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Shopify Bookkeeper: Simplify Your E-commerce Finances

Published on: June 4 2023 by pipiads

- Veronica Wasseck helps Shopify sellers organize, set up, and streamline their financial systems

- One of the services her team provides is monthly bookkeeping

- In this video, she explains what a Shopify bookkeeper does and how they work with sellers virtually

What Does a Shopify Bookkeeper Do?

- Part of the financial team, focused on maintaining books and financials

- Helps with sales taxes, legal areas, operations, and income taxes

- Frees up sellers to focus on increasing sales and provides visibility into profits

- Uses best practices and brings proven financial systems and accounting methods to the table

- Understands the complexities of e-commerce accounting and bookkeeping, including timing differences, integrations, managing inventory, dealing with sales taxes, and working with payment processors and PayPal

- Works virtually with sellers using QuickBooks Online or Xero, app integrations, and secure document portals

- Records all components of income, updates inventory and cost of goods sold, categorizes and records business expenses, reconciles business bank and credit card statements, and reconciles income to sales channels and amounts received to payment processor payouts

- Doesn't require receipts from sellers, but categorizes transactions based on vendor information and asks questions for additional information when needed

- Shopify bookkeepers are modern accountants and bookkeepers focused on helping sellers grow their businesses and have visibility into their financials

- Their role is to maintain books and financials, handle the complexities of e-commerce accounting and bookkeeping, and provide sellers with the information they need to tell the story of their business financially

- Sellers can benefit from working with experienced and reliable Shopify accounting pros like Veronica Wasseck and her team.

FULLY AUTOMATE YOUR SHOPIFY BOOKKEEPING (EASILY Track Your Profits!)

Hey guys, it's your boy Jordan back with another ecommerce video. In this video, we're going to talk about how to track your profits and stay on top of your bookkeeping. This is one of the most important parts of your business, and a lot of people barely talk about this. Let's get right into it.

Why Bookkeeping is Important:

- Bookkeeping is literally one of the most important aspects of your business.

- It's not something that is going to make you more money immediately, but it's essential for your business to be successful.

- If you don't manage your books properly, you could end up losing money.

Ways to Manage Your Bookkeeping:

- For those just starting out, set up an Excel or Google spreadsheet.

- Include all expenses and revenue streams.

- For those scaling their businesses, consider using a service like Bench.

- Bench is not that expensive, and it has a team of bookkeepers to manage your books every month.

- Bench will also take your documents and present them for you during tax season.

Bookkeeping is essential for your business to be successful. Whether you're just starting out or scaling your business, there are different ways to manage your books. Consider setting up an Excel or Google spreadsheet or using a service like Bench. Remember to stay on top of your bookkeeping from day one to avoid losing money. Thanks for watching, and I'll see you in the next video.

Monthly bookkeeping in 6 steps for Shopify sellers

Hi, I'm Veronica Marsoc with 5 Minute Bookkeeping, and I help Shopify sellers set up, organize, and streamline their financial systems. Whether you're looking for DIY, done-with-you, or done-for-you financials, in this video, I'm going to share with you my system for doing your Shopify bookkeeping in six monthly steps.

Monthly Steps:

1. Record

- Add transactions to QuickBooks

- Use bank feeds or integrated apps like a2x payroll and receipt capture

- Use a2x to sync Shopify with QuickBooks Online

- Bring over summarized transactions to avoid clutter

2. Reconcile

- Reconcile QuickBooks transactions to bank and credit card statements

- Reconcile payment processor clearing account balances

3. Review

- Review books for accuracy

- Ensure no old items in bank feeds

- Review bank reconciliations

- Review undeposited funds account

- Review profit and loss report for unusual or unexpected balances

- Review balance sheet report for unusual and unexpected balances

- Investigate any unusual transactions or balances

4. Revise

- Make corrections based on review

- Put transactions in the right account categories

5. Restrict

- Close the books in QuickBooks

- Protect books from accidental errors or changes

6. Remit

- Collect sales taxes

- File sales tax returns

- Pay sales tax authorities

Working on your own books can be a bit complex, but by following these six monthly steps, you can easily do your own Shopify bookkeeping. Remember to avoid procrastination and commit to working on your books every day, even if it's just for five minutes at a time. And if you need help, check out my services and see if we'd be a good fit for working together. Don't forget to subscribe, ring the bell, and give me a thumbs up if this content is helping you. And let me know in the comments if there are any other topics you'd like me to cover in the future. I'm here to help you.

Bookkeeping for E-commerce 101: Why is it important? What Are The Right Softwares? Part 1

In this four-part series, we will be discussing bookkeeping and accounting for e-commerce brands. We will be interviewing CEO Matt Remuzzi from Cat Forge CPA office, who specializes in working with over 850 e-commerce brands that sell products online.

Importance of Accounting:

Accounting is crucial for any business, not just for tax purposes, but for future planning, setting goals, and analyzing profit margins. Without proper accounting, it's difficult to make informed decisions on product launches, employee hiring, or even when to sell your business.

