So you’re looking for an eCommerce accountant — but where to start? As more retailers move their operations online, finding forward-thinking experts who know the industry inside and out is essential.
You need to consider a few things before deciding on an accountant for your online business. Let’s dive in.
What you should know about your eCommerce accountant
1. Are they eCommerce experts?
As a business owner, you want to work with experts who understand your business as well as you do. Experienced eCommerce accountants know how the industry works, making them better placed to support you.
Do they work with other eCommerce clients? Are they familiar with different platforms such as Etsy, Amazon and eBay? Can they identify the sector-specific accounting challenges you will likely face as an online business?
You need to make sure they know their stuff. That industry know-how can be crucial for building a successful eCommerce business.
For example, a specialist could flag up new opportunities to boost your online store’s profits or find new ways for you to improve your existing processes. They’ll also be able to keep you in the loop with tax and business legislation that could impact your business’s bottom line.
2. Are they tech-savvy?
Cloud accounting software is a must if you run an online store, and a tech-savvy accountant can help you make the most of it.
If you already use apps such as Xero or QuickBooks, specialist cloud accounting services can make managing your finances easier. And if you need help weighing up your options, an expert can find a package that suits your business.
Think about what your business needs. You may sell products in different currencies or need help getting clients to pay invoices on time. Automated processes and other features can make once-tricky admin tasks a walk in the park.
Your accountant may even be able to integrate your software with other apps, such as Shopify and Amazon, allowing you to view your data in one place.
They can also use what they learn from your financial statements to offer expert advice on how to cut costs or boost your business performance.
3. Will they add value to your eCommerce business?
Above all else, your eCommerce accountant should add value to your business — and not just in terms of finance.
With your bookkeeping and accounting tasks in capable hands, you’ll have more time to spend on your other responsibilities.
Maybe you want to fine-tune your marketing strategy or develop your relationships with clients and suppliers. Whatever your goals, your eCommerce accountant can take on the background tasks while you focus on building your brand.
Getting all the accounting and advisory services you need from one place can also save you time. Why juggle communications with multiple providers when you could outsource everything from corporate finance to payroll to your accountant?
The cost of doing business can be steep, but the right accountant will know how to save you money.
Look for eCommerce accountants who go beyond the basics. Can they help you draw up a tax plan so you can manage your liabilities? Do they offer specialist advice on budgeting and preparing your business for the future?
A financial expert can implement tax-efficient business practices and realistic business goals to help you cut costs as much as possible.
Need experts to help you with your online retail business? Get in touch to find out why we’re the right eCommerce accountant for you.