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Ecommerce Accounting Services for Entrepreneurs in Singapore

The definition of ecommerce accounting is reporting about your ecommerce business financials to the government. As an online vendor, you move products in and out, manage stock, and sell to customers in different countries via different channels. So, there are several things your ecommerce accounting includes:

• Bookkeeping, which lists every transaction. For example, when you accept products to your storage, or sell on Amazon, or have to accept back a pair of shoes on ebay. Bookkeeping keeps track of every money or asset movement, and provides a document covering every such event.
• Management reports, which gather all the sales data and try to make sense of it. For example, how much of each product you sold, what are the costs of operating every channel, and where do you actually make money.
• Tax filing & statutory reports. These depend on where you sell, for each government has a different tax system. Tax reports constitute a very detailed recount of every transaction and the categories they fall under. Depending on the categories, different types of tax are derived. An experienced accountant can also help make sure you get the benefits and exemptions available to your business under each specific tax code.

When organising accounting for ecommerce sales you need to make sure that you have all your needs covered.

• All your channels. Do you sell via different platforms? You need a way to consolidate reports from various sources
• All your tax jurisdictions. Do you sell in more than one country? You need to report for VAT everywhere you make money
• No manual paperwork. Processing invoices and receipts is tiresome, and you probably have better ways to spend your time than that.

The best way to track online sales on Amazon is to connect directly to a bookkeeping software. We use our own software: we connect the feed automatically and switch you seamlessly. After that, any time you receive a statement from Amazon, it will automatically appear in our system, where we take it, sort it into categories, tag, and deliver up-to-date financials daily.

Absolutely. We make the transition seamless on your end. We’ll get in touch directly with your current accounting service provider, take over all your financial documents, and audit them to make sure your company is compliant. We check for any loose ends with HMRC, organise historical data, and then prepare and file necessary reports. We offer up ongoing advice about relevant tax exemptions, helping you be smarter with your taxes. Now that your accounting is in good hands, you can focus on what you do best: running your business.

Our pricing is revenue based. We don’t charge on the number of transactions in your account or the number of invoices you upload. All prices are based on the financial year, not the calendar one.