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Welcome to Unicorn Accountants, specialist Etsy accountants
Welcome to Unicorn Accountants, specialist Etsy accountants
As experts in helping eCommerce businesses, we understand the end-to-end processes involved in running a successful Etsy shop. Etsy sellers need an accountant who offers comprehensive accounting services, including inventory management, bookkeeping, and preparing financial statements that accurately reflect their Etsy profits.
As accountants for Etsy sellers, we can ensure you comply with tax laws and keep your cash flow positive to help your eCommerce business fulfil its potential. Book a call with a member of our friendly team today.
Do I need an accountant for Etsy?
Do I need an accountant for Etsy?
Like any business, it's not mandatory to use an accountant, but it can help you avoid tax and compliance headaches.
Not only that, accountants for Etsy sellers can add value to your business by helping you understand your profits and make the most of your income. We can offer advice on pricing, managing cash flow, and even show you ways to save on taxes. Plus, we can help you implement tools and software to make bookkeeping easier so you spend less time on paperwork and more time growing your shop.
With our help, you’ll feel more confident about your business finances and avoid any last-minute tax surprises.
While you don't need specialised accounting software to run your eCommerce dropshipping business, the best accounting software packages are ones which seamlessly integrate with popular platforms such as Shopify, BigCommerce and WooCommerce.
You'll access an eCommerce accountant who understands how online businesses operate so your bookkeeping and accounting are efficient and effective in driving business growth, helping you achieve your dreams.
Multi-channel selling
Although you might start your business with an Etsy store, as your business expands, you may implement a multi-channel sales strategy. That's when accounting becomes a little more complicated. Your accountant will be keeping track of it all for you so you can focus on marketing and operations for your new channels.
If finance admin becomes a burden
Online sellers often tell us that they love sourcing new products, marketing and finding new customers, but they are weighed down by accounting tasks. Software for Etsy sellers can be complex and suck up lots of your time, so we help our limited company Etsy sellers by handling the admin and tax compliance burden.
Forming a limited company
You might start your Etsy career as a sole trader, but in time, it might be more beneficial from a tax point of view to form a limited company. We can advise you when the time is right, help you incorporate your business, and ensure you understand your obligations as a director.
Selling internationally
Etsy sales may be subject to differing accounting treatments and rules depending on how and where you sell online. If you sell internationally, we can help you understand the VAT process, the VAT process and other sales tax to ensure correct collection and remittance to the right authorities.
When does a hobby Etsy seller become a business?
When does a hobby Etsy seller become a business?
Some UK Etsy sellers have small accounts and operate a 'hobby' business - there's no need to hire an accountant in this situation. However, once your annual turnover exceeds £1,000, you're required to register with HMRC and submit annual self-assessment tax returns.
If you're consistently selling items with the intention to make a profit, you've got a business mindset. In this situation, hiring qualified chartered accountants who specialise in Etsy accounting can save you time and ensure you stay compliant with tax laws.
Our Etsy seller accounting services
Our Etsy seller accounting services
Etsy businesses, whether sole traders or limited companies, often need bookkeeping assistance, such as:
- Recording business expenses correctly
- Minimising shipping fees and advertising costs
- Managing invoicing and credit control
- Bank reconciliation
- Accurately valuing and recording inventory
As you expand, so your accounting needs increase. Unicorn Accountants can help Etsy sellers with the following services:
- Year-end accounting services
- Management accounting services and financial analysis for informed decision-making
- VAT advice and strategic tax planning
- Financial forecasting and planning
- Company formation
Integration with accounting software
Integration with accounting software
The spreadsheet has simply had its day when it comes to Etsy bookkeeping. Cloud accounting software like Xero is far superior at handling complex transactions and removes the risk of human error.
It's easier than you might imagine to integrate Etsy with accounting software and get your transactions flowing. Common cloud accounting software tools such as Xero, QuickBooks, Sage and A2X all allow automated importing of sales data, fees, and other financial information into the accounting software, making bookkeeping and financial management easier for Etsy sellers.
As Xero and eCommerce business specialists, Unicorn can help you integrate your software with ease, saving you a lot of time-consuming admin.
What our customers have to say
Focus on your Etsy business; we'll look after the numbers
For an Etsy seller, every hour spent on financial admin can dilute your marketing efforts, cause you to neglect your customers or miss out on great new product deals from your suppliers. With a Unicorn accountant by your side, you can throw yourself into the business you love and enjoy total peace of mind.
Call 020 8064 0454 or email dream@unicornaccountants.co.uk and hire your very own Etsy accountant.
Ready to talk?
Join the many eCommerce businesses who trust Unicorn Accountants to make their finances and life easier. Contact us for a free consultation to discuss your accounting needs and how we can help you achieve your goals. There's no pressure: just a chance to chat and see if we're a good fit.