Retail/Ecommerce Back Office Support Services
The fast growing Ecommerce and retailing companies operate in a highly competitive landscape. They need to focus on pricing, fulfillment and assortment strategies while leaving the mundane/routine tasks to specialist service providers. This helps in not only savings costs and overheads but also aids in better focus on critical business tasks.
We offer a wide range of back office support services. We will take care of almost every task essential in day to day functioning of an eCommerce business at very competitive and affordable rates. Our back office support professionals can efficiently handle tasks like accounting, inventory management, order processing, answering customers’ emails and phone calls.
Back Office Accounting & Online Bookkeeping Services
Accounting services are a key strength area for us. We are specialist finance and accounting service provider and have served hundreds of businesses over the last ten years. Most of our clients outsource bookkeeping services to us. We can handle most aspects of accounting irrespective of volume of financial transactions promptly and run it smoothly.
Our specific accounting and online bookkeeping services related offerings are as follows:
Please email firstname.lastname@example.org or call 1- 646-367-8976 for a no obligation customized cost benefit analysis of outsourcing opportunities in your organization.
Accounts Payable Processing
- Invoice Data Entry:
Entry of accounts payables invoices into the work-flow/accounting software after thorough understanding of your accounting requirements, rules and software. Entry of purchase orders, matching of purchase orders with invoices, and storing of purchases related documentation.
- Produce aging reports:
We track vendor payments and credit terms by generating timely aging report. Timely payments help in building better credit terms and improved prices. Vendor reconciliation on quarterly basis is also performed.
Payments by creating checks or wire for printing in US after receiving approvals and generation of relevant disbursement reports. Remittance Advices can also be generated.
- Bank Account Reconciliation:
Reconciliation is a critical activity for most ecommerce firms given the transaction intensive nature of the business. Accurate bank reconciliation helps in keeping track of liquidity/ cash flow.
- Credit Card Reconciliation:
Reconciliation of credit cards helps in proper accounting of credit card expenses.
Accounts Receivable Processing
- Reconciling Back-end ordering/Point of Sale (POS) systems/ Third Party Stores with accounting software:
Ordering systems and accounting software are typically different for many small ecommerce companies. Also, many ecommerce firms sell on ecommerce sites such as Amazon and EBay. These firms require manual entry of daily/weekly/monthly sales in the accounting software such as QuickBooks or Net suite. Our sales processing team will enter daily sales (consolidated or order wise), reconcile daily sales between both systems and send you regular reports.
- Deposits Tracking:
Most ecommerce companies deal with hundreds of transactions every day. It’s important to track customer payments at order level against merchant account deposits. We will keep an eagle eye on all customer payments through credit cards and checks to avoid bad debts/ frauds.
- Merchant Account/PayPal Account Reconciliation:
Prompt reconciliation of merchant accounts helps track funds in transit and red flags any extra/unnecessary merchant fees charges (TDR based charges).
- Updating Inventory Related Information:
Updating product stock levels to make items in stock/out of stock, processing good receipts/inbound packing slips, updating sourcing prices and many associated tasks. We will do monthly reconciliation of physical vs. software inventory.
- Sales Mix Reporting:
We will generate month end sales report for every category and region. Our detailed management reporting on key business parameters helps in identifying revenue and expense trends. Revenue reports provide information on strongly performing product lines, categories, brands and SKUs.
- Monthly Financial Reporting:
We will prepare monthly financial control reports on relevant accounting parameters pertaining to sales, purchase, expenses and liabilities. We also provide working capital utilization and cash flow reports to help identify cash flow bottlenecks. Expense reports to provide key insights in margin break-up, cost drivers and expense trends. Prepare customized reports to meet varied reporting requirements of clients.
- Process order related activities:
Tracking shipped orders, following up with logistics companies on delayed shipments, assistance in shipment documentation and other related sales/shipment related logistics tasks.
- Research your competitors:
We can keep track of new products launches, prices, discounts and special schemes offered by completion so that you have current competition related information readily. Competitive Information summary is sent on a Weekly/Fortnightly/Monthly basis.
Competitor price monitoring is an often overlooked, but a critically important key to growth in a tough market – so important that you really need a dedicated team providing you with competitor price tracking services at every stage of your selling campaign. This competitive information helps in driving sales, planning sales promotions and also in marketing allocations.
