Accounting for your ecommerce business

Accounting for your ecommerce business

Do you have an ecommerce business? Are you thinking of starting to sell products online? 

Selling products and services online can create a huge amount of bookkeeping and accounting tasks that you need to dedicate time every week to. If you put these tasks off, they can quickly and easily build up to something very daunting and time consuming for most people.  

How can we help?

Turas Accountants act as your outsourced finance department – we are here to help you at any level you require in order to keep you stress free and confident in your compliance with best practices. 

From our many years’ working with a whole range of businesses from freelancers to larger companies, we have seen one thing in common: people want as much free time as possible to be able to run their business. Bookkeeping and accounting is one of their least favourite tasks. Designate these tasks to our team and keep your diary free for what you love doing. 

We currently have experience with helping a large range of clients who have 100 to 12,000 transactions per month, but we have the capacity and ability to take on clients that deal in excess of 50,000 transactions per month. Whatever your ecommerce business, we can put together a bespoke service to help you with your needs. 

Which ecommerce softwares do we deal with?

We are currently able to deal with the following ecommerce platforms:

  • eBay
  • Amazon
  • Shopify
  • Etsy
  • Own website if the client takes orders direct 

At Turas Accountants, we are big fans of Xero accounting software, and the good news is that the majority of ecommerce platforms have integrations within Xero. 

Our tips for keeping your ecommerce bookkeeping in order

We understand that some companies just want our help on an annual basis with their returns, so if you want to look after your everyday bookkeeping yourselves, here’s some of our top tips to help you.

  • Integrate your software – Integrating your software online is a great way to keep everything together in one place, with automatic backups running all of the time. This takes the worry away of HMRC ever carrying out an investigation – it’s all there for you and you don’t need to scramble around finding a certain notepad or piece of paper from 5 years ago. 
  • Keep a record of ALL expenses and income – Many expenses are tax deductible, including outgoing services to accountants! Make sure you keep a full record of things like; shipping costs, website hosting fees, marketing costs. Keep hold of your receipts (or upload them to your cloud based accounting software). 
  • Reconcile your accounts regularly – This means looking at your bank account and your accounting software and making sure they both align with each other. We recommend doing this at least once a month, but for larger businesses try to do this once a week. 
  • Know your deadlines – Missing a tax deadline can result in hefty financial penalties. Keep track of all pending deadline dates for the current and future financial year here.

As accountants, we aren’t just here for filling out your paperwork. We are here for advice and support. If you’re unsure about what you need to do this year regarding any aspect of your bookkeeping or accounting, get in touch with us today.