In Pursuit of Profit
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Are ecommerce accountants different than regular accountants?
Should you have an accountant that has previous ecommerce experience for your online business?
These kinds of questions are becoming increasingly common with the dramatic rise in ecommerce business. In 2020 alone US ecommerce grew by more than 32% as traditional brick-and-mortar companies made the transition online and new ecommerce businesses started up in record numbers.
Amid this digital push business owners selling online began to analyze their own online operations, asking clarifying questions like:
Understanding how ecommerce financial operations differ aids in determining whether you need an ecommerce accountant. However, even with that knowledge, an ecommerce accountant’s value will vary based on an individual business’s needs and existing skillsets.
So, do you need an accountant with ecommerce experience? Find out now in our guide to hiring an ecommerce accountant:
Like any other industry, vertical, or growth stage, having an accountant with ecommerce experience is always going to be a benefit to a company that is selling online.
In the same way that professional services firm, manufacturer, SaaS company, or clothing retailer would want an accountant who is used to the specifics of their industry, an ecommerce company can benefit greatly from hiring an accountant with ecommerce experience. At the core of it, bringing on personnel that understands what you sell, where you sell it, and to whom you sell it is always beneficial.
Online selling has considerable differences to account for that can affect financial reporting, namely activities such as:
Ecommerce Accounting Options
As the adage goes, “If you’re asking if you need it, you probably need it!”
Owners with less financial acumen are more likely to need an experienced accountant to lean on, regardless of the accountant’s background. And when the details related to selling get more complicated, this becomes even more crucial.
So, if you are worried that you may need an ecommerce accountant, chances are you have already experienced instances where you would have benefitted from having an accountant on staff with this kind of expertise, or you are anticipating that need arising soon. Whether you are already behind the ball, or trying to stay ahead of it, it is never too early to start looking for an accountant that meets your criteria.
Once you have identified the need for a specialized accountant, now is the time to start evaluating your options. Obviously, hiring a dedicated, top-tier accounting leader is going to be the best route to take, but what if you cannot find what you are looking for or what if your budget will not allow it?
Your options include:
If there is significant financial experience currently in the company and bandwidth among business leadership, an accounting platform may provide enough assistance to keep the books correctly. Otherwise, an in-house or outsourced hire will be necessary to oversee the company’s accounting activities.
Obviously, outsourcing your accounting needs is going to be more cost-effective than hiring someone in-house. But will you have to sacrifice on responsiveness and ease of communication? Not if the provider you choose is a good fit. The right third-party partner will pair you with the accountant or accounting team to fit your specific needs with your desired level and style of communication.
When you need an ecommerce accountant, look no further! Our experienced team of accounting professionals has the depth and breadth of experience required to keep your organization moving forward and growing. Contact us now to find out how we can help!