Welcome to the world of accounting and taxation services for e-commerce sellers. As a business person, it is crucial to stay on top of all financial responsibilities and ensure compliance with the laws and regulations. However, navigating the complexities of accounting and taxation can be challenging, especially for those who sell on platforms like Amazon and Flipkart.
Here we will discuss the various challenges that e-commerce sellers face when it comes to accounting and taxation and how Jaipur Global Services can help you overcome them. From GST return filing to e-commerce payment reconciliation, we have got you covered. So, let’s dive in and explore the world of accounting and taxation for e-commerce sellers.
Accounting and taxation can be a complex and overwhelming task for any business, especially for those who sell on e-commerce platforms like Amazon and Flipkart.
One of the most important responsibilities of a business person is to file GST returns, which showcase details of purchases, sales, tax collected on sales, and tax paid on purchases. If your business has a turnover of 20 lakh rupees, it is mandatory to register for GST if you are selling goods. Jaipur Global Services provides sellers all the necessary services for GST from registration to filing, so you are always compliant.
One of the major challenges for e-commerce sellers is payment reconciliation. Payments for orders on marketplaces like Amazon and Flipkart are typically received through a particular sales channel payment cycle. The marketplace pays the seller in a lump sum amount at the end of the cycle, but this amount may be filtered with commissions, taxes, service charges, and penalties.
Keeping track of all these payments can be a daunting task, which is where companies like Jaipur Global Services come in. We have a robust system that manages all payment reconciliation for emerging sellers.
We also handle all the accounting hassles related to selling fees, FBA fees, and Easy ship charges reconciliation border wise. This includes order wise reconciliation, which can be affected by various payment modes like COD, net banking, and card payment.
Our profit analysis services include reconciliation of payment reimbursement against each order, SKU wise profitability, order id wise profitability and settlement, and overall e-commerce portal profitability.
However, there may be special cases where things can get complicated for sellers. For example, if a buyer raises a case, Amazon may hold the payment. In the case of a returned product, there could be a hold-up in the payment or even a reversal of payment if it was prepaid.
If you are in the FBA program and the buyer returns your product, this can further complicate things as the returned product will go to the FBA center and if the product is damaged, it may be disposed of by Amazon.
Reconciliation in these cases can be tough for sellers, but with our knowledgeable and experienced personnel, we can help you navigate these problems and keep your accounting and taxation in order.
In conclusion, accounting and taxation are vital responsibilities for any business, but it can be challenging for e-commerce sellers. With the help of experienced professionals like Jaipur Global Services, you can streamline your accounting and taxation process, and focus on growing your business.
We provide services like GST return filing, e-commerce payment reconciliation, selling fee, FBA fee, and Easy ship charges reconciliation border wise and Order wise reconciliation. We also give a detailed analysis of your profit and loss statement so that you can make an informed decision. With our help, you can rest easy knowing that your accounting and taxation services are in good hands.