Digital payments are the preferred method for both businesses and consumers, leaving a gap for bookkeeping for digital commerce clients. But, if there is demand, why is there a hesitancy for accountants and bookkeepers to expand into this industry?
Bookkeeping for digital commerce can be stressful
Whether your client is a small e-commerce brand, a high-street store or even a sole trader who accepts digital payments with a mobile card reader, they have something in common: all their sales transaction data need to be collected from the different payment platforms they use – and each source presents that data in its own format.
What might seem a small issue for your bookkeeping workflows at first can quickly scale into a big capacity problem as their business grows or you acquire more clients. But the trend is growing and there’s no escaping: to stay ahead, accountants and bookkeepers need a reliable automation solution to future-proof their practices.
Managing digital payments sales data can be simplified
We get it: digital payment data and e-commerce bookkeeping are complex. It often includes multiple tax rates, refunds, reimbursements, gift card sales, various payment platforms, etc. Manually fetching and merging all this complex sales data from different platforms is a laborious process, which can cause hesitancy to serve such clients. Not to mention the risk of manual data entry, which can cause delays and compromise tax compliance.
But here’s the good news: you can solve that with an automated bookkeeping solution for digital commerce clients. You can reduce the time wasted and the risk of human errors with manual data entry, make the reconciliation process more efficient and focus on expanding your practice.
Make your digital commerce bookkeeping process simple
A must-have for accountants and bookkeepers who already work with multiple digital commerce platforms worldwide, Dext Commerce makes managing digital sales data simple. It automatically fetches, consolidates and helps reconcile your clients’ sales transactions from over 30 different online marketplaces, payment gateways and in-store POS systems – all in real-time.
You can easily split out sales, fees, refunds and more, as well as allocate the right taxes, whatever the region. There’s more: calendar-based roll-up exports allow you to export a consolidated summary by day or month into Xero or QuickBooks, ideal for e-commerce clients with a high volume of sales, for example. It not only ensures the right amount of sales tax is being paid in the right regions, but also provides the granular details to help you and your clients make informed business decisions.
By having full visibility of your client’s performance, you can spend more time providing valuable advice to help them grow, while improving productivity in your firm and opening up capacity to take on more clients. Dext Commerce is the perfect automated bookkeeping solution for any clients that accept digital payments, whether they’re brick-and-mortar or e-commerce… or both!
Automate your bookkeeping for digital commerce and future-proof your firm with profitable and scalable services.
Interested in learning more about how to evolve your bookkeeping process and expand your firm with more digital commerce clients?
Our latest guide offers top tips to grow your practice in 2023 with digital commerce. It’s free – download it now.