Ecommerce accountants for effortless growth

The definition of ecommerce accounting is reporting about your ecommerce business financials to the government. As an online vendor, you move products in and out, manage stock, and sell to customers in different countries via different channels. So, there are several things your ecommerce accounting includes:

• Bookkeeping, which lists every transaction. For example, when you accept products to your storage, or sell on Amazon, or have to accept back a pair of shoes on ebay. Bookkeeping keeps track of every money or asset movement, and provides a document covering every such event.

• Management reports, which gather all the sales data and try to make sense of it. For example, how much of each product you sold, what are the costs of operating every channel, and where do you actually make money.

• Tax filing & statutory reports. These depend on where you sell, for each government has a different tax system. Tax reports constitute a very detailed recount of every transaction and the categories they fall under. Depending on the categories, different types of tax are derived. An experienced accountant can also help make sure you get the benefits and exemptions available to your business under each specific tax code.

When organising accounting for ecommerce sales you need to make sure that you have all your needs covered.

• All your channels. Do you sell via different platforms? You need a way to consolidate reports from various sources.

• All your tax jurisdictions. Do you sell in more than one country? You need to report for VAT everywhere you make money.

• No manual paperwork. Processing invoices and receipts is tiresome, and you probably have better ways to spend your time than that.

For optimum tracking of your Amazon online sales, we recommend linking it directly with accounting software. We seamlessly integrate this feed into your Osome dashboard, which refreshes every 24 hours, enabling real-time monitoring. Subsequently, whenever Amazon sends you a statement, it gets automatically uploaded to your account. We then process it, categorising and tagging the details, ultimately providing you with current financial data daily.

We've developed proprietary software that you can access from your desktop or a mobile app. This software provides daily updates of your balance from all linked bank accounts, your pending invoices, and lists documents that need to be uploaded. Additionally, we provide swift responses to queries via chat, keep track of important deadlines, and reconcile daily transactions.

Of course! Switching to Osome from another accounting firm is a breeze, with little effort needed from you. We'll directly liaise with your existing accounting service provider, assume responsibility for all your financial records, and thoroughly review them to ensure your company's compliance. We check for unresolved issues with HMRC, arrange historical data, and compile and submit the necessary reports. Additionally, we provide continuous guidance on significant tax exemptions, assisting you in making the best tax decisions. With your accounting in our hands, you can now devote your full attention to what truly matters: managing your business.