Client Overview KMK: A Strategic Partner for US-Based Ecommerce companies
KMK has been working with more than 50 clients in the e-commerce space acting as their extended finance and accounting department and streamlining their accounting processes. This case study shows how a US based e-commerce company faced challenges within their accounting department and how KMK worked with the company to address these challenges.
The e-commerce company in this case study is a US-based online retailer that specializes in selling its products on platforms like Amazon, Shopify, Faire, Target, Orderspace and Square. The company had a topline yearly revenue of more than $10M and the company was selling its products across all the different states in US. With the margin pressures and increasing difficulties to find the right talent in-house, the company was facing difficulties to manage its accounting and finance operations.
Client’s Challenges
The company was facing several accounting challenges, including:
High transaction volume
Multi-channel sales
Complex inventory management
Sales tax compliance
Meeting client demands
Manual processes
Our Solution
KMK worked with the company as an extended one stop solution for all of their accounting and tax requirements. After an initial assessment of the books and the processes, KMK came up with a strategy to address all of the challenges of the company. KMK formed up a team of dedicated team of 3 individuals which included 1 senior accountant and 2 staff accountants. KMK team connected with the CFO for 30 minutes every other day during the week to stay collaborated and work in the right direction. The software stack used was Quick Books, Amazon, Shopify, Faire, Target, Orderspace, Squar, Ship Station, Zapier and Zoom meetings.
Daily recording of transactions
Using automations
Sales tax management
Monthly closings
Synergies Created
The partnership between the company and KMK was very successful, with several synergies created:
The company was able to reduce the cost of their accounting and finance department by over 50% and still got better quality services.
The company got better visibility into sales and revenue streams across all channels.
The company was able to enhanced inventory management capabilities, leading to better control of inventory levels and reduced costs.
There was Improved compliance with sales tax laws and regulations and reduced threat of not collecting sales tax, late filings and penalties.
The company was able to reduced manual processes, leading to more efficient and streamlined accounting processes.
All-in-one Accounting Solutions
Incredibly
Accurate Work
Experience the peace of mind that comes with incredibly accurate work from KMK. Our team of professional accountants ensures that your financial records are accurate, reliable, and compliant with all relevant regulations. With KMK, you can trust that your financials are in good hands, leaving you free to focus on growing your business. Contact us today to see how we can help streamline your accounting and improve your bottom line.
For U.S. Based CPA Firms Are you looking for remote staff for CPA firm?
Accounting services are not highly profitable for CPAs, and that’s precisely where our CPA firm clients leverage our services. We can do it, soup to nuts.
For U.S. Based Businesses Are you struggling with accounting for your business?
At KMK, we offer comprehensive end-to-end accounting services to help your business thrive. From day-to-day bookkeeping to financial statements, our expert team has got you covered.
