Partnering with an accountant can take your e-commerce business to the next level. The key is finding the right firm for you and your business.
Experience
If you run an e-commerce business then it’s very important that you find an accountant who specializes in e-commerce. A specialized e-commerce accountant understands the challenges and opportunities of the industry and has knowledge about opportunities and strategies to grow your online business. They also know how to complete the simple e-commerce-related tasks that may take a regular accountant much longer, like reconciling multiple sales channels’ worth of data or navigating Amazon’s FBA fees.
Services
It’s also important to partner with an e-commerce accountant who offers all the services you need. Are you looking for basic bookkeeping, or would you like your accountant to be able to give you insight into your month-over-month performance? Do you want your bookkeeper to be available 24/7, or are you okay with a weekly (or monthly) check in email?
Some firms offer CFO coaching in addition to traditional monthly accounting for an additional fee, while others, usually CPA firms, can do tax filing in addition to bookkeeping. Understanding what you want from your accounting partners will help you choose a combination of services that’s right for your business.
Software
Along with the financial nuances of bookkeeping in the e-commerce market, you want to make sure your accountant is also familiar with digital bookkeeping software and cloud-based apps. Understanding platforms like Quickbooks Online or Xero is crucial for e-commerce business accounting, so do not hesitate to ask a potential firm about which software their team prefers.
Your accountant’s ability to effectively navigate your software largely affects how beneficial outsourcing your accounting will be. If you’re happy with your current accounting software, it’s worth it to find an accountant that is an expert in that software. However, if you’re willing to switch up your software, it can open the door for a firm that may be a better fit for your business.
Cost
The last, but arguably the most important, consideration to take when searching for an accountant is cost. As your business grows, outsourcing your accounting can save you time and make you money. However, you want an e-commerce accountant that is going to make you more than they’re going to cost you. As the e-commerce industry has expanded and shifted, the accounting industry has seen a move towards flat rate monthly pricing rather than hourly. Charging by the hour can sometimes reward inefficient work, so you may want to consider an accountant that charges a flat rate – as long as they fit your price range and offer the services you’re looking for.
For your business to get the most value for its money, you want to work with an accountant who has experience in the e-commerce space, offers the full range of services you are looking for, is knowledgeable about the software and applications you use, and charges an affordable fee for their work. If your business needs an accountant who specializes in e-commerce, contact us today to request a proposal.