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Forecasting revenue and profit for e-commerce sales is critical in managing your online business. You may have heard the words revenue and profit used when talking about an income a business makes through sales. Even though words are often used the same way, it's important to distinguish the difference between them.

When looking at your WooCommerce accounting and finances it’s important to have KPIs that act as a litmus for your business’ health. While it may seem intimidating, monitoring key performance indicators (KPIs) is an essential aspect of successfully managing a WooCommerce business. In this article, we will discuss seven important WooCommerce KPIs that have an impact on your finances and accounting:

As an e-commerce store owner, you’re aware of the impact proper e-commerce inventory management has on your finances, COGS, among other areas. Xero is an accessible accounting software that helps business owners to gain control and share insights across their business. Through using accounting software, such as Xero, e-commerce business owners can have a clear picture of inventory and accounts in real-time to guide smart decisions that drive profitability.

Tracking the cost of goods sold (COGS) is vital for your Shopify storefront because of how much it reveals about the underlying financial health and overall profitability of your business. COGS refers to what you pay for the goods you sell—the raw materials, labor, shipping and other direct costs involved in the production of goods.

By keeping a close eye on COGS in your Shopify store, you’re able to gain insight into your gross profit margins for each product and can make important decisions around how you price your store items. In this article, we’ll go through how to access the Shopify COGS report and how to maintain best practices in managing the Shopify cost of goods sold.

As an eBay seller based in Australia, reporting your income and expenses to the tax authority, Australian Tax Office (ATO), is required to stay compliant with your eBay taxes. However, managing your accounting does not have to be a tedious process, especially if you utilize tools that integrate with eBay. Accounting platforms that connect directly to your eBay account can help streamline record keeping and tax reporting obligations.

If you're an e-commerce business owner, you may be familiar with clearing accounts. The clearing account reduces accounting errors and can even prevent fraud in some cases. When you separate funds into a dedicated account, you gain control over your business' transactions. This enables you to make well-informed choices concerning strategies for business growth.

Creating purchase orders in Shopify is a process that is essential in managing your storefront effectively. A purchase order (PO) is a key business document used to formally request goods or services from a supplier. As a Shopify merchant, being able to properly create, approve, and manage POs is essential to sustaining your operations.

Managing your WooCommerce accounting is crucial to maintaining best practices in running your business. If you run an online store with WooCommerce, accepting PayPal as a payment method is a great option for many because it is both a trustworthy and secure option, assisting in customer retention among other advantages.

Offering Shopify gift cards is an excellent way for e-commerce stores to boost revenue and enhance customer experience, but managing gift card sales requires careful accounting and planning. As a merchant, you need to keep track of gift card liabilities, address challenges like fraud prevention proactively, charge correct taxes, and streamline bookkeeping processes whenever possible.

Squarespace is a powerful tool for e-commerce businesses with its built-in tools for both CRM and accounting to support your business’ growth. However, you may require more to handle accounting and taxes, which is why we have written this complete guide to give you everything you need to know about Squarespace accounting, giving you guidance on software, integrations, and taxes to give you both understanding and tools to set your Squarespace business up for success.