Why Do You Require Accounting Software for eCommerce Business!

Why Do You Require Accounting Software for eCommerce Business!

While dealing in the eCommerce industry, you need to take care of your finances and manage your accounts successfully. Always keep in mind that you end up selling products online to earn some profits, and to keep that profit on track, you need effective accounting software for your eCommerce business. Keeping up on the books can be time-consuming and exhausting without a dedicated eComm accounting software. If you are selling your products all over India, you have to track the taxes for every state, and it can be a full-time job by itself.

Mistakes and errors in accounting and taxes can negatively affect your business. If you think you can earn profits after skipping this step, let me tell you that you’re living in denial. There is no shortcut to generating revenue by skipping the accounting process. You have to go through this if you associate with any online or offline business. To maintain the perfect accuracy in accounts, you need to speed up your business’s accounting system. In this particular blog, we have mentioned the requirement of accounting software for an eCommerce business.

Significance of Accounting Software for eCommerce Business

The traditional way of doing the accounting part increases the chance of significant errors. That is why you need to take the help of integrated accounting software, as it is the only solution to all the manual accounting and financial issues of an eCommerce business. This industry is emerging rapidly. That’s why you need to be as quick and accurate as possible. Accounting software such as eVanik OWS takes over all the responsibilities right from reconciling payments and tally integration. Apart from that, it also provides the solution for inventory management, omnichannel order processing, and so on.

The Clarity in Financial Report

To have clarity on finances and visualize the bookkeeping, you need to have a chart or graphs. Accounting software for eCommerce businesses provides you the clarity to understand your business’s financial statements in real-time. With a single click, you can get insights about all the individual orders and other expenses. This type of accounting clarity lets you consider your finances at any second rather than consulting with multiple accountants or waiting until the end of the month. It can help you learn essential information about your customers’ spending habits.

Hassle-Free Integration

Most eCommerce sellers use tally to manage their accounting part. Accounting software such as eVanik easily gets integrated with your tally prime and makes managing your accounts much more effortless. It provides you with a matching tool where you can match your sales tax report with the data integrated into tally prime. While using the accounting software, it won’t require you to install any third-party module in your tally prime because it is already integrated with tally prime through API. Apart from that, it minimizes the requirement of downloading or uploading any excel CSV (comma separated values) files from various eCommerce marketplace seller panels.

Accuracy in Bookkeeping

It doesn’t matter how good you or your team are at doing the maths manually in the eCommerce business. We are human, and humans are prone to error compared to computers. You have to understand that integrated payment processing is more accurate in any individual transaction. To maintain accuracy in bookkeeping, you need to take advantage of any accounting software. It can also screen the errors across informational categories to maintain overall accuracy. To maintain the cash flow and grow your business, you must provide accurate bills to your customer on time. The best accounting software lets you automate the invoicing as well. You can also send follow-up reminders, create recurring invoices, and accept digital payments directly from the invoices.

Integration with eCommerce Platforms

If you sell products on various eCommerce platforms, you require accounting software for eCommerce businesses that integrates easily with multiple eCommerce channels. Entering every transaction and other expenses manually includes significant errors, which is time-consuming. However, the software integrates smoothly with various eCommerce channels to provide accurate financial information and data. The software that integrates with your banking system is something that all businesses find convenient for themselves. If you are dealing in the eCommerce business and selling products on various platforms, a compelling accounting software with integration feature is something crucial you should look for.

Three Tremendous Types of Accounting Software

Cloud-Based Accounting Software

This type of software totally relies on the cloud to keep all of your financial data in one place and provide you the access to operate it from your computer and smartphones as well. Undoubtedly, it is convenient to access, but on the other hand, it does open up your data to potential hacking on a cloud. So, while choosing such software, you will have to check out the security they provide.

Cloud and Desktop-Based Software

This kind of software allows you to keep some information on the cloud and other essential information on your desktop. It can be much beneficial when you want to have some reports accessible online, but you don’t automatically want all of your business’s financial data on the cloud.

