Discover Jason Snider’s Revolutionary Approach to Tracking Your Business Finances

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Discover Jason Snider’s Revolutionary Approach to Tracking Your Business Finances

Jason SniderJason Snider is the Founder and CEO of Aspyr Advisors, a bookkeeping and business advising firm. He’s also the Co-founder and Managing Director at Summit eCommerce Advisors, an accounting firm supporting e-commerce professionals. Twenty years in the accounting industry exposed Jason to the challenges e-commerce entrepreneurs face utilizing traditional accounting, and it inspired his vision to create improved solutions. Additionally, as a Certified Profit First Professional, he coaches entrepreneurs by providing them with the tools needed to scale their businesses.

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Here’s a glimpse of what you’ll learn:

  • The genesis behind starting Summit eCommerce Advisors
  • QuickBooks versus Xero
  • The two common bookkeeping mistakes made by entrepreneurs
  • Methodologies for tracking and reconciling the cost of goods
  • Understanding your profit and loss statement
  • How to structure direct costs
  • Executing the Profit-First strategy

In this episode…

Bookkeeping is essential for operating a profitable e-commerce business because it helps owners organize and access their finances, plan an annual budget, and understand their financial health. And while it may be cost-effective to do your own bookkeeping, not having thorough accounting knowledge could cause your company to lose money. So how can entrepreneurs manage their company’s finances like an accounting professional?

Regardless of the method used to log company spending, business owners should habitually review their financial records on a monthly basis. This allows for monthly comparisons and identifying areas where additional spending or cuts may be beneficial. Jason Snider, a certified accountant, recommends using a reliable accounting system such as A2X to accurately track the cost of goods and other data input. Another method for properly managing company funds is implementing a Profit First system. This accounting strategy aims to help small businesses improve their cash flow and profitability by setting aside a percentage of revenue as profit before paying expenses.

In today’s episode of the eComm Breakthrough Podcast, Josh Hadley welcomes Jason Snider, Founder and CEO of Aspyr Advisors, to discuss innovative e-commerce bookkeeping. Jason shares common bookkeeping mistakes, methodologies for tracking and reconciling the cost of goods, and expounds on the Profit First strategy and how to execute it.

Resources mentioned in this episode:

Special Mention(s):

Related Episode(s):

Sponsor for this episode…

This episode is brought to you by Ecomm Breakthrough Consulting where I help seven-figure ecommerce owners grow to eight figures. Of course…

I started Hadley Designs in 2015 and grew it to an eight-figure brand in seven years.

I made mistakes along the way that made the path to eight figures longer. At times I doubted whether our business could even survive and become a real brand. I wish I would have had a guide to help me grow faster and avoid the stumbling blocks.

If you’ve hit a plateau and want to know the next steps to take your business to the next level, then go to www.EcommBreakthrough.com (that’s Ecomm with two M’s) to learn more.

As a special bonus to my podcast listeners, this month I’m giving away one $10,000 comprehensive business strategy audit session at no cost. Email me at josh@ecommbreakthrough.com with the subject line “Strategy Audit” and tell me why your business should win the free audit for the chance to win and don’t worry, if you don’t win the free strategy audit this month, you’ll automatically be entered for future months.

Episode Transcript

Intro 0:04

Welcome to the eComm Breakthrough Podcast. Are you ready to unlock the full potential and growth in your business? You’ve already crossed seven figures in sales, but the challenge is knowing how to take your business to the next level. Join Josh Hadley, an eight-figure e-comm business owner and investor, as he interviews highly successful business owners get ready because you’re going to learn specific actions you can take today to help your business reach its full potential and leave a lasting impact on the world.

Josh Hadley 0:37

Welcome to the eComm Breakthrough Podcast. I’m your host Josh Hadley, where I interviewed the top business leaders in e-commerce. past guests include Kevin King, Howard Thai, and Roland Frasier. Today I’m speaking with Jason Snider, the Co-founder of Summit eCommerce Advisors, and we will be talking a lot about transforming your e-commerce bookkeeping, with an innovative approach. This episode is brought to you by eComm Breakthrough Consulting, where I help seven-figure companies grow to eight figures and beyond. Listen, Jason, I started my business back in 2015. And I grew it to an eight-figure brand in seven years. But I made a lot of mistakes along the way that made the path of getting to eight figures take even longer. At times, I doubted whether our business could even survive and become a real brand. I wish I would have had a guide to help me grow faster and avoid a lot of those stumbling blocks. So to our listeners, if you’ve hit a plateau and you want to know the next steps to take your business to the next level, then go to eCommBreakthrough.com. That’s e-comm with two M’s to learn more. And as a special bonus to my podcast listeners. This month I’m giving away one $10,000 comprehensive business strategy audit session at no cost. All you need to do is email me at Josh@eCommBreakthrough.com with the subject line Strategy Audit, and then tell me why your business should win the free audit. And don’t worry if you don’t win this month, because you’ll be entered to win for future months to come. But, today, I’m super excited to introduce you all to Jason Snider. Jason has been known as a digital marketing entrepreneur. However, most people don’t know that Jason has more than 20 years of experience in accounting. Having this background, he saw the problems e-commerce business owners experience with the traditional accounting industry that led to this vision of helping e-commerce business owners understand the different selling platforms, how the fees integrate with payment providers, implementing a profit first strategy and gain clarity on their e-commerce business financials. So with that introduction, welcome to the show, Jason.

