For consumer goods companies, managing finances can feel like a constant juggling act:
➡️ Sales coming in from platforms like Amazon or Shopify.
⬅️ Tracking inventory and cost of goods sold.
💸 Managing expenses and receipts.
Here’s the good news: it’s all automatable.
💡 Tools like Link My Books and A2X can integrate directly with platforms like Xero and Quickbooks to streamline revenue tracking.
📦 Inventory systems like Unleashed or Cin7 provide accurate cost data automatically.
🧾 Apps like Dext or Apron handle bills and receipts, organising them instantly.
This isn’t about replacing your finance team—it’s about freeing them up for what matters most: strategy and growth.
What are your favourite accounting and financing tools?
How can consumer goods, but there's automate their their bookkeeping and accounting. And the great news is there are a lot of automation applications out there. They do help you automate absolutely everything in your finance process. So I'm gonna start at the very top for a consumer goods business. I'm going to talk about revenue. So how can you automate your revenue accounting? This is quite widely known, but if you sell on on Amazon or you have a, a Shopify store and whatever channel it may be really there are a number of automation platforms out there that pull in that data. And such sale platform and and puts it into your cloud accounting system be that zero QuickBooks. So there are platforms such as Link my Books or a 2X that do allow you to link up your source system. So let's take Amazon for example, and will then push that sales information directly into your accounting system. So that's that's the number one way how you can automate your sales accounting. And I think if any consumer goods business, which is very transactional is not doing that. That's a really quick and, and, and big win I would say to do. And so that really helps you focus in on making sure your revenue is on an on an accrual accounting basis, which I talk about a lot because I'm very pro accrual accounting and really don't think cash accounting as much value at all when it comes to insights. So use some of those platforms, link my books a 2X great platforms, we've used them ourselves and and automate your sales accounting when it comes to cost of sales and inventory management, another big consideration for consumer goods businesses. There are a number of inventory systems such as Unleashed since 7:00 to name just a couple. Now they're great comprehensive systems that allow you to manage the purchasing of your inventory and everything related to that. But importantly, it gives you an average cost of the product that you're selling. Now when you pair that with the automated sales accounting that's coming from your platform such as Amazon or Shopify and you integrate the inventory system. What it does is for every product you sell is gonna give you how much you sold it for and how much was the cost of that product in an automated way. And that can be pushed into your accounting system. Again, be 0 or QuickBooks or anything else. But that's the approach you need to take to to make sure you've got really good revenue, cost of sales and gross margin reporting. Now that's obviously the biggest part of a consumer goods business. Of course, managing those platforms is not something you can just do in 2 minutes. You have to invest a bit. Time definitely set those up, but when they're set up in the right way and you've got people in your business who really take these systems seriously and manage the processes around, they can be really powerful in giving you that automated accounting solution. That then really leaves just the management of your overheads and your expenses. If I'm moving down the PNL, I've done sales, I've done costs of sales and gross profit, and now I'm going to do expenses. How do you automate that? Well, lots of people these days are using a system called DEX to use the receipt bank. Great. It scans or met perhaps now even Apron, which is another great startup in this space, which is around bill capture and scanning. So what that allows you to do is you e-mail in your bills and receipts as they come into you. If your emails that gets scanned into the system and can automatically be pushed into your accounting system. So it scans that document, reads it and push pushes it into your accounting system, which can then be matched against the transaction coming through your bank account. So that's really how that works now within those systems as well, which is. Really cool. You can set up certain supply rules so if you know that you always get. Invoices from certain supplier, Lester's call it Slack, for example, you use Slack to communicate. You can set up a, a rule with indexed or, or apron or any other of those platforms. You'll tell, you'll tell the system where you want it to go. The system will then push it into that category for you, into your books. So what you've got there is you've got basically a fully automated P&L and off the back of that a balance sheet as well. No, it doesn't mean it doesn't need to be looked over and reviewed to ensure quality. And that's where the finance team comes into play. But you do in this case, have a fully automated accounting solution for your consumer goods business. So that's absolutely possible to do. Now I know that you're probably all thinking, ohh, God, now I need to manage all of these different apps and systems and oversee them all, which is true if you get on this approach. And that's exactly why we built addition for that reason. It, it really consolidated all of these applications into one place so that you're, you're, you're liaising with one platform, one team and getting that. Automated accounting solution.
