How To Track Your Buyers On Ecommerce Platforms

Summary: The following blog gives brief information about tracking business buyers with software help. The company offers effective eCommerce strategy and solution services for all businesses. In addition, the company integrates our custom eCommerce solutions with e-payment tools, such as trusted payment gateways, e-wallets, and connected point-of-sale systems.

 

Keep Receipts

 

If your receipt does not show all the necessary information, you may write it on the back. It would help if you showed: the cost of each item, the date purchased, who sold you the item (store name), and how you will use the item in your business (i.e., inventory). If you have purchased equipment for the business, jot down when you began using the item for business purposes. Keep all receipts - even ones you may not think are relevant off your head. When figuring out taxes, they may become helpful.

 

Record Your Mileage

 

If you use your vehicle to drive to the post office or scout for inventory, you are allowed certain deductions. People can take the standard mileage rate or a percentage of your actual gasoline and maintenance on the car, you will have to know how many miles your vehicle drives. You will also need to know how many of those miles were for business purposes. Amazon Seller Software track your mileage by jotting down the odometer reading, where you are going, and for what purpose every time you get in the car.

 

Print Out Online Statements

 

Periodically print out online statements. These include everything from internet postage statements to income statements from online selling venues. This information will come in handy while filling out tax forms - not to mention in the case of an audit. You never know how long these online statements will be available on the web, so print new information frequently.

 

 

Make Spreadsheets Your New Friends

 

Spreadsheets can be invaluable. Whether you keep them on your computer screen with predefined categories or print out blank ones to fill in along the way, spreadsheets are a great way to organize information. For example, use them to track how many miles you drove and when. Likewise, use a spreadsheet to tally expenses with separate columns for how much you spent.

 

Use An Accordion-Style Folder Filing System

 

Where do you stuff all of those receipts and print-outs? Drawers and shoeboxes do not cut it. Instead, invest in an accordion-style folder. You can make your tabs fit your categories: inventory expenses, supplies, mileage records, etc. It will make sifting through it all much easier come tax time. Start a new file each year.

 

Invest in Accounting Software

 

Many of the accounting computer software programs on the market today assist in not only help you. People keep track of expenses and income, but they also integrate tax software to help you prepare tax returns based on the information you have fed each year. Some all in one software for Amazon can assist with keeping track of your inventory.

 

Keep Credit Card Statements

 

Credit card statements help determine your taxes. You may use them as receipts for business purchases if they show the necessary information. You may also deduct the business percentage of any interest you pay to credit card companies.

 

Keep Bank Statements

 

Bank statements help jog your memory about what you purchased and when. They may be used as receipts as long as they show the necessary information. For example, are you charged service fees on your business banking account? Bank statements show those fees - which are deductible.

 

Keep Previous Tax Returns

 

Keep previous tax returns much longer than you ever thought necessary. Just because you no longer have a copy of it does not mean you cannot still be audited on it. The IRS can audit you for up to six years of severe issues. If they feel something is outright fraud, there is no time limit. For example, if you expensed an asset, then later sold that asset, you may have to pay recapture taxes for up to five years. So you need to have these records to record that information correctly.

 

Account for Your Inventory

 

Use your new friend, the spreadsheet, to keep track of your inventory. Write everything down as you buy it. Record what you purchased, where, the date, etc. Please return it to your spreadsheet when that item sells to mark it as sold. Note the selling price. It will make your life unbelievably more organized.