Many Shopify stores run their operations blind because they don’t have reliable financial systems in place.
That often goes for any business, but bookkeeping and accounting for Shopify stores is extremely unique and notoriously complex and these businesses are often inappropriately using systems designed for traditional businesses. Or even worse, they are using systems that they think are correct because they simply don’t know any better or they ‘don’t have the time’ to fix it or find a better solution.
The reality is that Shopify stores are totally different than traditional businesses and their bookkeeping systems need to be designed accordingly.
Unfortunately, many bookkeepers and accountants just don’t understand Shopify stores and the frustrations are just amplified come year-end tax time when it goes to the accountant. Enter Deuzeman CPA.
Deuzeman CPA has invested a lot of time developing and implementing bookkeeping systems for Shopify stores. The systems are reliable and consistent. We pride ourselves in being able to be your one-stop shop for all your tax, accounting, bookkeeping and payroll needs for your e-commerce business so that you can enjoy the convenience of all the help you need under one roof. This ultimately allows you to get back to focusing on running your business and looking after your customers.
We’d be glad to have a conversation with you to learn a little bit about your Shopify store and see how we can help you.
Bookkeeping & Accounting for Shopify Stores
Shopify stores have very specific bookkeeping and accounting needs. Deuzeman CPA solutions are designed to address those needs and include:
- Custom setup and integration of your Shopify store and QuickBooks Online for your unique business and reporting requirements
- Accurate and complete reporting of all Shopify store information for income statement and balance sheet activity for full visibility
- Proper recording of Shopify store information including sales, discounts and refunds to ensure all activity is being captured and reflected in the financials
- Reconciliation of Shopify store sales activity to payouts in the company's bank account providing confidence that everything is accounted for
- Summarized and simplified reporting in QuickBooks Online as it is not meant to store thousands of small transactions and customers that can create system issues
- Conversion of transactions in foreign currencies to Canadian dollars to satisfy Canada Revenue Agency requirements
- Timely and precise reporting of Canadian and US sales tax activity and remittances to ensure government compliance
Deuzeman CPA is here to help Shopify stores in Toronto or anywhere in Canada with full service bookkeeping and to be the one-stop shop for all other tax and accounting needs.
Please feel free to contact us for additional information or to discuss your situation. We would be glad to assist you.
Caveat: The information in this publication is current as of the time it was written. This publication has been carefully prepared, but it has been written in general terms and should be seen as broad guidance only. The publication cannot be relied upon to cover specific situations and you should not act, or refrain from acting, upon the information contained therein without obtaining specific professional advice. Please contact Deuzeman & Associates to discuss these matters in the context of your particular circumstances. Deuzeman & Associates does not accept or assume any liability or duty of care for any loss arising from any action taken or not taken by anyone in reliance on the information in this publication or for any decision based on it.