Due to the COVID-19 pandemic, many new online businesses have sprung up, as both new entrepreneurs enter the market and established businesses build e-commerce offerings.
There are a wide variety of e-commerce platforms that online retailers can use, including:
- 3D Cart
- Not on the highstreet
Operating an e-commerce site or online shop for selling your products via these platforms, or any other online platform can be a great way of starting, diversifying or growing a business.
However, just like running any business, you need an experience accountant that understands the sector and the technology.
The e-commerce industry is fast-growing, ever-changing, and increasingly made up of additional layers of complexity, including:
- Multiple payments service providers
- Varying digital sales platforms
- Innovative stock control apps
- Various pricing solutions
These various elements can make it difficult to manage and grow a business, especially if you would like all these elements integrated into one place.
Entrepreneurs also face an additional challenge if they supply goods to customers in the EU or the rest of the world.
It is essential to have an accountant that understands the latest technology and how to employ it effectively as well as having a deeper understanding of international tax rules.
How can we help you?
Whether you are B2B, B2C, or operating as a sole trader, partnership, or limited company, Grunberg & Co. can help you.
We offer ongoing advice on integration solutions to a wide range of online businesses. This is to ensure you don’t get tied up with time-consuming admin tasks, while also giving you a clearer picture of your finances and new opportunities.
Our goal is to help you focus on developing your business and brand by offering a helping hand.
Do I need a specialist e-commerce accountant?
This is a question that is often asked by e-commerce entrepreneurs.
Whilst many accountants can assist with the regular compliance requirements, instructing an experienced e-commerce accountancy firm will save you time and money.
How will this save your time?
You will not have to waste time manually calculating sales, fees, VAT, and other taxes. Use our innovative online accounting solutions to run your business more efficiently by automating your manual tasks.
HMRC is taking a tougher stance with online retailers. The penalties for non-compliance are harsh and a forced backdated VAT registration could devastate your business.
As a minimum, you ought to maintain:
- Copies of sales invoices
- Purchase invoices
- Expense claim forms for items reclaimed from the business by any director or employee
- Petty cash receipts
- Bank account statements
- Statements for any company credit cards
- Copies of any loan/finance/hire purchase/credit accounts the company has with third parties
We can ensure you are complying with all your legal obligations and ensure compliance deadlines are never missed.
As well as saving you time, our services can give you new insights into your finances in real-time that can help you to reduce costs and increase revenues. We can even help to reduce your tax liabilities with careful planning.
We can advise you on VAT registration and filing in other countries to make sure you don’t inadvertently build up liabilities overseas. We will be there to support you, come what may.
Expertise any time, any business
If you are just looking for an expert opinion on your plans or have a query about a particular opportunity, we are ready to deliver sector-specific advice.
Our team love getting to know new businesses working in the e-commerce and online retail industry and are ready to offer advice and support as this fast-evolving sector grows.
We offer no-nonsense, easy-to-understand accounting, tax, and VAT support, which empowers entrepreneurs to grow and develop their business.
To find out more, please contact our expert team today.