Is your Bookkeeping Messy or Behind?  No Problem.

You are an eCommerce entrepreneur.  You started your business because you saw a problem, and you created a solution for that problem.  However, when you start a new business, you create an entirely new problem:

You need to keep a set of books for your business.

The issue is that most eCommerce entrepreneurs just aren’t good at tracking credit card receipts, reconciling bank statements, or using Quickbooks.  Not to mention, they do not spend time learning how to do these things well.  Why should they?  They have to learn marketing, inventory management, supply chains, and 3rd party marketplace rules and guidelines.

So what happens is that they ignore it until it’s tax time.  Then, they spend hours trying to remember what happened 9 months ago.

Things are missed.  The accountant is charging by the hour to help them figure things out.

In the end, the books are messy and outdated.

Does this sound familiar?

It probably does, because it happens to a lot of entrepreneurs in all industries.  You aren’t alone!

Clean Up Ecommerce Bookkeeping

What Happens If I Don’t Keep My Books Clean and Updated?

What Happens If I Don’t Keep My Books Clean and Updated?

Clean Up Ecommerce Bookkeeping

Sometimes you may not even realize the damage being done to your business if you don’t have clean and updated books.  If your books are not in order, it is nearly impossible to:

  • Know how much to pay yourself
  • Secure a business loan or line of credit from a bank
  • Understand how profitable (or unprofitable) you are
  • Ensure you receive all the proper deductions for tax purposes
  • Sell your business
  • Scale your business to a level that provides generational wealth
  • Gain investors in your business for a loan or equity position
  • Properly do any sort of forecasting
  • Determine how much of a cash cushion you need for your business to weather peaks and valleys
  • Create any sort of business budget and stick to it

As you can see, it is extremely important to keep accurate books.

The good news is that we can help!

Let Tall Oak Advisors put you back on track

We are experts in bookkeeping clean-up.  No matter how far behind or messy your books are, we can catch them up in a timely manner!  It’s a relatively stress-free process, and you’ll have peace of mind knowing your books are solid.  We are extremely thorough, as you can see the things we look at below:

Full Diagnostic Review

We do a full diagnostic review of your existing systems including tax returns, current bookkeeping, and financial reports.  After the diagnosis, we know the exact steps to take to fully catch and clean up your books.

Quickbooks Online Setup and Assessment

If Quickbooks isn’t currently set up, we set it up to work for your business.  We determine what needs to be transferred over from your existing setup to Quickbooks.  If you are currently using Quickbooks, we ensure it is setup properly.

Chart of Accounts Restructure

We verify the chart of accounts is set up properly. If necessary, we restructure the chart of accounts to the optimal setup for eCommerce businesses.

Reconcile Tax Returns to Quickbooks

If possible, we look at prior tax returns to determine if adjustments need to be made in Quickbooks or to the tax returns themselves.  We ensure the information in Quickbooks balances with the information submitted to the IRS.

Split out Business and Personal Expenses

Many new business owners tend to commingle personal expenses with their business expenses.  We determine how those will be handled, and fix the accounts and transactions as necessary.

Verify All Transactions are Recorded in Quickbooks

We do a general assessment of existing transactions to determine if they have all been entered.  Afterward, we enter any known missing transactions.

Bank and Credit Card Reconciliations

We determine if there are any differences in bank and credit card accounts in Quickbooks vs. transactions listed on the statements.  We fully reconcile the transactions as necessary.

Ecommerce Clearning Account Reconciliaton

Most eCommerce businesses have clearing accounts for payment processing such as Paypal, Amazon, and Stripe.  If they are not set up, we set them up.  We enter any missing transactions and fully reconcile the account balances.

Financial Report Review

We review the Profit and Loss Statement and Balance Sheet.  We look for any unusual balances and adjust them appropriately. Areas we look at include income, expenses, cost of goods sold, assets, liabilities, and equity accounts.

Verify Sales Tax Entries

We gain an understanding of your existing sales tax process.  We verify the entries are being made properly, and clean up as needed.

Ensure Inventory is Accurate

Most eCommerce companies hold their inventory tracking outside of Quickbooks. If so, we make proper adjustments to ensure they are accurate. If currently being tracked inside Quickbooks, we look for unusual or unexpected inventory balances and adjust as necessary.

Verify Depreciation and Amortization Schedules are Updated

Amortization and Depreciation are normally on tax returns but tend to be missed in Quickbooks.  We verify these are accurate.

Update Accounts Payable and Receivable Accounts

We review the accounts payable and receivables for accuracy.  We look for uncollected invoices, credits, bills, or other unexpected balances.  We adjust the accounts as necessary.

Final Checks to Ensure Accuracy

Our bookkeeper goes through every aspect a second time to make sure nothing was missed.  Then, a senior accountant double-checks the work to REALLY make sure nothing got missed.

eCommerce Accountants

Why Choose Tall Oak Advisors?

E-Commerce is Our Specialty

Amazon, Shopify, Walmart, Etsy, Ebay – No matter where you sell, we’ve got you! Our team has been specially trained for all e-commerce platforms. It’s all we do.

We go through everything with a fine-tooth comb so your books are as accurate as possible.

You need to know your numbers quickly. We ensure all monthly bookkeeping is done by the 15th of the month. Not once – every single time. We are as reliable as the sun coming up.

Your business is your livelihood. Why use an inferior bookkeeper? All of our bookkeepers are Quickbooks Certified ProAdvisors. We only hire the best of the best.

The Only Team You Need To Handle Your Finances

Taxes for eCommerce Business Owners

Our team completed over 120 tax returns for eCommerce business owners last year.  We ensure you receive the most tax deductions and credits possible.  We also ensure you are 100% compliant with all State Sales Tax requirements.

Learn more

CFO and Advisory Services

We are your profit partners.  As part of your team, we help uncover missed profitability, build bank relationships, financial and product pipeline forecasting, company-wide Key Result Indicators (KPIs), and much more.

Learn more

Other eCommerce Financial Services

Want to fully outsource your financial department?  We can handle all aspects including running payroll, paying bills (accounts payable), invoicing clients (accounts receivable), and cash flow management.

Contact Us Today

Not Sure What To Do Next?

Finances can be difficult. We want to help!

We would love to give you 45 minutes of our time where we can deep dive into your current bookkeeping practices and figure out ways that will free up your time to generate more revenue and profit.

You can book your FREE strategy session with us here:

At the end of our call, you’ll have a clear plan for what you need to do to generate more revenue and profit.

There is absolutely no obligation to work with us. We just want to help every e-commerce business owner on their journey. This stuff is fun for us!