Managing an online e-commerce business comes with a whole lot of moving parts. You need to serve your customers’ needs while providing high-quality products that are shipped/delivered on time and safely. Yet, if your accounting isn’t up-to-date how are you sure that your business is making any profit? As a business owner, it’s essential that your business is running smoothly and producing excess revenue.
In order to make a profit and have a successful e-commerce business, you must have your accounting in order.
At Connex, we understand that accounting professionals are costly. Do you want to keep spending hundreds (or thousands) for your accountant to upload a spreadsheet into QuickBooks? With our Connex for QuickBooks Online and Desktop automation tool, we assist e-commerce business owners, like yourself, stay in charge of their accounting and guarantee that they meet quota!
This post discusses 3 of the most common accounting mistakes that ultimately cost you time, money, and business opportunities. Implementing our accounting tips and using our automation tool, will guarantee you peace of mind and an e-commerce business that is profitable and running seamlessly!
Mistake #1 – Waiting until Tax Time to Organize your Accounting
Without fail, when April rolls around we see small business owners get in contact with us asking for help in getting their sales from the previous year into QuickBooks. While we do automate historical syncing, waiting until tax time to organize a year’s worth of accounting will present some challenges and hiccups.
If you’re not keeping your accounting up-to-date, the following problems may arise when you file your taxes:
- Pay more in taxes when you fail to write-off expenses and record the value of inventory into QuickBooks
- Not being able to pay your vendors, staff, or yourself when you fail to track Account Receivable.
- You oversell products because you fail to keep track of your product inventory
Staying on top of your QuickBooks data is an essential part of avoiding this common mistake during tax time
Connex tip: Can’t seem to find a strategy to organize your books? Read these two helpful resources: Automate your data entry into QuickBooks in 4 Steps and Best Practices for a Profitable E-Commerce Store.
Mistake #2 – Manually Entering Data into QuickBooks
Are you manually entering all your data into QuickBooks? Are you still running into mistakes? Don’t want to spend money on an accountant? Most business owners estimate spending over 10 hours a week on manual data entry for their e-commerce business. Let’s do the math:
10 hours a week = 500 hours a year!
Or, if you do pay an accountant:
$30/hour = $15,000 a year! (not including payroll taxes or the unavoidable manual data mistakes that come along with it)
Wondering exactly how much money manual data is really costing you? Our Savings Calculator can show you how much time and effort Connex is able to save you per year!
Relying on manual data entry results in your business barely surviving and just staying afloat, and you will find it difficult to increase sales, partner with other businesses, and gain the visibility needed to fuel business growth.
Not only is manual data entry costing you money, but it also leads to the following problems:
- Human errors
- Upset customers
- Lost opportunities
- Stagnant growth
Helping e-commerce businesses free themselves of the dreadful upkeep of manual data entry is our mission. Stop wasting hours and money manually entering data into QuickBooks – instead spend more time with your family and friends, and more energy on business growth!
Connex tip: Our solution is ideal for e-commerce business owners who have up to 30,000 orders per year. Check out how our automation tool works by watching our Connex for QuickBooks Getting Started Guide.
Mistake #3 – Mismanaged Inventory System
Staying on top of your inventory plays a huge role in how you are able to figure out how profitable your business really is. Overstocking, overselling, or lack of organization of your inventory will lead to unnecessary money spend and taxable costs.
Overstocking products can lead to:
- Money wasted to stock your inventory
- Expired shelf life
- Tax value costs
Overselling products can lead to:
- Processing refunds
- Bad ratings/reviews
- Loss of revenue
Having an organized and automated system in place will simplify your workflow, create a trust-worthy, and profitable e-commerce business!
Connex tip: Match your inventory product SKU’s correctly into QuickBooks to accurately see profits made. Our automation tool is able to match your products automatically via syncing. Learn how by reading How Does Connex Match Products?
With over 12 years of experience with QuickBooks, our Connex for QuickBooks automation tool has helped thousands of small business owners, like yourself, keep their QuickBooks accounts up-to-date and businesses profitable. Our solution is compatible with over 20 integrations such as Shopify, Amazon, WooCommerce, ShipStation and so much more!
You will never have to panic during tax time again! Instead, you will be relieved and left feeling confident that our automation tool was able to sync your sales, orders, and inventory correctly – with no mistakes or hassles.
Ready to try Connex and see how profitable your business really is?
Why Our Customers Choose Sync with Connex
- Developed specifically e-commerce business owners
- You can scale your business by automatically syncing sales & inventory from multiple e-commerce platforms to QuickBooks Desktop or Online.
- You don’t have to spend your resources manually entering sales, inventory, and customers into your website and QuickBooks accounts.
Recommended by Intuit itself, Connex for QuickBooks will give you peace of mind that your inventory will be updated. You will be free of the frustration of oversells and missed items.
- When your inventory is up-to-date, you can achieve higher customer satisfaction, leading to more positive reviews, and increased sales.
- For phone orders, we can sync sales from QuickBooks to your shipping solution.
- If you sell on multiple channels, you can simplify by using our solution instead of multiple tools.
- Connex integrates QuickBooks with all major e-commerce platforms, such as Woocommerce, Shopify, Magento, Amazon, and e-commerce shipping solutions such as Shipworks, Ordoro, and Shipping Easy.
How can you decide whether Connex is right for your business?
During this introductory call, you will discover how Connex can help you to:
- Eliminate manual data entry into QuickBooks Online or QuickBooks Desktop
- Automatically update your inventory and prevent oversells and refunds
- Manage sales from multiple channels in one app
- Connect your shipping solutions to QuickBooks
- Have accurate financial information in your QuickBooks every day
Are you unsure whether Connex is right for your business?