Managing your finances can be a nightmare. These tools and services reduce headaches, increase accuracy and help find new opportunities.
Very often, marketplace sellers focus on the more exciting parts of their business, like product sourcing, and shy away from areas that they find boring, or difficult, like managing their finances.
This can be counterproductive, because no matter how you feel about getting your finances in order, it’s a necessary part of running any business. It’s a discipline that sellers need to embrace, and become proficient at, so they really understand the numbers that matter.
You don’t have to spend hours in Excel to keep on top of your record keeping and accounts. There are tools and services specifically made to help manage bookkeeping for ecommerce businesses. These help make the process more efficient, while also minimizing the risk of errors.
There are also tools that produce reports to help you see how your business is doing. It’s easy to lose sight of the bigger picture when you are busy all day dealing with suppliers, listing products and providing customer support. But being able to see how profitable you are, at any time and at any level of detail, is crucial to business success.
Expanding into new product lines, or increasing purchase levels to get better discounts, can also make a big difference to your business. Some sellers choose to take out loans, or use other cash flow solutions, so they can take advantage of new opportunities when they present themselves, or plan for the seasonal ups-and-downs of ecommerce.
In this post I’ll walk you through the Financial Management category of the Web Retailer directory. It covers Cash Flow and Loans, Accounting Connectors, Ecommerce Accounting and Sales Tax and VAT.
Greg Elfrink lays out the blueprint for creating a streamlined business that will sell for the maximum price in the minimum time
This post is by Greg Elfrink, Content Manager at Empire Flippers, a broker specializing in online businesses. Empire Flippers has sold dozens of FBA businesses, and earlier this year completed its largest ever sale: a $1.7 million Amazon FBA business.
It can be an intense, stressful but rewarding process building up your ecommerce store to a level of profitability. However, the reward shouldn’t be focused on the profit you earn every month, as there is a much bigger reward waiting for you: your ecommerce store’s exit plan.
In other words, you could take all of the sweat equity you put into your business and sell it for a large lump sum of money. That capital can be leveraged into all kinds of new projects. You could choose to invest in new ecommerce businesses, buy physical real estate or even pay off debts.
But selling a business takes preparation. Buyers are looking for well-run, streamlined, predictable businesses. If yours is profitable, but chaotic, then it’s going to be much harder to sell.
In this article, you are going to learn exactly how to build your business so it can be sold quickly and at the best price possible. We are going to cover what you need set up right away, how your business should look six months out from being sold, and the final tweaks you need to make in the three months before you sell it.
Selling internationally? Avoid unnecessary currency conversions, pay suppliers, and transfer currency balances with this new service
Currency conversion company WorldFirst have been testing an innovative new service with their customers since May this year: the World Account.
Now it’s available to all online sellers in the UK and the EEA (European Economic Area). Businesses in the USA and worldwide can register their interest to get a World Account when they launch globally.
For years, sellers have been using WorldFirst’s receiving accounts to bring funds home from international marketplaces. But online selling has evolved, and sellers need more than just an account to collect their payments. They need to pay suppliers, settle VAT liabilities, transfer between currencies, and manage their accounts on the move.
That’s where the World Account comes in. It’s a big leap forward in currency services for online sellers.
OFX’s Hamish Muress offers top tips to help fuel your international sales and bring more of your cash home
This post is by Hamish Muress, Senior Business Development Manager at OFX, a global payments company that offers specialized support and service for online sellers.
Cross-border ecommerce has been building momentum for several years now and shows no signs of slowing down. Without the traditional bricks-and-mortar hurdles of going global, more countries than ever are leveraging the ecommerce trend, while consumer trust in buying international goods strengthens.
Estimates by BI Intelligence state that global cross-border ecommerce will generate in excess of $1 trillion in sales for retailers by 2021. Ecommerce businesses, particularly marketplace sellers, are increasingly offering their products globally.
Cross-border trade comes with its own challenges though, from understanding overseas markets to currency conversion. These expert tips should help you overcome barriers and give a solid foundation for cracking overseas markets as an online seller.
Amazon marketplace sellers can get their sales proceeds the next day using this innovative service
When businesses struggle, most of the time it isn’t due to low sales or inefficient management, it’s due to cash flow problems.
In fact, it’s when businesses are growing rapidly that they are most at risk: bills get bigger before sales do, and need to be paid before the cash starts rolling in. Stellar sales have actually been the downfall of many companies.
Amazon sellers are not immune to cash flow problems. Their sales proceeds are held for two weeks before being paid out, so stocks will dwindle and payment deadlines draw closer before they see a single cent. Businesses selling to Amazon as vendors have it worse, with typical payment terms of 30, 60 or 90 days after invoicing.
Payability is one business helping Amazon sellers and vendors tackle their cash flow problems. They take the age-old practice of “factoring” and offer it online to Amazon sellers at competitive rates. Here’s how it works and why you might want to use it.
Note: Payability is only available to Amazon sellers and vendors in the U.S.