Ecommerce businesses face unique accounting challenges, from handling a high volume of transactions to tracking inventory across multiple channels, multiple tax regulations and managing complex compliances.

However, with the advent of advanced automation tools and technologies, managing ecommerce accounting has become more streamlined and efficient than ever before.

Here we explore the transformative impact of automation on ecommerce accounting and discuss the various ways in which businesses can leverage automation to achieve financial excellence.

The Complexity of Ecommerce Accounting

Ecommerce accounting involves a complex set of tasks that include tracking sales, managing inventory, processing refunds, calculating taxes, multiple country regulations and generating financial reports.

As an ecommerce business grows, these tasks can become overwhelming, leading to errors, inefficiencies, and missed opportunities. This is where automation steps in to simplify and optimize the entire process.

The Power of Ecommerce Accounting Automation

1. Streamlined Order Processing

Automation can significantly enhance the order-to-cash process. When a customer places an order on your ecommerce platform, automation tools can instantly create invoices, & update inventory levels. It even initiates the shipping process for delivering the goods.

This reduces the risk of errors and ensures a smooth and efficient transaction flow.

2. Inventory Management and Reordering

Managing inventory across multiple sales channels is a challenge in itself. With automation, businesses can set up alerts and triggers that notify them when inventory levels reach a certain threshold.

This helps prevent stockouts and ensures that popular products are always available to customers. With AI & ML, companies can forecast and predict inventory demand as per seasonality and business environment.

3. Financial Reporting and Analytics

Gone are the days of manually crunching numbers and generating financial reports. Ecommerce accounting software, when integrated with automation tools, can collect and analyze data in real time.

This allows businesses to make informed decisions based on accurate financial insights and market trends. The financial reporting can be set-up to take care of state, country, and local regulations.

4. Tax Compliance for Different Geographies

Ecommerce businesses often deal with a web of complex tax regulations, including sales tax, VAT, and GST. Automation tools can calculate taxes automatically based on the customer’s location and the product sold, ensuring that businesses remain compliant and avoid potential legal issues.

Ecommerce businesses often deal with multiple locations in different cities, states, and even countries. This requires carefully handling taxation for different locations automatically and invoicing as per the laws of the land. Ecommerce accounting automation is particularly useful for managing these tax compliances.

5. Business Operations

Scaling up an ecommerce business is possible with good back-end systems. With accounting automation businesses can take measures for the following:

i. Fraud Detection and Prevention

Automated fraud detection systems can scan transactions in real time, flagging any suspicious activities such as chargebacks, unusual purchase patterns, or unauthorized access. This proactive approach safeguards the business and its customers from potential fraud.

ii. Efficiency and Cost Reduction

By automating routine accounting tasks, businesses can reduce human error and free up valuable employee time. This leads to cost savings and greater operational efficiency. Moreover, automation minimizes the need for manual data entry and paperwork.

iii. Scalability

As ecommerce businesses grow, automation scales seamlessly with them. Whether you’re handling 100 or 100,000 orders a day, automation tools can adapt to the workload without compromising accuracy or speed.

6. Using AI for Ecommerce Accounting Automation

Artificial Intelligence (AI) and Machine Learning (ML) are at the forefront of ecommerce accounting automation.
These technologies are helping businesses to:

Predict sales trends and consumer behavior, helping businesses make informed inventory decisions.
Improve fraud detection by recognizing patterns and anomalies in transaction data.
Automatically categorize expenses and income for accurate financial reports like balance sheet, profit & loss, trial balance etc.
Enhance customer service through AI-powered chatbots that can answer inquiries and provide support around the clock.
The ability of AI and ML to learn from data and adapt to changing circumstances makes them indispensable for modern ecommerce accounting.

7. Factors for Choosing Ecommerce Accounting Software

To harness the full potential of automation in ecommerce accounting, it’s crucial to choose the right accounting software. Here are some factors to consider:

i. Integration with Ecommerce Platforms

The chosen accounting software should seamlessly integrate with your ecommerce platform, payment gateways, and other essential tools. This ensures that all data is synchronized and up to date.

ii. State & Local Taxes

Ecommerce accounting requires organisations to deduct state and local taxes directly related to their business operations.

