The way that businesses trade with their customers has changed significantly over the past 15 years. The evolution of the internet over this period has allowed even the smallest retailer to develop a global presence within their market place and to engage with customers that were out of reach using traditional retail methods.
The vast majority of retailers now have an online presence which can range from a website to showcase their products through to an online-only retailer operating through a website or marketplace.
The advent of the online-only presence offers retailers a low cost base alternative to operating from a retail store by avoiding high fixed costs such as rent, rates and utilities.
At MHA Moore and Smalley we act for a large number of businesses in the online retail sector ranging from large multinational retailers selling their products across the globe through bespoke websites to small businesses trading through marketplaces such as Amazon and eBay.
Our experience working with these businesses means that MHA Moore and Smalley can offer businesses working in online retail sector and full range of services including:
– Advice on integrating websites and marketplace trading with accounting software
– Book-keeping and management accounts
– Assistance with VAT returns
– Accounts production and financial reporting
– External or internal audit
– Tax compliance and tax planning including Research & Development Claims
– VAT advice on trading domestically and internationally
Integration with cloud accounting software
Over the last two years we have received numerous enquiries from online retailers asking about changing their accounting software to a cloud based provider, such as Quickbooks Online.
Cloud-based accounting software can be ideal for online retailers as it allows for seamless integration between a business’ online market place and its accounting software. Furthermore, accounting processes that were typically completed manually can now be automated meaning that the business can focus more time on their sales rather than the book keeping.
Examples of this include:
– Integration with your eBay, Paypal and Amazon accounts to download transactions automatically in to the accounting software
– Online bank accounts can be linked to the software for simple posting of transactions and completion of bank reconciliaions.
– Expense invoices can be scanned and posted automatically to the software.
MHA Moore and Smalley SE+
In order to complement our clients’ desire to benefit from the efficiencies provided by using a cloud-based accounting software package, we have recently launched a new, innovative accounting service called MHA Moore and Smalley SE+.
MHA Moore and Smalley SE+ offers clients the very best in cloud-based accountancy software coupled with trusted advice from a dedicated MHA Moore and Smalley adviser.
More details about MHA Moore and Smalley SE+ can be found here.