Inventory tracking is the backbone of any high-selling e-commerce brand, especially for Amazon and Shopify sellers. Whether you’re a retail or wholesale business, maintaining accurate inventory levels can be the defining factor in your success. Besides keeping tabs on stock levels, inventory tracking helps sellers find the “sweet spot” between overstocking and stock outs, meeting […] The post 7 Best Inventory Tracking Practices for Small Businesses appeared first on Transcounts ..read more

Eliminating the guessing game, monthly financial reports provide a snapshot of an organization’s performance, from metrics like profitability ratio to return on investments or assets. Let’s look at how these 30-day financial check-ins help decision-makers steer a company toward growth and sustainability. 1. Trend and Scenario Analysis Monthly financial reports help executives observe and identify […] The post The Importance of Monthly Financial Reports for Decision Makers appeared first on Transcounts ..read more

When it comes to e-commerce businesses, staying on top of finances is the key to smooth operations and informed decision-making. Plus, having an efficient bookkeeping system helps Amazon and Shopify sellers gain confidence in their numbers — tracking sales, managing expenses, and reconciling payments on the go. Let’s first understand the basic differences between Amazon […] The post E-commerce Bookkeeping Best Practices for Amazon and Shopify Sellers appeared first on Transcounts ..read more

Given that small business owners often deal with time constraints, inadequate bookkeeping software, and non-compliance with tax laws, it’s easy to have inaccurate books come tax time. With these bookkeeping challenges and long to-do lists, many entrepreneurs push their bookkeeping tasks to the back burner, thinking that “they’ll catch up later.” This may result in […] The post How Small Business Owners Can Catch Up On Bookkeeping appeared first on Transcounts ..read more

When it comes to small businesses and solopreneurs, many often cut corners with professional bookkeeping services to slash expenses. What they don’t realize is that accurate, reliable accounting records help you save more than spend. Ensuring that every dollar spent or earned is recorded in the ledgers, bookkeeping helps businesses maintain a healthy cash flow and smooth operations. Let’s look at the reasons why you should consider accounting and bookkeeping services today! Here’s a quick overview to get you started: Benefit Description Legal Compliance Stay compliant with CRA standa ..read more

As an e-commerce store, you may have a user-friendly website and a running product line, but without a reliable bookkeeping system, you’ll always be behind on your money matters. Besides leaving you guessing your next financial move and profit margins, not maintaining your books may cost you a lot (in penalties and stress) come tax time. So, let’s look at a few tips and tricks for reliable bookkeeping for ecommerce sellers. Aspect E-Commerce Bookkeeping Traditional Accounting Sales Tax Collection Multi-jurisdictional obligations based on customer locations Usually less complex with sa ..read more

On the first go, handling payroll might seem like an effortless job: you just calculate hours, issue paychecks, and you’re done, right? Unfortunately, do-it-yourself (DIY) payroll is easier said than done, with hefty responsibilities like calculating tax withholdings, compliance with employment laws, record-keeping, and timely release of payments. While small business owners looking to cut costs may find DIY payroll to be a better option, the long-term risks outweigh these savings. Here’s why outsourcing payroll management to experienced professionals is the best investment for your busines ..read more

Given the intricate nature of tax regulations, many small and medium-sized businesses find it daunting to manage on their own. At Transcounts, we’ve assisted over 100 businesses, ensuring unparalleled success in year-end reporting and tax solutions. Attempting to handle corporate taxes without expert guidance increases the likelihood of overlooking potential tax savings. In this post, we’ll highlight five crucial factors to prepare for year-end taxes, focusing on Corporate Tax, GST/HST, Sales Tax, and Payroll Tax liabilities. Careful planning is essential to navigate this complex terrain, e ..read more

It is imperative for entrepreneurs to understand financial statements, as it involves more than just analyzing data; it involves making well-informed choices. Regular financial reports act as a trustworthy compass for business owners. With the clarity they provide, you can make proactive decisions to maintain your business’s financial well-being. Reviewing financial reports enhances long-term profitability and ensures a healthy cash position. Think of it as a roadmap to help you make business decisions. Financial literacy powers your company like a superhero, guiding it toward success, whet ..read more

For plumbing businesses, positive cash flow is like the lifeblood that keeps operations running smoothly. Ensuring a consistent stream of revenue, cash flow management helps you cover day-to-day expenses, invest in equipment upgrades, and cover overhead costs. Let’s look at a few of the top strategies to ensure that your plumbing business always has cash on hand, avoiding credit problems and financial setbacks. 1. Understand Fixed & Variable Cost By understanding the difference between fixed and variable costs, plumbing businesses can effectively manage their expenses and allocation of ..read more