Many ecommerce sellers come to us with an understanding that accounting for a Shopify business comes with unique challenges. Our clients have found that traditional CPAs aren’t always equipped with the knowledge needed to get an accurate financial picture of their business. At minimum this results in an incorrect understanding of their Shopify sales and expenses. At worst this can result in incorrect tax payments and loss of income for the business.
At ECOM CPA we are accountants that are excited about selling online using Shopify and pride ourselves on our understanding of the platform. We have worked with Shopify sellers to learn what information they are looking for and developed a process that gets accurate financial reporting in a timely manner. This means setting up and using A2x (if you haven’t heard of it, you need it) to transfer transaction data into your Xero accounting system. As Shopify and A2x experts, we understand and capture a variety of Shopify payment methods and the related fees and expenses. All of this data gets organized in Xero using our Shopify and ecommerce specific chart of accounts. This chart of accounts has been designed specifically for the transactions that are unique to our ecommerce clients. This means you’ll get an accurate representation of Shopify sales and related expenses. The correct recording of these expenses can often lead to big tax savings and will surely lead to better decision making for your business.
We see our role as Shopify accountants to help our clients get the right information from their Shopify accounts so that they don’t have to worry about the data – but can focus on running their business. All of this means a streamlined financial system that is tailored to support the Shopify process!
