Cloud accounting has proven to be a godsend for many since its introduction.
The ability to integrate your financial data and transactions into one easy hub has definitely made working processes more manageable than ever.
But some businesses are particularly well-placed to make the most out of cloud accounting – eCommerce being one of them.
There are a number of ways you can fully utilise your cloud accounting software to boost your productivity. Here’s how.
Choosing the right software
As there are several competitive cloud accounting software providers on the market, it makes sense to shop around and find the right one for you.
Most of them come with free trials or discounted offers for the first couple of months, so don’t be afraid to try multiple packages.
Some of the most popular for eCommerce include:
We’re always happy to discuss your options if you’re unsure which software might work best for your eCommerce business.
One of the biggest benefits of cloud accounting is the seamless integration you can set up with your online store and the other apps you use to support your business.
For instance, you could integrate your accounting software with both your sales platform and an inventory management app. Rather than keeping a separate spreadsheet for your inventory, you can use software to automatically record it, then link that information to your accounts. This will take sales into consideration and reflect any purchases in your stock list. Gone are the days of having to count each item in your inventory manually.
All of these features should save you a lot of time when it comes to your bookkeeping and accounting.
Trade in multiple currencies
Online retail businesses have one major advantage over their bricks and mortar counterparts, as they don’t have to limit themselves to the high street to find customers.
The majority of software packages will allow you to enable foreign currency purchases and select the currencies you wish to deal in. From there, you’ll have all your conversion rates applied from each sale and an overall view of your income across the transactions.
Decisions based on data
Before cloud accounting software, it could be a challenge to keep track of your financial data and make decisions based on it without in-depth manual analysis.
But as more of your data is automatically collected through your cloud software, you’ll have more information stored that can be turned into useful insights.
Some software tools allow you to analyse your cashflow, look for sales trends and forecast potential future changes. This should help you to determine your next move.
If you notice a dip in sales on one product, for example, you might be able to cut back on its supply and focus on higher-value, more popular inventory, thus maximising profitability.
Talk to us
With all of the extra tools available to your eCommerce business, it makes sense to take advantage of them. We’ve been working with cloud accounting software since its early days, so we’re always more than happy to share our expertise with our clients.
Talk to us about how cloud accounting can benefit your eCommerce business.