How E-Commerce Businesses Are Benefiting from Outsourced Financial Service Providers During Pandemic & Recession Period

Businesses in every sector have taken a hit due to Covid-19, and a few industries like healthcare have suffered a lot due to its position as frontline warriors, while every industry did suffer, businesses had to find a grey area and be creative about their business solutions. This is where we have seen an increase in new e-commerce business as well as existing brick and mortar businesses adding or inching towards the e-commerce model. You might find this interesting that few reputed restaurants also started delivering food ingredients along with a detailed recipe. Businesses running on brick mortar basis have understood the value of e-commerce and hence have shifted or started shifting towards e-commerce stores in addition to their existing physical stores. This has put emphasis on businesses to handle their finance process more effectively and efficiently which ultimately has given a push to the need for availing of E-commerce accounting services online.

“Clients want a solution that can help them survive during the difficult time of Covid-19 where one is not aware of what might happen in the next moment. Since we have been working closely with our existing clients for a long time, and we understand their business models clearly. As a part of our advisory services, we have helped a few of our clients to understand how they can shift their business online. This allowed them not just to survive but bring stability in their business.” stated Swati Khanna Kapoor, Partner International Operations of Whiz Consulting. Whiz Consulting is an offshore accounting and bookkeeping service provider in Australia which also provides advisory, taxation planning, payroll services.

While e-commerce businesses who were operating in the international market have suffered to a large extent but shifting the strategy and focusing on the domestic market turn out to be a life-saving alternative. The government has been super supportive of the lifeline of the Australian economy, the small-medium enterprises. There is the JobKeeper Payment scheme that supports business and not-for-profit organizations that are affected by the Corona Virus. This one in particular helps businesses in keeping more and more Australians from losing their job. Another scheme related to employees is the JobTrainer Skills package which supports employers of any size to engage up to 100,000 new apprentices or trainees to keep apprentices in jobs. This is not all the government has also put a hold on eviction for commercial and residential tenants who are unable to meet their financial obligations due to the impact of the coronavirus.

We have mentioned only a few benefits you can avail but there are many more like an increase in instant asset write-off threshold, early access to superannuation, and other such schemes are made available to support the small-medium business. But the complexity here is related to, figuring out the benefit that may be applicable for your business and which benefits will not be applicable for your business. Having a financial advisor is a blessing in such a case.

Availing outsourced e-commerce accounting services has helped eliminate dependency on in-house finance employees during the time of the pandemic. As an e-commerce business owner, your focus and time both are consumed majorly by the core activity, and spending the same on accounting activity does not yield any ROI. Also managing human resources personally who are working from home can be stressful as you frequently have to measure the productivity of your employees. With outsourcing, you have a focus on what matters the most without the burden of managing human resources.

“Another reason why we have been able to help businesses constantly without any hindrance is the fact that we have been providing outsourced accounting and bookkeeping service to Australian businesses for over a decade now. We are very well equipped and trained to work remotely. Additionally, our workflow is not affected by local lockdown, so we can add value even at the time where local accounting and bookkeeping service providers can’t do so.” Swati Khanna Kapoor said with confidence.

If we talk about the times before the pandemic, E-commerce accounting services has helped small and medium e-commerce businesses to overcome many challenges which were rooted in compliance of tax, keeping inventory up-to-date, confusion of tracking multiple payment channels, connecting accounting software with e-commerce platforms, and so on.