Gaining control of your finances is one of the most crucial aspects of running a successful business. Keeping track of what you own, the debts you owe, and how you are spending your finances is important in order to better plan your business and take it to the next level.
This is why accounting is absolutely necessary. Not many business owners have the knowledge, skill, or time to effectively handle their figures, which is why accounting is one of the most outsourced services. However, it is important to ensure you find the right accountant for your online business, especially if you run an eCommerce business.
eCommerce accounting is different from regular accounting, which means you need to carefully select an accountant that clearly understands all the costs and intricacies of running an eCommerce business.
With so many eCommerce accounting agencies out there, all claiming to be the best one for your business, you might be wondering how to go about choosing one. Fortunately, in this article, we are going to provide our best tips on what to look for when selecting an eCommerce accountant.
As mentioned earlier, your accounting needs as an eCommerce business are different from a regular business. eCommerce accounting is more specialised and requires special knowledge and skills. You need an accountant who understands how online businesses work, the challenges they face, and available opportunities. They should also be familiar with online accounting software such as Xero and QuickBooks Online.
It’s best to choose an accountant who has previously dealt with other online businesses of similar size. This accountant will not only help you to properly handle your accounts, they will also provide valuable business advice.
You’ll definitely want to work with a fully-qualified and proven professional. This means, you’ll need to ensure they have the necessary qualifications, certifications, and associations. Go for an accountant with a CPA certification or one who is a member of a recognised accounting institution, such as Chartered Accountants Australia and New Zealand (CA ANZ) or Institute of Public Accountants (IPA).
One great benefit of working with a licensed and chartered accountant is that they will make sure your business is always in compliance with tax requirements.
You also need to see that they have the proper certification to work with cloud-based accounting platforms, like Xero Advisor Certification.
It’s important to find out beforehand if the accountant provides all the services you require to avoid inconvenience or any further costs by having to hire someone else for particular tasks. Whether you need assistance with cash flow management, budgeting and forecasting, financial and management reporting, audit services, tax services, and so on, you need to ask in advance.
Our eCommerce accounting agency Infinity22 offers cloud software implementation to ensure a healthy, structured eCommerce business.
Choosing the right eCommerce accountant provides your business with numerous benefits and is an important part of your growth and success. Apart from helping you save time and money, the right accountant will help you grow, for example, by providing the best advice on scaling your business and going for investments.
Book a free consult with us today.