E-commerce accounting and tax advisory
From inventory management to transaction fees and sales tax liabilities, the e-commerce business model is complex, with many moving parts. Whether you are a start-up entrepreneur or seasoned e-comm store owner, as your business grows, you need expert accounting and tax advice to equip you with financial knowledge to make smarter decisions.
At KRS, we know accounting for your e-commerce business isn’t the same as traditional accounting. We help you get accurate numbers by understanding and navigating through these four critical areas:
- Finding transactional data
- Tracking and analyzing inventory as well as cost of goods sold (COGS)
- Calculating sales tax for online sales
- Reducing foreign and platform transaction costs
Expertise for multiple e-commerce channels
We work with clients who sell their products through e-commerce channels including Walmart, Amazon, eBay, Rite Aid, OCM, and Shopify. In addition, we are well-versed in integrating the cloud-based Avalara platform for point-of-purchase tax calculations and compliance.
Managing cash flow is critical for e-commerce businesses, as is avoiding unwanted or excess inventory and unexpected return ratios. That’s why we assist our clients with:
- Recording sales and reconciling payments from e-comm sales channels
- Preparing key information such as sales and cost of sales by S.K.U.
- Tracking sales tax nexus in all states
- Preparing sales tax returns and state registrations
- Overseeing a variety of other services including payroll, bill paying, and sales tax filing to ensure accuracy and timeliness
Reach your online sales goals
At KRS, we’re here to help you save taxes and get advice for growth, so you can reach your online revenue goals. Contact us for an initial consultation today!
Services for E-Commerce:
- Analyzing financial statements
- Calculating and paying business income taxes and sales taxes
- Consulting for QuickBooks
- Developing sales reports
- Linking e-comm sales data to the accounting system
- Maintaining financial records such as debit/credit card statements and those from online payment wallets
- Managing cash flow
- Planning inventory
- Providing month-end accounting
- Recording customer returns and chargebacks
- Selecting an e-commerce accounting software package