When you realize that departing is just the first step to success
When you start out, whether it be product sourcing, listing optimization, customer service and yes, even your bookkeeping, you have a hand in everything. Over time, this can pull you out of the important strategic work that got you into business to begin with. You need the right people in the right seats in your Organization to reach your potential.
No one knows the importance of knowing the rules like online sellers, in Amazon for example, if you fall behind in one selling metric, it can get your account suspended. As an e-commerce seller you are constantly working to navigate a labyrinth un-written and formal rules, that is without even discussing tax! Government authorities around the globe are piling on new regulations and tax obligations on e-Commerce Sellers without consideration for your physical location.
One negative review can really hinder the success of a new product launch, every success or failure is published online for any potential buyer to see. Competition for the buy box is fierce. You need to know the optimal pricing strategy to ensure that your customers can see the value while still protecting your bottom line.
You may sell on Shopify, Amazon, Walmart, or in multiple countries, you need the crucial financial data from multiple platforms available to you in one place. You do not want to wait until the year-end to know how your business is doing, but maintaining your records is a tedious task and your current accountant doesn’t have time to keep up with all the nuances and apps involved in e-commerce accounting.
You know that you need to invest in your inventory and plan for future demand but how much to order? Especially when purchasing from overseas, lead times can become a complex puzzle quickly and you do not want to over-purchase and be left with additional storage fees and less cash to invest in your business. You would advertise more but are you making a profit from the spend? These decisions require real-time data to make accurately and is a challenge to maintain.
Things were much simpler when you were small, now you are crossing the sales thresholds in multiple provinces and even in other countries like the USA. You know there may be some risk exposure but it is hard to find a source of information you can trust. Perhaps you have an accountant, but they are not familiar with the international picture.
Whether you are just selling through your Shopify website and potentially looking to expand or you are already a 7-figure international e-Commerce brand, you need to be more than just another client to your accounting firm. You need an accountant who lives and breathes e-Commerce, who is already on the cutting edge of modern e-Commerce Cloud Accounting and Tax Legislation. If you are interested in partnering with a Canadian e-commerce expert today, feel free to reach out.