Accounting may be painful, but we all know it’s a necessity. If you want your business to grow (or even continue running) you need to have your numbers in order and prepare for every tax season.
Does the thought of tax season cause you stress and anxiety? Are you dreading preparing those tax forms for your online WooCommerce store? Do you feel like you’re not seeing your business insights like you should because you’re running your accounting in a spreadsheet?
If the answer is yes, then these 5 essential WooCommerce accounting tips might be just what you need! Implement these tips, and you’ll be perfectly prepared next time tax season comes around!
Before you get overwhelmed, let us just preface this by saying that the tips we have outlined below will not add extra work onto your already busy schedule. In fact, they will probably reduce your workload! Implement our suggestions below and next tax season you’ll by kicking your feet up with a glass of vino in hand.
Ready to dive in? We’ll get started with the basics!
1. Determine Sales Tax Rules and Nexus
When setting up your online store and preparing to sell your products or services, one of the first things you need to think about is taxes. While it’s not the most attractive topic, it needs to be covered. It may feel like a hurdle at first, but WooCommerce provides you with numerous resources to support your tax set up. The good news is that once you have your sales tax rules figured out, you will be able to configure WooCommerce to charge sales tax automatically!
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