Small businesses operating entirely as an e-Commerce company and those with an e-Commerce channel for selling products and services have a unique set of accounting and financial requirements. These include high transaction volumes, intra and interstate commerce regulations, and potentially import and export codes. It is important that the accounting firm you select is well versed in the accounting principles related to these complicated regulations and rules to ensure revenue and expenses are correctly recorded and categorized, all industry specific tax requirements are being met and every deduction available is being taken.
An accounting firm with expertise in e-Commerce will not only be able to help you navigate the complicated commerce and tax regulations but also be well versed in the integration of accounting software with programs and services used to manage your business operations. Look for an accounting firm that is familiar with the most commonly used business operations software including inventory management, CRM and payment processing systems. An accounting firm with expertise in e-Commerce should have an in-depth knowledge of how these software programs capture transaction data and can best be integrated with accounting software for accurate and seamless business information. The result should be time and money savings for your small business.
Of course, you’ll want to select a firm that offers their expertise in e-Commerce in addition to basic small business accounting services. Start with a clear understanding of what services you will require and what you intend to manage in-house. You’ll want to make sure the firm you select is experienced in the four basic service areas provided in a general accounting practice:
- Business advisory
- Accounting and recordkeeping
- Tax compliance and planning
In addition to the firm’s industry expertise and solid accounting experience, it is also important to consider personalities. While you likely will have only periodic meetings and communications, it can be important to select the firm and the people working on your account who fit well with you and your personality.
If you’d like more information on selecting an e-Commerce accounting expert for your small business, contact me at 619-819-0252 or online.
Dave Heistein is a Certified Public Accountant in the state of California. He is a San Diego CPA, as well as an advanced QuickBooks Pro Advisor and Instructor. As a small business owner, he is dedicated to educating and informing other business owners on bookkeeping and accounting matters.
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This post was written by Profit Wise Accounting