Ecommerce Accountants for Your Business – Osome UK (2024)

Operate

For business owners who want to ensure they tick all basic compliance boxes as they grow

from£71/m£850 billed annually + VATGet this plan

• Financial software
  • Create, send, and chase invoices
  • Capture bills and receipts easily
  • Pay bills in one click
  • Reimburse expenses
  • Connect your banks
  • Use multiple currencies
  • Get real-time ecommerce sales reports
  • Connect one marketplace
• Bookkeeping
  • Unlimited bookkeeping
  • Automatic reconciliations
• Expert service
  • Initial consultation with a tax expert
  • In-app chat
  • Tax advice on payroll and dividends
• Tax and filings
  • Annual filings
  • Self-assessment
  • Annual review with accountant
• Payroll
  • PAYE registration
  • 1st Director Payroll
• Company admin
  • Unlimited corporate changes
• Historical work
  • Catch-up bookkeeping£38/m
  • Urgency filing£200
  • Historical annual filing and bookkeeping£680/y

What's included?

Grow

For businesses nearing VAT registration, seeking up-to-date analytics and consultations

from£137/m£1,640 billed annually + VATGet this plan

• Operate package +
• Financial software
  • Connect unlimited marketplaces
• Expert service
  • Video calls with an expert
  • Ad-hoc tax advice
  • Dedicated accountant
• Tax and filings
  • Monthly review with accountant
  • VAT filing
  • VAT registration
• Payroll
  • Full payroll, 5 employees
• Company admin
  • Registered address
• Historical work
  • Catch-up bookkeeping£38/m
  • Urgency filing£200
  • Historical annual filing and bookkeeping£680/y

What's included?

Scale

For busy entrepreneurs juggling multiple roles, freeing up time from financial complexities

from£224/m£2,690 billed annually + VATGet this plan

• Grow package +
• Expert service
  • Senior dedicated accountant
• Payroll
  • Full payroll, 10 employees
• Company admin
  • Professional references
• Historical work
  • Catch-up bookkeeping£38/m
  • Urgency filing£200
  • Historical annual filing and bookkeeping£680/y

What's included?

• What is ecommerce accounting?

  The definition of ecommerce accounting is reporting about your ecommerce business financials to the government. As an online vendor, you move products in and out, manage stock, and sell to customers in different countries via different channels. So, there are several things your ecommerce accounting includes:

  • Bookkeeping, which lists every transaction. For example, when you accept products to your storage, or sell on Amazon, or have to accept back a pair of shoes on ebay. Bookkeeping keeps track of every money or asset movement, and provides a document covering every such event.

  • Management reports, which gather all the sales data and try to make sense of it. For example, how much of each product you sold, what are the costs of operating every channel, and where do you actually make money.

  • Tax filing & statutory reports. These depend on where you sell, for each government has a different tax system. Tax reports constitute a very detailed recount of every transaction and the categories they fall under. Depending on the categories, different types of tax are derived. An experienced accountant can also help make sure you get the benefits and exemptions available to your business under each specific tax code.

• How do I start an ecommerce business account?

  When organising accounting for ecommerce sales you need to make sure that you have all your needs covered.

  • All your channels. Do you sell via different platforms? You need a way to consolidate reports from various sources.

  • All your tax jurisdictions. Do you sell in more than one country? You need to report for VAT everywhere you make money.

  • No manual paperwork. Processing invoices and receipts is tiresome, and you probably have better ways to spend your time than that.

• How do I record online sales on Amazon?

  For optimum tracking of your Amazon online sales, we recommend linking it directly with accounting software. We seamlessly integrate this feed into your Osome dashboard, which refreshes every 24 hours, enabling real-time monitoring. Subsequently, whenever Amazon sends you a statement, it gets automatically uploaded to your account. We then process it, categorising and tagging the details, ultimately providing you with current financial data daily.

• Which accounting software and bookkeeping software do you use?

  We've developed proprietary software that you can access from your desktop or a mobile app. This software provides daily updates of your balance from all linked bank accounts, your pending invoices, and lists documents that need to be uploaded. Additionally, we provide swift responses to queries via chat, keep track of important deadlines, and reconcile daily transactions.

• Can I transition from another accounting firm to Osome?

  Of course! Switching to Osome from another accounting firm is a breeze, with little effort needed from you. We'll directly liaise with your existing accounting service provider, assume responsibility for all your financial records, and thoroughly review them to ensure your company's compliance. We check for unresolved issues with HMRC, arrange historical data, and compile and submit the necessary reports. Additionally, we provide continuous guidance on significant tax exemptions, assisting you in making the best tax decisions. With your accounting in our hands, you can now devote your full attention to what truly matters: managing your business.