Starting a business is almost everyone’s dream in today’s era. Many business options are available depending on whether you want to start a small-scale business or a large-scale one. However, there is one business that has continued to grow significantly over the last decade and will continue to grow more in the future, and that business is – E-commerce Store.
E-commerce stores have seen a significant rise & competition in the last couple of years. Singapore has given ample opportunities to the people living in Singapore & across the globe to start their E-Commerce store in Singapore.
E-commerce sales in Singapore in 2022 have dominated exceptionally well over the other sectors, and the expected sales at the end of the year are expected to grow to USD 9 Billion.
Starting an E-Commerce store in Singapore requires investment, raising funds, incorporation, maintaining books of accounts, and more procedures. However, with Bestar Services, it is pretty smooth to start your business in Singapore. We help businesses with assistance at every stage, right from the incorporation to raising funds to accounting services, bookkeeping services, compilation of financial statements, HR & payroll services, Tax Advisory & Compliance, Business Advisory & Consulting, & more.
In this blog we will walk you through why you need an accountant for your E-Commerce store in Singapore & when is the right time to hire an accountant for your E-Commerce store in Singapore.
What is E-commerce Accounting?
E-commerce accounting is often viewed as similar to traditional accounting. In reality, both are different. Traditional accounting primarily involves bookkeeping in which businesses record a list of their daily transactions, tabulating amounts, deducting operating & administrative costs, cost of goods purchased & sold, & all other expenses to give you the generated income.
On the other hand, E-commerce accounting involves much more aspects of accounting. It involves performing a wide range of accounting tasks apart from e-commerce booking, such as gathering, organizing, evaluating, & reporting your business’s financial data for generating financial reports & statements.
E-commerce stores operate the entire day for 10 to 15 hours. Customers can walk in at any time during operating hours and purchase items in the store. Hence, it is essential to keep track of the transactions that happen throughout the day, which involves analyzing transactional data, inventory management, stores daily expenses, sales tax, & more.
Why do you need an accountant for your E-Commerce store?
Hiring an accountant for your E-Commerce helps keep your bookkeeping & financial statements sorted on a daily basis and keeps you updated with your store accounting & financial data for decision-making.
Hiring an accountant saves you ample time allowing you to focus on the core business activities (Sales & Marketing). It will enable you to expand your business (store), generate substantial income in the short run, and make your business bigger in the long run.
Hiring an accountant from the reputed & leading accounting service provider in Singapore is lucrative for your business. They are well-equipped with all aspects of accounting, bookkeeping, and preparing financial reports. They use the latest updated tools for maintaining your books of accounts. Also, the accountant is trained from time to time to be updated with modern concepts, tools, and updates in accounting & financial laws.
Hiring accounting services from Bestar Services gives you peace of mind. You will get your reports & statements on time every month. Our accountants are well-versed in accounting & financial concepts.
If you are looking for customized outsourcing of accounting services in Singapore, then Bestar Services is your one-stop destination for outsourcing your E-Commerce store accounting & bookkeeping services in Singapore. We ensure timely reporting of your E-Commerce store accounting & bookkeeping and also help you file Income Tax well on time before the deadline.
When is the right time to hire an accountant for your E-Commerce store in Singapore?
The right time for hiring an accountant for your E-Commerce store in Singapore is ideally at the operation commencement of your store. However, we have listed three times when you must hire an accountant for your E-commerce store.
When you want to expand your E-Commerce store
Every E-Commerce store has a hunger to expand once they are in operation. When you want to expand your business (store), it is important to delegate specific business tasks to focus on the core business activities (Sales & Marketing). The best way of delegating business tasks is to outsource them.
One of the vital & time-consuming business activities is maintaining the books of accounts. When you expand your store, the number of transactions in a single day will increase substantially, and it will become challenging to maintain books of accounts & generate financial reports in the long run.
Hence, we recommend hiring an accountant for your E-commerce store when you are planning to expand your store to ensure that the accounting, bookkeeping, & financial reports, especially from an accounting service provider in Singapore who will ensure timely reporting of your books of accounts & financial data, and will also file Income Tax on time.
When you want a professional to look after Inventory Management
In E-commerce stores, selling products doesn’t happen through only one sales channel. E-Commerce stores sell products through multiple sales channels to generate more revenues from every source.
When you sell products through multiple sales channels, it is vital to hire an accountant to monitor the Inventory Management for all sales channels. The accountant will keep daily bookkeeping of the Inventory of all sales channels leading to efficient & robust Inventory Management for your store.
When you want assistance with Sales Tax
Unlike business transactions, E-Commerce Transactions are different & vary from country to country, as every country follows a different set of tax laws. E-Commerce businesses deal with multiple business parties from across the globe, and it becomes quite challenging for business owners to maintain books of accounts as per Tax Laws of different countries.
Hence, it is crucial to hire an accountant from the top accounting service provider in Singapore who are skilled with the Tax Laws of numerous countries, & will maintain your books of accounts with correct Sales Tax percentage & transactions.
After going through the entire blog, you would have understood why it is essential to hire an accountant for an E-Commerce store & when is the right time to hire an accountant. If you want to hire an accountant for your E-Commerce store, there is no need to go searching around on Internet, as Bestar Services is here for you.
We are one of the top 10 accounting service providers in Singapore. We have served thousands of businesses in Singapore in incorporating their business, accounting services, bookkeeping, financial audit, tax compliance, and more services.
Contact us today to outsource your E-Commerce store accounting services & booking to Bestar Services.