As of March 2020, eBay reached 185 million active buyers in 2020.
Being an eBay seller is a motivating way to supplement your income streams. Hence, it is a straightforward platform to grow your brand. eBay has flexibility towards its sellers as it allows customise text and images to market your business. It also offers a smooth Paypal integration, which enables you to check your current revenue as soon as customers pay.
Being an eBay seller is exciting but managing timely accounting is chaos like any other business. More often, amateur eBay sellers overlook paying taxes and have to pay large penalty charges!
You might know that if you make £20k in a year, you are compelled to pay tax as Paypal will notify IRS for the exceeding income. If your accounting is pursued on time, you are likely to avoid IRS’s retaliation.
What Makes Accounting Easy For eBay Sellers?
Accounting for eBay sellers is solved through alternatives like outsourcing e-commerce accountant and cloud-based accounting software.
Accounting through cloud-based software has tremendous advantages, as you can access your financial records anywhere. Also, you can interact with the eCommerce Accountant/bookkeeper constantly. Best of all, cloud-based software allows easy integration with third-party apps.
Traditionally, newbie sellers anticipate Microsoft Excel for regular bookkeeping as they often praise its less time-consuming benefit. They claim Microsoft Excel is super easy to input financial data, wherein other accounting software consumes more time.
Xero accounting service allows you to track your financial reports 24/7— you can easily track them from all devices. Xero tracks different financial statuses, which are simultaneously received by your advisor and saves time of exporting and sends reports to the advisor.
Looking for the best accounting software for eBay sellers is ultimately a personal choice that depends on your needs and requirements. If you are running a small-size business, it might be that Xero’s lowest package will work best for you or Excel is a convenient option for you!
Outsourcing— Your Next Alternative
Outsourcing is your final decision depending upon your prerequisites. So consider hiring an accountant who specialised in e-commerce accounting. Prices may vary depending upon the nature of bookkeeping and the experience of the accountant. But you can pay them every month or you can hire them when you feel the need for them.
Hiring accountants often come with paid accounting software, which you do not require to pay for. Their job includes: keeping records of sales, expenses, processing payments, handling payroll and so on. Equally, they manage invoices and bills, to avoid fines and penalties.
It assumes that accounting software removes the responsibility of a bookkeeper, but it is hardly true. To be honest, integration of software is difficult, which could easily be solved by bookkeepers even if they are not kept on an ongoing basis. It is instructed to complete the first set up by a bookkeeper, who will not only save time but also relieve stress.
For more information, about your eBay business please contact us on 02921 056209 alternatively email email@example.com