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The Importance of Working with an Ecommerce Bookkeeper

It’s that time of year when many of us realize we are not prepared for year-end, which is just two months away. If you are starting to think about organizing this year’s financial information or being ready to start the new year fresh with a better system in place, an experienced ecommerce bookkeeper can help you move forward quickly. What traits do you look for in finding that important member of your team?

Integrity: You need someone you can trust with your sensitive financial information. Don’t leave it to chance. Check references and ask how they screen their employees. Find out about their systems for storing your passwords and make sure they will sign your nondisclosure agreement.

Communication Skills: Are you passionate about your products but not always confident in your skills around the financial systems and reports? When you talk with your prospective bookkeeper, ask questions about your financials to determine if their communication style will mesh with yours. They can help you learn more about your financial requirements and your financial reports.

Systems Thinking: Today’s bookkeeping is more than just debits and credits. It’s about understanding workflows and ensuring that your technology solutions deliver the desired results. If up-to-date information is important for you, and I’m sure it is, then you want to look for someone who utilizes cloud accounting and applications to give you nearly real-time data.

Data Driven: Producing accurate financials is expected, but wouldn’t it be great to have someone who looked at them with a critical eye and pointed out historical trends that could negatively impact the future? Understanding the relationship of the numbers on the reports and calling them to your attention means you have one more member of your team helping you grow your business.

Eager to Learn: The technology landscape is changing daily. Making good use of the many programs (such as QBO) and their features can enhance your ability to manage your financials and communicate with your bookkeeper. Your bookkeeper should be eager to embrace these time-saving systems that bring you timely and better information for running your business.
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On a final note re: preparing for year-end. Be sure to read up on any new IRS changes regarding 1099’s and other requirements, or check with your accountant to make sure you are in compliance. IRS rules are changing all the time. Don’t be caught off guard. And if you file your 1099’s electronically, I highly recommend our favorite app for this purpose, Track1099.

 

Interested in Profit First?

unknown-1593184688559If your ecommerce business isn’t where you’d like it to be in terms of profitability, check out my book, Profit First for Ecommerce Sellers. It answers important questions about how to implement Profit First in an ecommerce business. Take control of your money and your business, and put Profit First to work for you!

You can also sign up for the Profit First for Ecommerce Sellers Online Course. As a Mastery Level, Certified Profit First Professional, I will teach you why Profit First works so well for ecommerce businesses and the particular challenges for businesses that have physical products requiring inventory management. You will learn how your behavior drives your money management habits for your business and how you can set up your business bank accounts to work with your habits.

 

 

 

 

bookskeep

Cyndi Thomason is founder and president of bookskeep, a U.S.-based accounting, bookkeeping, and advisory firm for ecommerce sellers worldwide. She has a passion for data analysis and process development. She uses that passion to educate her clients and help them structure their businesses to maximize profits.

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