Client A is an e-tailer who sells beauty products through multiple channels – Amazon, Shopify, eBay and Amazon
At a Glance:
- Growing Volume of Transactions
- A single bookkeeper couldn’t manage such high work volumes containing a set of financial statements – every 3-4 months
- Business Owners were focusing on several channels at a time and were unsure which was beneficial for them
- They tried to enter summary amounts from several reports generated by the channels rather than manually entering every transaction to manage the sudden surge in work.
- This led to further issues.
- In-depth assessment of their business to understand the prevalent workflows and various moving parts
- After the completion of the assessment, we migrated them to Quickbooks Online (QBO).
- We were then able to implement connections between their several channels of business and QBO, to reduce manual data entry
- The clearing accounts were converted into monthly reconciled accounts to ensure that the balance was verifiable.
- This made it clear for us to figure out our account receivables for the month.
- Lastly, we also mapped various channels to their revenue accounts on their financial reports which made it easier for us to determine which channels were yielding the greatest return.