5 Simpler Ways To Manage Digital Sales Data With An Ecommerce Accounting Software
Ecommerce websites are big online marketplaces with a huge variety of segments and large transactions to handle. To manage the accounts and ledgers of the eCommerce businesses, accounting software is the only feasible approach. It processes the complete accounting cycle from organizing, collecting, and analyzing, to reporting financial data of the business transactions and assets of the eCommerce business.
But, there are various challenges to tackle in eCommerce accounting including sales data management as a major hassle. Ecommerce businesses compete with each other on various sales parameters like ticket size, transaction details, locations, payments made, refunds, expenses, procurement damage costs, etc., which if managed properly can make or break the business. You can check eCommerce accounting to understand the features and benefits of the eCommerce accounting software.
Here, we shall learn simple ways to manage digital sales data with your eCommerce accounting software.
1. Accept All Payment Modes
Your eCommerce business should have maximum flexibility in payment modes or gateways to ensure inclusivity and more sales. With your eCommerce accounting platform, you can easily equip your point-of-sales (POS) dashboard to not only accept both cash and cards (both swiped and chips), but also mobile QR codes and tap mode of payments. This way your digital sales data can be managed easily for various payment modes.
2. Sync Seamlessly
Selling on the world’s leading e-commerce platforms and marketplaces make the collection and organization of sales data difficult. But with eCommerce accounting software, you can easily export your digital sales data from any eCommerce platform to your accounting software automatically. This keeps you updated with real-time sales data and allows you to manage future sales data in a better manner.
3. Real-Time Sales Numbers Reporting
There are various sales parameters and it is difficult to extract relevant data from them. Your eCommerce accounting software can easily extract the relevant sales data, once the transactions are retrieved, into a standardized view of specific numbers such as sales, refunds, reimbursements, fees, exchanges, etc. It keeps you ahead of deferred revenue, cut-off dates, and more, with real-time sales insights presented in a professional manner.
With this, you can also keep your cash flows consistent, and strategize your future sales numbers for growth.
4. Tax-Compliant System
The eCommerce accounting software is smart enough to switch to different tax brackets for respective items in the sales data retrieved from eCommerce platforms. It splits out the fees and taxes, for accurate sales figures, whether local or international selling. Even with changing tax regulations of eCommerce platforms, the eCommerce accounting system adjusts to the same and keeps the sales-tax data reporting error-free.
5. Simplified Reporting
Once your digital sales data is extracted to your eCommerce accounting software, the in-built reporting feature allows you to analyze the sales data against various KPIs, and monitor the same. It also integrates efficiently with its mobile application, which allows you to access in-depth reporting at your fingertips, to make proactive decisions without any dependence.
Through these simpler ways, you can manage your digital sales data easily. With less manual effort and powerful sales data and reporting, you can strategize your future business plans and numbers.
Ecommerce platforms are fast-paced business platforms with a huge amount of sales data to monitor. Using an eCommerce accounting software makes the management of digital sales data seamless and smooth. To make it simple you need to follow some simple steps like accepting different payment modes, syncing data automatically, updating the reporting process with real-time sales insights, etc. Also, the automatic reporting feature of eCommerce accounting software enables you to manage digital sales data with cross-department reporting, inculcating fast-decision-making culture.