help retailers better plan their cash flows.
Be their tax advisor, and know sector specific taxation rules
Computing taxes as part of their sales is a big part of a retail business and also one of their biggest pain points. It is extremely crucial to get their taxes right but itâ€™s far from simple for retailers. They spend numerous hours wasting dealing with things like tax compliance and laws during every tax filing period.
Being a Quickbooks Pro Advisors accounting for an ecommerce customer also means being their trusted tax advisor.
Be on top of retail and ecommerce specific tax laws, especially when it comes to complicated processes like the state nexus laws (applicable to the USA). Help them determine their presence and jurisdiction definitions.
Retailers will need to understand how to apply and process sales tax in states where nexus laws are mandated. They will also need to know and understand the thresholds beyond which such laws apply.
It is also important to identify the taxation amount and help them set that aside so that they can make their tax payments on time. Help them run a tax report.
Being a QuickBooks Pro Advisor accounting for an ecommerce customer and helping them navigate the specific tax processes will serve your customers well.
Reconcile all their accounts
Seeing their accounts balance out on a daily, weekly, and monthly basis is essential for the efficient operation of a retail or ecommerce business.
Make this process seamless for them. Send prepared balance sheets and well-structured charts of accounts to them on a regular basis and guide them every step of the way.
Review things such as their cleared transactions and help them track their outstanding transactions. Let them know their real-time account balances and assist them in identifying discrepancies that might appear. Retail and ecommerce specific costs such as payment gateway charges, FBA charges, and chargebacks need to be tracked and watched out for.
Pick the right software tools and apps
For efficient functioning of their retail and ecommerce business, owners will need the right inventory management and accounting software.
They will need to be able to effectively track their sales orders, purchase orders, shipping etc. and itâ€™s better done on an integrated platform. Not only does Primaseller do that extremely well, it is already available on the QuickBooks app store.
Using Primaseller, not only can you integrate their accounting processes using QuickBooks, but also all their inventory management and control needs into a single dashboard. It also saves you heaps of time translating their invoice entries and financial data from multiple sources and tools.
Partner with Primaseller
Primaseller has built long term and mutually beneficial relationships with numerous Quickbooks Pro Advisors accounting for ecommerce customers like you.
Did you know that Primaseller has an amazing Partner program that simplifies the customer onboarding process and provides excellent product support?
Primaseller is the perfect platform for your retail client, and integrates excellently with QuickBooks. While you take care of their bookkeeping needs, we take care of their inventory management needs.
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Sharan is an avid writer with experience writing on different technologies for startups in various domains. Heâ€™s a self-professed tech nerd and start-up buff who likes keeping abreast with all the latest news in these areas.