A Comprehensive Guide to Shopify Accounting for New eCommerce Businesses

Running a Shopify business can be exciting, but like anything in life, it comes with certain challenges. This is especially true when it comes to managing your finances and accounting. As a new business owner, understanding the basics of Shopify accounting is essential to keep your business running smoothly.

Hiring An eCommerce Accounting Firm Can Elevate Your Shopify Business

A CPA or accounting firm that specializes with eCommerce businesses will assist with managing your finances, while you run your eCommerce business. 



They will set up an accounting system that is crucial for tracking your finances and making informed decisions. The firm will start by helping you open a separate bank account for your Shopify business to keep your personal and business finances separate. They will keep track of all your expenses, including transaction fees, shipping costs, and advertising expenses.

Managing Your Shopify Finances

Managing your finances is critical for a new Shopify business owner. Even if you have had your business for a while, a CPA firm with experience in this industry will keep track of all your sales, refunds, and chargebacks using automated software as well as their own experience and knowledge. They will monitor your inventory levels and reorder products when necessary by using automated accounting software systems. This allows for transparency on all ends, helping you keep an eye on your cash flow and plan for any upcoming expenses.

Automating Your Accounting Processes

eSenshi is an accounting firm specializing in assisting eCommerce businesses. We provide a variety of services such as Virtual CFO services and Sales Tax Services to assist eCommerce businesses.

Salim Omar

Salim is a straight-talking CPA with 30+ years of entrepreneurial and accounting experience. His professional background includes experience as a former Chief Financial Officer and, for the last twenty-five years, as a serial 7-Figure entrepreneur.