Multi-channel sales, COGS accounting, and sales tax compliance are three different specialties, and most growing brands cannot hire three people. Brittany Brown lays out what LedgerGurus covers, from capturing multi-channel activity and bill pay through budgeting and cash flow forecasting. Then Beddy's and Thread Wallets describe what changed for them: inventory counts that stopped being a struggle, and numbers reliable enough to build marketing budgets on.
Ecommerce Accounting
LedgerGurus: Your Ecommerce Accounting Experts
5 min
Transcript
0:00 What LedgerGurus does
Hi, I'm Brittany Brown, the CEO and founder of LedgerGurus. If you are an ecommerce business owner, you know that ecommerce accounting can be a real headache. From managing sales across multiple channels, supporting cost of goods sold accounting, and the maze that is ecommerce sales tax compliance, it's enough to be a real headache. But what if I told you that there is a way to make all of that stress disappear?
At LedgerGurus we specialize in taking the hassle out of ecommerce accounting for established online sellers. We provide an experienced team of experts who understand your unique challenges, who are dedicated to helping your business thrive. We handle everything from capturing multi-channel financial activity, to cost of goods sold accounting, to sales tax compliance, and operational support around things like bill pay and payroll. We also help you with cash flow forecasting, budgeting, and strategy.
Our experienced team of accountants make sure that your numbers are spot on, giving you the information that you need to make smart decisions and grow your business. We are so committed to this mission that we create free educational content to help elevate the entire industry, even for those who don't work with us yet. We want to empower you with the knowledge you need to operate your business more effectively and more efficiently.
1:14 Beddy's: From Tears to Peace of Mind
Now you might still be wondering if you know what we're talking about, and that is a fair question. So listen to what some of our customers have to say.
I'm Betsy Mikel and I am the CEO and inventor of Beddy's.
My name is Angie and I'm the COO of Beddy's.
Every day I would just be on the verge of tears because I didn't know what I was doing. When I talked to Brittany at LedgerGurus, I just remember feeling like I could see a light at the end of the tunnel. And I know that sounds so cheesy, but it took this huge weight off of my shoulders.
Hiring LedgerGurus helped us with our sales taxes. Then I had the peace of mind that they're being done correctly. Not only that, but they help us with our reporting, our bookkeeping and everything, so that I have confidence when we're giving someone a P&L or a balance sheet, it's good and it's exactly where we should be. The numbers are spot on.
2:01 Betsy Mikel
I remember watching Angie and she was trying to do all these sales taxes and bookkeeping, and it's so important, but there were so many things that she could have been spending her time in other areas. So hiring LedgerGurus relieved us of these stresses.
There's no way that we can afford someone who specializes in sales tax, another person who specializes in inventory, ecommerce bill pay, all the other things that LedgerGurus offers us. So we get everything with one company. I'm not just saying this, but hiring LedgerGurus might have been one of the best decisions we've made to date.
2:29 Thread Wallets: Growing Without Too Much Debt
I'm Trevor [unclear], I'm the chief brand officer at Thread Wallets.
I'm Ryan King and I'm the CFO here at Thread Wallets.
2:38
We primarily focus in wallets and carry accessories that allow our consumer to have a very functional piece of an accessory with an expressive, fun kind of attitude.
Thread has grown predominantly through our website. In 2015 we rode the wave of ecommerce and social media, and then that's now allowed us to have the cash flow and the revenue to diversify assets into other sales channels.
We decided to hire LedgerGurus instead of someone internally just for, lack of a better word, bang for the buck. With LedgerGurus we get a team, and any support we need, it gets answered. In some ways it almost feels like we have an employee, because if I have a question and reach out, we get responses almost immediately, it seems.
3:20
The finance challenges that Thread has faced while we've grown is, how do we grow without taking on too much debt, but then also where do we put money to fuel the fire? Our two biggest barometers are revenue and net margin. LedgerGurus has helped a lot with that by letting us know where we need to steer the ship. They give us numbers that we trust and we know are accurate.
We found LedgerGurus through a referral. I just sent an email, hopped on a call, and I remember exactly where I was standing because I was so excited. I just started talking about some of the challenges we were facing and issues with our prior bookkeepers, and she ticked off answers that were perfect. She kind of read my mind. When I said, oh, we need help with, then she'd say XYZ, exactly, that's where we've had frustrations.
4:13
Before LedgerGurus we struggled with inventory counts. Ever since we've been with LedgerGurus that's been a breeze. It's been super easy to communicate and get rock solid answers from the LedgerGurus team.
With our ecommerce company we spend a lot on different marketing initiatives, and so knowing what we have to spend, how profitable we have been, you know, the month prior, the quarter prior, the year prior, helps us set goals, budgets, forecasts for what we can spend going forward. And LedgerGurus helps us do that. The LedgerGurus team has been awesome.
4:45 Where to start
Brittany Brown
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