Great, super easy to understand breakdown. Which segues really well into our next point. Automation and data are most valuable when you have experts, such as accounting professionals, to help you interpret it all!
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Simplifying Finances for Small Business Owners 💼📈 | Bookkeeping, Cleanup & Reconciliation Expert | QuickBooks Online ProAdvisor | Xero Certified | Save Time & Focus on Growth 💹
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Bring Shopify and QuickBooks Together: Boost Sales and Avoid Common Connector Pitfalls
Integrating Shopify with QuickBooks can supercharge your sales and streamline your accounting. However, common connector issues can slow you down. Here's a quick look at potential problems with popular connectors:
Popular Shopify & QuickBooks Connectors:
◼️ Shopify Connector by Intuit
◼️ Webgility
◼️ A2X
Common Issues:
◼️ Product fetching problems
◼️ Mismatched products between platforms
◼️ Transaction sync failures
◼️ Slow syncing or delays in data updates
◼️ Incorrect mapping of products, pricing, or taxes
◼️ Payment tracking errors
◼️ Currency conversion issues (for international stores)
◼️ Messy data, including duplicate transactions or inaccurate reports
To avoid these pitfalls, ensure proper setup and regular monitoring for smooth integration and accurate financial reporting.
#eCommerce#Shopify#QuickBooks#Intuit#A2X#Webgility#eCommerceSolutions#Bookkeeping#Accounting#Business#eCommerceBusiness#Integration#FinancialReporting
📊 Accounting Strategies for Multi-Platform Companies 📊
In today's digital landscape, multi-platform companies are rewriting the rules of commerce, like the power of platforms like Shopify, Amazon, Etsy, and more to reach wider audiences and drive sales. However, one critical aspect often overlooked is accounting. Let's explore why accounting for multi-platform companies is paramount and how to navigate this complex terrain successfully.
1️⃣ Centralized Financial Management
2️⃣ Platform-Specific Analysis
3️⃣ Inventory Management & Cost Control
4️⃣ Tax Compliance & Reporting
5️⃣ Financial Forecasting & Growth Strategies
In conclusion, accounting lies at the heart of financial success for multi-platform companies. By implementing robust accounting systems, conducting platform-specific analyses, optimizing inventory management, ensuring tax compliance, and leveraging financial data for strategic decision-making, businesses can thrive in the dynamic landscape of e-commerce. Are you ready to elevate your accounting practices and unlock the full potential of your multi-platform business? Let's connect and chart a course towards financial prosperity! 💼💰 #Accounting#Ecommerce#MultiPlatform#FinancialManagement#BusinessSuccess
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Simplifying Finances for Small Business Owners 💼📈 | Bookkeeping, Cleanup & Reconciliation Expert | QuickBooks Online ProAdvisor | Xero Certified | Save Time & Focus on Growth 💹
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Keeping your books in order just got a whole lot easier. With Connex E-Commerce, you can effortlessly sync your ShipStation and QuickBooks data, saving you time and simplifying your financial management process:
💼 Effortless Bookkeeping: Tired of juggling multiple platforms and struggling to keep your books balanced? Connex E-Commerce streamlines your bookkeeping process, so you can spend less time on paperwork and more time growing your business.
📊 Real-Time Insights: Gain valuable insights into your finances with up-to-date data from ShipStation and QuickBooks. With Connex E-Commerce's integrated solution, you'll have the information you need to make informed decisions and drive business success.
💡 Focus on What Matters: By automating your bookkeeping process, Connex E-Commerce frees up your time and energy to focus on what really matters – growing your business. Spend less time on administrative tasks and more time on strategic initiatives that drive growth and profitability.
