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Shopify Accounting: The Ultimate Guide

By September 20, 2021 No Comments

If you’re an ecommerce company looking for accounting help, it’s important that you work with a firm that understands your business. We specialize in accounting for Shopify sellers — meaning, we understand the specific complexities that Shopify sellers face and the unique accounting needs that come with this business model. Check out our Shopify accounting services page to learn more or simply keep reading.

Selling on Shopify

We know that selling on Shopify can be an uphill climb, considering the fact that you’re directly competing with the monolith that is Amazon. And as great as ecommerce can be for the growth of your business, you need to know how to best protect your business, first and foremost.

As a Shopify seller, you have full control of your ecommerce business. You’ve set up your online store and now take advantage of the cloud to sell your products 24/7 around the world. 

You live and die by the listings and pricing on Shopify. As an entrepreneur, you want to be the best! However, you wrestle with pricing/repricing and managing returns, and you work hard for the best customer feedback you can get. Your goal is to get orders to your customers as quickly and painlessly as possible, without hemorrhaging money.

So, you’re trying to maintain a 50,000-foot view of your finances while juggling the plethora of daily tasks it takes to run your business. That’s a lot to juggle. Too much, even, without some outside expertise from an Ecommerce Accountant. Remember – this is the financial health of your business we’re talking about.

And we know that you have unique accounting asks as a Shopify seller. For example, how do you handle multiple payment processors? How do you properly configure your shopping cart to collect sales tax? What should you do about refunds and partial refunds? How do you select the right cloud inventory tool for your business? That’s where some professional accounting help comes in.

Shopify Accounting

Speaking in more general Shopify accounting terms, you might know if you’re making a profit on what you sell, but do you know if it’s enough? You need to cover overhead and growing inventory and marketing costs for your business.

Ecommerce Accountants can help decipher if your ecommerce is profitable overall, and more specifically help to identify which of your products is making you the most amount of money, and which are making you the least amount of money.

Any business owner knows that cash flow is essential, but that can be hard to get a good gauge on, too. It’s challenging to know when to invest in more inventory, pay yourself more, increase your marketing efforts, or save some of that money for the future.

Okay, so maybe you’re more well-versed in accounting – or have more insight into business profitability. But running the business should be your sole focus. You have to wear multiple hats at the same time – sourcing products, overseeing customer service, marketing, competition, and hiring.

We promise, once you have the accounting squared away, you’ll be able to sleep better at night. Catching Clouds, an Acuity company, provides a complete outsourced ecommerce accounting service for your Shopify business, including:

Looking for some DIY tips and training instead? Catching Clouds also offers an ecommerce accounting training course geared toward Shopify sellers. Click here to learn more.