You are diverse.
You have decided not to put all your eggs in one basket, so you are selling products on multiple channels. You might be selling on your own branded shopping cart, Amazon, eBay, as well as on other marketplaces like Sears.com, Rakuten.com, Newegg.com, Jet.com, or Alibaba. You might be doing all this alone or you may have some virtual assistants or employees. Regardless, not many accountants understand the complexity of your business. But we do.
Here are your challenges:
- Inventory - you need to track products being sold on multiple channels to ensure you aren't out of stock or selling the same unit in more than one place. You need to track the speed of your sales to make sure you're ordering products fast enough so you don't run out of stock.
- Customer Service - having multiple sales channels means you need to pay attention to orders and returns coming in from different locations. Your attention is diverted, and you need to make sure none of your customers or orders are slipping through the cracks.
- Fulfillment - you need to figure out where your inventory is going to live and who will be handling fulfillment of the orders. Do you do this yourself from your garage or outsource to a fulfillment center? Do you store your products at Amazon or dropship products straight to the customer? As a multi-channel seller, it's not unlikely you do a combination of some or all of these.
- Cash Flow - it's challenging to know when you should be investing in more inventory, paying yourself more, increasing your marketing, or setting money aside for future needs.
- Accounting - you might know that you're making profit on the sale of your products, but you don't know if your business is profitable overall, and you don't know which of your channels is most profitable. You don't know which of your products is making the most money.
- Sales Tax - if Amazon FBA is one of your channels, you have nexus in 15+ states, but you aren't sure where, when, or how to register and file. For your other channels, you just need to figure out which other locations you may have "nexus" and register and file there. Oh yeah, and then you need to combine the sales for all of your channels to make sure everything gets filed together. Yeah... umm... because that's something you really feel like doing in all your spare time.
Multi-Channel Accounting Services
Catching Clouds provides a complete outsourced ecommerce accounting service for your multi-channel business.
Ecommerce consulting - ongoing business, technical, and process optimization guidance
Setup of integrated cloud accounting, cloud inventory, sales tax, and supporting tools
Virtual controller service
We're like no accountants you've ever met.