Unlocking the secrets of profitability in your ecommerce business requires a special understanding of your financial statements. One report in particular, your balance sheet, provides 5 driving profitability forces to keep your eye on. So, let's discuss them and how they can impact your profit and your business. The 5 Drivers Picture your financial statements [...]
For any ecommerce business, understanding its performance is crucial for growth and sustainability. While Gross Margin remains a fundamental metric, there are several others worth delving into. Let's explore three key KPIs, how to calculate them, what insights they offer, and the benchmarks to aim for. Inventory Days Inventory Days assess how efficiently you convert [...]
If you’ve been here a while, and probably even if you haven’t, you know we're big advocates of Profit First. It's a system I use in my own business and modified it for my clients so I could write the book on Profit First for Ecommerce Sellers. However, as much as I believe in its [...]
Now that the hustle and bustle of Q4 and tax season is starting to slow down, it’s a great time to start thinking about how much padding you have in your cash reserve cushion. It’s never too late to add some extra stuffing, so let’s talk about how you can build your cushion up this [...]
Just like last year, prices are still continuing to rise to crazy prices, and yet we still have to somehow save to pay that tax bill coming up, on top of gas and groceries. If you’re not prepared, it can get a little scary. So, are your accounts ready? Profit First Prep Profit First can [...]
In the beginning of ecommerce, success was all about marketing and advertising to make a sale. However, over the years ecommerce business owners began to focus on operations as they saw colleagues exit with high multiples because of the high level of aggregator buying activity. Top line revenue got moved to the back burner to [...]
In the world today’s world of ecommerce, businesses and credit cards often go hand in hand. In today’s financial landscape, credit cards have emerged as a crucial tool, particularly for ecommerce ventures. As a result, one of the most common questions that pops up when discussing Profit First is, 'Can I still utilize my credit [...]
Is tax season a constant source of stress rather than a manageable task? If you find yourself overwhelmed by financial paperwork, it might be time to consider investing in an ecommerce bookkeeping service. While making tax time less daunting is a significant advantage, there are numerous year-round benefits to enlisting professional help. Analytical Accuracy Timely [...]
Like every year, January for bookkeepers everywhere was predominantly spent finalizing financial statements for our clients. For us, year-end is akin to any normal month-end; accuracy remains paramount throughout the year. However, this time of year, ensuring precise inventory figures is essential for taxes. Naturally, challenges will always occur. If, by some stroke of luck, [...]
Calling all business owners and entrepreneurs! It's time to ignite that spark and shower your business with some well-deserved affection. Since February is the month of love, we want you to show your business some love by entering our Love Your Business Contest! 💖 By taking our Business Performance SmartAssessment, you’ll identify those areas of [...]