If ecommerce business operates internationally, then it should account for applicable taxes as per applicable laws. Ecommerce automation should help with automatic invoice generation, track inventory, and deduct taxes as per laws.

iii. International Shipping

Ecommerce software should address the unique accounting challenges that arise when selling internationally, including currency exchange, taxes, and regulatory compliances.

iv. Accounting for Returns and Refunds in Ecommerce

Accounting automation should take care of returns and refunds as financial regulations. Returns and refunds need to be taken into account carefully before assessing inventory levels, revenues, taxes, assets and liabilities of a business.

When a customer requests a return or refund, it’s essential to record these transactions. Ecommerce software should create a separate account or ledger entry for returns & refunds, create appropriate debit/credit notes to take care of financial reporting which reflects the accurate state of business.

v. Auditing & Internal Controls

Auditing and establishing internal controls are integral part of an ecommerce busines to ensure correct financial reports, manage regulatory compliance, & protection of sensitive customer data like credit cards etc.

Ecommerce automation should help a business with auditing and implementing internal controls for financial reporting, revenue recognition, bad debts, write offs, data security measures, tax compliances, frauds, and regulatory audits etc.

vi. Security Measures

Accounting automation should ensure that the software has robust security features to protect sensitive financial data and customer information.

The ecommerce accounting must be compliant with the General Data Protection Regulation (GDPR) if you process data of EU citizens. It should encrypt customer data & sensitive information to protect it from data breaches.

Conclusion

Ecommerce accounting automation is a game-changer for businesses operating in the digital realm. It streamlines operations, enhances accuracy, and provides invaluable insights into financial performance.

As ecommerce continues to evolve, embracing automation is not just a choice but a necessity for achieving sustainable growth and financial success.

By selecting the right accounting software and harnessing the power of AI and ML, businesses can navigate the complexities of ecommerce accounting with confidence and efficiency, ultimately securing a competitive edge in the market.

Kreyon Systems collaborates with retailers and businesses to deliver comprehensive Ecommerce and accounting solutions. If you need any support for Ecommerce accounting automation or have queries for us, please get in touch with us.

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Ecommerce Development: Build an Ecommerce store for Your Business 

Kreyon’s ecommerce development services includes everything you need to set up your online store and sell online. Explore all the features you need for your online business.

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The furniture ecommerce sites and stores are booming with online sales. As ecommerce industry is evolving, there are growing avenues for the furnishing industry. Many furniture retailers are creating a strong online brand presence and increasing their sales with online stores and ecommerce portals.

Gone are the days when people bought books, DVDs and small equipments from ecommerce sites like Amazon. Today the online sales is evolving into gigantic proportions with pretty much everything available through ecommerce portals. Many retailers are exploring options for launching their own ecommerce portals, others are leveraging third party ecommerce portals like Alibaba, Amazon, Flipkart etc.

The online furnishing market is growing rapidly. According to Statista’s Digital Market Outlook, worldwide furniture and homeware sales were close to $190 billion in 2018 alone. The total sales is expected to be $294 billion by 2022.

China leads the online furniture sales with estimated sales of over $68.6 billion. The next biggest online furniture market is in USA with sales of $65.1 billion. Japan rounds up the third position with $13.4 billion sales.

Buying furniture has now become quite common online. The customers prefer the online buying due to convenience and comfort of logistics and shipping of furniture items to their doorstep. The ecommerce portals have great features to attract digital customers and provide new growth options for furnishing retailers.

Here we look at how these furniture retailers can benefit by having an online store:

1. Greater Selection

The furniture stores can offer greater choices, variety and selections for customers with an
online store. With a physical store, the space is limited. But an online store offers practically
unlimited space and options for users. The users can also choose various colors, textures,
and dynamic combinations to choose the furniture they want.

2. Customers want Ease & Convenience

The ecommerce store offers free shipping, logistics support and returns for the customers.
An online furniture store makes it very easy and convenient for customers to get things done. For young professionals, students and busy house holders, the online options for furniture make it compelling.

Many online furniture stores also present hassle free recurring payment options for
purchasing large items for increasing sales.

