Published: 15th Apr 21
Why Virgate is Suited to Your eCommerce Business
eCommerce businesses are exciting as they allow owners to rethink traditional business models. Whether it’s the way goods and services are stored and sold, or the actual premises and office location, new and inventive practices can be implemented.
The same goes for your accounting. Gone are the days of accounts teams sitting in the office, surrounded by binders filled with paper. Modern businesses require modern accounts solutions.
Simply put, bookkeeping can make or break your ecommerce business. While your business might not suit traditional in-house accountancy, do not overlook the importance of timely and accurate bookkeeping. Having proper methods in place not only saves time and headaches further down the line, but it can also have a huge impact on your tax reporting.
Bookkeeping also allows for accurate business forecasting. This can allow you to estimate where money is coming from and how much revenue your business can expect in different areas, and means you can start to plan longer term. While there will always be unforeseen circumstances, such as global pandemics, having a clean bookkeeping system can allow you to forecast for what is tangible. This naturally means you will be better prepared for any unexpected scenarios.
Not only this, but proper bookkeeping can allow your accountants to find additional ways to save money. Whether via tax, overheads or P&L, streamlined bookkeeping simply clears a path for you to move your business forward with minimal roadblocks and last-minute scrambles.
Any business owner knows the importance of a strong network, professional relationships and good connections with other businesses. While working with an external accountancy firm is relationship-building in itself, you also have to consider the benefits this can provide in shoring up additional relationships and deals.
All partnerships begin with background checks and an insight into how each business is run. This is done to ensure there are no hidden surprises and that each company is viable. By working with a respected accounts partner, it shows that you take the bookkeeping and financial side of the business seriously. It decreases risk for potential partners, as the chances of bad debt or worrying financial figures is unlikely.
Gaining financial aid from other businesses is also helped. If your business is taking off and you see new potential avenues for growth, and are looking for some additional funds to help expand, having a trusted accounts partner will help. Finance providers will also perform a deep-dive into your books to ensure they are likely to see a return on their investment, and working with a respected accounts partner will ensure the books are balanced and will help your business appear valid.
Strong business relationships are built on trust, and working with a respected accountancy firm helps build this with potential clients and partners.
Technology is constantly evolving, especially in the accounting industry. New systems and platforms are frequently released which are helping produce more accurate figures and forecasts. This is especially important for eCommerce businesses: why work with the latest in sales technology yet still work with outdated finance systems?
Modern accounts are not done on paper. There is no longer a need for storage rooms filled with shelves of previous transactions. Cloud accounting software and apps allow all the reporting you require to be done online, and at a much faster pace. No more waiting for monthly or quarterly meetings – you can make fast decisions based on live figures at your disposal.
A major component in working with an accounts partner is ensuring that they are only using technology which pertains to your business. Do not be sold by the jargon and the seemingly endless list of bells and whistles they can provide. Working with modern technology is great, but make sure you dig deep to find out exactly how that will benefit you and your business.
Find a partner you trust that can break down their offering in terms you understand. Make sure what they provide is efficient, future-proof and will help your business.
Time is the most valuable thing on offer to any business owner. There are never enough hours in the working day to tick everything off the to-do list. Most of the items on your list will likely be housekeeping, rather than aimed at business growth.
Whether you are just starting out, or you are looking to grow your burgeoning eCommerce business further, it is important that your time is put to good use. This is where partnering with a modern accounts firm can benefit you. They take the time-consuming finance tasks off your hands and provide you with the figures that are relevant to you.
It is natural for young companies to look at tightening purse strings wherever possible; however you have to weigh up every outgoing with the potential incomings. A small monthly cost on a high-quality accounts team providing you with more time, accurate reporting and guidance has the potential to increase your revenue massively.
So you have made the decision to focus on partnering with an outsourced accountancy firm? That’s great news, but who do you choose?
Virgate has all the answers you need. We specialise in helping eCommerce businesses grow. Our team has decades of experience across a range of industries and our structure ensures you are partnered with a dedicated accounts team that has experience in your area.
We also provide you with the latest in cloud accounting solutions, including free access to our own flagship Vantage app.
Virgate provides the solutions to eCommerce headaches. Contact our team today >>
Tel: 01452 226111