Australia is a highly modernised country with a healthy consumerist society. People rely heavily on products and services to function, provided by some of the local areas’ best small businesses. There’s a lot to consider when it comes to online retail companies, as these are rarely straightforward endeavours when they scale upwards. Overall, new proprietors can benefit from an eCommerce business advisor to push them in the right direction.
One way proprietors can thrive and grow in the online retailing industry is to invest in eCommerce accountants. These professionals act as an accountant for an online business, integral in financial management and overall operations. Future moves and investments are also going to be safeguarded with the help of an eCommerce business advisor who can also deal with accounting. Here are some of the processes that go on in the background of any online retail business:
The Unique Sales Process of eCommerce Operations
In comparison to physical brick-and-mortar retail stores, eCommerce differs in the area of shipping and fulfilment. Overall, more actors are present in your order’s delivery process than you going out and buying a product yourself. Here’s a short rundown of the eCommerce sales process for any potential proprietors who wish to get involved in the scene:
It Begins With Wholesale Goods Purchases
eCommerce companies are typically stocked with products that are purchased from a wide range of suppliers all over the world. If the company deals with fabric suppliers, these may be sourced from a place like China, then tied together in Bangladesh to reach the doorstep of a company’s warehouse. This process indicates how you’ll price your inventory, as the whole point of business is to generate revenue. Everything spent to make your products is supposed to be factored in, and an eCommerce accountant can help with the numbers game.
Customers Start to Place Orders
On your business website, you’ll need to craft an entire system with a sound inventory management system and allow customers to navigate the site easily. The easier it is to navigate, the more likely people will add items to their shopping cart, giving them more incentives to purchase from your business.
The Checkout Process
In the checkout process, the customers will be asked to provide their address and contact details for shipping, followed by their payment method. Whether you’re using a payment page like Stripe, PayPal, or direct debit or credit card methods, these are all essential to note down and have a receipt. These documentation pieces will allow eCommerce accountants to note down all sales made and prepare you for the tax year ahead.
Shipping and Fulfillment
After the payment is confirmed and received, a shopper’s orders will be fulfilled, beginning with packing it correctly and tagging it for the right destination. This process will typically notify the customer via email or SMS, allowing them to see the confirmation of their order. Shipping then occurs with a chosen courier, which will make the process differ depending on the destination’s nature. Local Australian customers will vary compared to shoppers from international countries, requiring an eCommerce business advisor to succeed.
Conclusion
eCommerce is a modern industry that presents many opportunities yet faces proprietors with tons of challenges. Asides from the whole aspect of innovating and the overall logistical areas, finances must be in-line with each tax year, which is always the bane of every entrepreneur’s existence. An eCommerce accountant can often be the best consultant to help your online retail business grow significantly.
If you’re looking for the best accountants for online businesses in Australia, check out what we offer at The ECommerce Accountant. Whether it be bookkeeping services for online stores or influencers, our business advisors can assist you with your documentation and tax services. Sign up today to take the weight off the shoulders of your business!