Common Mistakes eCommerce Business Owners Make With Accounting

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COMMON MISTAKES ECOMMERCE BUSINESS OWNERS MAKE
WITH ACCOUNTING
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NOT KEEPING ACCURATE AND UP-TO-DATE RECORDS
MIXING PERSONAL AND BUSINESS FINANCES
Another common mistake is mixing personal and
business finances. This can also lead to
inaccurate profit calculations.
One of the most common mistakes eCommerce
business owners make is failing to maintain
accurate and up-to-date financial records.
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NOT TRACKING INVENTORY PROPERLY
IGNORING SALES TAX OBLIGATIONS
Inventory management is critical in eCommerce,
but many business owners fail to keep track of
their inventory accurately.
Sales tax compliance can be particularly tricky
for eCommerce businesses, especially with the
varying laws across different states.
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DIY ACCOUNTING WITHOUT EXPERTISE
NEGLECTING TAX PLANNING
Many eCommerce business owners attempt to manage
their accounting without the proper knowledge.
Hiring an eCommerce accountant can help ensure
that financial records are accurate.
Many eCommerce business owners focus on
day-to-day operations and neglect long-term tax
planning.