The Ultimate Guide to Ecommerce Finance With Daniel Little (Episode 86)
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Email Daniel for further advice ➡️ [email protected]🗣In this episode of the Dropship Unlocked Podcast, hosts Lewis Smith and James Eardley welcome Daniel Little, Co-Founder & CEO of Link My Books, host of The eCommerce Profitability Show, and a former 7-figure Amazon seller.
Daniel shares his extensive knowledge on bookkeeping, accounting, and tax for UK ecommerce businesses.
👉 Prefer to watch this on Youtube? Check it out here ➡️ https://youtu.be/O_xGW2CiL5w
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Topics Discussed:
★ Financial Literacy Terms for Ecommerce Business Owners: Explanation of gross profit, net profit, and their importance. Definition and significance of EBITDA and cash flow.
★ Understanding P&L in Business: Overview of a Profit and Loss (P&L) statement and its components. How to interpret and use a P&L statement for informed decision-making.
★ The E-commerce Financial Model: Differences in revenue recognition and cost structures. Importance of tracking inventory and Cost of Goods Sold (COGS).
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Links and Resources Mentioned:
Pick up a copy of Lewis’ book: https://htabook.com
Get Shopify for £1 a month for 3 months: https://www.dropshipunlocked.com/shopify
Get a free trial with a professional phone line: https://www.dropshipunlocked.com/circle
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Key Takeaways:
★ P&L Statements: Regular review of P&L statements helps in making informed business decisions.
Avoid common mistakes like misinterpreting revenue and profit margins.
★ Chart of Accounts: A tailored Chart of Accounts specific to ecommerce is vital for detailed financial tracking and analysis.
★ Financial Model Differences: Recognize the unique financial model of dropshipping and its impact on cash flow and profitability.
★ Avoiding Common Mistakes: Regular financial reviews and updates, effective cash flow management, and integration of financial data are key to avoiding common pitfalls.
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★★★Dropship Unlocked - Lewis Smith★★★
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The Dropship Unlocked Podcast
Unlock e-commerce success with the Dropship Unlocked podcast. Join UK e-commerce experts, Lewis Smith and James Eardley, as they guide aspiring entrepreneurs to financial and time freedom.
Dive into high-ticket dropshipping, Shopify, Google Ads, and more. Discover stories, strategies, and tips to fast-track your e-commerce journey. Whether you're a newbie or seasoned seller, we're here to elevate your business.
Embrace the laptop lifestyle, the e-commerce evolution, and Shopify's power with us. Ready to become a successful entrepreneur?
Tune in!
- No. of episodes: 132
- Latest episode: 2025-04-21
- Education Business Self-Improvement Entrepreneurship
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