Last year was an incredibly tough one for many businesses because of coronavirus. However, it was not all doom and gloom. One area that saw incredible growth was eCommerce. According to eMarketer, global online sales grew by 27.6%, exceeding $4.2trillion. It is a viable option for many businesses. However, they need to think about how they can use accounting services to their benefit. Brian G. Lonis & Co can help. We are the top name for bookkeeping Soho has and know just how beneficial the service can be.
The pace
One of the most important things to keep in mind is that eCommerce moves much faster than traditional retail. You can go from having a full inventory to receiving hundreds of orders within a matter of minutes. To keep your business on the right track and maximise profits, you need up to date bookkeeping data. It can help put you on the path to growth.
You must also remember that eCommerce is highly competitive. In most cases a customer will be able to find several businesses online offering products they are interested in. If you don’t have stock, they will likely just go elsewhere. So what you need is reliable bookkeeping data so you can check which lines are popular and manage the stock so you don’t miss out on sales.
Another important thing to do is monitor your data to check for products that don’t move very quickly. You need to manage this low-turn stock so you don’t end up ordering too much and stockpiling. This can tie up too much of your money in items you may end up holding on to for a long time. You are better off keeping a lower stock of these products and invest more in high-turn stock.
When to get professional services
Most businesses will start off by handling the bookkeeping and finances themselves. This is true with physical retail and eCommerce. However, if you are successful there will be a point where it is too time consuming to keep doing this. You may find you are putting too much time into it or starting to make mistakes because there are so many orders to manage. The best thing to do is invest in professional services.
Expert bookkeeping in Soho
Brian G. Lonis & Co is a firm that has been supporting businesses in numerous industries for many years. We know the importance of good bookkeeping and accountancy, especially when it comes to making business decisions. Our goal is to help clients by offering great services to create and manage their books. We can then assist them in looking at the data to see what they can do to grow their business.
So, when it comes to bookkeeping, Soho has no better provider than us. Our services are great value for money and flexible to suit small and large businesses. You can contact us if you have any questions, would like a quote, or need advice.