HOW DOES OUR ECOMMERCE BOOKKEEPING & ACCOUNTING PROCESS WORK?

eCommerce Is complex. With many parts to consider it is important to understand how it all fits together.

We help you get better knowledge of how your eCommerce business is really doing.

Better Knowledge = Better Decisions = More profit

Understanding your business

Every eCommerce business is different. In all the years we have been doing eCommerce Accounting we have not seen two businesses that are exactly the same.

The first step in our process always involves understanding more about your business. We usually do this with a discovery call where we discuss what your needs are. If you have already been trading for a while we request access to your current financials as well as your sales channels so that we can get a clearer picture of your business. We use this information to provide you with a quote to perform your monthly accounting and bookkeeping.

SYSTEM SETUP & INTEGRATION

Once you have approved the quote and you are ready to proceed we start with the onboarding process. Our goal is to integrate your accounting records with popular eCommerce marketplaces and platforms.

First, we setup the accounting system to suit your needs, then we integrate it with the seller marketplaces or the eCommerce platforms that your business makes use of.

To streamline things even more, we setup automatic bank feeds that sync your bank accounts with the accounting system.

We are experts at designing systems to automate work on sales orders, inventory management and expense allocation.

Bookkeeping

We design the system so that sales orders from your sales channels, direct bank feeds and your expense bills are all systematically and automatically entered into your Xero accounting system with minimal human data capturing.

Our expert bookkeepers then match bank inflows and outflows to the sales orders and expense bills, and perform a series of controls regularly. This means that we provide accurate, timeous and reliable bookkeeping that makes sense to you.

Since we make use of cloud computing your books are always accessible to you directly via mobile phone or laptop. The great thing about our systems are that Increasing your sales volume or adding more accounts and sales channels is not a problem.

INVENTORY valuation & costing

Inventory is one of the trickiest parts of eCommerce since clients often hold stock in multiple warehouses that contain multiple SKU’s in multiple regions (eg USA VS UK). Furthermore, manufacturers often part deliver and delivery costs and times can differ wildly due to differences in air and sea freight. This makes accurately calculating the landed cost per SKU as well as accounting for it in the correct period very challenging.

At CronosNow offer comprehensive inventory costing solutions to ensure that your COGS (Cost of Goods Sold) is accurately captured and that the value of your inventory is correctly stated on your balance sheet. Furthermore we can advise and assist with implementation of the correct inventory strategy for your eCommerce business.

REPORTING & KPI’S

We turn accounting data into useful reports that will help you understand your business and make better decisions.

We work with you on useful classification of income and expenses, and over time design your monthly reporting to help you understand your business better. We also help develop and report on Keu Performance Indicators (KPI’s) that monitor essential metrics in your business.

The easy to understand reports that are e-Commerce specific give you insights into the stuff that really matters. Great reporting leads to great decisions and more profits.

INCOME TAX SUPPORT

We work with your tax advisors, and if you don’t have one we have partners that we trust and suggest you work with.

Income tax season is a stressful time, have you budgeted for the right amount that you owe? Have you claimed all available deductions and are all your deductions legal?

We work with tax advisors to ensure useful classification and tax planning for tax season, and we don’t charge extra for additional support during tax season.

We make sure all your tax reporting needs are met in time to make tax season stress free! Income tax strategies around when to register as an S-Corp is also a vital part of strategy for all USA residents.

SALES TAX , VAT & GST SUPPORT

Sales tax , VAT & GST reporting is confusing and scary for even the most experienced eCommerce sellers.

We work with Sales tax advisors and services to make sure your accounting system can help identify the different states you need to register and file for Sales Tax.

We partner with leading global GST/VAT firms to ensure that you know where you have to register for tax and how to file.

Our accounting services and system design takes into account our time for working with sales tax and VAT specialists with no nasty surprises from us in your monthly fee. We work with these specialists to adapt the Xero accounting setup to make the complex recording of all these requirements.

Strategy & Coaching

Making the right financial decisions is not always that easy, but with our years’ experience in finance and accounting we can help you devise the most effective tools and strategies to maximise profit and free up time.

Part of this involves leveraging the accurate, easy to understand reports that we generate for you to gain critical insights into what really matters to the growth of your business.

We can also advise on growth funding to help scale your business as well as thinking ahead with you for your future plans including coaching on how to setup your business now for a future sale or a move to being more location independent or a globe trotting nomad.

What do you get when you work with CronosNow?

eCommerce Expertise

Since we specialize in eCommerce we understand the nature and complexity of the challenges that you face. This enables us to not only provide you with accurate accounting but also guide you on how to unlock the most value in your business.

Personalized Support

Forget about chatbots and AI. At CronosNow you get to speak to a human! Get access to a dedicated accountant on our team that will learn about your business and what makes it tick so that you can get the support you need when you need it.

Strategy & Coaching

You need a guide to help you navigate the complexities of eCommerce. We provide easy to understand reports, industry relevant KPI's as well as coaching and strategies that can help you make more profit.

Best decisions we have made to date!

“As a fast-growing e-commerce brand, we were struggling with staying on top of our numbers. Our previous accountant hardly provided us thorough attention and support except during tax time. All of this changed when we found and hired CronosNow.

From our first meeting, Richard took the time to understand the business and precisely what our pain points were. His vast and personal e-commerce experience made us even more comfortable knowing that we will always receive relevant and applicable accounting support.

Hiring CronosNow is one of the best decisions we have made to date for our business.”

Vivian & Yemi
Owners, NOTIQ

CronosNow turned chaos into something understandable

“They are geared for our success and they are continually looking for ways to better present our information in an understandable format. The detail is amazing compared to where we were.

From the beginning to handing it all over to our tax preparer, they have done it all, and not one question from our tax preparer this year!

Richard’s personal interest in our business is probably the biggest reason I would recommend him and his awesome team, because when it comes down to it, you can hire just about anyone who can do a fair to good job, but finding someone who has your best interest at heart is a rare find.”

Randy & Helen Strakbein
MTN Enterprises, LLC

Amazing Team & Service - Couldn't Recommend Anymore!

“Richard and his team consistently exceed expectations in maintaining our financial accounts and managing our systems.

Their strategies and structures are so well thought out and tax efficient, providing us with maximum benefit.

What truly sets them apart, however, is their commitment to guide us every step of the way, being always readily available via email or phone call whenever we require their expert advice.

I can’t recommend them highly enough for their superb service.”

Connor Ballinger
Explore Fitness

OUR SERVICES – GET BETTER KNOWLEDGE MAKE BETTER DECISIONS

We support both US as well as Foreign owned sellers. We also make use of a network of highly specialized strategic partners that assist us with Income Tax, Sales Tax, VAT & GST filing for our customers. We offer the following services: