Updated: Dec 12, 2019
Every successful e-commerce business has a wide variety of factors that contribute to why they work and perform so well. From accurate market demand forecasts to greater degrees of product differentiation and innovation, there are various foundations that e-commerce businesses can use to grow.
There’s one particular maxim in e-commerce that rings true in regards to factors for business success—behind every successful e-commerce business is a professional accountant that keeps things in check.
The importance of professional accountants in e-commerce businesses
No matter what kind of niche you’re in or what product you sell, your e-commerce business runs on numbers. The true nature of successful e-commerce business accounting, however, lies in accurately recording and tracking every digit—and a professional accountant can do just that.
Finding the right professional accountant to work with, however, can be challenging at times. With dozens of accounting professionals to choose from in a small area alone, the process of sifting through every option can prove to be as tedious as doing business accounting on your own. Nonetheless, it is crucial to be able to hire the most qualified accounting professional for your e-commerce business.
What you should look for when hiring a professional accountant
To fast-track your e-commerce business’s journey to success and keep the management of your numbers in good hands, look for these qualities when finding an accountant to work with:
1. They have to be updated on the developments of e-commerce accounting
The field of accounting continues to evolve with the help of technology, resulting in the constant updating and introduction of rules and theories. As accounting continues to evolve the same way e-commerce does, it becomes more clear that knowing the basics alone will not suffice in helping e-commerce businesses succeed.
When interviewing a candidate, it’s best to ensure that they actively keep up to date on the developments of their field. A competent accountant stays updated on the e-commerce industry’s general accounting principles (GAAP) by going to various accounting seminars and attending refreshers from time to time.
2. They must be as accurate as possible
Every professional accountant that helps an e-commerce business succeed works by the value of details and accuracy, both of which are required to tie everything together. Making a simple mistake, such as adding a digit or inadvertently removing one can lead to a snowball effect that can wipe out the business. It’s a harsh reality that shows just how important it is for every accountant to be as accurate as possible.
Professional accountants must have a good track record that speaks volumes of their accuracy, so brief through their online reviews, client testimonials, and case studies.
3. They need to be organized on all ends
Effective accounting that’s conducive for an e-commerce business is one part mathematical skills, one part analytical skills, and two parts organizational skills. Every professional accountant uses top-notch organizational skills to stay on top of a business’s paperwork, data, and figures that they deal with daily. After all, accounting is a detail-oriented field of work.
4. They need to be creative with your business’s numbers
Good accounting entails having fine-tuned skills, but great and successful accounting entails thinking outside of the box—or beyond the excel sheet and stats, rather. Aside from cleaning your books up and making sure everything is going in the right direction, the best professional accountant also creates ideas and strategies that can help solve your business’s problems.
5. They need to be a team player
Hiring a professional accountant to help bring your e-commerce endeavours to attaining success is more like bringing in a teammate than acquiring a disposable service. Successful decision-making is a group effort that involves having a professional accountant collaborate with other decision-makers in your e-commerce business. From the sales team to your marketing department, an accountant has to work with different employees in your business to ensure that their numbers are on point.
Regardless of the industry, the number of products, or scope of operations, any e-commerce business can benefit greatly from having a skilled professional accountant to help them out. Although the process of finding the right professional accountant to work with may seem difficult, knowing what to look for in a prospect can go a long way, especially when it comes to profits. If you’re having a bit of difficulty starting off on the right foot, use this guide as a reference point for mapping out your checklist!
If you’re looking for a professional e-commerce accountant on the Gold Coast, get in touch with us to see how we can help.