The rise in the demand for online shopping has exploded in recent months. Selling online is a great opportunity for small businesses as it allows them to expand their customer base.

It is essential for businesses to have their financials in order, as they begin to expand to new areas using online platforms. Its important to implement best practises from the beginning of your ecommerce journey to avoid future headaches. Use of accounting services offer guidance through the world of digital sales.

Reporting

If your business is using multiple sales platforms this can become tricky to manage. Having an accountant to interpret these various sales reports and ensure nothing is missed can help your business. Cloud accounting allows you to view financial reports and identify areas of the business that are profitable, allowing businesses to make more informed decisions. Having transparent and easy access to accounts will make life easier for business owners.

Tax Regulations

If your business is selling online in multiple countries, there may be hidden tax implications. Having an accountant with good knowledge of various currencies, import and export regulations and compliance issues is vital for an ecommerce business.

Currency Issues

One benefit of selling online, is the ability to also sell internationally. Selling internationally means foreign income needs to be considered. It is important to consider the long-term losses that may be incurred as a result of currency transaction costs. Having an accountant will provide your business with quality advice on ways to minimise exchange losses.

Expanding your business into an ecommerce platform is a great opportunity. However, it’s important to work with an accountant who understands online sales and cross border tax implications, to ensure your business avoids any pitfalls along the way.

Contact Gallagher Keane to find out more about accounting, tax, and cloud accounting services.