Internet Retail

Financial Management for the Internet Retailer – e Commerce accounting Software

Electronic retail or E-Commerce stores are quickly becoming the most visited and used source of shopping in today's market. While this style of shopping is different to that of physical stores in shopping centres, the back end, in terms of accounting and book keeping still has the same importance. An accounting system, tailored for internet retailers will aid in streamlining operations, freeing up your time so that you can focus on what is most important to you.

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Key Features of e Commerce accounting software

  • Cash Flow: An e commerce solution will always have some kind of dashboard or master report where all of the necessary financial data is displayed. This is so that you can easily see your cash position or cash flow at a glance. Your income and expenses, profit and loss, the state of your inventory and more.
  • Invoices: Creating multiple invoices can be complicated and hard to keep track of. Using software will allow you to easily track who you have invoiced, when & what you invoiced them for. Some will display each item you sell in an easy to read line by line format helping you track which products are selling fast versus the ones that are not.
  • Bank Reconciliation: Using a bank reconciliation feature will ensure you are keeping track of your accounts and is the biggest defence against fraud. You can compare your actual bank records against the account information that you have in the system. This will constantly update you of when you are being paid and what money you are spending.

Benefits of using commerce accounting software

Accounting software can save time and money, it offers you valuable and important business summaries. Reports are automatically generated from the information that you supply the system with. You can see easily and quickly debtor and creditor positions on the profit and loss, customer accounts will keep it simple to view who the big spenders are and what suppliers you spend the most with too.

The time saving element of installing accounting software is what hooks most people and here is why. With a computerised accounting package, you can create customer invoices, prepare bank deposits and pay bills within the program, with the added benefit that the system will update reports for you.

When you using computerised systems you can decrease the number or errors made by you and staff. Invoice software will include the tax for you so you don't have to worry about accidentally charging the wrong price. This is especially useful when you have detailed invoices, where hours or specific items a re being billed at different rates.

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