The e-commerce industry is rapidly evolving, bringing with it heightened expectations for the management of e-commerce accounting by professional accounting firms. Finding the right company that offers expert advice and comprehensive services in e-commerce accounting is no easy task. Explore the unique solutions your business should expect from a partner in comprehensive e-commerce accounting!
E-commerce and the operations of online stores encompass multiple areas and countries, consequently subject to diverse and often-changing legal regulations. Consequently, managing e-commerce accounting requires specialized knowledge and experienced professionals in finance, taxation, human resources, payroll, international trade, and a deep understanding of the functioning principles of sales platforms and payment systems.
Hence, it is crucial to entrust the e-commerce accounting of your online store to a company that utilizes state-of-the-art solutions, tools, and programs. These ensure a secure, professional, and comprehensive approach to tax and financial settlements in e-commerce accounting. Here are the unique services applied in e-commerce accounting that will significantly streamline its management and the entire accounting support for your e-commerce entity.
Dedicated account manager in e-commerce accounting
It is crucial for an e-commerce accounting firm to offer a dedicated customer care representative who will promptly address any concerns and maintain constant communication with the client through specified channels.
Dedicated customer care in e-commerce accounting, proficient in foreign languages, proves to be a significant asset for online stores. Direct contact enables a swift and efficient response to the needs and inquiries of the e-commerce entity, fostering direct information exchange between the accounting office and the online store. The assigned customer care representative should also be well-versed in the matters pertaining to their assigned clients.
Automation of e-commerce accounting and integration with sales systems
Through the automated retrieval of data for financial-tax settlements and the capability to integrate with marketplaces or ERP systems, online stores can save time and alleviate the workload of the e-commerce team, consequently reducing costs.
The solutions provided by modern accounting firms, including IT solutions, allow integration with various sales systems employed by e-commerce entities, facilitating the direct exchange of financial and accounting data, including invoice processing and settlements. This ensures the financial aspects of the e-commerce entity are secure and under constant control. Additionally, the automation of e-commerce accounting enables the generation of customized reports for the e-commerce entity.
Comprehensive e-commerce accounting services
It is equally crucial for e-commerce accounting services to be comprehensive, encompassing all financial and legal aspects. An accounting firm should offer services ranging from bookkeeping, tax settlements, including the registration and filing of VAT in Poland and across Europe, VAT OSS procedures within the VAT e-commerce package, payroll administration, online sales reporting, to Intrastat.
Additionally, the accounting firm should provide support across all European countries, allowing e-commerce accounting to adapt to the expansion of e-commerce businesses into new European markets, all managed in one place by a single entity.
Entrusting e-commerce accounting and EU VAT settlements to one outsourcing company also ensures specific responsibility and coherence in financial and accounting settlements. Periodic reports and ongoing e-commerce statements encompass all financial aspects of the online store.
Comprehensive e-commerce accounting services should thus include:
- Sales record-keeping and invoice issuance.
- Full accounting management, income and expenditure books, or settlements in the form of a lump sum from recorded revenues.
- Record-keeping, declarations, and settlements of VAT and EU VAT – including VAT OSS procedures within the VAT e-commerce package.
- Payroll administration.
- Tax advisory services.
- Registration and settlement of VAT in non-European Union countries.
- Preparation of financial statements.
- Supervision of accounting and debt collection.
- Settlement of PIT and CIT tax declarations.
- Handling account settlements.
- Settlement of international import/export.
- Preparation of reports for institutions such as the Tax Office, Social Insurance Institution (ZUS), Central Statistical Office (GUS).
- Support during tax audits or audits and representation before tax authorities in specified countries.
- Intrastat – reporting, regular verification of applicable limits, and submission of declarations.
- Monitoring changes in financial regulations.
Client Portal in e-commerce accounting – remote, 24/7 real-time access to cloud-based documents
Professional accounting firms, managing e-commerce accounting, provide their clients with a client portal (platform) where they have constant access, in one place, to all accounting documents, invoices, settlements, declarations, and can remotely and around the clock verify the accuracy of conducted settlements from any location worldwide.
