INTRODUCTION
A client came to Mercurius in May 2019. The client has an E-commerce business for which they asked us to complete bookkeeping including their inventory management. We were using Ecomdash to extract COGS and do other services on QuickBooks. Later, our scope of work extended to categorization and reconciliation.
DISCUSSION
The client is running an E-commerce business, trading in robes. Most of the inventory they were purchasing from China. Their turnover was around $2.06 million. During COVID-19, the company expanded its nature of business and is now dealing in other products as well, including kids’ wear, makeup, household items, etc. Their business showed net sales over $7.48 million by the end of 2020 increasing the turnover by 262%. The growth was undeniable since it was the highest sales ever reported. After this, the client started three more businesses. All the LLCs 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 more businesses, we were expected to do bookkeeping for all of them. Keeping our contract intact, our services extended to categorizing and reconciliation.
SOLUTION
The team of professionals at Mercurius are highly trained and experienced in inventory management and reconciliation of accounts. Also, our agency is run by experts with extensive experience in bookkeeping for over two decades.
We carefully approached every task after analyzing the existing books of accounts of the client. Every task was assigned to the most competent individuals present in our team. For inventory management, we downloaded the cost of goods sold (COGS) from Ecomdash, and the sales were recorded as per the 1099 provided by the client only. We were managing inventory in QuickBooks. Earlier, we were doing bookkeeping on QuickBooks but recently, we shifted to NetSuite. Along with this, we managed categorization and reconciliation in NetSuite for all the LLCs.
CONCLUSION
We have managed the books for our client from the beginning. We delivered all the tasks related to the franchise tax returns on time. The company has developed an unprecedented number of customers only in the span of the last 4 years with its unique business model of online business. This not only allows the company to have a cutting-edge advantage over its competitors but also makes it a cost leader in its business.
