Looking for accountant that can help an eCommerce start up

Discussion in 'Accounts & Finance' started by johnp1, Oct 15, 2018.

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  1. johnp1

    johnp1 UKBF Newcomer Free Member

    19 2
    Dear friends,

    I started to sell stuff on eBay and Amazon and I have decided to try to increase my operation.

    I opened an LTD and a business bank account, now I want to start running it.

    So far, I am selling stuff from my personal accounts. But I would like to migrate the entire operation on the company.

    As I don’t know anything about running a company, I believe that its better to get professional help from an accountant.

    Therefore, I am looking for an accountant who can help with a start up in the eCommerce industry.
    As I’ve seen many accountants adds on the internet, I would like to know how to chose the best one for my needs.

    For this, I have a few questions:

    1. What am I looking for in an accountant?
    2. What would be the correct price to pay / month ?
    3. What questions should I ask before making any agreement?
    4. Is there anything else that I should know?

    I am based in London but I wouldn't mind having an accountant who can help over the internet ( email, chat, phone ).

    Appreciate your kindness and patience.

    Thank you !
     
    Posted: Oct 15, 2018 By: johnp1 Member since: Oct 4, 2018
    #1
  2. urstop

    urstop UKBF Contributor Free Member

    50 6
    Most accountants can help you meet all the requirements of HMRC and companies house in running a limited company. If you have any specific needs related to your business accounting it would be best to discuss with them directly.

    Prices vary and will depend on the amount of bookkeeping needed, if you have to consider VAT, if you would like to have a payroll run etc.
     
    Posted: Oct 15, 2018 By: urstop Member since: Feb 22, 2013
    #2
  3. apricot

    apricot UKBF Regular Free Member

    373 37
    Try TaxAssist in Southwark, they do know well about eCommerce business and their quotation is the best for start ups. You need to know how to run reports for sales, they'll handle the rest.
     
    Posted: Oct 15, 2018 By: apricot Member since: Apr 7, 2012
    #3
  4. johnp1

    johnp1 UKBF Newcomer Free Member

    19 2
    Thank you for the suggestion, do they partner with Xero for bookkeeping? Do you use them as well? :) Appreciate your help !
     
    Posted: Oct 17, 2018 By: johnp1 Member since: Oct 4, 2018
    #4
  5. MyAccountantOnline

    MyAccountantOnline UKBF Legend Full Member

    13,305 2,500
    1. What am I looking for in an accountant?

    Someone who is a qualified accountant and has experience of looking after the tax and accounting for businesses such as yours (not all do). Someone you feel you can work with too.

    2. What would be the correct price to pay / month ?

    That depends on many factors including what services you want - do you want an accountant to look after your bookkeeping and payroll, maybe VAT too, do you want access to ongoing support and advice or simply someone to prepare the accounts and tax return at the end of the year?

    Fees vary a lot too depending on the accountant you use, typically larger high street practices will charge most but not always the case.

    3. What questions should I ask before making any agreement?

    As a minimum what their qualifications and experience are, who will be dealing with your affairs and what are the time frames for dealing with questions etc. (questions which I'm almost never asked) the rest should be covered in what's called a letter of engagement which you should read carefully.

    4. Is there anything else that I should know?

    I can't specifically think of anything.
     
    Posted: Oct 17, 2018 By: MyAccountantOnline Member since: Sep 24, 2008
    #5
  6. Somos Accounting

    Somos Accounting UKBF Contributor Free Member

    45 11
    I note you mention Xero. +1 for cloud bookkeeping software. Particularly in your case, bank integrations and payment services such as PayPal would no doubt assist you.

    I'd recommend that when choosing an accountant that you also discuss software, such that you're prepared for Making Tax Digital (MTD) in future, should you need to be.
     
    Posted: Oct 17, 2018 By: Somos Accounting Member since: Oct 17, 2018
    #6
  7. Glenn Martin

    Glenn Martin UKBF Regular Free Member

    173 45
    I would definately recommend you look at Xero. I have a small portfolio e commerce traders within my practice and there are some integrations available like A2X thats brings all you sales data in from Amazon.

    You automate most of the finances leaving you to focus developing the business

    Happy to have a chat with you if you need any help
     
    Posted: Oct 17, 2018 By: Glenn Martin Member since: Oct 1, 2015
    #7
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