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Looking for advice concerning e-commerce accounting (self.finance)

submitted 1 year ago by remington to c/finance

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My brother and I are speculating on a start-up in which we have almost all the bases covered.

However, the wall that we've run into is accounting. To explain, e-commerce transactions and dealing with all the complex tax laws is outside of our expertise.

One option that we've spit-balled is hiring an e-commerce accountant from Fiverr.

Do you have any other recommendations or ideas?

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[–] CodingAndCoffee@lemmy.world 5 points 1 year ago* (last edited 1 year ago) (2 children)

To do business at scale you're probably going to need to cough up the capital for an actual accounting firm and an ERP like NetSuite.

If you're going to run pretty small you might be right with just QuickBooks Online and exported data from your e-commerce platform e.g. Shopify.

If you're somewhere in-between, talk to your account rep and get some ideas. Every customer they have will have gone through this.

[–] remington 3 points 1 year ago

Thank you for your reply and I'm making notes. Greatly appreciated and take care.

[–] tardigrada 3 points 1 year ago

talk to your account rep and get some ideas

That's probably the most important single piece of advice for every new company (and arguably the only one that's always true). Your accountant will not only know the issues you're facing in the beginning of your business but also the ones you'll face as your business grows.