In India, the e-commerce industry is booming, thanks to rising smartphone and internet usage. With more internet service providers and the introduction of 3G and 4G and many more G's services at reasonable costs, the e-commerce and m-commerce industries are expected to grow even faster.
If there is anything that COVID-19 has proven to us then that is to always do business in the infrastructure that can sustain itself amidst unexpected circumstances.
E-Commerce refers to business performed through the internet. In recent years, m-commerce, or mobile commerce, has grown in popularity as a means of conducting business via smartphones. A proprietary E-Commerce website or joining an established marketplace are the two major ways to start an E-Commerce business right now.
1. Creating a proprietary (own) E-Commerce website:
One of the most difficult aspects of beginning an eCommerce business is developing a proprietary eCommerce website. A web development team, an online marketing team, and a payment gateway are all required to start a proprietary eCommerce firm. Starting a proprietary eCommerce website is a long-term project that necessitates a significant financial and time investment to build a successful business.
2. Joining an established marketplace:
It's simple to start an eCommerce business or sell products/services online by joining an established marketplace. As a seller, most e-commerce marketplaces only demand a bank account and GST registration, making the procedure quick and uncomplicated. Furthermore, in an eCommerce or m-commerce platform, the marketplace platform handles factors such as technological development, marketing, payment gateway, logistics, and so on, reducing the seller's workload. Furthermore, merchants can typically offer their products on various marketplaces, making it the most convenient option to establish an online or eCommerce business.
You are already doing business on Amazon, Flipkart, Meesho, etc. platforms but not sure about where your cashflows are going and what your product profitability is.
You are also worried about how to maintain your accounting books between all these complexities so that you can understand your return on investment in a better way.
We at Finaccle can help you properly book sales, purchase, expense, commission, returns and such things, so that you can get a clear idea about your ecommerce business.
Understanding your business
In this, we analyze as to how and at what marketplace you operate. What are the products that you deal in, how you handle your returns, what are the other things involved in your sales like packaging, transport and all such things?
We collect all the sales report, returns report, purchase invoices, marketplace invoices, bank statement, etc. from you and then process it for data entry into our software which we have modified for the purpose of ecommerce accounting specially.
Reporting to you
After all the data processing, we provide you reports about your inventory, cash flows, profits, etc. and if you want, we can provide you a product wise profit summary which will help you analyze and decide whether you want to continue selling those products or not. In this way, we provide business consultancy too.
After finalization of all the data, we also help you with compliance of GST, TDS and TCS also. The following compliance is done by us so that you don’t have to worry about it:
a. Filing your GST returns with reconciliations so as to ascertain the eligible input tax credit.
b. If you are selling via marketplace, then you need to claim TCS credit also, we do that too.
c. If you are a ecommerce operator yourself, then you need to file GSTR-8 also which is for deduction of TCS, we help you with that too.
Quick response to any query. Excellent services and Extremely polite and professional staff.
Abhishek Taliya, 3Tee Elastic Private Limited
Best in business in their respective fields
Shreyansh Kothari, K Lal
Great service by Team of Finaccle. Their execution method is amazing. Would love to continue with them in future!
Abhishek Gotawala, Harikanta Overseas Private limited
It's good to work with Finaccle's Advisors. Perfect and Reliable.
Mr. Sharma, Ganesh Weaving