How a virtual accountant can help your business grow

Whether your e-commerce business is brand new or well-established, you need to know your business’ well-being 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.

What is a virtual accountant?

A virtual accountant is simply an accountant who works and communicates with you online rather than in an office.

By working online, virtual accountants can offer a range of services on demand and when you need them.

Choosing a virtual accountant means you have access to the top accountants in the world. No longer is your only choice to outsource to the local accountant in town.

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 the 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.

We understand new hybrid working models and work-from-home schemes that allow for remote working across the country and the world are likely to mean that you’re running your e-commerce business from a variety of destinations. When you choose to work with our virtual e-commerce accountants, you can do so from any location you desire.

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-en https://unicornaccounting.co.uk/blog/5-tips-to-scale-your-ecommerce-business-in-2023/d can be costly enough. While liabilities such as Corporation Tax and VAT are being paid, the last thing your business’s 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. Monthly billing provides you with all the added value of an accountant can bring to your business while keeping your cash flow spread out.

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. This also helps your e-commerce business reduce overhead during the cost-of-living crisis as you only pay for the services you need.

With no minimum contract or hidden catches, virtual accountants provide on demand-accountancy for a new generation of businesses.

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.

What’s more, when you use cloud-based accounting software such as Xero, you and your virtual accountant can connect and view your business data from anywhere with an internet connection.

Working on a flexible schedule, virtual accountants can work when you need and to your timeframe. Not only is the flexibility of a virtual accountant convenient for your e-commerce business, but it also saves you tons of time and travel expenses, and doesn’t compromise professionalism.

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.

Up-to-date and accurate business information allows your e-commerce business the best chance at success. It reduces the risk of making mistakes and basing important business decisions on outdated information.

Not only that, having up-to-date accounts can be super helpful when it comes to filing your end-of-year tax return and balancing the books.

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 to receipts, so you’ll know exactly what funds are available.

An additional burden for all the admin is the literal pile of paperwork. Virtual accountants simply don’t do paperwork. With the launch of Making Tax Digital, 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.

Incorrect data and missing documents can cause more than just a headache. For late or wrong tax filings you will receive a fine or penalty from the HMRC. So not only does a virtual accountant help refine your processes, but they also save you from potentially huge fines from the tax man.

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.