Tag: bookskeep

Are You Running Your Ecommerce Business—Or is it Running You?

Are you building your business to support the life you want to live? Or are you so busy getting everything done that life is passing you by? While I mostly write about cash flow, I’ve come to realize that the real currency in our lives is time. This is true for life and for business. […]

Accounting for Inventory: Your Questions Answered!

What do you do when something doesn’t go as planned and you end up with inventory that has to be destroyed or is lost? Perhaps you have returns that are sellable, and you plan to list them on eBay or resend them to Amazon. Or even donate them if they have slight damage but are […]

InventoryLab Webinar Recap for Ecommerce Sellers

It was such a pleasure joining Jeff Campbell of InventoryLab last week in the webinar discussing how to prepare your tax information. There were several questions from the attendees that I’m sure others have this time of year, so I’m recapping them here. Can we use InventoryLab as an accounting tool for our accounting reporting for our […]

It’s Almost Tax Time: Are You Ready?

As 2020 has come to an end and the flurry of Q4 and the holidays are just happy memories, we now get to turn our attention to everyone’s least favorite topic: taxes. Staying Current Can Ease Tax Time Headaches If you’ve been organized all year, this is where you reap the rewards. If not, you […]

Q4: The Perfect Time to Put Parkinson’s Law to Work for You

You’ve heard me talk before about Parkinson’s Law. It was developed in the 1950’s by Cyril Northcote Parkinson, and can be simply stated that the amount of work required adjusts (usually increases) to the time available for its completion. This is applied to our resource of time. However, the law can be applied to all […]

Cash Flow Forecasting – What Does Your Horizon Look Like?

This time of year, many of our clients are actively engaged in Q4 2020 and contemplating what business may be like in 2021. There are many unknowns this year; everything from pandemic developments to storage limitations and fulfillment and shipping concerns. One thing is certain—this year, Q4 will be different. Are you prepared for all […]

4 Best Practice Tips for Tracking Ecommerce Inventory

Tracking inventory is never easy, and with Amazon changing the rules recently, let’s take a minute to ensure we understand how inventory should be recorded in your books. We’ll start quite simply with the definition of inventory. From an accounting perspective, it is an asset and will show up on your balance sheet, just like […]

Keeping Your Financials Strong During the COVID-19 Crisis

These last few months have been a wild ride for our clients. Some sold more in April than in Q4. Some were laying off employees and pivoting to merchant fulfilled. Most were applying for the SBA loans, both the PPP and the EIDL. The eCommerce business has really been all over the map. I hope […]