Ecommerce is known for its technical nature of transactions. There are multiple transactions each day that too from numerous sales and payment processing platforms.
The no of transactions and the detail in the report is gross revenue as it has transactions fee for various channels, sales returns, shipping, and sales tax.
The technical nature of eCommerce accounting is timing-consuming for accountants and bookkeepers and a nightmare for the eCommerce businesses.
What A2X is used for
A2X has resolved this issue by bridging the gap between eCommerce platforms and accounting software for the best solution for eCommerce accounting.
A2X accounting summarizes sale reports from e-commerce platforms into a journal and posts them to your accounting software with accuracy. A2x is the best solution for eCommerce accounting automation for eCommerce businesses.
To integrate your e-commerce accounting with accounting software A2X allows you to do the mapping. That how are you make sure your sales payment channel are interlinked so that A2X create the best possible and most accurate journal summaries to import into your accounting software.
For financial health and tracking expenses and income, accuracy is the key element, which is insured by A2X.
What platform can use A2X:
Here is the list of platforms and sales channels that can use A2X;
Which accounting software you can integrate through the A2X accounting solution with amazon business;
“A2X is the go-to accounting software for e-commerce clients. A2X makes bookkeeping and accounting easy. The process is easy, understandable, and efficient, the integration with [my accounting software] is outstanding.”
As discussed earlier eCommerce business has a number of transaction reports and settlements reports. That becomes too hectic for eCommerce business owners and time-consuming for accountants/bookkeepers.
There are a lot of difficulties associated the eCommerce accounting;
For other businesses, it might not be confusing because they are selling through one channel. But for eCommerce businesses there are multiple sale channels this becomes quite confusing. How many and which stock to help to accurately manage and not run out of stock.
Accurate inventory management is vital for business success and is an important part of financial reporting.
Nature of sales Tax:
There is the complexity associated with sales tax because you have to find the connection between you and your state which is referred to as ‘Nexus’.
There is also another technical term product taxability: whether the product is taxable or not. In some states, there are multiple sales tax rates for different items.
Different payment processing platforms:
There are multiple payment processing platforms that e-commerce businesses offer to their customers. So that to give them ease and not lose a potential customer. These are the measures taken to ensure high conversion and low abandonment rates.
High-volume of transactions:
E-commerce business is known to have a lot of transactions per day that too from different channels. More transactions mean more financial data.
That many financial transactions might compromise accuracy and ultimate clarity. A2X summaries transactions in such ways that their accuracy remains intact.
Cash and accrual base Accounting for Amazon bookkeeping:
While doing eCommerce accounting or bookkeeping for your eCommerce business you can choose between two different account methods known as cash and accrual bases of accounting for your eCommerce accounting.
On accrual bases, you can manage Accounts receivable and payable for revenue and expenses that are not yet received or paid. You can create an Invoice or bill to track these incomes and expenses.
While on a cash basis you can only record when income in cash is received and expenses are paid.
A2X uses an accrual basis of accounting for an eCommerce business so summaries reports and match the revenue and expenses for the period.
A2X accounting solution for eCommerce business accounting:
A2X is the ultimate solution to automate the sale channels with that accounting software. In order to get summaries reports and summaries journals to keep track of financial health and get an accurate accounting system in place.
Why is A2X the best option:
A2X ensures accuracy while it summarizes the journal from different sale channels and posts it to accounting software.
when you have summarized journals in your accounting software it will take less time to reconcile accounts.
Organize financial reporting system:
through A2x e-commerce sellers and their accountants/bookkeepers can get to download their settlement reports and split them into moth wise and summaries it into journals. It will get the benefit to get a clear picture of their financial figure and they can forecast easily.
More automation is equal to more time:
it has the benefits to give eCommerce sellers to get extra time to manage their business operations and also has added benefits to reduce the amount of payroll of accountant and subcontractor bookkeeper payment.