Hosted by Ramon Ray, the Smart Hustle Podcast helps small business owners be successful with inspiration and education – so they can support their families and contribute to their communities. Jason Richelson was invited to share his insights and explains why “knowing your numbers” on a daily basis is so important.
Online retailers need to understand the “hidden”costs.
Ramon Ray is the founder of Smart Hustle Media and Entrepreneur in Residence at Oracle NetSuite. He’s started four companies and sold two of them, is a best-selling author and global keynote speaker. Ramon invited Jason Richelson, the Founder and CEO of Bookkeep to talk about accounting automation and retail on his podcast, Smart Hustle.
Jason explains that selling items and making a “gross profit” is not enough. He challenges online retailers to understand the financial impact of taxes, platform fees and other “hidden” costs that might be going into every item they sell.
Smarter Accounting Automation delivers daily financial reports.
The episode explores why understanding accounting and reconciling your books monthly leads to a healthy P&L. Jason talks about the importance of understanding exactly where your money is going when using ecommerce apps like UberEats, GrubHub and Shopify, and what to look for when reviewing financial reports from these platforms. He also shares his best tips for online retailers and restaurants to grow their businesses, among them “knowing your numbers” on a daily basis.
According to Jason, most accountants are not equipped to handle the volume of transactions that a retailer, or even a restaurant, might have – which is why many are adopting Bookkeep’s automated accounting solution.
The Bookkeep platform captures and summarizes all financial data from your sales channels and posts journal entries to QuickBooks or Xero. Daily and automatically! Solutions like this can greatly improve the efficiency of your business and help you be smarter with your financial numbers – and this will help retailers make better business decisions.