1 / 2

How eCommerce Accountants Help You Maintain Tax Compliance During COVID-19

<br>The emergence of COVID-19 has caused a massive shift in the business climate. To maintain a steady cash flow and to stay financially viable, small and large businesses alike must adapt to the u201cnew normalu201d set by the pandemic.<br>

Allenbyaccountants
Download Presentation

How eCommerce Accountants Help You Maintain Tax Compliance During COVID-19

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. How eCommerce Accountants Help You Maintain Tax Compliance During COVID-19 The emergence of COVID-19 has caused a massive shift in the business climate. To maintain a steady cash flow and to stay financially viable, small and large businesses alike must adapt to the “new normal” set by the pandemic. Newcomers to the online retail industry have a lot to learn, and that includes the overwhelming task of maintaining tax compliance. Fortunately, many eCommerce accountants are right around the corner to lend a helping hand. Here are some ways eCommerce accountants help you maintain tax compliance during the pandemic: Planning for eCommerce Preparing for an online business differs from opening a brick-and-mortar store in many ways. Experienced accountants can help you adjust to the online environment by providing a suitable business structure, setting up tax plans, and giving accurate budget and cash flow forecasts. Ideas for growth and efficiency You can also increase your business efficiency with the help of an accountant. Otherwise, difficult tasks such as integrating online payment methods and inventory tracking software on your website will be a breeze with the guidance of an eCommerce expert.

  2. Understanding tax laws Tax laws are constantly changing, especially with the rise of COVID-19. As a business owner, it is your responsibility to stay updated with the different eCommerce tax laws. If you are having trouble with understanding tax laws, a reliable eCommerce accountant can guide you through the process. A knowledgeable accountant can recommend the best VAT scheme for your business. Common schemes are cash accounting, flat rate, and annual accounting. Also, note the consequences that come with non-compliance and prepare for tax season as early as possible. Improve profitability Registered eCommerce accountants will advise you on the different methods to increase your profit. They can implement strategies such as eliminating unnecessary expenses, negotiating better deals with your suppliers, reviewing labour costs, and saving interest on business loans. To ensure that you are receiving the best eCommerce accounting services, choose an accounting firm that truly cares about its clients. Look for a firm that will take the time to understand your business, plan a successful strategy, and track your progress. If you’re an SME, then look for accountants that focus on small businesses. They have a better grasp of the unique challenges faced by SME owners and often provide more personalised services compared to big firms.

More Related