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Bookkeeping for a Beauty E-Tailer

by Apr 9, 2020Case Studies

Client Overview:

Client A is an e-tailer who sells beauty products through multiple channels – Amazon, Shopify, eBay and Amazon

At a Glance: 

Problem Statement: 

  • 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.

Solution

  • 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.

 

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