The Amaka Blog

The most underrated accounting apps available to SMBs and enterprise-level businesses include optical character recognition (OCR) and reporting tools. As part of an interview series we’re running with a range of accounting technologists listed on the Amaka Advisor Directory, we spoke to Jamie Smith, Co-Founder and Chief Experience Officer at Amplify Advisors.

It's becoming more and more clear that technology underpins the majority of accounting firms who've experienced massive growth in recent years. We've dubbed the term Accounting Technologist to describe the people who are driving this change through their understanding of tech stacks, integrations, automation and other accounting technology.

Bookkeeping and accounting is an inevitable part of running an e-commerce business but when should you start to find professional help? The right accounting professional can significantly improve your profitability and longevity. However, you have to weigh up time and money, as well as when external expertise will become most valuable to you.

Product catalog management is at the core of multiple parts of your e-commerce business. Not only will it help to streamline user experience on your site, it will also make your operations and finances run smoother. The earlier you start focusing on your product catalog management, the easier it will be to scale your store and the better your business insights will be.

Amaka recently teamed up with Practice Ignition, Karbon and POP Business to host a webinar on how to unlock better margins and work-life balance with accounting technology. In this article, we break down the key points shared by our incredible panelists, Rebecca Mihalic, Omer Khan and Sidney Cachuela, on how accountants can leverage technology to increase margins.

It's pretty much expected that Shopify stores offer multiple payment methods (otherwise known as payment processors or payment gateways), everything from Shopify Payments, AfterPay, PayPal and more. With a bit of groundwork, you can automate the majority of your Shopify accounting and bookkeeping, even with multiple payment methods.

E-commerce businesses will typically see the cost of goods sold or COGS in their income statement, but what exactly is it? For product-based businesses, it's essential to understand, track and manage your COGS. As your catalogue grows and becomes more complex, so does staying on top of COGS.

One of the key reasons why e-commerce businesses fail to grow is the lack of understanding surrounding break-even points and break-even analyses. Doing a break-even analysis is a key part of your accounting and finances. Once you know your break-even point, you can better map out the strategies that can help you surpass it and make a profit.

Fintech giants Square and Xero have expanded their global partnership, with Square choosing Amaka to deliver their official accounting integration in all relevant global markets, including the US, Canada and Ireland.

Multichannel has been a buzzword in the retail space for the past few years but taking this approach has unique implications for your accounting processes. At a high level, multichannel stores are those that use multiple channels to sell the same or similar products. Omnichannel stores do the same, however, put unified communication at the forefront of their strategy.