Your eCommerce business is going swimmingly. You’re busy with orders, you’ve got plans to scale, and you’re starting to delegate and outsource tasks. But what about your accounting? Outsourcing your company accounts is a big step in your eCommerce journey, which is why taking the plunge and knowing when to hire an eCommerce accountant or bookkeeper is difficult – and why we’re dedicating a whole blog to it.
Is it time to hire an accountant or bookkeeper?
When you first started your eCommerce business, keeping on top of your accounts and submitting your tax return yourself was easy, and it was cheap. Now you’re bigger, it’s not as fun and your time is not as cheap, but when should you consider hiring an accountant to do it for you?
1. When your time starts to matter
It’s not how much time you have; it’s what you do with it. Growing an eCommerce business is exciting, and it’s time-consuming. As soon as your financials start falling to the bottom of your to-do list, it’s time to delegate that task to an eCommerce accountant or bookkeeper – especially as their expertise and speed will likely cost you less in hourly rates (and amending errors) than your own.
2. When your knowledge falls behind
Accounting is tricky, especially when you add products, taxes, and financial structures into the mix. And let’s not even get onto the subject of changing rules and regulations (MTD anyone?) If you’re not on top of, or keeping up with, the latest in the world of accounting then you need an accountant who will do this for you. Errors and lateness result in hefty penalties and fines – far more expensive than your accountant’s quarterly bill.
Ad Valorem: “Hiring the right accountant will save you time and allow you to focus on what you love… growing your eCommerce business. Do your research when choosing an accountant, make sure you’re happy with the services and level of expertise they provide, and check out the Expandly Accounting Partners page if you need any help finding eCommerce specialist accountant.”
3. When you’re struggling to do it
Time and expertise aside, if you’re struggling to pull your sales orders into Xero, or even get to grips with Xero itself, an accountant can help. With Expandly’s eCommerce accounting partnership, your accountant can use Expandly to automatically pull your multi-channel sales orders into Xero, allowing you to benefit from Expandly’s multi-channel listing, order and inventory management tools.
4. When you’re expanding internationally
If your eCommerce business is packing its suitcase and jetting off to international marketplaces, it’s worthwhile considering an accountant with international eCommerce tax knowledge and expertise. The tax and accounting rules in your own country are complicated enough – involve another set of rules, changes and potential fines, and that’s another headache you don’t need.
5. When you’re expanding, big time
If you’ve got ambitions to expand in a big way, you need someone to help with your business plan financials and access to additional finance. An accountant will not only have the expertise to help you prepare a solid financial plan, forecast your sales and identify the best finance for your business, but they’ll also have experience with what investors and financial institutions look for – saving you time and helping you to secure your plans.
6. When you’re becoming a buyer yourself
Acquiring another business or franchise also calls for an accountant’s involvement – likewise, if you’re looking to sell your business. Selling and buying are both huge financial risks – ones that you shouldn’t take without some expert advice to guide you.
7. You just don’t like figures
And that’s fair enough!
Expandly multi-channel management software makes managing multi-channel selling easy. Plus, with the ability to automatically send sales orders directly to Xero, it can save your accountant or bookkeeper time (and you money) too.