According to a white paper published by Canada Post in 2016,
8 in 10 Canadians
Collectively they make an average of 11 purchases per year, and 53% make at least one cross-border purchase. As the variety of products available grows, so too do opportunities for e-commerce companies.
But growth comes with many challenges. Given the global nature of online business, cross-border dealings are common. E-commerce companies typically have customers, contractors and employees in multiple countries. In addition, companies may import products from, or manufacture products in, one country but sell them in another.
This makes bookkeeping for e-commerce a complicated affair. Currency conversions and multi-currency transactions must be accounted for, and the appropriate sales taxes must be applied for each jurisdiction in which the business operates. Finding a competent bookkeeper to support your e-commerce business is key, and that’s where we come in.
Legacy Advantage provides quality bookkeeping services to the e-commerce industry. We leverage our extensive expertise with e-commerce platforms and payment processors to help you not only grow your business but make informed business decisions.
As your e-commerce bookkeeper, we can help you to masterfully navigate a variety of custom and mainstream e-commerce platforms, including:
If your global retail strategy requires the use of more than one payment processor, no problem. We have lots of experience dealing with Stripe, PayPal, Moneris, Global Payments and more. Using these tools, we’ll keep track of your company’s cross-border dealings and ensure that your Canadian sales taxes are filed correctly and on time.
E-Commerce Cosmetics Company
An e-commerce company was selling cosmetics on Amazon Canada and Amazon USA. They were experts in SEO and had succeeded in getting high rankings; however, none of them had any financial expertise.
Their bookkeeper wasn’t very tech savvy and favoured the use of Quickbooks Desktop and other manual methods. As the company’s transaction volume grew, the man hours became costly and the bookkeeper fell behind.
Unfortunately, the bookkeeper didn’t record multi-currency transactions these properly. As a result, the company’s Cost of Goods information was incorrect and negatively impacted the owners’ ability to make accurately informed business decisions.
When Legacy Advantage took over as the company’s e-commerce bookkeeper, we switched them to Quickbooks Online (QBO), which we then connected to their bank feed. Thanks to this integration, data on all of the company’s transactions flowed into QBO automatically. This eliminated much of the time previously spent on manual bookkeeping, thus reducing the company’s overhead costs.
Using QBO also gave the owners access to real-time data. Instead of having to submit a request for financial statements to their bookkeeper, they could log into the system at any time and check their financials.
Unbeknownst to us at the time, the owners were preparing to sell the business. Unfortunately, the interested buyer wasn’t comfortable purchasing because the company’s financials were messy and didn’t provide any relevant data.
By leveraging technology and automation, Legacy Advantage was able to deliver accurate and timely statements at a lower cost than the company’s previous bookkeeper. And because of our work, our clients were able to present 12 months of accurate financial statements to their buyer and get the deal done.
“I would highly recommend Legacy Advantage Book keeping services. Bob Wang is a smart, driven, highly approachable person that runs his business with integrity. If you are looking for anyone from a book keeper to a CFO; Legacy Advantage is your answer.”
Our super-friendly bookkeepers are all either CPAs or CPA students. We have a rigorous interview process which helps us select the best, most
upbeat bookkeepers in Vancouver, Surrey and Langley
You’ll have a dedicated bookkeeper, but we also work as a team. No matter what happens, we’ll always have your back.