Your e-commerce business is on track, but you’ve read enough articles and heard from enough entrepreneurs to know that a bookkeeper or accountant is a great asset in helping you stay organized. Before you start your search, there are several things to consider. As an e-commerce owner, your needs and processes are different than other business operations.
Finding the best accountant for your business
E-commerce is more complex
Transactions for e-commerce businesses require a higher level of knowledge and experience for accountants and bookkeepers. There are multiple processing methods for transactions, which could create a complex procedure to track payments.
Tax regulations
Because the e-commerce industry is growing so fast, tax regulations are evolving constantly. That means any accountant or bookkeeper has to stay updated on these changes to provide the highest level of service and advice to you, the client. When considering adding any financial adviser to your team, be certain there is strong knowledge about Nexus laws. Also, confirm the accountant’s experience in creating appropriate channels to collect sales taxes. This should be part of your initial screening process for any prospective e-commerce accountant or bookkeeper. If they don’t have expertise in this area, it may not be a good fit for your business.
Anticipate a knowledge gap
If you hire an accountant or bookkeeper without an e-commerce background, be sure to factor in time and, possibly, additional expenses for training to ensure accuracy.
E-commerce inventory is unique
How inventory is managed for your e-commerce business determines how your accountant or bookkeeper will track it. Be prepared for long delays in tracking inventory with an accountant inexperienced in e-commerce. There can be a few obstacles in the inventory cycle that could slow down the tracking process for an inexperienced accountant such as outsourcing and cash shortages.
We have a heart for the mindset of an entrepreneur. You inspire us with how you see the world. Yes, you need a CFO. You also need someone to talk to about your concerns, financial and otherwise. We will be that person for you. Feel free to contact us today. The only thing we care more about than your business is your peace of mind.
