Guest: Nathan Hirsch
Nathan Hirsch - the entrepreneur extraordinaire and the brains behind the $12M success story FreeUp.net, started with just $5,000. Today, he's rocking the business world with hits like EcomBalance and Outsource School alongside his partner, Connor Gillivan. With 750+ podcast appearances and a social media following that's hard to miss, Nathan's your go-to guru for making entrepreneurship look easy. Catch his latest ventures and invaluable insights on LinkedIn!
Unlocking Financial Success: The eCommerce Bookkeeping Guide
In the fast-paced world of eCommerce, there are many details that can be overlooked, and bookkeeping is one of the most important. However, this episode is a little different. I have invited Jared Mitchell, an experienced entrepreneur in the eCommerce field, to co-host this episode alongside Nathan Hirsch. This will allow us to explore the topic of bookkeeping from two different perspectives. Today, we will be discussing the importance of bookkeeping in the eCommerce world, and we will hear from experts Nathan Hirsch and Jared Mitchell.
The Importance of Bookkeeping from Day One
Nathan Hirsch, founder of eComBalance, believes that bookkeeping is important from the very beginning. It’s not just a legal requirement, but a way to know how best to manage your finances. “Starting a business without immediately implementing a bookkeeping system can lead to poor financial decision-making,” Nathan advises. This is very true, as knowing where your business stands financially is not an option, but a necessity. Even for startups, it is recommended to have a bookkeeping system in place to accurately track finances and make informed decisions, as well as to prepare for future sales of the business.
Choosing the Right Software and Support
In his journey through the technical landscape, Jared Mitchell has moved through different inventory management and bookkeeping systems. Through this experience, he has learned that not only is the software important, but the support provided by the software is also crucial. Good customer support can make all the difference in the ease of transition and ongoing management. Tools like A2X for cost of goods sold (COGS) reporting and Fathom for financial reports are seen as necessary for eCommerce businesses. These tools work alongside primary accounting software like QuickBooks Online or Xero to give a full view of your financial standing.
Collaboration and Communication with Service Providers
The conversation between Nathan and Jared also highlights the importance of open communication and collaboration with service providers. It is important to be clear about what you need and when you need it. Jared’s experience with eComBalance shows that good communication with the provider can lead to better customisation of services. Entrepreneurs are encouraged to seek advice and feedback from their service providers, as this can help them navigate the complexities of eCommerce finance.
In conclusion, finding financial success in the world of eCommerce requires attention to detail, a proactive approach to bookkeeping, and a willingness to work with others. By embracing these principles, businesses can not only survive in the world of eCommerce, but thrive. Let “Master Your Money” be the call to action for the ambitious eCommerce entrepreneur looking to find financial success.