E-commerce is a fast-growing industry, and more and more businesses are starting a place in the e-commerce model. You can have a brick-and-mortar location while selling online or sell only online. Businesses grow by leaps and bounds without the restriction of having a physical store or geographical boundary.
If you are an e-commerce business owner, you might already know how important it is to manage your finance to grow your business. But how do you manage the bookkeeping and accounting for your business to manage overall finance? The need for having an E-commerce Bookkeeping Service as well as Accounting services is very evident. A customised E-commerce accounting service that caters to the need and function of the business is a must for a business to survive in a highly competitive market and to grow or expand.
It all boils down to accounting, and so as an E-commerce business owner, you should be aware of the challenges the e-commerce industry face, which will hamper your accounting function. Some of the challenges are –
There are three UK VAT rates, and the rate is 20% for most items. You have to understand which rate to apply for your product – 20%, 5%, 0%, or whether it is completely exempt from VAT along with VAT on delivery charges. But this gets more complex when you are selling globally.
Inventory is one of the essential elements for an e-commerce business, and it is crucial to have a track of inventory. With inventory, the idea is to sell the product to the right person at the right time. And if your stock is poorly managed, you will end up losing good opportunities.
Having multiple payment systems makes your brand trustable among the customer and reduces the chances of missing out on opportunities due to the absence of the right payment channel that your customer might have. But all this means more volume of record that too in a different format. The trouble of data entry of these records in the accounting software is prone to human error.
You can have multiple channels: its website, physical store, e-commerce sites like Amazon, and so on for your E-commerce business. But this means you have different types of invoices and multiple data. This will help you reach out to a broader audience while also helping gain customer's trust.
If you are serving globally, then you are dealing with multiple currencies, which means there will be no match between the sales value of different countries and the domestic sale value. Also, the date of record will vary as the overseas payment provider will not record the sales until the end of the day, which will not match the United Kingdom time.
With our E-commerce specialist accountant and bookkeeping service, let Whiz Consulting guide your way through these challenges and help grow your business to its actual potential.
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Apart from the above universal service following are the service specific to the e-commerce business we provide at Whiz Consulting –
Whiz Consulting offers outsourced e-commerce accounting in the UK to keep up the day-to-day dealings of your accounting systems. We make use of the best accounting software for e-commerce businesses, ensuring that e-commerce businesses are making the best use of this software. We further pride crafting a bookkeeping plan to meet company or individual needs, embracing daily, weekly, monthly, and annual tasks.
As an E-commerce business owner, you have to sell your product on your website or work with e-commerce platforms and third-party tools. Here is the list of e-commerce platforms we have worked with for our esteem clients.
We at Whiz Consulting provide the best services to our clients, which could help their smooth function and growth in their business. We make this possible for your e-commerce business by following this process -
First and foremost, we make sure that we understand the client's requirements and any other specific deliverables that they are expecting from our team.
Clients provide access to books and data, which is then analysed by our team of experts.
We update or set up a new book of accounts according to the gaps and any errors found by the experts.
We start processing on our end and update the data when any transaction or activity is conducted.
We reconcile accounts and prepare all the necessary financial statements to provide our clients with summarised brief and help them understand important KPIs for improvement.
Our E-commerce accountants will make sure that your e-commerce business doesn't commit any non-compliance. Our experts are well familiar with the accounting principles specific to the complex rules and regulations applicable to e-Commerce enterprises.
E-commerce Accounting devised, particularly for the internet and E-Commerce Business. We also recommend programs and systems best suited for your business accounting and bookkeeping process.
With the experience of over a decade and technical know-how of industry-specific requirements, our team will streamline your e-commerce bookkeeping and accounting systems, upsurge the productivity and lower down the taxes.
We provide boundless consultation by way of phones and e-mails. Please consult with our experienced professionals to help your business grow.
Our team will guide you with utilising accounting software packages and business operation programs, including inventory management, payment processing, CRM, and CMO, for optimal utilisation of this software.
We at Whiz Consulting are dedicated to bringing forward scalability and experience to your bookkeeping and accounting needs of the business.
