New age businesses operate in multiple Market Places. Most of the Market place (Online Portals) have their own niche to engage with customers. They are strong in different customer segments and hence Businesses do register on more than one Market places and sell across them.
Every portals have their own format of sharing data and information with the sellers. Unknowingly this brings in challenge for completing accounting. The challenge gets complex with GST Accouting, that needs to be segregated as SGST, CGST, and IGST. The segregation is based on the State of Delivery or Customers Address and the state from where your portal initiated the delivery. Volumes of transactions add to the pressure in completing Accounting on TIME. It is important to interpret the records in the right manner so the right accounting is done by their accountants.
The challenge gets complicated with the type of charges and promotions offered by Market place and the GST compliance related to the same. Tax on the services offered by the Market place also needs to be accounted for and the same differs widely based on the type of facilitation and business categorization.
Quantum of Sales Return in Online Business is higher than the brick and mortar model. This is primarily due to the virtual buying patterns and the business model of the market places. This adds up to lots of hardship to the accountants of the Businesses selling on such market places particularly for tracking inventory and then for compliance management. The transaction charges particular shipping is generally borne by the seller and this reduces the value of reversal of the particular order, leading the complications in reconciliation.
Our team has tried to address your above challenges in an efficient manner helping you to ATOMate accounting and achieve accuracy at speed.
Usage of our services, help you do the Reconciliation of Orders, Inventories, Receipts, Cost per Order, Profitability, etc. in a more efficient manner. Thereby helping you take good and more profitable decisions, beyond helping your accountants to complete Accounting and GST Compliances.