In recent years, the e-commerce world exploded beyond expectations thanks to the progressive advancements in digital technology, the Internet, and consumer habits.
As opposed to the days where markets would move alone based on in-store visits and stable or growing footfall, the way industries do business today, and the success they achieve is highly dependent on the Internet. Key platforms like Facebook Marketplace, Amazon, eBay, Alibaba, and Instagram have seen a rise for many businesses and essentially acted as stepping stones to success for those that optimised the way they use them.
What makes the world of e-commerce so special is that you don’t have to rely on pure luck or massive industry connections to achieve success. With a good product, a set of marketing strategies, and an earnestness to succeed and rake in results and build a fortune, many resources can be used to build a successful business.
Among all the different aspects to consider when putting an operation together, none could be as vital for your business’s success more than your e-commerce bookkeeper.
What does an e-commerce bookkeeper do, and why are they vital?
An e-commerce bookkeeper is an accounting professional who is trained to handle any online business’s needs and for different recording approaches that are more suitable for operations of such nature.
Contrary to what most business owners mistakenly think, a regular bookkeeper and an e-commerce bookkeeper are not the same as the latter takes on more specific approaches. For instance, they are trained differently when it comes to recording sales tax and using particular accounting software, such as Xero. Generally, the main reason a specialised professional is vital for the success of your online operations is that the field of e-commerce accounting itself is packed with intricacies average owners can’t handle alone. No matter how early or late you are into the online business management and ownership experience, the presence of an e-commerce bookkeeper is essential because they help keep your finances on track!
A few questions to ask before hiring a professional
If you’ve finally understood the importance of hiring an e-commerce bookkeeper, here are a few questions to ask before settling on a particular professional to get the best services for your needs and budget:
Question #1: “Are you familiar with e-commerce COGS and inventory?”
Given the difference between online business operations and traditional set-ups, it’s vital to have a professional who can get your COGS and inventory value right because this carries on to other critical processes. The E-Commerce Accountant, for instance, takes pride in staying updated with online business-specific COGS and inventory businesses to keep our clients’ finances in the best shape possible!
Question #2: “Do you have any experience working with e-commerce businesses?”
Another vital question you’ll need to ask when gauging the aptitude of a particular professional’s capability is the experience they have working with online businesses. Hiring an expert who has worked with e-commerce businesses in the past is vital because knowing the intricacies of the operations involved takes proper learning and adequate experience to produce quality results.
Question #3: “Do they know how to use online accounting software?” Today, you’re far less likely to come across a business that doesn’t use online accounting software, and the same goes for e-commerce bookkeepers. It’s imperative to hire a professional who knows their way around these pieces of software because they make a significant difference in the accuracy of their work and your operational efficiency. By hiring an expert that’s also familiar with a type of financial software like Xero, you’ll be able to leave your bookkeeping needs in the right hands!
Conclusion
With the Australian online market becoming filled with opportunities for success, your business should be taking advantage of the opportunity at hand with an e-commerce bookkeeper on board. By taking the time to hire a competent professional to look over your accounting process and keep everything in order, you’ll be able to see significant progress with your profits and cash flow in no time! When it comes to having an accountant for e-commerce businesses, there’s no need to look any further because we’ve got you covered with our top-notch services. Get in touch with us today to learn more about how we can take your online business’s operations to the next level!