Benefits of combining e-commerce accounting and EU VAT settlements in one outsourcing company
The e-commerce industry is experiencing rapid growth, as an increasing number of people prefer online shopping. However, when running your own business, it’s worth considering entrusting e-commerce accounting and tax settlements to a professional outsourcing company. Entrusting both e-commerce accounting and, for example, EU VAT settlements to a specialized entity offers numerous advantages for entrepreneurs operating in the e-commerce sector. Let’s explore them!
Operating in the e-commerce industry involves a range of tax obligations and formalities. These arise from selling products in your own online store, utilizing intermediaries like Allegro, Amazon, or eBay, handling payments for orders from these platforms, shipping goods domestically and internationally, and synchronizing inventory levels with the store’s offerings.
It’s essential to manage not only ongoing e-commerce accounting but also income tax and VAT. All of this presents significant challenges related to e-commerce accounting for online stores and sales on internet platforms. Therefore, it is worthwhile to seek assistance from a professional accounting firm that, through outsourcing, will comprehensively handle e-commerce accounting and ensure the correctness of settlements. This allows business owners to fully focus on running their operations with confidence. Such a solution proves beneficial for any type of company in the e-commerce industry and brings numerous advantages.
E-commerce accounting and EU VAT outsourcing
Outsourcing in e-commerce accounting includes, among others:
- Sales record keeping;
- Comprehensive accounting, revenue and expense ledgers, or settlement in the form of a flat-rate tax on recorded revenues;
- Management of VAT records, declarations, and settlements, including within the framework of the VAT OSS procedure in the VAT e-commerce package;
- Preparation of financial statements;
- Supervision of accounting and receivables management;
- Settlement of PIT and CIT tax declarations;
- Account reconciliation;
- International import/export settlements;
- Submission of VIU-R declarations;
- Preparation of reports for institutions such as the Tax Office, Social Insurance Institution (ZUS), and Central Statistical Office (GUS);
- Support during tax audits or audits;
- Full personnel and payroll services;
- Monitoring changes in financial regulations and tax advisory.
Due to the broad scope of services, finding a company that can provide expert advice and accounting for the e-commerce and online retail industry is challenging. Employees of such a company must have access to advanced accounting tools and software, as well as knowledge of the functioning of sales platforms and payment systems in the e-commerce industry.
Benefits of entrusting e-commerce accounting and tax handling to a single outsourcing company
Outsourcing accounting for e-commerce ensures access to professionals and guarantees the execution of assigned tasks at the highest level. Entrepreneurs can be confident that all accounting processes comply with current legal regulations and accounting standards.
Having a specialized accounting firm that manages our e-commerce accounting and handles tax settlements, including EU VAT under the VAT OSS procedure in the VAT e-commerce package, offers significant time, cost, and stress savings associated with e-commerce accounting. It also provides full control over the e-commerce business.
When one entity manages comprehensive e-commerce accounting, it allows for the integration of sales platforms with the accounting system and the automation of e-commerce accounting processes, including settlements and real-time data synchronization. This ensures constant control over the finances of the e-commerce entity.
Professional accounting firms often provide their clients with a client portal when handling e-commerce accounting. Through this portal, clients have continuous access to all accounting documents, invoices, settlements, declarations, and can remotely and around the clock verify the correctness of ongoing settlements from anywhere in the world.
Entrusting e-commerce accounting and EU VAT settlements to a single outsourcing company also means the specific responsibility of one entity and the coherence of financial and accounting settlements. The periodic reports, real-time analyses, and ongoing e-commerce reports provided by the outsourcing company encompass all financial aspects of the online store.
Collaborating within the scope of e-commerce accounting and EU VAT settlements with a single entity also means much easier and smoother communication, providing the opportunity for quick responses to the needs and inquiries of the e-commerce entity. This enables direct exchange of information between the accounting services provider for e-commerce and the online store.
Outsourcing e-commerce accounting and EU VAT settlements to a professional accounting firm is also a means of ensuring continuity in accounting and tax services, regardless of unforeseen events. It optimizes and ensures the timeliness of e-commerce accounting processes.
E-commerce accounting and VAT EU settlement in one company – Benefits for your business
Key benefits in a nutshell:
- Automated file management;
- Security in e-commerce accounting and conducted settlements;
- Remote access to documents and cloud-based e-commerce accounting;
- 24/7 access to real-time data and advanced tools;
- Reduced costs of e-commerce accounting and payroll services;
- Ensured continuity of e-commerce accounting services;
- Enhanced sense of security for the e-commerce entity;
- Improved control over the company’s finances: revenues and costs;
- Fast and direct contact with company specialists;
- Tailored services to meet the individual needs of each client;
- Optimization and timeliness in accounting;
- Specific responsibility of a specialized entity for the entire e-commerce accounting;
- Expanded set of additional features, such as settlement automation and a customer portal;
- Opportunity to benefit from continuously updated knowledge and professional tax and accounting advice;
- Leveraging the experience, resources, and skills of the accounting office in e-commerce accounting.
Accounting for e-commerce and EU VAT settlement – take advantage of our support!
E-commerce accounting poses significant challenges, and it is worthwhile to entrust it entirely to a professional accounting firm. Outsourcing e-commerce accounting and handing it over to experts brings numerous benefits to online stores and e-commerce entities.
Ensuring the accuracy of accounting settlements provides us with peace of mind and allows us to focus solely on the core activities of our business. E-commerce accounting and EU VAT settlement through a single accounting firm are usually a much more cost-effective and efficient solution than collaborating with multiple entities or establishing an in-house accounting team and implementing tools for e-commerce accounting.
Contact us!
If you run an e-commerce business and are looking for comprehensive accounting services, we invite you to get in touch with our experts at amavat®: Contact – amavat®.
We specialize in e-commerce accounting and tax compliance, including EU VAT, whether through VAT OSS or another model.
We will manage the entire accounting for your e-commerce business thoroughly and in accordance with the highest standards!
amavat® Team
We are an independent member of HLB. THE GLOBAL ADVISORY AND ACCOUNTING NETWORK.
