A specialized E-commerce accountant is knowledgeable about the industry and business, and they can assist you in avoiding common mistakes and staying on track to achieve your goals. General accountants are not often knowledgeable about e-commerce, so they can not advise you on the best way to set up your business plan. An expert in e-commerce accounting is familiar with handling refunds and reconciling revenue from various sales channels.
Control the money flow
The king is cash. An e-commerce accountant like a Shopify accountant will project cash flow and identify possible issues as well as business prospects. On the other hand, a cash flow report from a general accountant will demonstrate how money is being spent. Your E-commerce accountant will also offer advice on how to leverage cash flow to get early payment discounts from suppliers and vendors, as well as how much cash you should have in the bank.
Generate insightful and timely management accounts
Although a general accountant can identify problems and provide strong management accounts, not all accountants possess the knowledge to explain why the figures are what they are. On the other hand, the e-commerce accountant like an Amazon accountant can offer guidance on the reasons behind your company’s underperformance and possible solutions.
Follow KPIs and benchmarks
Bespoke KPI creation and tracking, as well as benchmarking, are skills that many accountants lack but are vital for the specialized e-commerce accountant. To keep your e-commerce business on track and to compare it to industry averages and similar businesses, an e-commerce accountant will develop, implement, and monitor key performance indicators (KPIs).
Do not waste time
An e-commerce accountant can complete your accounting tasks accurately, promptly, and efficiently while avoiding penalties and lowering your tax liability since they are knowledgeable about the best accounting procedures specific to e-commerce businesses.
Do not waste money
Hiring a specialized e-commerce accountant might help you save money or perhaps earn it. Because they have done it all before, your accountant is familiar with the tax laws you must abide by, the best VAT plan for you, where you can make savings, and how to run your company in the most tax-efficient manner.
