Accounting for E-Commerce Companies

Alleviating the Burden

Online Trading is a demanding form of business strategy. With fast supply chains and competitive marketing, there’s many things to consider on a daily basis, and that’s before you start considering your accounts.  

Yet, following the pandemic and the growing popularity of online shopping, eCommerce businesses have become more and more lucrative, if operated correctly.

Gow and Partners are here to support you with your finances, while also helping you get the most out of your business.  

Whether you sell primarily through your own website, distribute products across multiple sites, or list your items through an Amazon or eBay shop, we have you covered. Our accounting team are highly proficient in e-commerce technology, fully equipped with the knowledge of what it takes to succeed in the sector.  

Our team will work with you to ensure that your financial records are accurate, up-to-date, and compliant with all relevant regulations, providing a range of services, including bookkeeping, tax planning and preparation, financial reporting, and more.

From carrying these day-to-day services, to providing you with bespoke cloud accounting packages, we’ll make it effortless for you to manage your finances, transforming the way you operate to accelerate growth.  

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Aiding Chaotic Cashflow  

Is managing timely cashflow one of your biggest forms of stress?!  

We recognise that eCommerce accounting can be a lot more hazardous than typical bookkeeping, which is why we offer monthly VAT submissions to aid cashflow and alleviate pressure.  

Encouraging you to look towards the future, we also offer cashflow forecasts incorporating real-life scenarios. These informed predictions not only put you in the driver’s seat, but give you the directions— we can discuss your forecast in person at our offices, or via videocall from anywhere in the world.  

We will ensure that your cashflow data really does flow— flow effortlessly and accurately into your books, meaning that you always have a clear picture of your sales at any given time.

With our help, you'll have access to real-time financial insights that will enable you to make informed decisions about your business's future. We'll help you to identify areas of your business that can be optimized for greater profitability and provide you with the tools and knowledge you need to achieve your financial goals.

Check out this blog post for more information on our budgets and forecasts service.  

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Cloud Accounting for E-Commerce

We have noticed that our e-commerce clients, in particular, seem to welcome our cloud accounting systems with open arms. This is because their business already requires them to be adaptable and tech savvy.  

Your accounts manager will help you determine the right cloud accounting software for you, providing any training you require to help you get started.

They will then integrate all of the wonderful tech out there into one, easy-to-navigate software package. This is when digital streaming can truly begin to come to fruition.  

We are proud to hold ‘Gold Partner’ status with Xero and utilize their innovative technology to provide clients with efficient, personalised software.  

For e-commerce clients, this includes streamlined payment integration through add-ons such as Stripe— this add-on automatically notifies our team when an invoice has been paid, since your orders feed through directly to your accounts, creating a more direct system.  

We also assist with app integrations that allow you to pull e-commerce related apps, such as  Shopify and PayPal, into your Xero Account.

With so many sales platforms and inventory apps out there, integration solutions bulletproof the efficiency of your business, making run seamlessly.  

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The number of PSP are growing by the hour. Too much choice can easily overwhelm. Experts in the various pros and cons of payment systems such as Stripe and PayPal, we can offer tailored advice regarding what will work best for your business.  

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HMRC Compliant

At Gow and Partners, we ensure that all of our systems are fully HMRC compliant. We work closely with the organisation, always staying up-to-date with any changes in policy.  

We will liaise with them on your behalf, making sure your accounts are clear and coherent, freeing up time for you to focus on what you do best. That is, putting your heart and soul into running your business.  

With are help, penalties will transform into a thing of the past. We ensure all deadlines are met in good time, operating a reminder service to notify you whenever we need any documents from yourself.  

Distance selling may be complex, but we get to know you, taking the time to truly understand your business and its strategies. We offer a personal service that privileges tailored advice over confusing generalities.  

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The Importance of Accountancy  

Accounting is important for any e-commerce business owner.  

This is because it helps you keep track of your financial transactions, monitor your cash flow, and make informed business decisions.  

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1. Financial Management

Accounting will help you keep track of your income and expenses, enabling you to manage your finances more effectively. This information can be used to identify areas where your business is overspending or where revenue could be increased.

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2. Tax Compliance

E-commerce businesses are subject to various tax laws, and accounting can help you stay compliant with these regulations. Accounting records can be used to calculate taxes owed, prepare tax returns, and ensure that your business is paying the right amount.

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3. Planning and Budgeting

Accounting can help you develop and monitor your budgets, enabling you to plan for future expenses and investments. This can help you avoid overspending and to make informed decisions about resource allocation.

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4. Financial Reporting

Accounting records can be used to generate financial reports that provide insights into your business's performance. This information can be used to identify areas for improvement and make strategic business decisions.

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Set Yourself up for Success   

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Did you know that we run the highest rated accountancy firm in Blackburn with Darwen?  

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Book your 30 minute discovery call  today— enjoy a relaxed, no-obligation chat with one of our qualified accounting advisors. We can assess your situation and determine how to best serve and add value to your business.    

Alternatively, you can send us a message with any queries (big or small), and one of our team members will get back to you promptly.