Covid-19 has hit businesses hard and unfortunately some will never recover. On the high street, retail is one of the main sufferers with many huge brands, such as Debenhams, not being able to acclimatise and going into administration. The flip side of this has been online retail, with eCommerce businesses thriving due to the demand from customers to keep shopping but from the comfort of their own home using their smartphones and tablets.
The world of eCommerce is rapidly evolving with new technological advances and payment gateways emerging all the time. In order to keep your business one step ahead of the game, it is therefore crucial to have an accountant that is tech savvy and can keep up with the pace of change. Here at UHY our team of cloud accountants are specialised in finding the right eCommerce accounting solution for your business.
Our platform of choice at UHY Manchester is Xero, which can be fully integrated with leading eCommerce solutions like Shopify or Amazon and retailing apps such as iZettle and Stripe. This enables automatic updates to your books every time you make a sale. By integrating these systems, we are not only able to automate much of your bookkeeping but we can also gain real-time insight into your figures. By having this real-time information at your fingertips you are able to identify positive or negative trends at the earliest opportunity and can make quicker, better and more informed decisions.
As well as the technological cloud accounting aspect, eCommerce businesses also have to deal with ever-changing government legislation in regards to VAT and overseas selling. Throw Brexit into the mix and things can get pretty confusing. It is important that your advisers ensure you are up to date with this legislation otherwise it could mean extra taxes, delayed shipments and frustrated customers. We work closely with our tax and VAT team who are able to give our clients advice and support in this area of complexity.
If you have an eCommerce business and would like to know more please email me at email@example.com with the subject line “eCommerce” and a couple of lines explaining your current circumstances.