ACCOUNTING AND FINANCIAL SERVICES FOR ONLINE BUSINESSES
Almost every business is “online” in some capacity today, but there are businesses built from the ground up with a completely virtual approach. These businesses are so exciting to watch grow because they start with a simple website and a global view that was never before possible. They are doing business with customers around the world and in many cases using service providers in other countries. We have worked with a wide range of businesses included in the category of “online” – travel planning website, membership sites, registration software website/app, bloggers/influencers, etc. The overarching industries may be different, but the way they manage their businesses and the challenges they face are quite similar.
Some of the specifics include:
- A high volume of transactions via credit cards and other merchant processors
- Need to closely manage transaction processing fees (e.g. credit card fees)
- Using international resources and understanding tax compliance around contractors.
- Integration of cloud software to automate transactions.
- Understanding sales tax requirements
- Large upfront investments in software or website development and costs associated with development delays
- Investment in social media and other online platforms and making the right decisions around marketing budgets
Partnering with Beyond Financials Consulting can ensure you are making the best financial decisions for your online business. We can put the structure, automation and reporting you need in place and help you make informed financial decisions. At the heart of everything we do is to drive profitability in your online business and watch it grow.