Why choose an e-commerce accountant over a general accountant

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Choose an e-commerce accountant

Your e-commerce business is taking off – with orders flooding in, products flying out and your finances all over the place. If you’ve decided it’s time to outsource your figures and hire an accountant, you might feel a little (or very) overwhelmed by the amount of choice out there. Luckily, the e-commerce experts at Expandly are here to explain the importance of choosing an e-commerce accountant, and what it can do for your business.

When it’s time to hire an accountant

If you’re reading this blog, you’ve no doubt already decided that it’s time to hire an accountant for your online retail business – but if you’re still on the fence, let’s have a quick recap.

  • You’re struggling to find the time to complete your accounts.
  • You don’t have the expertise to manage your finances.
  • You are expanding in the UK or internationally.
  • You just don’t like doing it.

If you’ve answered yes to any of these questions, it sounds like it’s time for you to find an e-commerce accountant, but what should you be looking for?

Why choose a specialist e-commerce accountant

Google “accountant” and you’ll get around 301,000,000 results – there are a lot out there. And while you can narrow the zeros down by looking for accountants that are qualified, offer the services you require and come with an attractive fee, that doesn’t necessarily ensure that you’re picking the best option for your business.

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For many years, the local accountant in your town might have been the obvious solution to sort out your accounting nightmare. But today there are many niche and specialised accountants that are familiar with your e-commerce business pathing the way for a new generation of accounting.

What you should really be looking for is expertise – a specialist e-commerce accountant. We’re not talking about an accountant who sells personalised cookies in their spare time (although, if this is you, please get in touch). We’re talking about an accountant who specialised in e-commerce clients. Why?

1. They know your business

The less time you spend bringing your accountant up-to-speed, the less time (and money) you’re wasting. A specialised e-commerce accountant understands what SKUs are, knows how to deal with refunds and understands how to reconcile income from multiple sales channels.

With ample experience in the e-commerce industry, up-to-date knowledge of industry developments and changes, and an understanding of what works and what doesn’t e-commerce accountants can play an important role in scaling your business for success and growth.

2. They save you time

A specialist e-commerce accountant is so familiar with the best accounting practices involved with e-commerce, that they can do it quickly, efficiently and correctly – saving time, avoiding fines and reducing your bill.

When you outsource to an expert e-commerce accountant you are gifted back precious time to spend on other aspects of the business and doing what you do best.

If accounts and taxes aren’t your thing, it can take a lot of admin time and headaches to get it right. Don’t spend time stressing about your business accounts, outsource to an e-commerce accountant that gets it done quickly and accurately.

3. They save you money

Speaking of bills, appointing a specialised accountant can save (and even make) you money. They know the tax regulations you need to comply with, how to choose the right VAT scheme, where you can save money and how to operate in the most tax-efficient way – because they’ve done it all before.

The specialist e-commerce accountants at Unicorn Accounting will monitor your business growth around the clock. If they suspect something isn’t working for you or that you are on the wrong plan, they will let you know to ensure your business continues to be a growing success and to help your cash flow management.

They also make sure your business accounts are filed and complete with time to spare so you don’t risk getting unexpected fines or penalties in the post from the HMRC.

4. They help you grow

And, because they’ve done it all before – an e-commerce accountant’s experience with other online retailers means that they can give you solid advice on scaling your business, selling internationally and going for investment. From the most successful strategies and sales channels to the tax implications and overall costs.

All our expert advice is catered to your individual business and situation. Our team of e-commerce accountants are on hand to offer unlimited support and advice whenever your business needs it. Working with you to create cash flow statements, help with tax planning, and bespoke business advice will help your online e-commerce business thrive.

5. They use the right tools

And last, but by no means least, specialist online retail accountants use, and have experience with, the right tools. Tools such as Xero – making your accounting easy and accessible – and Expandly’s Xero eCommerce integration – making importing sales orders into Xero and using Xero to allocate international tax codes, accurate, pain-free and automatic.

When you outsource to Unicorn Accounting you get access to Xero software as standard because we believe access to industry-leading platforms gives you the best chance of success. All our accountants are familiar with the Xero software and more than willing to show you the ropes if you are not.

E-commerce accountants – final thoughts

You wouldn’t employ Colonel Sanders to make you a Victoria Sponge (Mary Berry definitely wouldn’t be happy) – so why make the same mistake with your accounts? Set your e-commerce store up for success by hiring a specialist e-commerce accountant – you’ll thank us later.

For more information about how an e-commerce accountant can help and assist your e-commerce business, get in touch today.

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Breakout E-commerce accountants and Xero specialists to supercharge your UK online business growth.