The e-commerce business in India is experiencing a tremendous boom due to the increase in the number of internet and smartphone users. Along with the favorable internet services provided at reasonable costs. More and more of the population is purchasing through e-commerce websites.
The biggest reasons customers purchase online is the convenience that it offers. The discounts, quick deliveries, freebies, etc are all ways of getting traffic to the website. The growing businesses must be efficient enough to cater to these needs if not it may lose its customers.
The continuous incoming orders, moving inventory and deliveries of the orders are difficult to handle if you don’t have the required infrastructure to handle it. You may think of expanding your team hiring new people. But in the long run, this will not be profitable for your firm.
While increasing sales is a good problem to have, if it is not managed properly it may lead to problems like late deliveries, wrong orders, stock mismanagement, etc. In this cut-throat competition, these mistakes may easily lead to the loss of loyal customers. And you may waste most of your productive time trying to fix all these errors.
Thus, you must automate most processes that are repetitive, instead of hiring more people to manage it.
You need to have a proper mix of skilled human labor, efficient software and zero waste processes. Skilled labor and zero waste processes are something that is unique for every business and is highly subjective. But one thing that is common for all e-commerce businesses is the software and the features that this software offers for the automation of your e-commerce business.
E-commerce accounting software also needs to be automated to improve the e-commerce business. Below are a few features that your e-commerce accounting software must have:
Integration
Do you or your employee often copy sales and other entries from the spreadsheet and paste it in your software? This will take away a lot of productive time that can be spent at the expertise of the business. Let your software be integrated with Amazon in such a way that all entries are automatically passed in the accounting software once a transaction is made n Amazon. Not just the sales entries but also the other settlements that need to be recorded in your accounting software.
GST and other calculations
The statutory rules and regulations keep on updating and changing. Your software must be GST compliant. Thus any changes made in GST will be reflected in your software. Most of your time can be spent in actually running your business and productive work than spending time on these not so relevant aspects of the business.
Inventory Tracking
Track your inventory to know how much stock is remaining or how much is spent and thus never over-stocking or under-stocking that will both lead to loss of business. Your software must be able to track your inventory and provide you reports for the same.
Reports
Decisions require data. Accounting software without reports is incomplete. As a business owner, you must know the current situation of the business. Balance sheets, Profit and Loss statement, Bank reconciliation statement, etc. all these reports are required for an Amazon seller.
The future of e-commerce is Automation. To stay a step ahead or to stay at par with your competitors you must have an automated accounting software which is integrated with your e-commerce websites like Amazon, etc. This is the best way to manage more customers, increasing inventory and resources.