Mistake #1: Lack of Bookkeeping:

Many e-commerce business owners neglect bookkeeping as it seems tedious and not exciting. However, keeping track of income, expenses, and profit margins is crucial to running a successful business. Outsourcing bookkeeping to a professional can save time and ensure that it's done correctly.

Mistake #2: Not Using the Right System:

Using Excel or other basic accounting software may seem sufficient, but they lack the sophistication required for e-commerce businesses. Using a full-service accounting software like QuickBooks or Xero is recommended to ensure accurate bookkeeping and analyzing balance sheets.

Proper bookkeeping and accounting are vital for the success of any e-commerce business. It helps in making informed decisions, setting goals, and analyzing profit margins. Outsourcing bookkeeping to a professional and using a full-service accounting software can save time and ensure that it's done correctly.

Shopify Accounting | Everything You Need to Know

Shopify Details Journal Entry for May” or whatever month you are summarizing. In this journal entry, we will summarize the gross sales, discounts, returns, net sales, shipping, and tax totals from the Shopify report. We will also create a sales tax liability account for any collected sales tax.

Next, we will code the bank deposits to holding accounts. This means we will create accounts in QuickBooks to hold the different types of income and expenses that come from the Shopify channel. For example, we will create a holding account for gross sales, discounts, returns, shipping income, and payment processor fees.

Finally, we will plug the difference to payment processor fees. This means we will adjust the amounts in our holding accounts so that the net deposit matches what actually hit our bank account.

Overall, the Shopify Details method gives us a better level of detail and ties out perfectly to our Shopify channel. However, it does require a bit more time and effort than the Cash Deposit method and still has some timing and accuracy issues.

Now, let's move on to the Shopify Accounting Guru method.

Finding the right bookkeeper for your growing Shopify business

Title: How to Find the Right Bookkeeper for Your Shopify Business

Hi, I'm Veronica Wasik with Five Minute Bookkeeping. I help Shopify sellers set up, organize, and streamline their financial systems. In this video, I'll explain how you can find the right bookkeeper for your growing Shopify business.

Types of Bookkeepers:

1. Basic Bookkeeper - more focused on just recording transactions, generally don't have experience with Shopify and e-commerce accounting, and not familiar with integrations between QuickBooks and Shopify. Good fit for businesses with under $200,000 in annual revenues.

2. Specialist - more focused on giving you clarity into your profits, specialize in Shopify accounting, and have a proven method and tools for integrating Shopify and QuickBooks. Good fit for businesses with over $200,000 in annual revenues.

3. Advisor - proactively helping you grow and streamline your business, focus on key performance indicators and financial dashboards, and provide advisory and accountability sessions. Good fit for businesses with over $500,000 in revenues.

What to Expect from a Bookkeeper:

- Certified in QuickBooks Online

- Experienced bookkeeper or accountant

- Specialized in Shopify accounting

- Streamlined method for syncing Shopify and QuickBooks Online

- Understanding of sales taxes and how inventory and cost of goods sold should be tracked

- Capacity to take you on as a client

- Tech-savvy

- Pricing their services using fixed pricing instead of hourly

- Providing a clear agreement on the outcomes and deliverables

- Providing a written service agreement and engagement letter

- Responsive to your questions and needs

Finding the right bookkeeper for your Shopify business is crucial for keeping your finances organized and streamlining your processes. Ask questions to know their level of experience and expertise and understand their business practices before hiring them. With the right bookkeeper, you can focus on growing your business while they take care of the financial side.

Should you DIY your Shopify bookkeeping?

In this video, Veronica Wasik from Five Minute Bookkeeping talks about the important things that Shopify sellers need to know if they are planning to DIY their bookkeeping. She offers tips and advice on how to choose accounting software, set up the books correctly, integrate Shopify with QuickBooks, and understand Shopify bookkeeping basics. Additionally, she stresses the importance of dedicating time to doing the books and working with professionals when necessary.

Bullet points:

- Choose accounting software (recommended: QuickBooks Online)

- Set up the books correctly (chart of accounts and settings)

- Integrate Shopify with QuickBooks (recommended app: A2X)

- Understand Shopify bookkeeping basics (record all components of income, reconcile amounts received from payment processors, record inventory and cost of goods sold, do bank reconciliations, and close the books each month)

- Dedicate time to doing the books (invest time to learn and keep them up to date at least on a weekly basis)

- Consider where you are in your business journey (DIY your books if your business is under $100,000 in revenue, but work with professionals when growing fast)

Veronica Wasik from Five Minute Bookkeeping offers valuable insights on how to DIY your Shopify bookkeeping. By following her advice, Shopify sellers can streamline their financial systems and stay on top of their finances. Additionally, she provides services for Shopify sellers who need help setting up their books, integrating Shopify with QuickBooks, and coaching on bookkeeping basics. If you want to learn more about her services, check the description below the video.

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