Accounting 101 for Inventory and Ecommerce Businesses

by Dhiren Bhatia / July 14, 2020

In today’s episode, I’m talking to Wayne Richard, Partner and Chief Operating Officer at Bean Ninjas, one of the world’s leading accounting firms and an expert in helping small businesses with accounting and bookkeeping. Aside from being Bean Ninjas’ resident e-commerce expert, he is also the author of a book called, “A Detailed Guide to eCommerce Accounting” and Host of the Bean Ninjas podcast. Wayne had a 15-year career with Hewlett Packard before starting his own cloud accounting business in Tucson, Arizona. He eventually became a Bean Ninjas contractor and equity partner, two years after he discovered Bean Ninjas – as a simple comment on their blog post led to his involvement with the company.

Recognized as a leader in Xero accounting for eCommerce, Wayne has spoken in front of live audiences at Shopify, Dynamite Circle BKK, and DC Austin. He is also the resident CFO for aDmission Mastermind and has been featured in Insightful Accountant, Fundbox, TaxJar, and A2X blog. When Wayne isn’t managing a global team, he’s being an everyday superhero to his wife and five children.

Connect with Wayne 


Bonus Resources

Book Recommendations mentioned in this episode:

  • Play Bigger: How Pirates, Dreamers, and Innovators Create and Dominate Markets (by Al Ramadan) https://tinyurl.com/yay4mmmf
  • Sell like Crazy: How to Get As Many Clients, Customers and Sales As You Can
  • Possibly Handle (by Sabri Suby) https://tinyurl.com/yahxzotu
  • Traction: Get a Grip on Your Business (by Gino Wickman) https://tinyurl.com/yb8q78u6
  • Rocket Fuel: The One Essential Combination That Will Get You More of What
  • You Want from Your Business (by Gino Wickman) https://tinyurl.com/y8ta9pr7

Connect with Dhiren:

Episode Highlights:

4:00 – How Wayne started out, how his involvement with Bean Ninjas came about and their journey as a company
18:03 – 5 Key Tips that entrepreneurs can use to set the foundation to stress-free financials
24:12 – Xero Vs. Quickbooks Online, pros and features
26:13 – How to stay on top of your bookkeeping and accounting in the early stages of the business, 3 things to consider before outsourcing bookkeeping and accounting work
29:06 – What to do in order to make sure that your outsourced accountant or bookkeeper is the right fit for your business
33:33 – The difference between Inventory Management and Accounting
37:43 – Putting in KPI’s and tracking your financials, Top financial metrics for e- commerce operators
42:44 – The challenges that Bean Ninjas went through and how they overcame them
47:27 – How outsourcing remote, overseas talent works and how it has benefited Bean Ninjas

Thank you for listening! I hope you enjoyed this episode and I’d love to hear your feedback. You can email me at hello@elevatedentrepreneur.fm and help me improve or if you have someone in mind that would be a great guest on the show, feel free to recommend them via email.

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  • Episode Transcript
Tags: Accounting entrepreneurship
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