The Amaka Blog

Most Shopify owners won't be an accounting whizz at the start, making it hard to understand how to reconcile payments. Fortunately, we'll take you through how to make it as quick and easy as possible. Today, we're using Shopify and Xero to demonstrate the process. However, the main principles are applicable for most businesses and cloud accounting solutions.

Recently, we've interviewed a range of firms including RSM, Illumin8 and Ecommerce Accountants, asking them about the rise of the Accounting Technologist role. The role encompasses those at the intersection of accounting and technology, driving innovation in the accounting industry.

There are now a range of apps you can use to automate your dropshipping business, including the accounting side of things. If you're doing the accounting for a dropshipping business, you can automate the majority of your data entry and bank reconciliation through software, meaning managing your books becomes much easier.

Order and pay systems saw huge growth during the pandemic in a wide variety of venues across the globe. For example, the mandatory table ordering rules in 2020 meant that the UK saw a surge in the number of pubs adopting order and pay systems. Other venues adopting order and pay systems include restaurants, cafes, hotels, and even theatres and cruise ships.

One of the biggest feats a multinational company can overcome is staying on top of industry change. RSM is the world's sixth largest professional services network, with over 30 offices, just in Australia. Despite their size, they've been able to keep up with the latest innovations in accounting technology and digital ecosystems.

Whether you're managing the books for your own e-commerce business or an e-commerce client, there are a few accounting mistakes you should try to avoid. Especially with the e-commerce industry booming, it's easy to get caught up in a million and one different tasks, ultimately forgetting about keeping your books updated.

One of the many things you'll need to set up when starting your e-commerce business is a chart of accounts. Doing it right from the beginning is essential to making sure your accounting processes run smoothly and your books are organised. You'll be able to get a better understanding of your financial position and make scaling your business easier.

Whether you're a junior accounting looking to land one of your first roles or an experienced accountant looking to get ahead in your career, staying on top of high-demand accounting skills will make you significantly more competitive. Today, the modern accountant is expected to to demonstrate a wide variety of skills beyond that of a traditional accountant.

In the past decade, the accounting profession has undergone a major transformation. Accountants have always been the backbone of businesses, however, the way they're fulfilling that role has changed. From stacks of papers to spreadsheets, and now, cloud-based accounting, technology has become a must in the industry

As technology grows and develops, there are more and more small business accounting trends to keep up with. As an accountant, it's important to understand how to take advantage of these changes so that you can provide the best services to clients. For small business owners, you'll want to look for a trusted accounting professional that can make the most of these innovations.