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With today's economic challenges with disrupted supply chains, increased cost of goods, inflation, and lower yield advertising - razor-thin margins need to be managed. It is now a requirement to manage the finances of your online store, with greater precision or increase your risk of failure from:
- 32% from running out of cash - cash flow is crucial to be managed.
- 29% from cost/price imbalances
- Others tried to scale too quickly
By practicing good accounting, you can sail through these financial pitfalls - this requires real-time alerts and management where in the past it was done on a period-based review. This may be time-consuming as the ever-growing knowledge base of your business deepens in products and services. It is not enough to follow your gross profit, it now requires you to ensure your cash flow is in check, and your pricing adjusts in real-time to your costs (by pricing to the projected replacement costs and logistics).
eCommerce Accounting Challenge
Brick-and-mortar retailers have shown to be more straightforward to do accounting than online retailers.
- eCommerce stores have more varied payment options than physical store outfits. They have different schedules for payouts, and different costs to reconcile.
- Online sales can reach interstate and international audiences, creating more complex taxation, duties, and logistics.
- Categorizing transaction types of sales, fees, refunds, tax, duties, costs, etc. makes it difficult to assign manually and with accuracy towards the P&L.
- Your Gross Margin will not be accurate and cannot be tracked if your cost of goods sold (cogs) isn't managed properly and accounted for accurately.
Through the BigCommerce API, A2X Accounting has been integrated and offers real-time accounting to provide a powerful solution to merchants in achieving greater control over their finances, and can make more timely decisions on their business. Additionally, reporting your finances has never been easier.
More transparency equates to greater control
Due to popular demand and looking for customer success at BigCommerce, the push for the A2X integrations was a clear one. BigCommerce looks to enable and help grow businesses using their platform and Apps, however, with business growth comes business complexity. With the additional complexity, it can only be managed and improved with greater transparency so that prioritization and the measure of ROI for improvements can be established.
With A2X and BigCommerce, the accounting tasks are accurate, simplified, and automated with the clarity of review and reports being real-time. Within a few clicks, you will have visibility of your business finances which would have otherwise taken the time and incurred delays to enter the information and be aware of an issue that might have arisen.
Accountants, Bookeepers, and eCommerce merchants have trusted A2X Accounting from 2014 onwards, with great success. It not only connects your online store to A2X, but also can connect to QuickBooks, Sage, and Xero accounting software.
BigCommerce Sales data is synchronized with A2X Accounting and it auto-categorizes the transactions as it passes it to QuickBooks Online or Xero. This allows for QuickBooks or Xero to issue payouts due to returns, refunds, credits, taxes, and gift cards - all this into daily summaries at which point can be reviewed, paid out, and reconciled real-time.
"Make tax time less taxing": By setting tax rules to transaction types allows you to be more accurate in the way you will have tax reporting, freeing up more cash flow for your business.
"Know your margins": A2X reconciles your COGs with your BigCommerce orders to accurately calculate your gross margin.
"Accessing Accounting Professionals": A2X Partner directory provides access to Accountants and Bookkeepers around the world if you need accounting specialists to assist with your business.
"Global experience, local support": A2X is represented in almost every time zone, has deep experience in eCommerce and automated accounting, they are customer-centric in assisting customers.
With A2X Accounting customer support there are no barriers in which you can achieve greater transparency in your business, and manage a tighter financial ship. Tracking fixed costs can be straightforward, but indirect costs in a moving economy can be a challenge. Reducing inventory costs to free up cash, requires tighter inventory control. If you are looking to engage with A2X accounting, and need a hand - feel free to reach out to us at email@example.com