These days, shopping is about more than the high street – the internet has opened up the world of eCommerce to retailers operating in South Wales and across the UK.
As we’ve done for more than a century, we work with plenty of bricks-and-mortar retail businesses, contributing to the vibrancy of our towns and communities.
But increasingly, as we’ve built a reputation as accountants for internet traders, our clients also include eCommerce entrepreneurs – both 21st century startups and established businesses which have found new markets online. They might have their own online stores or trade through Etsy, eBay, Amazon, Shopify and other global platforms.
Either way, as specialist accountants for online traders, we can provide the support you need to achieve efficiency, maximise profits and keep your tax bill under control.
Accounting for eCommerce Businesses
Online retailers typically need support with the basics of operating a business, such as bookkeeping and payroll, as well as business advice that will allow them to thrive in a competitive and fast-changing online retail market.
Dropshipping and the Fulfilment by Amazon (FBA) model are growth areas, too, requiring close management of cashflow and accurate financial reporting to maximise margins.
Our team can manage essential business accountancy functions such as corporation tax returns, VAT returns and management accounts, tailored to the specific needs of eCommerce businesses.
And with cloud accounting software from Xero, Sage or Quickbooks, integrated with carefully chosen eCommerce plugins and add-ons, we can also help you find new efficiencies. That might mean connecting stock control to accounting systems, automating invoicing for online orders, or providing ways of quickly and easily reconciling Amazon FBA transactions.
Get in touch to find out how we can provide eCommerce accounting services to support your online store.
eCommerce Bookkeeping Services
Bookkeeping for eCommerce is about integrating multiple systems and sources of data to give you a clear readout of the financial position of your online retail business.
First, there’s the important hands-on job of data entry. This is easier for eCommerce businesses than in many other sectors because transactions are usually digital from start to end, and can be plugged straight into Xero, Sage or QuickBooks. Even offline transactions are easy to digitise now, however, with apps that can scan and process invoices and receipts. Our bookkeeping experts can support you in self-serving or, if you prefer, take care of this work on your behalf.
Secondly, there’s bank reconciliation, making sure your balance matches transactions – a simple job for most cloud accounting packages if they’re set up right. That means plugging them into your Amazon account, or similar, so that you’ll always know what’s been paid, what’s owing and if there are any discrepancies. Too many businesses fail to keep on top of this important bit of administration and only find out when the books no longer balance.
There’s also reporting, on a weekly, monthly or quarterly basis. These days, your cloud accounting software will be able to provide live readouts, and our specialist eCommerce bookkeepers can help you get that setup and provide ongoing support and quality assurance.
How we make a difference to you
As well as providing accountancy for eCommerce businesses our team of online retail experts also has a strong track record in supporting sales and acquisitions.
We’ve been involved in deals ranging from £750,000 to £10m, with buyers in New Zealand, the US and around the world. If you want to find out how you can turn your startup up into a multi-million-pound success story, get in touch today.