Jason Snider 2:39

Great. Thanks so much. Thanks for having me today.

Josh Hadley 2:41

Jason, I’m super excited to dive into the details of this innovative approach to accounting and what you’ve created here. So I’m curious to hear how your business got started. Right. And you know, what led you to create Summit eCommerce Advisors to begin with?

Jason Snider 2:59

Yeah, so we, Isaac, my Co-founder and myself, had known each other for a few years, through a networking group. And around he had sold his business in 2019, and was starting to figure out, hey, what’s the next step for me and decided he was going to try to help people, business owners with their bookkeeping. Given he had a, I’ll say, a negative experience or not, wasn’t what he was looking for, as a business owner, e-commerce just felt that nobody was paying attention to him. It wasn’t speaking to his needs as an e-commerce store owner. And he was sharing some of his challenges and problems getting that business started. He had like nine or 10 clients, I believe, at the time, and was telling me and I just started answering a bunch of his questions. And the next day, he’s like, Hey, I think we should partner together, you seem to know what you’re talking about, and things. And so that was the genesis of us starting to work together. January 2020. We all know what happened later in the year in 2020. But we launched the business in January 2020. As a way to engage with e-commerce store owners to get better clarity in their business finances.

Josh Hadley 4:06

I love that tell me some of those problems and challenges Isaac was initially facing with the e-commerce, you know, bookkeepers that he was working with?

Jason Snider 4:15

Sure. So he was working with a CPA firm, as I remember. And there was two problems that he was consistently identified. One was just so lack of service level in general, not answering questions about the biggest question you had was, well, the p&l says I made this much money, but that’s not what’s in my bank account right now. Tell me why there’s a difference. And there’s a what can we just say, well, that’s what it is, and just kind of left him on his own to try to figure it out. So surface level was the first one and the second one was, most accountants don’t understand the rapidly evolving technology background or platforms, systems that we have to deploy to really capture and get clarity in our business finances leaks. e-commerce operators,

Josh Hadley 5:01

Fascinating. I think that, you know, your first point or a pain point there, right? With the service level is, you know, hey, my p&l Looks great. But where did all of this cash go? And I think you’ve implemented, you know, that profit first system, which I’m excited to dive into. But then secondly, you know, kind of that tech stack in order to, you know, act accurately create those financial statements, I think is super important. Let’s kind of start there, Jason, with the tech stack. What are some of the, you know, with ChatGPT? And AI? There’s been a lot of new software that has come out, and it’s an ever-evolving world for sure. But what are some of the like the best tech stacks that people should be using? When it comes to, you know, reporting and creating their finances and bookkeeping?

Jason Snider 5:51

Sure, yeah. I we use the internally, we use the thing of keeping it simple. There’s a lot of technology out there. I think there’s actually an overuse by many ecommerce business owners of technology. And that could creates other complexities down the road. And an example would be, let’s say, Shopify, direct connection to your QuickBooks or Xero. In most cases, you’re basically recreating your sales ledger inside of QuickBooks or Xero, which is to in my our view, kind of pointless, you know that those platforms are designed to manage that information. QuickBooks isn’t designed to manage and or doesn’t need to be a duplicate of what you’ve already got, for us as accountants, and me, as a business owner, I want to declare it on my finances. And that’s what QuickBooks which is a general ledger software in Xero, are therefore, I don’t need to recreate these other things that are already platforms that are already existed to support those needs. So, one, there’s a overuse of it, and, two, we want to simplify and just get the things that we actually need. And so an example for us on the bookkeeping side is, I don’t need all 40 sales that happened during the day, I needed a daily sales ledger, the totals, how it affected each of the accounts, and then get that recorded so that we can get clarity. So the reporting, and data extraction we do later on for more forecasting, and things don’t have to sift through tons of data. I’ve got less data, but it’s

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