There’s no getting away from it – Shopify is complicated. You need to manage listings, customer service and refunds, fulfilment, order products, manage staff etc. The last think you need is to have to worry about the accounting and taxation implications. That’s where a specialist offering dedicated Shopify Accountant services can help.
You will most likely have several payment options on your website, whether Shopify payments, paypal, Amazon Pay or one of the 100+ credit card payment providers that work with Shopify. Combined with the fact that settlements will often be net of transaction charges this adds complexity to your accounting process.
You may of course not be restricted to Shopify and may sell on a variety of marketplaces as well. This increases the complexity of your business and your accounting is no different in that respect. You will probably use an order management system like Linnworks or Expandly which will also impact your accounting process.
Why Hire A Shopify Accountant?
An E-commerce accountant operates differently to a standard accountant. The world of E-commerce accounting can be complicated and requires a unique level of specialist knowledge & understanding. A specialist Shopify E-Commerce accountant will ensure that the entire accounting process is streamlined and efficient by automating and integrating the key processes.
As a result, less client input is needed which means more time for them to focus on their business.
Benefits of using an E-commerce Specialist Accountant
1. An Accountant That Understands Your Business
Standard accountants will usually only have a general understanding of E-commerce accounting. Specialist E-commerce Shopify accountants are very experienced in this subject and have a more in depth understanding of your accounting needs. They will be able to guide you and asking fewer questions along the way, ensuring that you have more time to spend on your business.
2. Getting Your Accounting for Your Platform and Marketplace Payouts Right
E-commerce accounting specialists use specific accounting apps such as A2X, and understand the ins and outs of marketplace and platform payouts. With potentially thousands of transitions taking place within a single payout and sales being made worldwide a specialist E-Commerce accountant will ensure that payouts are done are accounted for correctly.
3. Guiding You On VAT/GST Registrations in Other Countries
The majority of other businesses won’t be required to register for VAT outside of the UK. However, if your business is selling to other countries then VAT/GST registration maybe required. As an e-commerce business, this is much more likely than for other businesses. Elver E-Commerce Accountants are experienced in this area and can assist with VAT registrations and filing requirements in other countries.
At Elver Consultancy we work with Shopify Accounts on a daily basis and use applications like Xero and A2X to streamline the Shopify accounting process. If you would like to know more, please give us a call.