Global Accounting Corp achieved a remarkable increase in productivity for a prominent E-commerce company based in the US

The challenge faced by the Customer

The bookkeeper struggled to handle the increasing transaction volume due to their limited availability in the office (only two days a week). Consequently, the financial statements were delayed by 3-4 months after each month's end. Moreover, the business owners lacked essential insights into the most effective growth channels.

• Economic challenges: E-commerce merchants face costs of setting up their businesses, competition from other online merchants, infrastructure upgrade issues, and a shortage of skilled staff.
• Technological challenges: E-commerce businesses encounter security concerns, limited bandwidth availability, and integration complexities with existing protocols, all exacerbated by the rise in criminal targeting due to its popularity.
• Social challenges: Consumer worries about privacy and personal information sharing have significantly increased in recent years, and cultural differences play a role when expanding an e-commerce business beyond its native region.
• Legal challenges: Despite its apparent longevity, e-commerce is still a relatively new industry with numerous unresolved legal issues, particularly related to intellectual property rights.

The Solution

To address the challenges, we initiated a comprehensive business assessment to understand their multi-channel e-commerce operations better. Next, we transitioned them to QuickBooks Online (QBO) and established seamless connections between ShipStation, ERplain, and QBO to automate data entry.

Clearing accounts remained essential for payment transactions but were now reconciled monthly for verification purposes, allowing easy identification of outstanding payments for the following month.

Additionally, we mapped different channels to specific revenue accounts on financial reports, enabling clear insights into the most profitable channels. This optimization resulted in more efficient and informed decision-making for the business.

The Result

• The integration of diverse channels provided real-time insights, significantly enhancing tracking efficiency. The ability to monitor operations from any location resulted in quicker decision-making and a substantial increase in revenue by prioritizing profitable channels.
• Data-driven insights played a key role in identifying the most lucrative channel, leading to a notable revenue surge. Accurate inventory counts led to a reduction in customer complaints, resulting in higher satisfaction levels and increased repeat purchases.
• Operating 100% virtually resulted in substantial annual savings in office expenses and expedited issue resolution, thereby enhancing overall efficiency. As a result, the business experienced a remarkable increase in productivity, driving improved profitability and promising growth prospects.

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