Our price monitoring services include:
- Manual and automated price monitoring tools: We can either create pricing data manually from your competitors’ websites, or we can employ price monitoring software (additional charges apply)
- Automated tracking while cheaper has its limitations and may not be executable in all types of sites
- Manual price tracking while not real-time, gives an accurate price across all competitive sites. A combination of manual and automated price tracking helps in maintaining price competitiveness
We are flexible and can customize our services according to your requirements. We can monitor the prices of only a certain SKUs, brands, product categories or set of product on your competitors website according to your requirement.
- Competitive Catalogue Tracking: We can track new product launches , new SKUs added in existing product categories, new sub categories added
The pricing and cataloging information is presented in an easy to read format suitable for senior/middle level managers.
Q. How much experience does your team have in the ecommerce business?
A. Our senior management team and operating team has a sound knowledge and good understanding of ecommerce specific processes as a part of our team was closely involved in setting and running a fully fledged ecommerce business for four years. This close involvement in execution of an ecommerce venture has given us a ringside view of the different ecommerce processes such as marketing, cataloging, price and inventory management, sourcing and shipments. Additionally, we have served multiple retail and online stores, who have used us for accounting and back-end processes.
Q. How cost effective your services will be for my ecommerce business?
A. A key driver for outsourcing is the high cost savings associated with it. Our clients typically experience cost savings ranging from 30%-60% depending on the nature of business, process complexity, existing onshore costs etc. There are numerous other advantages that make outsourcing a significant value creating proposition. The flexibility in staffing structure enables firms to higher more during the busy holiday season and lower staffing levels in lean seasons. Many small ecommerce shops work with part-time on shore staff to reduce costs. They can easily hire full-time dedicated employees, resulting in faster completion of tasks of work such as updating catalogue, modifying stock and price levels, better responses to issues and challenges. In sum, clients see cost savings, better operations and faster responses to order trends.
Q. Why should I need catalog management services after setting up my website?
A. The success of your ecommerce website depends heavily on quality and depth of your product catalog, its freshness (particularly in apparel and electronics), quality and way of presentation. For E-Commerce businesses, it’s probably the most important consideration while building web site. Unfortunately, it can often remain unchanged after the initial few months. A catalog update service enables you to bring new SKUs LIVE faster, update product descriptions, phase out old items and run new promotions and prices.
Q. What kind of “Back End” services do you offer?
A. We can provide you accounting, price monitoring, order processing and catalogue management services. For detailed information about each section, please refer the list of services. click here.
Q. Can I see all of my accounts in real time or I have to wait before I have access to information from you?
A. It depends upon volume of your business and your reporting requirements. One can see books of account in real time through ONLINE accounting software which can serve only small business entrepreneur. We recommend desktop version of software for the mid & large size firms. We can provide you all the reports & data within fortnight as and when required by you.
Q. Will I required to supervise the whole e-commerce process outsource to you?
A. We assign dedicated team to perform your services so that you can focus completely on increasing your business. Once the initial transition is over, most processes require minimal intervention from your end. However the smooth running of any process depends on right staffing, well documented processes and a smooth flow of information.
1. A mid sized rapidly growing furniture distribution and retailing company based out of Idaho in USA, supplying a large retail companies like Home Depot as well as retail customers.
Bank reconciliation, inventory, account payables, reimbursement tracking, handling charge-backs and back-orders, balance sheet transactions and payroll
2. A luxury resort wear firm based in UK known for signature silhouettes, a feminine aesthetic and distinctive designer beachwear
Bank reconciliation, account payables, balance sheet transactions and tax return
3. An online store selling a vast range of luggage related products like suitcases. The company’s website has one of the largest hits in this category.
Complete back-end accounting-payables (from reconciling POs against vendor invoices, checking if Gross margins are maintained, generating payments and AP reporting), receivables (entering gross sales and merchant account reconciliation), bank and credit card reconciliation, customized management reporting and complete financial analysis. For e.g. we did a shipping expense analysis to locate vendors with high drop ship fees and suggest suitable corrective measures.
4. A fast growing mid size retail chain based in Toronto, Canada. This chain has about 15 franchisees across Canada
We provide accounting review and reporting services for their franchises. (accounts payable aging report, accounts receivable aging report, profit & loss account, balance sheet statement, cash flow statement, simple custom management reports and expense reports).
Software: QuickBooks Online
5. A niche and fast growing retail consultancy company based in Ohio, USA providing data warehousing, business intelligence and analytics services to retail stores and manufacturers
Generation, testing and analysis of customized excel reports from POS retail data. This project involves extensive use of excel skills.
Software: Great Plains
To view Our Client’s Testimonials, Click Here