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Accounting for retail and e-commerce
Storefronts, online shops and marketplace sellers, with sales tax and inventory under control.
Why sellers need clean sales tax and inventory
A store collects Florida sales tax on most of what it sells and files a return, usually monthly. An online seller has the same obligation in Florida and may have one in other states too: since the Wayfair decision, states can require out-of-state sellers to collect once their sales there pass a threshold, commonly $100,000 a year. Marketplaces such as Amazon collect on the seller’s behalf, but direct sales through your own site do not get that help.
Inventory is the other half. Cost of goods sold has to be tracked so the margin is real and the year-end inventory count matches the books. Payment processors and marketplaces send Form 1099-K for the gross amount they processed, which includes refunds and fees, so the books have to reconcile that gross figure to the net deposits.
We set up QuickBooks to pull from your point of sale, Shopify or marketplace reports, so the monthly close happens from the data you already have.
What we handle
- Monthly bookkeeping with cost of goods sold and inventory tracking
- Florida sales tax registration and filing, and marketplace reconciliation
- Review of out-of-state sales tax exposure as you grow
- Form 1099-K reconciliation to actual deposits
- QuickBooks setup and connections to your POS and online store
- Tax returns, entity setup and business insurance quotes
“10/10 service! Andrew has never let me down. He always responds on time and takes care of me while answering any questions I have, HIGHLY RECOMMEND”
Questions we hear from this industry
Amazon collects sales tax for me. Do I still file in Florida?
If you are registered in Florida, you still file the return and report the marketplace sales as collected by the marketplace. Sales through your own website or in person are your responsibility to collect and remit.
My 1099-K is higher than what I actually received. Is that a problem?
No, it is normal. The 1099-K reports the gross amount processed. Refunds, chargebacks and processor fees are recorded as expenses or reductions in the books so the return reflects your real income.
Do I need to collect sales tax in other states?
Only once your sales into a state pass its threshold, often $100,000 in a year or a set number of transactions. We review your sales by state each year so you register where you need to and nowhere you don’t.
How do you track inventory?
From your POS or e-commerce platform when it tracks quantities, or from purchases and periodic counts when it doesn’t. Either way, cost of goods sold is recorded monthly so your margin is visible.
Tell us what you do
Book a free 15-minute consultation online, or call us today. In person or remote, in English or Spanish.