What Can an Ecommerce Accountant Do for Your Business

Let’s face it.  When you started your ecommerce operation, you weren’t exactly interested in accounting.  You had a good product or service and understood that you could increase sales through the digital world.  Even if you had a brick-and-mortar operation, going electronic may change the bookkeeping so that your Aunt Grace (who pops in once a week to do the bookkeeping) won’t be able to keep up with the changes necessary to keep on top of things.  You may want to consider an accountant who works with ecommerce businesses.

Tedious Tasks

tedious tasks
photo credit – pexels

The simple bookkeeping tasks blossom in the categorization, in addition to the invoicing, reconciliation, payroll, not to mention the usual payables and receivables.  Then the “heavy lifting” starts with tax planning, audits, forecasting, and analysis.  Together you and the accountant get to choose the best form for accounting, cash basis or accrual. 

If you still need some incentive about bringing on an accountant, think about this.

  • Your goal should be a solid business model.  That means a structure that will handle all the daily transactions but still be functional during audits and shifts in the economy or your field of expertise.
  • Internet businesses are always moving forward and you need good information to be able to plan for the months ahead and project into the next year.
  • Taxes are always with us.  Careful money management and financial planning allows you to meet those payments on time and with accuracy.

Stay Organized

what can an ecommerce accountant do for your business
photo credit – pexels

One of the key factors in running a successful business of any type is keeping organized and accessible.  That allows you to pivot quickly to take advantage of situations that could make your competitors falter.  You can be prepared for opportunities including unexpected financing or the need to develop a new product.  With a sound and solid accounting system you can pull reports easily and quickly.  You can be confident in your ability to meet payroll and tax deadlines and still keep rolling with your daily operation.

If you don’t have one, draw an organization chart.  Write job descriptions.  If each person in your operation understands their role and responsibilities, you are setting yourself up for success.  Growth can be a messy and confusing time but if everyone knows what they do to make the whole thing work, you will be better positioned to handle the larger issues as they appear on the scene.  

You can certainly keep Aunt Grace on board to do your daily bookkeeping but if you don’t have the desire to hire a full-time accountant, consider outsourcing.  Knowing when and how to take advantage of the talent around in either an in-house or consultant position means you are able to run your business effectively and successfully.  Someone who can handle the changing tax structures and laws and help you run your unique business model is just the help you need so that you can focus on the big picture and the factors that made you want to start this company in the first place.  When it comes time for you to move on, those financial details will also help you get the best price for all your hard work.

Originally posted 2022-12-07 14:53:27.

Voldemort
Voldemort
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