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𝗟𝗲𝘁’𝘀 𝗦𝗼𝗹𝘃𝗲 𝗧𝗵𝗼𝘀𝗲 𝗣𝗿𝗼𝗯𝗹𝗲𝗺𝘀!
🚨 E-Commerce Challenges: Let’s Break Them Down!
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As an Amazon or Shopify seller, you might be facing some common challenges—
* inventory management, sales tax compliance and cash flow issues
* need help in setting up QuickBooks Online | Xero for your business
* don't understand the financial reports | your books are messed up
These can slow down your growth and add stress to your day-to-day operations.
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But guess what? These problems can be solved with the right strategies! 💡
Tomorrow, I’ll share how choosing the right bookkeeping support can transform these challenges into opportunities for growth.
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What’s the biggest challenge you’re facing right now? Let’s discuss it in the comments!
📞 Book A Call: https://bit.ly/3Lrq0Sf#EcommerceChallenges#ProblemSolved#ThursdayThoughts#AmazonSellers#ShopifySellers#XeroBookkeeping#Xero#QuickBooksOnline#QuickBooksOnlineBookkeeping#Bookkeeping#Accounting#ShopifyBookkeeping#ShopifyBookkeeper
𝗗𝗮𝘆 𝟰: 𝗧𝗼𝗼𝗹𝘀 𝗮𝗻𝗱 𝗥𝗲𝘀𝗼𝘂𝗿𝗰𝗲𝘀 𝗳𝗼𝗿 𝗘𝘅𝗽𝗲𝗻𝘀𝗲 𝗠𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁
Title: Mastering Expense Monitoring for E-commerce Success
Hello, E-commerce Visionaries! 🌟
You've gathered some great insights so far. Today, let's look at the tools and resources that can help you manage your expenses more efficiently.
Essential Tools for Expense Management:
1. 𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝗶𝗻𝗴 𝗦𝗼𝗳𝘁𝘄𝗮𝗿𝗲: QuickBooks, Xero, – pick the one that fits your needs best.
2. 𝗘𝘅𝗽𝗲𝗻𝘀𝗲 𝗧𝗿𝗮𝗰𝗸𝗶𝗻𝗴 𝗔𝗽𝗽𝘀: Expensify, Receipt Bank, and others can help you keep track of every transaction.
3. 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗗𝗮𝘀𝗵𝗯𝗼𝗮𝗿𝗱𝘀: Simple tools that give you a clear view of your finances.
4. 𝗜𝗻𝘃𝗲𝗻𝘁𝗼𝗿𝘆 𝗠𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝗦𝘆𝘀𝘁𝗲𝗺𝘀: Software to help manage and track your inventory costs effectively.
Utilizing these tools can streamline your expense management process and provide valuable insights to make better financial decisions.
Tomorrow, we’ll wrap up this series with tips on maintaining a sustainable expense management system. 🌱💼
📞 Book A Call: https://bit.ly/3Lrq0Sf
🌐 Visit my website: https://lnkd.in/g86FsSrE#ShopifySeller#Shopify#AmazonSeller#Amazon#QuickBooksOnline#Xero#Bookkeeping#Accounting#XeroAccounting#QBOAccounting#Ecommerce#ExpenseManagement#BusinessTools#FinancialSuccess
🤔 Did You Know? 🤔
Managing sales tax for Shopify in QuickBooks Online can be one of the most challenging pain points for businesses. 🙏 But with WeIntegrate, this task just got a whole lot easier!
🌟 WeIntegrate Features:
💰 Flawlessly Accurate Sales Tax: Ensures 100% accuracy when loading sales tax from Shopify into QuickBooks Online.
💰 Correct Agency Allocation: Automatically allocates sales tax to the correct agencies.
💰 Physical & Economic Nexus: Manages both physical and economic nexus seamlessly in QuickBooks Online.
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Great, super easy to understand breakdown. Which segues really well into our next point. Automation and data are most valuable when you have experts, such as accounting professionals, to help you interpret it all!