Whether your e-commerce business is brand new or well-established, you need to know your business’ wellbeing is in the right hands. An online, virtual accountant has many advantages over more traditional routes and will help you scale up to your true potential.
You can manage your business’ finances in a few ways in the UK. You can hire an in-house bookkeeper, a traditional generalist accountant, manage matters yourself or engage the services of a virtual accountant. All have their good points but if you are serious about maximising your business’ growth and making the most of your resources then a virtual accountant is the most logical step.
A virtual accountant is an expert for your business
More and more UK business owners are turning to e-commerce. A brick and mortar store is no longer a quick route to success in the current financial climate, and for most start-ups, an e-commerce business can be a more reliable way to establish your business. While most traditional accountants will try to be a jack of all trades, Unicorn Accounting only deals with e-commerce businesses. By choosing a virtual accountant you will be able to find an accountant who knows the ins and outs of your business sector like no other. We will apply our expert knowledge of UK e-commerce businesses to make guide you as your business grows.
Regular check-ins versus an annual visit
With a traditional accountant, you can expect a once-a-year reconciliation of systems alongside a meeting. Much of your bill is made up of reconciling your systems to that of the accountant. The meeting often involves travel time and headaches.
With a virtual accountant, where you are in the UK or world doesn’t matter. You can choose the right accountant for you without worrying about travel costs and time for either yourself or your accountant. Additionally, we use the same system. A regular subscription to Xero is included when you sign-up with us, allowing us to work from the same up-to-date data at all times. When both parties have access to accurate data and no travel times it means you can check in with us as regularly as you would like. This isn’t just a nice way to do business; it is also an integral part of the growth process.
Monthly billing versus annual
We know that year-end can be costly enough. While liabilities such as Corporation Tax and VAT are being paid, the last thing your business’ cash flow needs is a hefty accountant’s bill. Virtual accountants use a monthly fixed-fee structure, removing any unpleasant surprises and allowing you easier budgeting.
Not only will monthly billing make things simpler, but you will also be able to scale your package to your business’ needs. E-commerce sales can fluctuate, and as it does so your accounting needs might too. We will be able to see the fluctuations and if we believe you are on the wrong package, we will tell you.
Less formal but still all business
Traditional accountants rely on traditional communication, but virtual accountants are more flexible. We understand that phone calls are hard to schedule, or that you may prefer face-to-face over video. Whether you like to communicate by email, video calls or any other way, we are comfortable with the tech and happy to accommodate your needs.
Better planning for tomorrow
By sharing your financial data with us over Xero we will be able to react to events and plan for the future quicker and more accurately than traditional accountants. We can see exactly where you are, without the need for you to contact us with an updated picture and will be able to help you scale your e-commerce business as and when the opportunity arises.
As a premium offering, we are also able to provide you with real-time dashboards, along with advanced accounting and business strategy. These extra tools will give you a distinct advantage and allow fluid planning and reactions.
Do less for the same result
Like most virtual accountants, we aren’t fans of unnecessary admin. We will show you how to use Xero’s tech and integrations to reduce your workload while increasing the accuracy and timeliness of your data. By utilising the Xero-integrated phone apps, a quick snapshot of a restaurant bill will have it appear in the accounts before you have even gotten home from dinner. You’ll also have up to the minute access of receipts, so you’ll know exactly what funds are available.
An additional burden of all the admin is the literal pile of paperwork. Virtual accountants simply don’t do paperwork. With Making Tax Digital underway it is more important than ever for UK business owners to make the switch to a digital accounting system. You don’t want a pile of clutter on your desk. It’s not just unsightly – it leads to missed transactions, lost records and plenty of headaches. Switching to a virtual accountant is the end of this. By removing the physical paperwork, you will be more organised, compliant with MTD and future-proofing your e-commerce business.
It’s time to change to a virtual accountant
We know your e-commerce business is using modern technology to grow, and virtual accountants are the next tool at your disposal. If you’re ready to connect and see what we can do for your e-commerce business get in touch with our team today.
The best time to start is now.