Online business owners must pay attention to multiple technical aspects, including website development and digital marketing, to manage their business effectively.
Accounting and financial data management is an important area that online business owners often overlook. This is particularly true for those who are not inclined towards numbers and accounting terminologies.
For any e-commerce business, it is vital to have precise and effective financial management for success. This includes both new and established e-commerce businesses, and it is crucial to have a good grasp of e-commerce accounting.
After watching this video, you will possess the necessary knowledge, strategies, and tools required to efficiently manage your finances. This skill will enable you to concentrate more on the growth of your business and attaining your objectives like a professional.
Table of Contents:
00:48 - What is e-commerce accounting?
01:17 - Components of e-commerce accounting
02:53 - Accounting methods for e-commerce
03:13 - Cash basis accounting
03:32 - Accrual accounting
03:57 - How to do accounting for e-commerce business?
04:24 - 5 steps to do accounting for e-commerce business
04:33 - Step 1: Choose the best accounting software
05:00 - Features to identify in a accounting software
06:49 - Step 2: Track sales and expenses
07:34 - Step 3: Monitor Inventory
09:30 - Step 4: Reconcile Bank Accounts
11:06 - Step 5: Generate Financial statements
11:36 - SaasAnt PayTraQer and other integration softwares with QuickBooks
12:00 - QuickBooks cloud sync
12:06 - Conclusion
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