3. Grow Offline Sales with Online Store

An attractive and top class ecommerce website generates offline sales too. When people
search furniture online, chances are that your site will be listed in the results. Most users
today do an online search and gauge their options before going to the physical store.

An impressive online store will improve your footfall, rank higher in local search results and
would be able to boost your offline sales too in the long run. An online store has a great ROI
over a period of time.

4. Use technology for Profit and Growth

An ecommerce store creates an organized inventory, helps you analyze fast selling items
and manage your operations with efficiency. When you generate sales from an online store,
you don’t even need to pay sales commissions on it.

You can also manage your inventory, product categories, publish and unpublish items on the
ecommerce site based on the stock availability. You can organize your best-selling items,
most profitable items, new arrivals, festival discounts etc using online store. In short, the
online store uses technology for optimizing resources and growing profit for your business.

5. 3D Technology and Virtual Reality

Furniture brands and companies are driving great customer experiences using technology. These companies are offering online 3D experiences for furniture selection, where customers can preview various options, choose colors; change backgrounds and pretty much customize their furniture.

The virtual reality tools are helping customers to get a great look and feel of the furniture before they buy the goods. Customers are able to use online help and self guided tools for buying furniture.

You can explore more reasons for starting an ecommerce website for your business here.

Conclusion

Even in places like India, there has been an increase in online furniture sales. The furniture stores are coming up with their customised online stores tailored to their business. In India, the market size of online furniture was $1 billion in 2017, it grew by 40% to $1.4 billion in 2018. It is expected to grow 36% year on year according to industry experts.

The custom ecommerce websites and portals for furnishing industry will continue to grow considering the online demand. If you need any inputs or assistance for implementing an ecommerce portal for your business, please get in touch with us.

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The shared economy platforms and portals are changing the world. They are driving the future & how people consume products and services in their day to day lives.

The advent, growth and success of shared economy platforms for car, room sharing, personal services etc has spurred many innovations and experiments.

Some of the most prominent shared economy platforms are Airbnb, which lets you rent a spare room and earn money from it. The ridesharing apps like Uber, which means you don’t have to bother driving, parking & even buying a new car. Retailers like Alibaba, which provide a complete ecosystem for vendors and customers.

The shared economy platforms are used for renting or selling products and services. The digital platform connects the service providers and users in realtime. The smart phones have accelerated the shared economy.

The shared economy platforms provide a platform to connect the products/services with the users who need it. As per PWC, the global revenue of shared economy platforms will grow from $15 billion in 2018 to $335 billion in 2015.

There are a number of startups that are seizing the opportunities in the sharing economy, 17 of which are worth more than a billion dollars each.

In the growing sharing economy, there are many lucrative opportunities for starting and scaling businesses. Here we look at the reasons why shared economy platforms will drive the future:

1. Win-Win Opportunities

The sharing economy takes care of everyone. As a user you can benefit from conveniently finding what you’re looking for and at cheaper rates too. As a service provider you get customers without the additional marketing and advertising costs.

The shared economy platform provides the complete ecosystem for managing booking and customers for your business. The on demand economy connects users and service providers, promotes collaboration and creates a win-win situation for everyone.

2. New Business Model

Many traditional businesses are leveraging the shared economy platforms for running their traditional businesses. Car owners, fleet operators and service providers are looking at online platforms for getting business.

Many industries are getting disrupted with the shared economy platform. The finance industry is shifting towards modern peer to peer lending platforms for loans, the hotel rooms are now booked online and at discounted rates with platforms like booking.com

The shared economy platforms are creating an inclusive economy and even the traditional businesses are benefiting from it.

3. Earn & Save Money.

The shared economy platforms are aimed at minimising the transactional costs. For e.g. when you book a room through Airbnb, it is far cheaper than booking a hotel. Even the ridesharing apps like Uber, Ola, Lyft save you money. As a user it is easier to save money using sharing platforms.

As a service provider, you can earn more money and volume of customers using the shared economy platforms. For e.g. an online rental platform allows people to rent things, services and earn money.

