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Tag: Accounting

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Digital Asset, Cryptocurrency & NFT Accounting

Navigating the Crypto Maze: A Tax and Accounting Guide for Businesses Accepting Cryptocurrency

Accepting crypto is an essential resource for any business considering accepting cryptocurrency as payment. With the rise of digital assets, it’s essential to understand their tax and accounting implications to fully take advantage of the opportunities they present without running afoul of the law or best business practices. Cryptocurrency, also known as virtual currency or […]

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Digital Asset, Cryptocurrency & NFT Accounting

Don’t Get Caught Without Time: How to File a Tax Extension for Your Digital Asset Returns

Digital asset transactions, such as those associated with cryptocurrencies, can be complex and intricate. The details of these transactions are often difficult to trace due to the decentralized nature of blockchain technology. As such, gathering all necessary documentation and transaction histories can be a daunting task. Furthermore, digital asset holders must also collect their 1099 […]

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Digital Asset, Cryptocurrency & NFT Accounting

Beating the Crypto Tax Audit: A Step-by-Step Guide

With the emergence of digital assets and cryptocurrencies, the Internal Revenue Service (IRS) has ensured that taxpayers accurately report their income, gains, and losses associated with these investments. Digital asset accounting, digital asset tax, cryptocurrency audit, and digital asset audit are essential elements of successful IRS enforcement activities. Thus it is crucial to understand the […]

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Digital Asset, Cryptocurrency & NFT Accounting

Staying Compliant: Navigating Tax Rates for Digital Assets, Cryptocurrency, and NFTs

Staying Compliant: Navigating Tax Rates for Digital Assets, Cryptocurrency, and NFTs Introduction With the growing popularity of digital assets, it is essential to understand their tax implications. This includes understanding the digital asset and cryptocurrency tax rate. Cryptocurrencies and other digital assets are subject to taxation with different rates depending on whether they are held […]

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Digital Asset, Cryptocurrency & NFT Accounting

Unlock the Power of Web3 Digital Asset Accounting: A Comprehensive Guide

With the rapid growth of the cryptocurrency, NFTs and other digital assets, the need for reliable digital asset accounting systems is becoming increasingly evident. For businesses and individuals alike, it is essential to have a system that correctly tracks investments, taxes, profits, and losses. But designing such a system can be daunting for those who […]

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Top 3 Profit KPI’s for eCommerce Businesses

The decisions that you make as a business owner will decide the fate of your business, family, and overall life. Everything that you do in your business should be planned and measured. There are tons of different KPI’s, financial ratios, and benchmarks we can use to diagnose and assess your business to drive key financial […]

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Sherman Case Study: Cautionary Financial Lesson for eCommerce Businesses

When you are a business owner you are solely responsible for your financial future. Without having a strong accounting system AND financial system implemented in your business you are destined for failure. This means that you have to have a strong accounting foundation. But also, key financial data and key performance indicators that allow you […]

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eCommerce Businesses: The Only 2 Ways To Increase eCommerce Gross Margins

Gross profit margin is a key metric for eCommerce business owners to manage. Gross margin is a two-part equation. To improve gross margins for your e-commerce store, you can either increase your revenue per product or decrease the cost of each sale. To increase revenue, you have to find opportunities to increase prices or average […]

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eCommerce Businesses: Gross Margins Can Make Or Break Your Business

Gross profit margin is a key metric for eCommerce business owners to manage. Do you know your gross profit margin per product, sales channel and customer? This can make or break your business. Unfortunately, I know most of you will not have these key KPI’s integrated into your accounting and financial system. Gross profit margin […]

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Products, Customers AND Sales Channels

One consistent trend that I see is that business owners do not focus on their accounting function until it is too late. It is unbelievable how many serious business owners do not consistently and frequently review their financials. Even more frequently, eCommerce business owners are not tracking their accounting data properly to make key financial […]

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Increase Profits, Improve Cash Flows, Effectively Manage Inventory

The truth is most accountants are just a cost. The cost of compliance with taxes. The cost of getting the books done. But when you work with me. It’s not just about compliance. 👇 I recorded a video going over this below It is about increasing profits, improving cash flows and effectively managing your inventory. You […]

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Increase Average Order Value with Top 5 Strategies

An effective method for increasing your profit margins is increasing your average order value. Average order value is the average dollar amount a customer spends per transaction in your store. You can calculate average order value by using a simple formula: total revenue / number of orders = average order value. To increase your average […]

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Why Customer Lifetime Value Can Kill Your eCommerce Business (Use This Metric Instead)

Customer lifetime value is an important metric for eCommerce companies to understand and measure. Customer lifetime value is an average of how much a customer is worth to you over their lifetime. What do you do if your business has only been operating for a short time period? 6 months? 1 year? 👇 I recorded a […]

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eCommerce Growth Equation – Do The Math

As your business grows, it becomes more important to monitor and analyze your data. This one equation simplifies your eCommerce financials and allows you to cut through uncertainty so that you can prioritize key financial decisions. Visitors x Conversion Rate x AOV  = Revenue By focusing on these three variables, you can you assess every […]

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Markup v. Margin Cautionary Financial Lesson for eCommerce Businesses

Mismanaging margin and markup can lead to selling products at prices that are substantially too high or low, resulting in lost sales or lost profits. Margin is sales price minus the cost of goods sold. Below is a breakdown of each profit margin formula. Gross Profit Margin = Gross Profit / Revenue x 100 Operating […]

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