Outsource Bookkeeping Services for Better Finance Organization

eCommerce bookkeeping is the process of managing and recording all financial transactions of a business, which includes managing sales, payments, purchases, etc. eCommerce bookkeeping means managing, recording, and organizing financial transactions. It plays a huge role in the overall operation of the business.

Bookkeeping service providers offer to manage your books, meaning to keep track of every transaction and the maintenance of the ledger. By keeping a clear and comprehensible record of the books, bookkeepers help you to understand any amount of money you are owed by clients and customers, and the amount you owe to vendors, employees, and others.

With a virtual bookkeeper by your side, your chart of accounts can be easily maintained. A chart of accounts is a directory in an accountant’s general ledger. This chart of accounts keeps track of all accounts in it, making it much easier to sort through it and find whichever transaction you are looking for.

Basically, eCommerce bookkeepers track your costs in a strategic way so you can make informed and data-driven decisions for your business. With a clear financial picture, nothing can stop you from improving your cash flow and balancing your accounts.

eCommerce Bookkeeping vs Traditional Bookkeeping

eCommerce bookkeeping refers to the process of tracking your expenses and income, as well as taxes of selling products on eCommerce platforms. On the other hand, traditional bookkeeping refers to almost the same practice of tracking transactions but here, the businesses are physically located. To understand the differences between these two, take a look at the following table.

eCommerce Bookkeeping	Traditional Bookkeeping
Deals with businesses with virtual presence only	Deals with businesses which are physically located
Deals with recording of financial transactions from various sales channels or platforms	Involves recording of financial transactions from a single sales channel
Deals with online payment gateways, and debit or credit card payments	Deals with cash payments, bank transfers, or cheques
Inventory management includes virtual systems that automatically sync with software	Inventory management includes physical stock counts and manual updates
Bookkeepers need to calculate sales taxes depending on each of the business’s geological location	Sales taxes are calculated easily, given the business is in one country
Refunds are tracked for each item	Refunds are tracked manually
Additionally, need to deal with shipping costs and track these as well	No need to track shipping costs
Deal with multiple currencies	Doesn’t need to deal with multiple currencies

Based on these differences, we can assuredly say that eCommerce bookkeeping, and traditional bookkeeping services are quite dissimilar.

Can you outsource eCommerce Bookkeeping?

Of course, you can outsource eCommerce bookkeeping to professionals! At Whiz Consulting, we offer you numerous benefits when you outsource eCommerce bookkeeping services to us. To begin with, you get advantages such as saving loads of time and costs, paying only for the services that you request, experts working at your beck and call, avoiding errors swiftly, and data security.

Learn more about our services and let’s get connected!

Outsource Bookkeeping Services for Better Finance Organization

To better organize your finances, it is important that you have good control over your financial aspects. And what better way to ensure this than to have experts by your side to handle all financial matters of your business? At Whiz Consulting, we make sure that your finances are well taken care of so you can breathe a sigh of relief and focus on what matters most, that is, running your business free from distractions.

You can organize your finances much better if you try outsourced bookkeeping services. Outsourced bookkeeping services can optimize your finances monumentally. Some of these bookkeeping services are:

Accounts Payable Management

Payroll Processing

Bank Reconciliation

Financial Analysis

Account Auditing

Expense Tracking

Transactions Recording

1. Accounts Payable Management

Accounts payable (AP) refers to the short-term debt that companies owe to vendors or suppliers in exchange of goods or services offered by them. To manage these effectively, an online bookkeeper would try to pay these bills as soon as possible according to their due dates so cash flow can be managed in a better way.

2. Payroll Processing

Payroll refers to the amount of money that a company pays to their employees as salary or income. This task can be overwhelming for some companies, especially small business owners, as they might have to carry out this task themselves.

Processing payrolls on time is one of the most important tasks. Hence, this is the reason why most businesses outsource this bookkeeping service to effectively manage payrolls on time.

3. Bank Reconciliation

Bank reconciliation refers to the process of comparing a business’s internal financial records with bank statements. Virtual bookkeepers keep your accounts reconciled at the right intervals of time.

4. Financial Analysis

Outsourced bookkeepers prepare and analyze your finances to offer you clear and actionable insights. They generate financial reports, so you remain up to date with your business’s financial health.

5. Account Auditing

Account auditing refers to the process of managing receipts, bank statements, and financial records. It is of utmost importance that your outsourced bookkeeper keeps you updated regarding your finances. This way, you can avoid legal troubles, corruption, or any malpractices.

6. Expense Tracking

An outsourced bookkeeper would track all the transactions of a business so it can provide a clear understanding of the financial health. This also helps you to develop a clear understanding of their budget.

7. Transactions Recording

The task of an outsourced bookkeeper is to take note of all the financial transactions taking place. These transactions are recorded into the account on a regular basis so as to avoid any discrepancy.

The above outsourced bookkeeping services can help further accelerate your business’s finances and make smart decisions equipped with the right data.

Wrapping up

In this post, we began by discussing who eCommerce bookkeepers are and then moved on to find out about the difference between eCommerce bookkeeping and traditional bookkeeping services. Lastly, we also discussed how outsourced bookkeeping services can help your business succeed financially. If you are serious about developing and keeping your business’s financial health at an optimal level, do not hesitate and reach to us today!