Whether it is renting cars, spare items or even selling goods through online portals, the logistics and transactional costs are highly subsidised. The end result is service providers earn more money using the online platforms.

4. Promotes Barter Economy & Reduces Wastage.

Shared economy platforms can play a pivotal role in economic growth and environment sustainability. With ridesharing platforms, the transportation is changing rapidly. You don’t need to worry about car insurance, buying new cars and parking issues. The car pooling also reduces the carbon footprint on the environment.

The sharing economy promotes efficient and sustainable use of resources. It improves accessibility for customers, reach for businesses & shared prosperity for all.

5. Scale & Reach

Disruptive technologies are changing the face of the world. Take for e.g. the peer to peer accommodation platforms are shaking the hotel industry. People are now using room sharing platforms as their first preference for travelling and booking rooms.

The scale and reach that digital platforms offer for service providers and businesses is massive. For e.g. Airbnb in 2018 has over four million listings in 65,000 cities across 191 countries. Uber operates in over 65 countries and has completes 15 million trips every day.

The digital platforms are changing the way people travel. World Bank reports, there were 1.2 billion international travellers in 2017, and it is estimated that there will be 1.8 billion travellers by 2030. The digital tools and shared economy tools provide the scale and reach to connect with customers across the globe.

Conclusion

It’s quite apparent that the sharing economy and digital platforms will pave the future. The growing shared economy and its huge success indicates a more inclusive and collaborative world. Whether you want to book a taxi, hotel room, order food from your favorite restaurant, or find services near you, you can opt to do it online. The sharing economy is here to stay.

If you want to implement your shared economy platform, please get in touch with us & we can help you to implement your next big idea.

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Traditional businesses are finding it hard to compete with ecommerce stores today. The ecommerce onslaught is still in its infancy but growing at a phenomenal pace.

As per Statista, the retail e-commerce sales worldwide amounted to 2.3 trillion US dollars in 2017 and e-retail revenues are projected to grow to 4.88 trillion US dollars in 2021. And this is just the B2C market ecommerce market.

The market size for B2B ecommerce is even bigger. Frost & Sullivan projects that B2B eCommerce will hit $12 trillion in sales worldwide by 2020.

Simply put, no business can afford to ignore ecommerce. With more than 4 billion internet users worldwide & mobile internet means buying things online has never been easier for the consumers.

Selling your products or services via internet is the way to go. As a business with an eCommerce website, you can create a distinctive brand for your business, showcase your products and grow your business online.

If you’re still thinking whether you should start an ecommerce website or not, please read on why you must build it.

1. Worldwide Market : 

An eCommerce website will help you to reach out to the customers around the world. Your products and services can be offered to people all around the world with an ecommerce website.

There are international courier options readily available these days for shipping your products, payment processing and management has also become easier than ever before.

An ecommerce business offers a wide spectrum of audience and an opportunity for you to increase your sales without much additional efforts.

2. All time Open Store : 

With an ecommerce website, you create a business that works round the clock for you, across time zones and locations. You dont have holidays on internet. So effectively you can leverage all days of the week for your online store.

The ability to sell your products without restrictions of physical stores can boost your sales. You can also augment your local sales by an ecommerce store.

3. Marketing Through Social Media & Search Engines :

A study by GE Capital revealed that 81 percent of consumers perform online research before making a purchase. More and more customers are looking at online before they make a purchase.

When you build an ecommerce portal, you give yourself a good chance to appear in front of the users. Good search engine optimisation, social media marketing will help your website rank higher and will attract more users for your products.

Prominent ecommerce websites also maintain social media channels on FB, Twitter, Instagram etc to engage with their users. These are helpful in branding your company, its products and bringing more traffic to your ecommerce portal.

4. Organised Business :

An ecommerce platform makes operations easier to manage than a physical store. With an ecommerce portal, you have the convenience of adding new categories & products as per your needs.

Tracking the quantity of the inventory, shipping information and overall administration can be enhanced with an ecommerce portal. A good back-end platform will help you manage the operations with ease.

There are wide range of technology tools that can help you with your ecommerce business set-up. Once the online store is set-up, you can run your business from the ecommerce portal. You can track all important customers, inventory, get automated notifications for reordering items and delivery etc.

