How to find the right accountant to support your ecommerce business
Just over a decade ago, online ecommerce stores accounted for around 5% of revenues in retail. Now online stores reap around 20% of retail sales and that figure is set to grow even more over the next 10 years.
The growth of ecommerce has been driven in part by the low cost and ease of setting up an online store and the availability of products for sale. All you need to get started is a product line and a computer.
While the majority of ecommerce owners manage their finances and accounting during the initial stages of setting up their business, once they become successful and go to the next level, finding a professional accountant is more of a priority.
Why choose a specialist accountant?
An ecommerce accountant does more than simply add up your incomings and outgoings and prepare your tax return. They can advise on other areas of your financial operation and make suggestions on how best to grow your business.
Whether you own a small Etsy store or you’ve cracked selling products on a major site like Amazon, you should be looking to hire a specialist accountancy service once your turnover grows over £20,000 to £50,000 a year, particularly if you want to take that next big step and expand into international markets.
A specialist accountant gives you lots of benefits. As your ecommerce business grows, so do your financial responsibilities and this can take up a significant portion of your time.
A specialist accountant helps with everything from bookkeeping to invoicing, balance sheets and categorising transactions for your business.
They can carry out tasks such as producing meaningful reports for forecasting and risk analysis, especially if you are thinking of expanding into new markets.
As you grow, your accountant should be able to help you build a stable business model that is robust and fit for purpose.
A specialist accountant can also ensure that you remain tax compliant and meet your obligations if you are moving into international markets.
How to find a specialist ecommerce accountant
It’s one thing to realise that you now need an ecommerce accountant, it’s another entirely to find the right one who is a good fit for your business. There are several different characteristics that you need to focus on:
Cloud accounting and ecommerce experience are critical and you need to ensure that the accountant you choose is certified to use certain software and a member of an appropriate governing body such as the Association of Chartered Certified Accountants.
You want to find a specialist accountant with experience – not just in keeping the books but someone who also has an interest in and track record of dealing with ecommerce businesses like yours.
You also need to check the services they provide and the software that they use and whether it is the right fit for your business. For example, you’ll certainly want your sales software to be fully integrated with your accounting software.
As with any service, it’s critical to do your due diligence before partnering with an ecommerce accountant. Who have they worked with? What was the client’s experience like? It’s important to drill a little deeper than the reviews that you might find online and ask past and current clients directly so that you can get a feel for how the accountancy service has worked.
Of course, one aspect you will need to consider is how much the specialist accountancy service is likely to cost. Most nowadays offer a flexible range of tools that you can draw upon on demand, helping to keep your costs under control.
Contact us today
If you are searching for an accountant who understands the challenges of ecommerce and can help you make the most of your finances, then give our professional and friendly team a call today.
