Ecommerce Financial Health Unlocked: Smart Cash Flow Strategies
A whopping 82% of businesses fail due to poor cash flow management. This is how crucial smart cash flow strategies are in business success, especially in ecommerce. If you have an online store, transactions are often conducted digitally and involve many stakeholders. Without a steady cash flow stream, it won’t be long until your business […]
Navigating Growth: When to Hire a Fractional CFO for Your eCommerce Business
In the dynamic landscape of eCommerce, scaling your business often comes with a multitude of financial challenges. As your revenue surpasses the million-dollar mark, strategic financial management becomes paramount. If you’re exploring the key indicators and scenarios that signal it’s time to consider hiring a Fractional CFO for your growing eCommerce venture, you’ve come to […]
A Beginner’s Guide to the Accrual Accounting Method
Accrual accounting is one of the foundational concepts in the field of accounting, playing a crucial role in how businesses record and manage their transactions. Unlike cash-basis accounting, which records transactions only upon the exchange of cash, accrual accounting recognizes financial events at the point of occurrence. The widespread adoption of accrual accounting is governed […]
Bookkeeping vs Accounting: Understanding the Different Roles
Being a business owner entails managing all facets of your enterprise, including its financial aspects. The assistance of professional bookkeepers and accountants can prove invaluable in simplifying financial procedures, ensuring compliance with financial regulations, and preventing monetary mishaps. Recognizing the distinct roles and responsibilities of these professionals is integral to acquiring the right expertise for […]
S Corps Explained: A Complete Guide on Formation, Taxation, and Best Practices
An S corporation is a pass-through entity for tax purposes. This implies that the income losses and credits aren’t made at the corporate level. Instead, these entities pass business income and losses to the shareholders, who report them on their income tax returns. S corp shareholders can be individual persons (e.g., self-employed), specific trusts and […]
Unpacking the Differences between E-commerce and Brick-and-Mortar Retail Accounting
There are two distinct models in the ever-evolving commerce space. e-commerce, driven by the digital revolution, has reshaped the way we buy and sell. Meanwhile, traditional retail maintains its enduring presence. In 2022, retail e-commerce earned more than $5.7 trillion worldwide. While the boom in online shopping is rising steadily, it won’t take over in-person […]
Everything You Need to Know About Chart of Accounts
Navigating the financial landscape of a business involves managing a variety of transactions, current liabilities, and financial performances. These activities need to be meticulously recorded in the financial statements account. So, how will you know the proper account type to record it in? Here’s where the chart of accounts plays an essential role. This article […]
Cash Accounting vs. Accrual Accounting: What’s the Difference?
Cash accounting and accrual accounting are two primary methods used in accounting to record financial transactions. However, they differ in how they recognize revenue and expenses, which can have significant implications for financial reporting. In this article, we’ll look at cash vs. accrual accounting and learn how each method works. This will help you make […]
How you can save thousands through the Employee Retention Credit
Looking for some extra cash in your business? One of our clients was thrilled to receive additional unexpected money from the IRS this month, when they were approved for the Employee Retention Credit (ERC) we pursued for them. What is the ERC? The Employee Retention Credit is a refundable tax credit against certain employment taxes […]
Shopify’s New Feature: Sales Tax Nexus Alert
If you’re an e-commerce seller using Shopify to sell your wares, you might have noticed the new Shopify feature alerting sellers of potential new sales tax nexus. Sales tax is a unique concern for e-commerce businesses, because they can be required to register for and collect sales tax in any state in which they hit […]