Sensible Is the New Sexy

Sensiblel is the new sexyWhy sellers should commit to back-end operations before pursuing just another pretty piece of SaaS

At the risk of over-simplifying the ecommerce industry, most of its software falls into one of two categories — sexy and unsexy. Inevitably, the more seductive side of selling entices business owners to buy tools they must have to attract customers, such as beautiful websites, video tools, artificial intelligence, marketing automation, and the like. Because owners think they need customer-facing tools in order to sell online—and because they’re more fun to use—they put tremendous business resources toward these shiny objects.Why #online #sellers should commit to back-end ops before pursuing another pretty piece of #SaaS… Click To Tweet

The truth is, sellers who first invest in the software that does the heavy lifting around data and order management are far more likely to survive their first year. Because the less showy, “boring” side of the business is what sellers actually use to run the company, without it, they are sure to fail. Among dozens of other tasks, this is the software that allows them to

  • automatically post and sync sales data to accounting, inventory, and shipping
  • easily track expenses, fees, and costs to calculate profits
  • process returns and exchanges
  • transfer payment from their customers to their bank account
  • manufacture or source their products
  • ship products, track inventory, see what’s in and out of stock
  • calculate, validate, and collect sales tax

Continue reading

NEW FEATURE: 1-Click Accounting for Amazon

Webgility 1-Click Accounting for AmazonEcommerce sellers have been asking, and today we’re delivering.

We’re thrilled to announce a fast and easy way to settle and sync Amazon deposits and costs with QuickBooks Online or Xero. Webgility 1-Click Accounting for Amazon is a new enhancement to our Webgility Unify software that allows sellers of all sizes to automatically post Amazon orders, refunds, expenses, and payments into accounting software. In doing so, this feature eliminates the need for any additional data entry or a separate clearing account.

Why does this matter so much to Amazon sellers? Because settling up properly is a key making more money on the world’s biggest marketplace. And since most Amazon sellers operate with wire-thin margins, they need to have more visibility into sales, fees, and returns in order to turn a profit. Amazon sellers also need detailed information in their trend reports, in a much more granular fashion than they can get from Amazon. Webgility Unify provides sellers with automation, data analytics and business insights to help them reduce data entry costs, improve margins, and drive higher ROI on Amazon.

Because the Amazon Settlement Report contains settled, unsettled orders, and refunds from previous sales cycles and is only delivered by Amazon every two weeks, it’s difficult for sellers to reconcile their accounts between reports. This forces the creation (and maintenance) of a separate clearing account for Amazon sales that come in during that period. Webgility 1-Click Accounting allows sellers to instantly—and automatically—settle in accounting all in one batch once they receive their Amazon Settlement Report.NEW 1-Click #Accounting for @Amazon--a fast, easy way to settle costs with @QuickBooks or @Xero #Unify Click To Tweet

Webgility Unify makes reconciliation easy for both sellers and their accountants. With Webgility 1-Click Accounting, Amazon sellers can now see a complete list of orders from the current settlement period, whether they’ve received payment from Amazon, and what Amazon has charged them in fees and expenses.

With Webgility 1-Click Accounting Amazon, sellers can:

  • Automatically post Amazon orders, refunds, expenses, and payments as a batch directly into QuickBooks or Xero
  • Instantly reconcile the seller’s accounting with their Amazon Settlement Report with no additional data entry
  • Sync Amazon sales and refunds daily—individually or as a batch
  • Track Amazon fees/expenses as separate transactions or records them as one line item
  • Sync historic data from Amazon Settlement Reports going back 120 days

For an even deeper dive into this new feature, join our CEO, Parag Mamnani on a webinar on February 22, 2018 at 10 a.m. PST / 1 p.m. EST: Mission Possible—Easy Amazon Reconciliation.

TRY UNIFY FOR FREE

 

How to Conquer Amazon

Webgility 1-Click Accounting for AmazonHint: Just take it one Settlement Report at a time

I get this question a lot: “What are the biggest hurdles SMBs come up against when considering selling on Amazon?”

