Leaders know the finances

At this very moment, could you tell us some financial information for your business such as how much cash your business has in the bank or what the weekly or monthly profit margin is? If not, then you need to ask yourself why not…

Sadly the majority of business owners still only really find out how profitable their business has been once they visit their accountant on the annual visit to sign the annual accounts. The major glaring problem with this is that this could quite often be 6 or even 9 months after the year end finished.

As a business owner how are you supposed to make sound business decisions when the information you are basing them on is close to a year out-of-date?

Using cloud accounting software means that you can access your business performance from anywhere and at any time of day. Assuming that this is kept up-to-date, just imagine how improved your business decision-making will be.

By having up to date information you will be able to quickly catch any business problems and rectify them before they doing any real harm to your profit margin. You will be able to identify potential cash shortcomings as well as identify when your business is in a period of growth and thus you need to increase your output and bring on more staff to cope with the demand.

By engaeing with an e-commerce accountant, you can have an expert who understands the specific financial demands of your business and can help you stay on top of challenges. With their help, you can streamline your accounting and financial processes, improve your bottom line, and make informed decisions about the future of your business. This can be delivered by preparing correct profit and loss statements, balance sheet statements, forecasts for your bank account, payables, and nominal ledger reconciliations.

The dangers of relying on outdated financial data: –

For many e-commerce businesses, relying on outdated financial data can be a major stumbling block to success. By the time you receive your annual financial statement from your accountant, the information may be months or even a year old. This lag time can prevent you from making the right decisions and taking action to improve your business. With cloud and online software, this real-time scope can give you  can be a major stumbling block to success. By the time you receive your annual financial statement from your accountant, the information may be months or even a year old. This lag time can prevent you from making the right decisions and taking action to improve your business. With cloud and online software, this real-time scope can give you up-to date figures.

UPDATED FOR 2023 

Next steps

If you would like our team to talk you through your e-commerce business’ VAT liabilities now, or as you plan for growth, Unicorn Accounting can help!

Here at Unicorn Accounting, our team of specialist e-commerce accountants is happy to chat about all of your eCommerce accounting needs. So, what are you waiting for? Let’s talk and maximise the growth of your e-commerce store. Get in touch!

So, stop basing your present day decisions on out-of-date information by getting your finances converted to an online setup, understand where you are, where you’re going and watch your business grow!