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Aqua sprout LLC is the Solely Owned LLC which is Owned & run by Jack Ikard. The Company is into Home & Garden Equipment and Appliance Repair & Maintenance Industry. The company is engaged in selling the products related to gardening such as Garden kit, Plants & seeds, lighting options, Aquarium, etc. Mostly the products are sold online through ecommerce portal such as Shopify, Amazon, Etsy.
Challenge
The materials and products used were huge and required a careful management but Inventory required quite a bit of administration to bring more efficiency.
The product tagging and mapping were inadequate resulting to improper closing balances and COGS.
Huge transactions through various ecommerce platforms like Shopify, Amazon, Etsy & Wholesale required correct classification of invoices and accordingly booking the sales.
Reporting standards required fair concentration to give out appropriate reflection of the accounts, profitability and related information.
With huge transactions and different types of activities involved in daily operations, the company had a challenge to evaluate, direct and monitor.
Solution
Understood their accounting practices and standardized their inventory recording processes.
Classified and re-categorized the complete set of products so as to ensure that all the products are figured out and rightfully addressed.
Inventory and Non inventory were properly segregated and appropriately tagged so as to ensure the correct recording and reflection in the books of accounts and hence the correct financial reporting.
The invoice booking and booking of sales was distributed channel wise so as to provide the individual reporting on the turnover channel wise and subsequently the weightage on cumulative sales.
The related so expenses based out of number of channels were distinguished and were fairy recorded as COGS and COS so as to derive the profitability channel wise.
Data analysis and financial modeling in addition gave an understanding on the complete work how leading to promptness in profitability and effective decision making.
Results
- Promptness in reflection of transactional activities and effective business decision.
- Appropriate bookkeeping and true reflection of financial information throughout.
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