Retail and Ecommerce Business Accounting Outsourcing Services Company - CapActix
Retail and Ecommerce is one of the most happening and the fastest growing sectors along with the most competitive market. The competition in the retail and e-Commerce market compels merchants approach a specific method or by constantly monitoring the market alterations to be consistent on profit. However, it impacts diversely from the quality front or customer satisfaction fronts because it is difficult do the same at the equal pace.
The merchants have to face some peculiar challenges on a daily basis like managing the retail & ecommerce accounting, analyzing operational expenditure and revenues over and keeping their customers satisfied and happy.
Therefore, it is important for them to focus on pricing strategy, customer satisfaction policy, and other important areas while outsourcing their retail & ecommerce accounting and bookkeeping services to expert-hand service provider.
CapActix offers expert services in the areas of accounting for ecommerce and retail industry. And along with this, we provide services for inventory management, order processing, and reconciliation.
Specialised Services For Retail & E-commerce Accounting
- Setting up charts of accounts
- Recording of sales from POS system or ecommerce site to accounting software
- Recording receipt from Merchant Account/PayPal Account
- Verifying and recording bills from suppliers
- Payment to suppliers
- Processing employees’ pay and update payroll file
- Processing other tax related reports
- Recording depreciation and other adjusting entries
- Entering Bank Transactions
- Month-end or year-end closing entries
- Posting entry of payables invoices into accounting software after thorough understanding of requirement, rules and software. Posting of purchase orders, linking of purchase orders with invoices to identify pending PO,
- Tracking vendor payments with credit terms and generates timely aging report.
- Periodical vendor reconciliation Processing online payment
- Reconciliation of credit cards
- Reconciliation of Point of Sale (POS) systems/back-end ordering/Third Party Stores with accounting software:Ordering systems can be different from accounting software for many small ecommerce companies. As ecommerce firms sell on ecommerce sites such as Amazon and EBay, they need to post manual entry on daily/weekly/monthly basis in the accounting software such as QuickBooks or Xero. We enter daily sales, reconcile daily sales between both systems and send regular reports to analyse.
- Deposits Tracking: Due to end number of daily transactions in ecommerce companies, It’s required to keep track of customer payments at order level and merchant account deposits. We keep reconciling payment through credit card or checks with outstanding customers to avoid bad debts or frauds.
- Merchant Account/PayPal Account Reconciliation: Regular reconciliation of Merchant account or PayPal account to track funds in transit and avoid extra merchant fees (TDR based charges)
- Report of Inventory reconciliation between accounting software inventory and physical inventory to maintain optimum level of stock and check out of stock,
- Generating month end category wise and region wise sales report
- Detailed management report on key business parameters to identify revenue and expense trends.
- Revenue reports indicating strong performing product lines, categories, brands and SKUs.
- Monthly financial control reports including parameters such sales, purchase, expenses and liabilities.
- Working capital utilization and cash flow reports.
- Analysis of margin break-up, cost drivers and expense trends