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’re expanding here or internationally; or
- You just don’t like doing it.
If you’ve answered yes to any of these questions, it’s time 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.
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.
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.
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.
4. They help you grow
And, speaking of doing 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.
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.
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.