The COVID-19 pandemic has affected life all around the world. At the time of writing this article, there are over 28,000 total cases in Australia alone. Several parts of the country remain in lockdown, forcing both consumers and businesses alike to contend with complex financial circumstances.
Everywhere, people have been forced to cut down their operating expenses and find new revenue streams. They have had to pay closer attention to their cash flow as they navigate these difficult times, which can be a challenge for anyone. After all, not everyone who goes into business is blessed with an accounting or business degree. Not every business has an accounting team to manage their finances either.
These days, entrepreneurs still prefer to hire accountants on an hourly or per-project basis. The problem with this business model is that it is not viable during the pandemic. Having an accountant come to your office or place of business is still a grave risk you may not want to take. As such, it might be better to hire an online eCommerce accountant to manage your money.
If you remain unconvinced about how an eCommerce accountant can help you, read on. We are going to talk about the benefits of hiring one so you can make better financial decisions about your business.
1. Centralised documents
One of the most surprising things about business in the modern age is the number of entrepreneurs who still put their faith in hard copies rather than digital technology. This is one of the most important ways an online accountant can help: they can upgrade your records and centralise the documents you need using cloud storage.
You would be able to access your documents at any time, view updates and edits made in real-time, and review the progress of any financial endeavours assigned to your accountant. With your records now on a digital system, they are accessible anywhere you might be, with no worries that any natural disasters will ruin the quality of these documents.
2. Better projections and more in-depth recommendations
Many businesses have had to employ bold and creative strategies to stay afloat. One particularly profitable path is through shipping, both locally and internationally. Businesses might be fully capable of shipping products anywhere in Australia, but international shipping has plenty of financial concerns—taxes, international market standards, and more.
It’s important to consult an eCommerce accountant if you’re considering opening up your shipping to the rest of the world. This can help you approach this endeavour carefully, avoiding unexpected costs and mistakes. That way, you can gauge how to price your shipping and handling on top of your products’ costs.
3. Constant access to accounting expertise
The problem with hiring accountants on a per-hour per-project basis is that they are only available during specific times of the year. The rest of the year, you would be left to your own devices, forced to contend with money concerns with no help in sight.
An eCommerce accountant, on the other hand, will be available to provide their insights at all times. This can help you navigate difficult moments in your business or help you make the most of the high moments.
Final thoughts
The beauty of the modern age is that accounting services have become accessible to anyone—small businesses included. There is no reason for you to stay in the dark ages of your accounting.
Upgrade your financial management by hiring an eCommerce accountant. We at The ECommerce Accountant are fully equipped to manage the needs of your business. Our expertise is here to help your enterprise grow to its fullest potential.