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Comprehensive Bookkeeping and Inventory Management for an E-commerce Business

Inventory management

INTRODUCTION

A client came to Mercurius in May 2019. The client have an E-commerce business for which they asked us to complete bookkeeping including their inventory management. We were USING Ecomdash to extract COGS and doing other services on QuickBooks. Later, our scope of work extended to categorization and reconciliation.

DISCUSSION

The client is running an E-commerce business, doing trade of robes. Most of the inventory they were purchasing from China. Their turnover was around $2.06 million. During Covid-19, the company has expanded its nature of business and are now dealing in other products as well, including kids wear, makeup items, household’s items, etc. Their business showed net sales over $7.48 million by the end of 2020 and increasing the turnover by 262%. The growth was undeniable since it was the highest sales ever reported.  After this, the client has started three more businesses. All the LLC’s except the first one were drop shipping.

 REQUIREMENTS

The client wanted to get their bookkeeping completed including inventory management. Later, when the client opened three business more, we were expected to do bookkeeping for all of them. Keeping our contract intact, our services extended to categorizing and reconciliation.

SOLUTION

Team of professionals at Mercurius are highly trained and experienced in the field of inventory management and reconciliation of accounts. Also, our agency is run by experts with an extensive experience in bookkeeping for over two decades.

We carefully approached each and every task after analysing the existing books of accounts of the Client. Every individual task was assigned to the most competent individuals present in our team. For inventory management, we were downloading cost of goods sold (COGS) from Ecomdash and the sales were recorded as per 1099 provided by client only. We were managing inventory in QuickBooks.  Earlier, we were doing bookkeeping on QuickBooks but recently, we shifter to NetSuite. Along with this, we are managing categorization and reconciliation in NetSuite for all the LLC’s.

CONCLUSION

We have managed the books for our client from the beginning. We delivered all the tasks timely which were required for the franchise tax return. The company has developed an unprecedented customer only in the span of last 4 years with its unique business model of online business. This not only allows the company to have a cutting edge advantages over the competitors but also makes it a cost leader in its business.

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