Today’s 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.
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At the eCommerce Cohort, we're committed to helping you deliver eCommerce WOW through our lightweight, guided monthly Sprint that cycles through all the key areas of eCommerce.
What happens in a Sprint?
Just like this eCommerce Podcast episode, each Sprint is themed-based. So using this topic of Everything You Need To Know About Subscription eCommerce as an example - here's how it would work:
- Sprint Theme: Marketing.
- Week One: Coaching Session -> Marketing.
- Week Two: Expert Workshop -> Everything You Need To Know About Subscription eCommerce.
- Week Three: Live Q&A with our experts and coaches. This is a time to ask questions and contribute your thoughts and ideas so we can all learn together.
- Week Four: Submit your work for feedback, support, and accountability. Yup, all of this is to provide you with clear, actionable items you can implement in your eCommerce business or department! It's not about learning for the sake of learning but about making those constant interactions that keep you moving forward and ahead of your competitors. Sharing your work helps cement your understanding, and accountability enables you to implement like nothing else!
Who can join the eCommerce Cohort?
Anyone with a passion for eCommerce. If you're an established eCommercer already, you'll get tremendous value as it will stop you from getting siloed (something that your podcast host, Matt Edmundson, can attest to!).
If you're just starting out in eCommerce, we have a series of Sprints (we call that a Cycle) that will help you get started quicker and easier.
Why Cohort
Founder and coach Matt Edmundson started the Cohort after years of being in the trenches with his eCommerce businesses and coaching other online empires worldwide. One of Matt's most potent lessons in eCommerce was the danger of getting siloed and only working on those areas of the business that excited him - it almost brought down his entire eCommerce empire. Working on all aspects of eCommerce is crucial if you want to thrive online, stay ahead of your competitors and deliver eCommerce WOW.
Are you thinking about starting an eCommerce business or looking to grow your existing online empire? Are you interested in learning more about the eCommerce Cohort?
Visit our website www.ecommercecohort.com now or email Matt directly with any questions at [email protected].
Matt has been involved in eCommerce since 2002. His websites have generated over $50m in worldwide sales, and his coaching clients have a combined turnover of over $100m.