A company specializing in e-commerce accounting should have an advanced and modern accounting system along with a client portal where we can check all necessary financial and accounting data, including information on the amount of VAT due for a specific period in individual countries, filed VAT declarations (in each country), or lists of transmitted transactional data. The portal also enables the automation of the document and transaction gathering process for settlements and facilitates quick communication.
Often, the client portal of an external company is expanded with additional functionalities, such as reporting, financial control, debt collection, and incorporates the latest changes in legal and tax regulations. Thanks to these modern technologies, we have constant insight into the status of conducted settlements and reports, among other matters. The issue of the location of the accounting service provider for e-commerce is also irrelevant.
Transparent pricing system in e-commerce accounting
An e-commerce accounting firm should offer a transparent and attractive pricing policy that is not dependent on the number of transactions or the volume of documents processed. E-commerce entities should have confidence in fixed, transparent, and stable prices, tailored within various packages to the size of their e-commerce business.
Highest standards of data security in e-commerce accounting
It is crucial for a company specializing in e-commerce accounting to ensure the security of accounting and financial data for e-commerce entities. The automation and integration of sales and accounting systems with the client portal must be carried out while maintaining the highest standards of security to safeguard client data and prevent unauthorized access.
Individual analyses within e-commerce accounting – business development support
A seasoned firm specializing in e-commerce accounting should offer unique, individualized analyses tailored to the business and specific needs of its clients. All this is aimed at finding the best strategies for financial and tax optimization that will further expand the business. In addition, a specialized entity will assist in identifying tax benefits that can enhance the financial health of the company.
International certifications, standards, and European network of offices
E-commerce transcends borders, and companies in this industry offer their services and goods worldwide. Therefore, when entrusting e-commerce accounting to an external entity, it is valuable for them to have international connections, be members of relevant business organizations, and possess international certifications confirming their skills and potential.
It is also crucial for an entity specializing in e-commerce accounting to collaborate with tax offices and accounting firms across Europe. Thanks to a European network of offices, it becomes much easier to provide services related to international transactions in compliance with rapidly changing tax regulations in different countries. Such an accounting firm also has access to specialists in various countries.
Experienced entity and a team of accounting professionals in e-commerce
The last on our list, but one of the most crucial aspects in e-commerce accounting. In outsourcing e-commerce accounting, the experience of the accounting firm and its employees in the e-commerce industry is paramount. A team of experienced professionals ensures the accuracy of settlements, flexibility, and the ability to handle various individual tax and accounting situations. It is worthwhile for an accounting firm – in addition to experienced financiers, accountants, and tax advisors – to also have specialists in e-commerce and IT experts.
Such an entity will not hesitate to take responsibility for any accounting mistakes and efficiently make necessary corrections. Before entering into a collaboration agreement, it is also advisable to check the references of the accounting firm.
E-commerce accounting with unique solutions – benefit from our support!
E-commerce accounting is a significant challenge, and entrusting it to a fully professional accounting firm is a wise decision. Outsourcing e-commerce accounting to experts brings only benefits to online stores and e-commerce entities, provided we choose the right firm that applies unique solutions in e-commerce accounting.
You will find all of the above solutions in accounting for e-commerce at amavat®! We are specialists in accounting for e-commerce and accounting for taxes, including EU VAT, whether under VAT OSS or any other model. We will handle the entire accounting for your e-commerce business comprehensively and to the highest standards!
We have an experienced team of experts, dozens of European offices spread all over the Old Continent, we offer a comprehensive e-commerce accounting service, transparent pricing, a Customer Portal, automation of accounting processes and integration with sales systems, dedicated account managers, individual reports and business support, the highest standards and much more.
With amavat®, you can focus on running your e-commerce business, safe in the knowledge that all accounting and tax matters will be properly taken care of. Our knowledge and experience allows you to take care of your finances, giving you peace of mind and time to do what you do best – grow your business!
If you run an e-commerce business and are looking for comprehensive and unique accounting for e-commerce, feel free to contact our experts: contact – amavat®.
We are an independent member of HLB. THE GLOBAL ADVISORY AND ACCOUNTING NETWORK.