SMBs are often intimidated by the prospect of selling on Amazon, but the exposure Amazon offers is beyond anything else in the market. And because hefty Amazon fees add up quickly, it’s hard to actually turn a profit. In fact, many sell on Amazon just for the exposure and consider themselves lucky to break even in the end. But it doesn’t have to be that way—because Amazon sellers operate with such wire-thin margins, they must make sure those margins are fully optimized. How so? #SMB tip: The secret to conquering @Amazon? Take it 1 Settlement Report at a time. #Unify #Staytuned… Click To Tweet

From a high level, lack of visibility into Amazon margins in real time is one of the great hurdles SMBs must overcome to make it work, and the secret lies in the Amazon Settlement Report. Because Amazon delivers this report every 14 days, the typical seller needs to create a separate clearing account for deposits that come in while they wait for their Amazon actuals. Once it arrives, the seller has to manually input all those details into QuickBooks or Xero, which can introduce costly errors and confuse an otherwise tidy accounting system. When Amazon reconciliation is handled properly—and, ideally, automated—a seller can stop all the data entry, no longer ballpark these important numbers, and finally settle up with confidence.

Webgility Unify software eliminates the need for manual data entry and ensures that sellers’ data—financials, inventory, and shipping—is totally accurate and timely. This vastly improves the experience for sellers and their trusted advisors, because they can focus on learning from their data to gain insights to use strategically in real time. Our goal is to help all sellers—including those on Amazon—build sustainable businesses that grow instead of just maintaining back-end operations. I believe 2018 will be a tremendous year for ecommerce sellers, especially those who seek solutions with technology. When you’re ready, we’re here to help. 
Continue reading

Unify Your Financials with QuickBooks

Now more than ever it is vital for a business to centralize their financials.

As you know, “commerce” now involves both brick-and-mortar stores and selling on multiple channels online. And that’s just the first layer of complexity—this year at QuickBooks Connect, I learned that the average SMB uses approximately 15 applications to manage their business.

Unfortunately, many businesses are still manually entering in much of their sales, inventory, and shipping data into their QuickBooks. But why? This method creates many problems, some of them include:

  • Human error
  • Time wasted
  • Money spent

The good news is, there are several apps out there to move data for you. The bad news is that many of these apps do not communicate with one another. Sure, there is ERP software out there that will take care of it all, but it’s generally designed for the enterprise level business and it’s expensive.Why are so many #ecommerce businesses still manually entering data? There's a better way. #unify Click To Tweet” 

While an ERP may feel like a logical step for a maturing SMB, I would recommend waiting. If you are considering an ERP, it’s likely that you already have many of the necessary tools, but still struggle because those tools are not in sync. When your tools are not in sync, they cause a mess and confusion, which is more manual work. Continue reading

Emerging Tech Trends in Accounting

Emerging Tech Trends in AccountingWritten by Jim Walsh, Chief Information Officer, Right Networks

As reviewed through time, this is likely to be a fascinating milestone in the evolution of accounting technology and its impact on business. Many working professionals can still remember when technology was burgeoning. From the perspective of accountancy, paper ledgers gave way to spreadsheet applications. CPAs and accounting professionals passed files back and forth from shared drives or emailed them to peers and clients. Then those spreadsheets got more advanced – they were shared in content management systems or stored in the cloud and worked on by multiple people simultaneously. And now applications are becoming transformative in their ability to draw conclusions and anticipate trends based on the information that was once handwritten in books that wouldn’t even fit inside a backpack.Read about emerging #tech #trends in #accounting, by @RightNetworks #Unify #Cloud Click To Tweet

The accounting industry isn’t exempt or unique in the fact that it’s being impacted by a rush of technology advances. Thinking about all of the different ways that technology could impact any industry is as dizzying as it is speculative. It’s likely that we haven’t fully anticipated the ways that conditions and processes will merge to allow for new things. So how can a CPA firm or accounting professional prepare for a future where technology presents an unknown? Continue reading