Accounting for an eCommerce: everything you should keep in mind

Accounting of an eCommerce everything you should keep in mind

Setting up an eCommerce can be easy. But one of the most tedious tasks that can get you into trouble if you don't do it right is the accounting of your online store. Do you need accounting CRM? Maybe do it all by hand? Do you know what obligations you have?

If right now you are getting nervous because you don't know whether or not you comply with what the law requires, pay attention to what we are going to tell you. Shall we start?

What obligations do you have to fulfill in your eCommerce?

calculate accounting expenses

Accounting for an eCommerce is not difficult. But you do need to have everything in order so as not to get scared later. In this sense, you should start from the fact that you will have to have your eCommerce registered. In addition, you will invoice yourself as a freelancer or as a company.

But, and that's it? Not really. If you want to control eCommerce accounting, you will need the following:

Invoice and control income and expenses

As an eCommerce, you will be selling products to customers. And all those products that you sell will have to be billed to customers. This implies that they will pay the price of the product but you will have to include VAT and personal income tax if applicable.

In general, VAT is already included in the final price of the product, as well as personal income tax. But when making the invoice you do have to specify it.

That would be the income you would have. But on the other hand would be the expenses, that is, what you buy or ask to be able to operate in your eCommerce. It is important that you ask for invoices, tickets and others to justify them. In addition, you have to keep them for at least five years, since the Treasury can require them.

This would be properly speaking the accounting of your eCommerce. And you have to keep it up to date. When your business is small it is not so necessary (as long as you take it a month or a quarter it is enough). But when it is larger, you will need to control it to avoid errors.

required books

In addition to the previous accounting, you will have to keep a series of mandatory books that are established by law. In this case we find tax, accounting and commercial books.

Now, a company is not the same as a self-employed person. In the case of a self-employed person, what you need are the self-employed registration books, which are the registration book of issued invoices. And the record book of invoices received. With these two you would have that process satisfied.

And in the case of companies? Here we do have more books. Here we must distinguish several areas: On the one hand, the commercial books, which will be the minute book, which is used to collect everything that is said in the meetings that are called; the register book of partners and/or the register book of the society; and, finally, the register book of registered shares.

On the other hand, the fiscal books, made up of the books of invoices issued and received, the book of investment goods and the book of intra-community operations.

And finally, the accounting books, which would be the daily book and the book of inventories and annual accounts.

Document management

Finally, another important aspect of eCommerce accounting is document management. With this we refer to all the documentation that has to do with the business: your registration as a self-employed person, the company constitution document, the tax models, the workers, etc.

Tips for keeping accounts of an eCommerce

printed accounting review

It is possible that all of the above has overwhelmed you. And is not for less. However, it is not difficult to carry out. When your eCommerce is small, you could take care of the accounting yourself (as long as you know the law and everything that can be required of you). Or you could trust an agency (when the business is bigger).

Be that as it may, here are some tips for keeping the accounts of an eCommerce.

Opt for CRMs

CRMs are programs that are made to keep accounting in a more practical and fast way. Instead of doing it by hand, with these programs you would automate a lot of the income and expenses.

For example, you would avoid having to do calculations to get the VAT and personal income tax (if applicable) from each invoice. Or you could put the fixed monthly expenses to repeat each month without having to enter each one individually.

It is true that sometimes it is difficult to understand them, but when you do, accounting is carried out much faster and more efficiently.

Take it all up

accounting movements

If you have already faced accounting, you will know that you have to allocate a few days before the deadline to compile everything and pray that you do not miss anything and the figures add up. However, this can be the worst thing for something to go wrong.

Therefore, it is better to spend some time daily to organize finances correctly. Yes, it is cumbersome and you may not like to do it; but in this way you will not forget about any bills, pending payments, or expirations that could "scratch" your benefits.

train in accounting

We do not mean by this that you are going to be an expert, far from it; but it is necessary Regardless of whether the billing and accounting of the eCommerce is carried out by you or by an agency, that you know the least.

So, try to understand the key concepts of accounting in order to know what they are talking about when they present you with the taxes to be paid or the documents that support your day-to-day life.

Review the accounting

This is not only to check that you have not made a mistake when registering the accounting books. But to verify that, if you have an agency, it also does it well. Yes, we know that you may think that this implies paying for something that in the end you do. But it's better to double-count and balance than to blindly trust what comes first and not realize the mistakes you've made.

Because maybe they don't realize it, but if they do and you have to justify what you have put, you could pay a fine for not having presented the correct data.

Is the accounting of an eCommerce clearer now?


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