3 Ways To Handle Your Finances as an eCommerce Business Owner

Most people do at least a portion of their shopping online these days, causing eCommerce to grow rapidly. The COVID-19 has made online shopping even more popular over the last couple of years.

E-commerce businesses appear to be the wave of the future, but managing eCommerce finances can be difficult, especially if you have a brick-and-mortar business as well. The good news is that there are plenty of tech tools and services to help you increase your revenue and make managing your finances easier. We’ve taken the liberty of listing and explaining three ways eCommerce merchants can make growing and managing their revenue and bank accounts easier.

1. Enable cryptocurrency payments.

As you know, the cryptocurrency industry has taken off in recent years. Now, there are tens of millions of crypto investors in the U.S. With so many people investing in coins like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Tern, and other altcoins, accepting cryptocurrency payments could help expand your online business.

One of the latest trends in the crypto industry is the growth of crypto debit cards like the Bitcoin card and Ternio Blockcard. One of the things people love about the Blockcard is the high rate of cashback they get for making purchases with their debit card. Your online business already accepts major debit and credit cards, so why not add digital currency to your eCommerce payment options?

2. Hire a fractional CFO or CPA.

Managing eCommerce accounts is one of the biggest challenges small business owners face. You have to worry about normal bookkeeping operations like managing payroll, tax planning, and balancing bank accounts. Not to mention, you have to keep up with overhead costs, eCommerce revenue, and other money matters.

If you’re not a certified public accountant, you might want to find a more efficient way to manage your finances than the DIY method. Outsourcing to a fractional CFO or CPA firm is a great way to take the worry out of managing your finances. They can help you with everything from managing revenue on third-party sales channels like Shopify to e-commerce accounting for your online business’s website.

From preparing tax returns to helping plan quarterly financial reports for investors, CPAs do it all. Many entrepreneurs get themselves in trouble by trying to be their own tax preparers and bookkeepers, but the money you spend on CPA services is far less than what you’ll have to pay if the IRS feels you’ve been cooking the books.

With eCommerce accounting services, you can worry about growing your business while someone else tracks your profits and expenses. To find the best CPA firms in your local area, simply google “eCommerce CPA near me” and research the companies at the top of the search engine rankings.

3. Use the right POS and inventory management tools.

Online businesses need a POS and inventory management system that integrates with brick-and-mortar inventory and POS systems. Unfortunately, one of the things that sink many online companies is that their eCommerce store isn’t synced with their inventory.

You need a POS system that works across multiple sales channels to ensure you only sell things online you have in stock. Furthermore, you want a POS system that uses big data analytics to give you insights into customer preferences and provides demand forecasting.

Managing revenue is one of the essential functions of a business owner. Managing finances becomes exponentially more difficult when you have an eCommerce and a brick-and-mortar store.

Accepting crypto as a form of payment could significantly increase your sales as digital assets have gained rockstar popularity in the United States. Furthermore, you should implement POS and inventory management systems that make accounting and supply chain management simpler. Additionally, hiring accounting services takes the guesswork out of bookkeeping for your brick-and-mortar and e-commerce business platforms.

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