Are you maintaining these 5 accounting reports?

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Shopify Partner
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To grow an eCommerce business, we need to maintain accurate accounting reports. Based on revenue & expenses, these 5 financial reports should ensure we are on track. I have compiled this list which will give a 360-degree view of your business. 

1. Cost of Goods Sold: Beginning Inventory Value (Beginning of year) + Inventory added through the year – Ending Inventory Value (End of Year) = COGS
2. Sales by Product: A best seller list of products in your store. Which are the performing products - are there any underperforming products
3. Sales Tax Liability Report: Sales tax you’ve collected over the selected duration and what you currently owe to agencies
4. Income Statement: The profit or loss for a given time period.
5. Balance Sheet: Actual value/worth of your business. It lists down your Assets - Liabilities = Equity.

The following post details all of the above 5 reports and wht it is needed for any eCommerce business.
5 Accounting Reports Every eCommerce Business Needs

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