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Welcome to Unicorn Accountants, specialist WooCommerce accountants
Welcome to Unicorn Accountants, specialist WooCommerce accountants
A specialist eCommerce accountant can be a game-changer for your WooCommerce business. When your financial partner is an expert in the tools of your trade, you'll get insights, tips and tricks to put you ahead of your competition.
Your business's financial health can be improved simply by using WooCommerce accounting specialists who've already helped other e-commerce business owners achieve great success.
Get in touch today to find out how we can help your WooCommerce store go from strength to strength.
What is WooCommerce?
What is WooCommerce?
WooCommerce is a free-to-use online selling platform, making it an attractive option for small eCommerce businesses. The platform is highly customisable, as it's built on WordPress, which offers thousands of themes and plugins that enable users to create bespoke online stores.
An additional advantage of using the WooCommerce platform is that it is built on WordPress, which is known for being good for SEO (search engine optimisation). This SEO advantage helps your online store appear more easily in search results on Google and other search engines, making it more likely for people to find your store.
WooCommerce is self-hosted, so eCommerce business owners have full control over their store's infrastructure and data. This means you can scale and flex your store as your business needs change. WooCommerce integrates with a wide range of payment gateways, allowing you to use the most cost-effective tools for your business.
How does accounting for WooCommerce differ from other eCommerce platforms?
How does accounting for WooCommerce differ from other eCommerce platforms?
WooCommerce's flexibility and customisation options can lead to more accounting complexity that needs careful management.
The self-hosted platform requires businesses to handle data syncing, storage and backups. In addition, VAT and sales tax settings must be manually configured, making tax compliance more complicated than with other platforms.Multiple payment gateways, such as PayPal, Stripe, etc., mean WooCommerce accountants must manually track different transaction fees and payment schedules, which can add more time to the expense management and accounting processes.
Bookkeeping
A company's financial health is only as good as its bookkeeping. Financial transactions must be timely and accurate to ensure good expense management and enable accurate sales tracking for VAT compliance and international sales tax obligations. Our WooCommerce accounting services allow you to focus on running your business with peace of mind, knowing that you have accurate and up-to-date financial records.
Financial statements
All limited company businesses must prepare financial statements for Companies House. Your financial records include the balance sheet, profit and loss account and cash flow statement. Unicorn Accountants can prepare this financial report and manage your corporation's tax returns on your behalf.
Integration with cloud accounting software
Your WooCommerce store can seamlessly link to your accounting software and your business bank account, automating the flow of information across your end-to-end sales and accounting process. Integrated WooCommerce accounting tools such as Xero simplify your accounting tasks, avoiding manual data entry and saving you time and money.
Real-time financial data
One of the mistakes that unsuccessful businesses make is only using past data for decision-making. In the fast-paced world of eCommerce, this means they are likely using out-of-date data. WooCommerce accounting can provide real-time information on business performance, such as customer lifetime value, gross profit by product and other financial KPIs, enabling you to make better decisions faster.
Cash flow forecasting
Cash is the lifeblood of every business, and cash flow management is one of our priorities when we manage your WooCommerce accounting. Cash flow statement reports highlight upcoming pinch points, giving you time to find additional funding to tide you over any tight spots. Cash flow management must become an integral part of your daily accounting tasks because if you can't pay your bills on time, you won't stay in business.
Inventory management
Without a robust inventory management process, an eCommerce business simply can't be successful. You must be confident about your stock levels, which products sell out the quickest, and your product profit margins. We'll ensure you're never caught out by customer requirements by using accounting software that gives you up-to-date information on your stock levels at all times.
Business tax planning and advisory
At Unicorn Accountants, we go beyond just handling bookkeeping, tax filings, and financial reporting for compliance purposes. We're a trusted, experienced partner guiding your online store to success.
An eCommerce accountant can help you identify new business opportunities, find investors for growth, and streamline your operational processes to improve your productivity and profitability. We'll ensure you take advantage of appropriate tax incentives and rules. We'll also help you claim tax refunds and minimise your tax obligations and liabilities, leaving you with more money in your pocket.
VAT compliance
We'll help you stay VAT compliant by ensuring sales tax obligations are correctly recorded and reported. We'll provide accounting reports on your estimated taxes so you don't get any nasty surprises at year-end.
Future-proofing
As a small business owner, it can be hard to stay up-to-date with all your financial requirements. Using the right accounting software and detailed reports means you can ensure your eCommerce store stays in business for years to come. Unicorn Accountants provide friendly, professional advice and business data to support your growth and achieve your business goals.
What our customers have to say
Let's talk about your WooCommerce accounting needs.
Whether you need support with tax obligations, cash flow management, inventory tracking, expense management, or implementing automation tools into your WooCommerce store, Unicorn Accountants has the expertise all WooCommerce businesses need.
Get in touch today
Contact us on 0208 064 0454 or via our online form for a no-obligation chat about how we can help your eCommerce business thrive.