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Selecting Accounting for eBay Sellers- Why and How

eBay Inc is a multinational e-commerce corporation founded in 1995, some 25 years back in California, USA. It is one of the most popular options for listing and selling items online quickly. It is mostly an auction site, and sellers often manage to get more than the item’s actual worth. The cost of selling on eBay is lower when compared to Amazon.

Why do you sell on eBay?

The eCommerce space is bigger than ever and only growing bigger with every passing day. As online shopping is growing exponentially, it makes sense to become an online seller on a reputed eCommerce platform and income from it.

Sellers on eBay retain more profit than in Amazon, and there are reasons that one would opt for eBay for selling his products.

 

  • It is easy to list your products
  • Free listings are available up to 200 items every month, and you only pay when products are sold
  • A large pool of buyers for selling and promoting your products
  • It is powered by high technology, and it is safe to sale on this platform
  • As eBay owns PayPal, selling on eBay doesn't need a merchant account

Why Accounting for eBay sellers is important?

Accurate bookkeeping and accounting is the backbone of every business, and when you don’t just want to be a seller and want to run a business.

Most eBay sellers concentrate on sales and consider bookkeeping and accounting as a burdensome job. They keep on putting accounting for a later day and ultimately land up in losing thousands of dollars annually.

  • Proper Accounting can help eBay sellers to pay less Tax. E-commerce bookkeeping and accounting statements help you assess your tax obligation accurately and reduce your taxes throughout the year. Distribution of income can also assist in reducing tax burden significantly.
  • Financial statements; Balance sheets, Income Statements, and Cash flow statements provide very important and helpful business information. The balance sheet speaks of the company's net worth and helps in securing a line of credits. The income statement will show you revenues and expenses and tell you if you are in profit or in loss over time. Cash flow statements will tell you about operating, financing, and investing cash flows and will show you areas that are generating the most cash and the areas where cash is being consumed fast. You can take solid business decisions.
  • Proper accounting helps in avoiding losing the receipts and claiming deductions. Bookkeeping can be a great help with no efforts and putting money in your bank account.

What are the most frequently encountered problems with accounting for eBay sellers

  • Leaving Accounting to the last minute and facing troubles with regulatory authorities owing to redundant eBay bookkeeping spreadsheet management
  • Finding an accountant who properly understands how eBay operates as a third party. You may be charged with a higher %age commission unless your accounts are handled by an expert.
  • Reconciliation of refunds and chargeback is often big trouble.
  • Missing the mistakes is also a big issue like double entries in your ledger, and your bank account is not matching with your books of accounts.

How IMC supports in resolving accounting problems for eBay Sellers

  • A customer-focused well-qualified team with a policy for the right services at the time
  • Providing CPA qualified accountants
  • Suggesting cost reduction initiatives to be adopted throughout the value chain
  • Providing access to high technology software for online cloud accounting
  • Continuous supervision of books of accounts by dedicated accountants
  • Periodic reporting of financial statements and proposing most appropriate actions and strategies
  • Ensuring timely booking and tax compliances
  • Providing highly cost-competitive services and guaranteeing cost reduction
  • Providing system supports with certified Zoho, QuickBooks, and Xero certified accountants
  • Carrying out a periodic audit on accounting systems and processes

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