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Managing a business and its financials is one thing, but online activities are another layer to an already complex job. However, it is possible to simplify eCommerce and some of the tasks associated with it whether you offer payment processing services or are an online merchant.
There are a few changes a company can make to make eCommerce easier. From using the right financial software to engaging in online dashboard management, here are some tips.
Develop a Fully-Featured App
It isn’t as challenging to develop an app as you may think. By using the right payment processing SDK, your business can build car present and card not-present features, offer merchant onboarding, and develop a full-service B2B payment solution. This will allow you to accept credit cards, create invoices, and better manage your business. This can also help keep you connected to customers and clients with push notifications and handy user features.
Simplify eCommerce with Finance Software
According to HMRC, 60% of UK sole traders unintentionally under-report income because they find it challenging to keep up with financial management. Yet you can use financial apps:
- Quickbooks is an excellent choice for sole traders because it is easy to use.
- Xero comes with comprehensive tools and is easily integrated into other apps.
- Tide offers ease of use and flexibility and can be easily linked with a business account.
Automate Some Processes
Process automation isn’t new, but it has made its way into small businesses and homes over the past few years. There is usually a lot to do when running an online business or getting into eCommerce in general. However, there are some tasks that can be automated to make them easier for you. For example, inventory tracking apps can automate ordering systems so you never run out of products. Marketing emails can also be automated, and AI can detect fraud.
Business Accounts Simplify eCommerce
Managing accounts and finances becomes a necessary part of running a business. However, around 70% of small businesses don’t use an accountant. Whether you run a business from home or an office, you can simplify eCommerce finances with a full-featured business account.
Why you need a business bank account
A business bank account keeps personal and company transactions separate for easier tracking. However, it also makes it easier to track taxable income and establish a credit rating.
The benefits of a business bank account
Tax and VAT aside, a business bank account is essential for accessing finance options as your business expands. It is also an advantage when integrating payroll and accounts software.
The drawbacks of a business bank account
You will usually have to pay a fee to keep a business bank account open. There are also fees when you deposit and withdraw funds, and the offers for interest are usually pretty meager.
A business bank account simplifies the management of transactions, opens up access to financial products, and improves your business credit score, all with one easy platform.
Make Checkout Easier
eCommerce businesses lose a lot of money because of a poor customer experience. One of the most cited issues is a bad checkout process. Customers just want to buy something as quickly and easily as possible. For an eCommerce business, making checkout easier is pretty simple. Features such as guest checkout without registration, accepting multiple payment methods, and being clear about shipping charges are all features that modern online customers engage with.
Simplify eCommerce with Dashboard Management
A PYMNTS-Enigma study found that 85% of SMBs are happy with their payment processors. However, there are many dashboard features you can use to make them work better for you:
- Keep track of multiple payment streams in separate spaces in your software.
- Separate online stores by location to make it easier to break down incoming data.
- Keep track of which payment methods are coming in to track chargebacks.
Track Income and Expenditure
Many businesses, online or off, run into a lot of issues because of a failure to manage simple bookkeeping. But bookkeeping is vital to manage transactions and make decisions based on money coming and money going out. Depending on the size of a business, a SMB finance spreadsheet might be enough. For companies that deal with a lot of transactions, finance apps such as Quickbooks are excellent for tracking income and expenditure as well as tax payments.
Summary
Developing an app is challenging, but it is a powerful way to simplify eCommerce as a merchant or payment processor. As a business grows, it is also necessary to open a separate business bank account. Alongside financial apps, this makes it easiest to track income and expenditure.
This post was submitted by Simone Devonshire.
