SSTL Inc Monthly Bookkeeping
Industry: Accounting & Bookkeeping
SSTL Inc., a rapidly expanding e-commerce company specializing in furniture, approached Bexven with a critical challenge: their internal accounting process could not keep pace with their high volume of daily transactions and complex inventory movements. The founder needed a reliable, scalable partner to manage their monthly financial records accurately, ensuring they were always ready for tax season and investor reporting. Our job was to implement a seamless, recurring bookkeeping solution that provided absolute clarity and control.
SSTL Inc.'s Background and Goals
SSTL Inc. was experiencing exponential growth, but their financial data was disorganized. This led to delayed financial statements, excessive stress about compliance, and leadership constantly wasting time on manual reconciliation.
Her Goals Were Clear:
- Establish accurate, up-to-date monthly financial records that fully reflected the company's rapid growth.
- Ensure complete tax compliance by accurately classifying e-commerce revenue, expense accounts, and sales tax.
- Save the leadership team hundreds of hours currently spent on reconciling bank statements and chasing invoices.
- Transition from reactive, end-of-quarter accounting to proactive, real-time financial insights.
SSTL Inc.'s Background and Goals
The Challenge
The inherent complexity of e-commerce accounting—involving multiple sales channels (Shopify, Amazon, etc.), fluctuating foreign currency transactions, and intricate inventory tracking—made maintaining accurate books a substantial burden for SSTL Inc.
Key Challenges:
- Reconciling thousands of daily transactions across multiple payment processors and bank accounts.
- Accurately tracking Cost of Goods Sold (COGS) and managing inventory valuation in a scalable way.
- Migrating disorganized historical data into a clean, structured accounting system.
- Providing consistent, easy-to-understand financial reports for operational decision-making.
The Strategy — Our Approach
We followed a structured, four-step process tailored specifically for high-volume e-commerce environments:
System Setup & Cleanup
We configured QuickBooks Online to integrate with their sales platforms and performed a full historical cleanup to reconcile prior periods, ensuring a clean starting balance.
Automation & Synchronization
We established automated feeds for all bank accounts, credit cards, and e-commerce platforms, setting up precise classification rules to handle recurring transactions efficiently.
Monthly Processing & Review
We performed daily categorization of transactions, monthly reconciliation of all accounts, and committed to a reliable 10-day close for every financial period.
Reporting & Consultation
We generated core financial statements (P&L, Balance Sheet, Cash Flow) and conducted a monthly consultation to review key performance metrics and strategic insights.
Execution — What We Delivered
We transformed the strategy into a complete, recurring financial management package, providing SSTL Inc. with operational efficiency and confidence.
Full-Cycle Monthly Bookkeeping
- Bank & Credit Card Reconciliation: 100% of transactions reconciled and matched across all accounts.
- AP/AR Management: Tracking outstanding invoices, processing vendor payments, and managing customer collections.
- Journal Entries: Accurate recording of depreciation, prepaid expenses, and other necessary accruals.
E-commerce Specialization
- Sales Channel Integration: Seamlessly pulling data from all e-commerce platforms directly into QuickBooks.
- Inventory Accounting: Precise tracking of COGS and integration of inventory valuation into the Balance Sheet.
- Tax Compliance: Ensuring proper recording of sales tax collected and remitted across various jurisdictions.
Financial Reporting
- Timely Delivery: A full financial package delivered consistently within 10 days of month-end.
- Custom Metrics: Tailored reporting focused on key e-commerce indicators like gross margin per product and category performance.
- Sales Tax Submission & Filing: Preparation and timely submission of state and local sales tax returns.
Final Deployment (Financial Close & Reporting)
- Final Quality Assurance (QA): Performed thorough review and audit of all account reconciliations and journal entries to ensure 100% accuracy.
- Delivered Final Financial Package: Timely delivery of the complete financial statements (P&L, Balance Sheet, Cash Flow) and custom reports to leadership.
- Proactive Consultation: Conducted a final monthly review meeting to discuss key metrics, financial health, and strategic recommendations for the next period.
Result— Measureable Impact
Stronger Financial Control
Eliminated errors and discrepancies in all financial records, providing reliable data for strategic decision-making.
Optimized Operations
Achieved a fast, reliable 10-day monthly close, significantly improving executive review and reporting speed.
Time & Cost Savings
The SSTL Inc. leadership team regained over 40 hours per month previously wasted on manual data entry and reconciliation.
Future Readiness
The company now possesses clean, well-documented financial records ready for future tax filings, audits, or due diligence by investors.
Ready To Build Something Extraordinary?
Your financials are a powerful tool for growth. At Bexven IT Solutions, we provide accounting services that not only ensure compliance but also help your business make faster, smarter decisions. If you’re ready to gain control of your financial records with expert, high-quality bookkeeping, we’re here to build something exceptional.
