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An increase in global e-commerce has seen more clients needing accounting and bookkeeping support for their online businesses. The more simplified the solution, the better. Insights brought to you by Dext.
How to manage the rise of clients selling online
18 March 2022
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3 minute read
The COVID-19 pandemic has led to an influx in businesses selling online, with this unlikely to slow down any time soon. The effect is evident – business owners are capitalising on worldwide demand for products and are thriving as a result, whereas so many who rely on bricks-and-mortar alone are closing up shop completely.
While an online presence has become essential for retailers in today’s age, it can lead to some unexpected accounting and bookkeeping headaches. Many of those who have reported an upsurge in e-commerce have struggled to take on clients that sell online due to the amount of sales data they produce and the time it takes to process.
Introducing Dext Commerce
Dext Commerce is your one-stop accounting automation software that enables you to automatically fetch your clients’ digital sales data from a range of e-commerce, point of sale, and processing platforms – splitting out sales transactions, fees, refunds, and reimbursements line by line for each item sold.
The standardised and itemised format allows you to consolidate the platforms clients use to sell online – such as their own website or via marketplaces like Amazon, Shopify, eBay and Stripe – streamlining the process and saving accountants valuable time and effort.
In addition, Dext Commerce allows you to accurately and efficiently export itemised sales data down to SKU level, to Xero or QuickBooks Online.
With Dext Commerce, you can save hours each month by automatically fetching and consolidating sales transaction data, get reliable e-commerce statistics in a standardised format to easily analyse and compare, assign correct domestic or international tax rates at point of sale and assess your cut-off periods. It also takes the pain away from grossing up transactions for fees deducted.
Dext Commerce allows you to get real-time reporting of your clients’ business, providing accurate insights and ensuring tax compliance no matter where in the world your clients sell.
Making clients’ lives easier
Robin Miller, a bookkeeper with over 30 years’ experience, first utilised Dext Commerce to assist the owners of Karu Distillery – an award-winning business based in the Blue Mountains region of NSW.
Like so many others throughout the pandemic, Karu Distillery needed diversification and an immediate solution to scale and expand its online operations.
Their initiative to create new products and find new ways to sell them during the last two years saw the Karu Distillery team receive an overwhelming amount of sales data from a growing number of platforms. Deciphering the information, checking and updating it quickly proved both costly and time-consuming.
Robin, who has run her own business for nearly 20 years, wanted to find a solution for the pair that would capture their sales data in a single standard format.
Dext Commerce allowed Karu Distillery to combine its sales data seamlessly, radically simplifying and enhancing the owners’ reporting capabilities and creating an integrated channel to push data directly to Xero.
The result enabled the owners to remove many tedious tasks and concentrate on creating new products for their customers to enjoy. For example, with the use of Square and the data captured automatically through Commerce, manually writing invoices for their market sales quickly became a thing of the past.
Utilising Dext Commerce also helped the owners of Karu Distillery understand their products and services better. They were given the ability to analyse their customers and know their data was being provided in real time, allowing them to make more informed decisions than they were able to previously.
For Robin, using the “beautiful Commerce interface” saves her between two to three hours per tranche of transactions. She’s now able to sort, select, check and allocate all sales transactions before she bulk releases those transactions to appear correctly coded in Xero.
A task that once took her hours to complete now takes around two minutes.
Crunching numbers and time
Robin describes Dext Commerce as a “game-changer” for time-poor accountants and bookkeepers.
It’s a must-have for those who work with multiple e-commerce platforms and across different markets – or for those who wish to expand their portfolio with digital accounting operation services.
But that’s not all. Using Dext Commerce allows accountants and bookkeepers to take their advisory to the next level by providing real-time insights to clients. In turn, you’re giving yourself a greater edge by helping clients sell on a global scale while avoiding unnecessary compliance challenges.
Being able to rely on the simplicity and accuracy of Dext Commerce, Robin can now use her time adding greater value to her clients, rather than wading through endless spreadsheets of data.
Simply put – “Dext is the best thing that’s happened in my life as a bookkeeper,” she says.
Want to learn more about Dext Commerce? Request a callback here and gain access to 50% off for three months for annual subscriptions.
“Dext is the best thing that’s happened in my life as a bookkeeper.”
Robin Miller, bookkeeper
