How to add Meta Pixel on Shopify: Step-by-step instruction
Read More
How to Increase Your E-Commerce Sales With Accounting Software
We at Adwisely are excited to share more useful insights from industry experts. In this article, Darya Moroz (Synder) talks about accounting for online stores and ways to automate it.
Due to the ever-increasing complexity of managing an e-commerce business, there is a need for automation in all aspects of your business operations. As a small business, you need a software solution that allows you to transform your accounting data into useful business intelligence and statistics that you can then use to streamline your business.
Here are some useful tips on how you can use eCommerce accounting automation software to grow your company and take a load off your shoulders.
Contents
How to leverage your sales using accounting automation
Many people selling their products on the internet are struggling with accounting for eCommerce businesses. It can be time-consuming and difficult to keep track of every sale that comes from every channel. It gets even more difficult as your business scales and you integrate more and more payment platforms into your online store.
Apart from gathering the right amounts from every sale, taxes, merchant fees, and inventory tracking add to the headache too. How are you supposed to figure out what is selling best, what brings more net income, what items have the potential for upselling, and what incurs losses?
There are a lot of things to think about when it comes to accounting for e-commerce businesses. You need to know how much money is coming in and out, what expenses are important to account for, and how taxes will affect your bottom line. In some cases, it may take a team of people just to stay on top of all of the work that needs to be done. As a small business, you need a reliable software solution that will easily transform your accounting data into valuable statistics that you can then use to leverage the process.
Adwisely isn’t just a blog—we’re a team of experts who can run efficient ads for your online store
Level up your ads
The advantages of accounting automation for e-commerce
Accounting automation software will help create strong links between the products, including the right price points and quality levels. These links can help improve business operations as well as drive repeat and higher sales.
Automation accounting software for eCommerce will have the ability to streamline processes within your organization that are related to sales. This includes; purchasing, inventory, shipping, sales, and customer service. It will also allow you to know about the trends in sales and how to improve your budget allocations.
You can take immediate advantage of the following benefits:
- Better efficiency and accuracy of data.
- Rationalizing account receivable.
- Reducing inefficient or obsolete manual processes.
- Increasing eCommerce sales and revenue.
- Easier and more precise financial reporting.
- Improving self-service and effective teamwork.
- Saving time and money.
Maximizing online sales with Synder
Let’s say, you are a Shopify merchant. You can accept payments from your customers by a variety of methods: for example Shopify Payments, PayPal, and Stripe. Giving so much flexibility to your customers is a good start for increasing your revenue. But on the other hand, the bookkeeping process becomes more and more difficult to manage with each new sale. When you don’t know your current sales, you can’t successfully prepare for your future ones.
Here’s where Synder comes in handy.
What is Synder?
Synder is a smart and simple accounting software that automates eCommerce accounting services. It provides solutions for small to medium e-commerce businesses.
The product helps you harness the power of multichannel sales by allowing you to integrate and gather data from as many payment gateways connected to your online store as you need.
How Synder will help you to maximize e-commerce sales
Synder has many useful features for e-commerce business owners. One of them that will be particularly helpful for increasing your sales is Smart Rules.
Smart Rules allow you to adjust and customize the workflows and extract specific types of financial information. You can get significant insights into the problem by monitoring data such as your conversion rates, how many items are sold, how many of the individual transactions resulted in an order, etc. Now you will know which products are selling more and where to focus your efforts in order to increase online sales. You can also decide how much of each product to include in the discount program or special offer.
Here’s what you can do with this information to increase revenue:
- Boost products that were not that popular with your customers and clog up inventory.
- Recognize the products with the highest upselling potential.
- Identify the items with the best marginality
- Track and manage discounts, refunds, and returns.
Maximizing your sales in the event of favorable sales leads will help you get more profit out of it, and with Smart Rules, you can find more opportunities.
Benefits of using Synder
That is what Synder software helps you to sort out automatically:
- Synchronizing sales data for your store from each payment source directly into your accounting system (without limiting how many or what sales channels you use).
- Skipping duplicates, avoiding data errors, identifying data gaps, and helping fill in missing information.
- Applying payouts to open invoices.
- Recording and calculating sales taxes and merchant fees.
- Keeping the net and gross income amount clear and visible.
- Reconciling the sales and transaction data in your books with the current bank balance.
- Preparing P&L’s and Cash on Hands reports.
This software assists greatly in keeping your books in order and preparing them for correct reporting and tax filing, saving you time and headaches. It integrates easily with a variety of e-commerce and payment platforms, has an intuitive and clean interface that is easy to use for those who know little to nothing about accounting.
Useful features also include:
- Auto-categorization and synchronization of product details between platforms.
- Customization of processes and categories.
- Smart Rules for implementing business-specific tasks.
Things to know before adopting accounting automation
The accounting automation software is a modern-day solution for businesses of all sizes. If you are an e-commerce retailer, then it’s important to be able to track the overall profitability of your online store and the profitability of individual transactions.
The best part of every good accounting software product is that it is easy to learn, use, and implement. Simply install the software and follow the guided rules.
How accounting automation software works
This software will make the process easier by automating the accounting function of your business so that it operates more efficiently. You will never be overwhelmed by details anymore and you can concentrate on your business growth.
While there are different types of accounting software available in the market, the idea here is to select software that will help you with day-to-day accounting work like tracking transactions, invoices, and receipts, analyzing budgets, generating reports, and helping you to make effective decisions about your financial situation.
Plus, it can automatically convert your invoices to sales numbers. It makes it easy to track your promotions, sales, and track your inventory using one dashboard. It can also manage your vendor, financing, and sales processes, making it easy for you to run a smooth business. You can quickly see what’s working best and make adjustments.
However, while you can automate your business accounting with smart accounting software with just a few clicks, you still need to put in some effort initially to use the software correctly. Synder offers a live demo with industry experts to help you navigate throughout the product and answer all of your questions. The software adoption will go as smoothly and seamlessly as it can go.
You can also try how the software works right away and test your sales synchronization feature for free and in the time frames that you wish.
Wrapping up
In today’s world of competition, it is important to stay up-to-date on the latest technologies that can help you improve your operations and maximize efficiency. The best e-commerce automation tools and software can help you convert more customers and streamline sales, improve the financial performance of your online business, and make better strategic decisions.
Investing in the right tech products pays off in the long run. Thanks to Synder you can get precise and more reliable financial data that will provide better insights into your business and help make important decisions. Using Smart Rules you can see what products sold better and focus on enhancing these items in your ads, virtual store window
About the author: Darya Moroz is the Head of Marketing at Synder. She is an experienced digital marketing specialist who is passionate about Social Media Marketing, Search Engine Optimization, Email Marketing, PPC, Affiliate Marketing, and PR.