Managing an online business can be a bit of a roller coaster at times. There are many moving parts that need to work together to keep the ride running smoothly. One of the most crucial is good data. Having accurate, current data is key to knowing where you are in your operations on a daily basis. Without it, you run the risk of flying off-track, and when that happens, recovery is oftentimes lengthy and painful.
Keith Rudge, Operations Manager at Advance Supply and a valued bookskeep client, wanted to get his data under control so he would have the up-to-date numbers needed to keep the business running smoothly. He knew his time was better spent on handling other parts of the business. He also understood how important it is to have good data, so he needed someone who understood the ecommerce business. He wanted to find ecommerce experts who could step right in and handle the numbers, allowing him to focus on other things with confidence. That’s when bookskeep came along!
We reached out to Keith to ask how bookskeep has helped to free up his time and how our partnership has affected his business. Here’s what he shared:
What are a few things about bookskeep’s service that stand out to you?
The onboarding process was very organized and realistic expectations were given about how long it would take. Too often, service providers over-promise during the sales phase and then under-deliver. Not a good way to start a long-term relationship. They have also taken the time to understand the unique aspects of our business and how we like to see financials presented while still maintaining standard accounting practices.
Is there a benefit to working with a company that specializes in ecommerce business?
Yes. With the volume of transactions, different marketplaces, and state specific tax implications, having a bookkeeper that is familiar with all related systems is critical. Not to mention how rapidly the ecommerce is changing and growing. It's also beneficial because they can share best practices that they have seen their other ecommerce clients using.
What is one major difference you’ve noticed in your business since working with bookskeep?
Simplicity. Prior to bookskeep, our chart of accounts as well as the day-to-day bookkeeping processes were much more complicated. Communication took a significantly longer amount of time because everything was much more confusing.
As a business owner, how important is it to be able to trust a company with the details of your business?
Timely and accurate books are very important so that quick and informed decisions can be made.
With help from bookskeep, how much time do you spend on bookkeeping each week?
On average, less than 30 minutes per week.
What would you say to someone considering working with bookskeep?
Think about how your business could scale if you were spending more of your time doing what only you can do. Hiring bookskeep is an investment in your future growth. Leverage people and services that are experts at what they do so you can focus on what you do best.
Are you implementing Profit First?
We started implementing Profit First principles in January of 2019. We started with 5 accounts and now have 7.
Has that been beneficial to your business? If so, in what way?
Having designated "buckets" of funds that each have a specific purpose is so much easier to understand and MANAGE than only using a monthly financial statement. It has also helped us to systematically plan ahead, both for unforeseen events as well as seasonal needs to purchase more inventory.
Has it helped to work with a bookkeeping firm that understands Profit First?
Without a doubt! Since the concept requires you to think outside of the normal accounting "box," working with a team that already understands the process and speaks the same language has been great.
Andrea, our bookskeep team member who handles Advance Supply’s account, was also happy to share her thoughts on working with Keith to keep his books in order. This is what she had to say:
How does Keith help out in making his bookkeeping run smoothly?
Keith really knows his stuff! He is always happy to help with any questions I have.
What stands out to you about Keith as a client?
He is really kind and caring. When my husband was dealing with medical issues last year, Keith was so good to ask about him and how things were going. It's not all business with Keith. He's fun to work with!
If your ecommerce business isn’t where you’d like it to be in terms of profitability, check out my book, Profit First for Ecommerce Sellers. It answers important questions about how to implement Profit First in an ecommerce business. Take control of your money and your business, and put Profit First to work for you!