You have to make many decisions about your ecommerce business: what to sell, where to sell, how to drive customers to your site, how much product to purchase, what technology to use. You need a trusted advisor to help you understand the financial impacts of your decisions.
An Ecommerce Accountant should provide the following support:
- Analysis of your product pricing, specifically the per SKU profitability so you know the lowest sales price you can offer.
- Understanding of the payment processing options to support selecting a credit card processor and gateway, compare PayPal to Stripe to Square to a merchant processor and provide the benefits and costs.
- Evaluate the benefits of different marketplaces (Amazon, eBay, Yahoo, etc.) and Shopping Carts (Shopify, Volusion, BigCommerce, Magento, etc.). Including the ability to get access to the financial information (sales tax reports, inventory, etc.) and integrate that with a cloud accounting platform, like Xero.com.
- Provide overall budgeting for your business as well as specific budget analysis around implementing a new shopping cart or comparing distribution centers or analyzing your marketing budget (SEO, Adwords, inbound marketing, etc.)
- Anything and everything else that has a financial aspect or requires critical thought from someone who deeply understands your business. You should expect your Ecommerce Accountant to know your business almost as well as you do; they look at your finances every day.
As the business owner you have high expectations of yourself, and to be successful, you have to be involved in many decisions. You get advice from peers, from your trusted advisors (CPAs, business partners, informal board of directors, etc.), forums and online.
Make sure you should include your accountant in that list of decision makers.