Whichever stage you’re at in your e-commerce business and if you have not had an accountant help service your finances, then you may wonder when you should get an accountant to support you and we aim to help you find the right time.
Knowing when the right time to outsource tasks within your business shouldn’t be overly complicated or cumbersome, but you should allow yourself time to understand the tasks such as accounting to which you will be delegating and this, in turn, will help you to understand who or which firm will be the right fit for your e-commerce business.
Should I get an accountant when I start?
No, you shouldn’t need to have an accountant immediately.
E-commerce is a rapidly growing industry with many useful tools to help you get to market quickly, easily and get sales rolling very swiftly. You’ll either register as a Sole Trader or a Limited Company and both avenues allow time to submit official accounts to HMRC, so you shouldn’t have immediate obligations to them.
How much do specialist e-commerce accountants cost?
Accountants vary in pricing, but they will also vary in experience whether they cater just for your industry or many others. Finding a specialist accountant who has the right experience in your industry and is constantly working with similar businesses will allow them to find greater ways to enhance and support your business.
It’s really less a matter of cost, but more of how can the price be offset by the benefits. So, what you’ll really want to understand is the value of an accountant with the right experience can bring to your online business. This is similar to hiring an employee, so you’ll be looking at the added value that an accountant can bring and move the needle further than if you did not have them as a part of your team.
When is the right time to get an accountant?
As with many things, the right time is really down to you.
To know the right time, you’ll need to understand your accounting needs, so if you’re managing this area of the business yourself then you’ll know how much time, effort and expertise is required to get this work done by yourself. With this in mind, you’ll know when you need to spend less time on tasks such as this and allow for more of an overview of historical records and look forward to the future.
Knowing when to get an accountant for your business is really a task you need to work out yourself and whilst getting to this point may not be the easiest, the best reward will be that you found a specialist e-commerce accountant who focuses on supporting your business so that you have more time to focus on growth. Get in touch with our team today and we would be glad to help you reach your goals.
The best time to start is now.