You can plan your online store with a selected category of products and building things gradually until you can administer things completely from the online store.

5. Customer Experience, Loyalty & Support :

Your online business can shape your customer experience positively. The ecommerce store offers frictionless way to order products, ask questions, and interact with your business.

An online business can cater to the customers at the time of their choice. Today customers are looking for 24X7 support, technology can help in assisting the customers.

With an online store, you can build customer loyalty scores & offer them personalised discounts etc. You can serve your customers, attend to their queries and delight them with advanced service tools in your ecommerce portal.

6. Personalisation : 

One size doesn’t fit all. Personalisation is the way forward, especially on the web. You can track all your customers using ecommerce website. You can maintain their orders, preferences, locations, delivery confirmations, complaints, queries, demographics and other information.

With all the customer information and automated algorithms, you can create product recommendations and suggestions for your customers. The browsing history, location and all other customer information makes it easier for brands to pitch the right product recommendations for their customers.

An ecommerce website helps you build great customer loyalty by  personalised services and taking care of their preferences. Customer loyalty increases with personalisation.

7. Influence with Design :

How do you stand out from the crowd? Well, a lot of the top ecommerce portals use amazing and creative designs. It helps them brand their products better. An eye catching website with creativity, innovation and great designs can do wonders for your branding.

Designs can influence your customers purchase decisions. How you present your products and services, the images, the graphics, the best selling products, recommendations etc. go a long way in increasing sales for your business.

A good ecommerce site will not only bring more revenue for your business, but will also create a stronger brand.

8. Convenience & Great Experience : 

Whether you run a car rental company or sell retail products, the customers are looking for convenience and frictionless ways to get things done.

Ecommerce website offers great convenience for customers to shop things they like, at the time of their choice & get it delivered to their doorstep. Technology is the facilitator in offering great customer experience.

Businesses are looking at making the customer journey smooth. An ecommerce website saves time, provides easy checkout, product delivery, offers a wide range of variety and comparisons for the customers. Not to mention, saving you from the crowded stores.

9. Boost Conversions & Revenue : 

An ecommerce website fares much better when it comes to conversions and revenue. You can have a great website, but if it doesn’t sell your products and services, it will not boost your revenue.

Having an ecommerce website helps you to improve your conversion rate. People are looking at instant options to buy things as and when they can. An ecommerce website that works well on mobile devices helps them achieve that.

No one waits to visit the physical store, if they have a better online alternative available.

10. Higher Profitability & Scalability :

The global ecommerce market is ripe, it is growing rapidly and offering unfathomable scale to businesses of all types.

Traditional businesses involve lot of operational cost for running the brick and mortar stores. Many of these costs are cut down and eliminated by an ecommerce store.

The digital world offers huge scale & unparalleled market size for businesses. An ecommerce store creates an organised business that can be scaled up on customer demand. This is where ecommerce businesses are surging ahead of their traditional competitors.

You don’t need to create multiple physical stores. Infact, the growth is entirely customer driven. Hence even with a smaller physical base, you can server a larger pool of customers in an ecommerce business.

With the advancement of technology, you don’t need a big technology team for running your ecommerce business. All operations can be managed using standard or customized ecommerce portals.

The ecommerce portal will require fewer staff, reduce capital expenses, inventory costs and operational expenditure for the company. It helps to scale efficiently making optimum use of resources and increasing profitability.  

Conclusion :

The growth of ecommerce around the world is a great opportunity for businesses to tap into the online world. While it takes a little bit of effort to set-up things in the first place, the rewards can be disproportionate. This is an opportune moment for businesses to foray into ecommerce and build global companies.

Kreyon Systems is helping companies to launch their ecommerce websites and automating their business operations. If you have any queries for us, please reach out.

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Kreyon Systems has great expertise in web development for eCommerce solutions. If you are looking for any assistance for eCommerce development, please reach out to us.

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Explore how an online store can grow your business and expand your customer reach. Reach more customers by creating an ecommerce website. You can get complete digital solutions for remodeling your business according to modern day consumer needs. If you need any assistance, please reach out to us.

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