Running an online business can be lucrative if you are innovative, strategic, and smart with your finances. However, since donning all caps can be exhausting and inefficient, you might be looking to hire a chartered accountant in London who can maintain accurate financial records, file taxes on time, forecast and budget to increase your profitability, ensure compliance with regulations, and advise on investment opportunities. How to choose the right one though, with so many options out there? Here are some tips that can help you.
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Check qualifications and skills
When it comes to selecting someone for ecommerce accounting needs, you ideally need to go for someone who is capable of handling your specific needs. Always choose a professional who has the necessary certifications, credentials, and has been trained to meet industry standards. The accountant must have knowledge about payment gateways, online platforms, inventory management systems, and other such things that are relevant to online businesses.
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Ask about industry experience
Not every chartered accountant London has the experience of handling ecommerce businesses, so research well and pick one who has helped clients like you in the past. They should be aware of the specific opportunities and challenges that online ventures usually face and have the skill and knowledge to capitalise on or resolve the same. For instance, if you sell products in other countries, the accountant should know how to work with currency exchange rates and international regulations regarding taxes.
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Look into services
Professionals or companies offering ecommerce accounting services usually help you with multiple things. So, ask if they can take care of your annual accounts records, payroll, tax and VAT returns, correspondence with the UK’s national taxing authority or HMRC, and give you advice on better tax planning. They should first understand your exact business needs and then tailor their services and costs accordingly. Find out if the chartered accountant in London can prepare and present insightful financial reports, aid in decision-making, and use the latest tools or software for streamlining your operations.
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Check past record and reputation
Before finalising a chartered accountant in London, check referrals from other online businesses that have availed their services as well as online reviews and testimonials. Find out if they have the necessary expertise, are reliable, and demonstrate professionalism. Check if the accountant is aware of the latest tax regulations and laws. Ask if they have affiliations, memberships, or certifications to prove the same.
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Assess the cost structure
Different companies have different cost structures when it comes to ecommerce accounting services. And while it may be tempting, especially if you have just started, try not to settle for a professional or agency that charges too low. You might run the risk of compromising quality. Compare multiple companies and go for one that offers competitive pricing. Also ask if they charge monthly or hourly fees.
Way forward
A chartered accountant in London like Unicorn Accountants can do wonders for your ecommerce business, if you keep the above pointers in mind while choosing them. They can minimise your costs, boost cash flow, make your financial operations more efficient, and improve the bottom line.