Desktop-Based Software

Desktop-based accounting software keeps all of your data rigidly on the desktop. Until or unless you export it and share it in some other way, you will not be able to access it on any available cloud networks. If you don’t want to take any risks while having your information hacked on a cloud, it will be an efficient and secure choice.

Conclusion

If you want to manage your online business’s finance efficiently, you must use accounting software for an eCommerce business. It will provide you with an instant overview of your profits and expenses, which ultimately helps you plan and fix a budget for your business. Besides this, the accounting software allows you to analyze your financial data. This can make you streamline the whole eCommerce process, manage the inventory and develop intelligent pricing strategies. All of it can help you to stay competitive in the market. So, if you are convinced that you should use accounting software for your online business, why not consider the eVanik OWS. It provides you with all the essential services required for your online business. It provides you the excellent feature of tally prime integration, Zoho books integration, Aligns books integration, and Quick books integration. Apart from accounting, it helps manage the inventory and provides the payment, shipping, and returns reconciliation benefits.

How to sell on amazon for beginners?

How to sell on amazon for beginners?

There is a step-by-step guide for every process whether to make an email ID, to make a social media account, or even to register yourself as a citizen in any country. Similarly to become a business owner you have to follow certain protocols to register yourself as one.

This blog is specially designed for the one who is a newbie and wants to become a seller on amazon. We are aiming to guide you step by step on how you can start your own eCommerce on amazon.

So without wasting any time let’s get started.

Making a Plan

First and foremost you have to make sure you are going on the right path. In order to do that you have to do thorough market research, set your business mission, and decide on a proper product analysis and financial budget.

Find your Niche

After thorough research, you have to decide what products you are going to sell. This niche will decide whether it will be profitable or not, will it stay trendy for a while or stay evergreen, what kind of impact will put on the mind of the customers and other important factors will decide whether it will give you significant revenue or not.

It is advised to select the products based on the season and fragility of the item.

Recognize your Supplier

In this part, you have to understand which supplier has the potential to fulfill your product unit requirements. In case you are the manufacturer you can ignore this part, but for the ones who are starting out you can look for websites like alibaba.com who can fulfill your order in bulk.

If you are not satisfied with the option you can go on google and find your ideal manufacturer who can provide you the quality products, low shipping charges, best prices, etc. This part mainly covers the market research.

Place your Orders

Now that you have decided on your supplier, it’s time to place your order. It is advised not to go for a large order but for small ones. Use this small order to get feedback and test your targeted customers.

Remember to stay in touch with your supplier and always check the quality of the product you are delivering to avoid any unhappy customer.

Registering yourself as a seller on Amazon

In order to sell on amazon, you need a seller’s account. This marketplace offers two types of accounts first is an individual seller and the other is a pro account. In the individual account, you will charge 0$ a month but you have to pay a dollar for every sale in the pro account you will charge 39$ per month.

So here you have the flexibility to choose according to your needs.

In order to register, you need necessary documents like GST number, business address ID, individual identification, business phone number for verification, and other important information that will be mentioned on the screen.

Create your Product List

Now that you have set your account, it’s time to list the product on your account. It is advised to optimize the products you are listing by including high-resolution images, stating out proper details with rich content, and giving some insight about the products in bullet points. Here you have to focus on making the product more appealing.

Manage your Inventory

While selling you have to pay special attention to the inventory. Keeping track of inventory level is extremely important. If you are unable to keep a proper track, you might face a situation where you might be out of that specific product and won’t be able to deliver the item the customer is asking for. This affects your brand image and hampers customer’s loyalty to some levels.

To manage your inventory you can use an efficient inventory management system that can also offer multiple features that can help your business smoothly.

Act on your Customer Feedback

It is necessary to make necessary changes according to your customer’s feedback. These feedbacks will help you recognize the gaps in your business plans and plan efficiently to generate significant revenue for your business.

These testimonials can turn out to be social proof that your products or services are authentic and are of good quality.

Conclusion

Amazon is one of the most profitable eCommerce marketplaces and if you are planning to start your business, we believe this is the right time to get in. Hopefully, you might have understood the path to start your online business. All the best in your future endeavors.