Accountancy services for ecommerce businesses

Similar documents
Craft Beer: The Funding Landscape

ELITE. Thinking long term

TURN YOUR IDEA OR SIDE PROJECT INTO A MILLION DOLLAR BUSINESS

UNLOCKING THE TAX RELIEF IN YOUR RESEARCH & DEVELOPMENT

Crowdcube Shareholder Update

Financial Support Business Start Ups and Growth Companies. September 2011

Enterprise Directorate General. European Commission

RAPIDE - Action Groups

DIGITAL MADE IN ITALY

Synergies between the EIT, its. Innovation Communities and the NCPs A sustainable energy future for Europe, by EIT InnoEnergy

Early stage funding. Corporate finance PRECISE. PROVEN. PERFORMANCE.

epp european people s party

Why Business Angels Do Not Invest. Why Business Angels Do Not Invest. Findings on obstacles preventing investment in startups

Guild Property Investors

OPEN TECHNOLOGY AT THE CORE OF GLOBAL PAYMENTS %

...Let s talk business. Sources of Financial Support

The Ultimate Guide to Startup Success:

Europe's Digital Progress Report (EDPR) 2017 Country Profile Malta

Innovation Voucher Frequently Asked Questions: April 2017 INNOVATION VOUCHERS FREQUENTLY ASKED QUESTIONS

A shared agenda for growth: European Commission Services

Innovation Academy. Business skills courses for Imperial Entrepreneurs

Association of Accounting Technicians response to the HM Government Green Paper Building our Industrial Strategy

UK FinTech. On the cutting edge. An evaluation of the international FinTech sector. Executive summary abridged report.

Access to finance for innovative SMEs

EU funding opportunities for small and medium-sized enterprises

Partnering with you to help your clients fund innovation and improve productivity by claiming R&D tax relief

ELITE Connecting companies with capital

European Investment Fund in Support of Tech Transfer

Connecting Startups to VC Funding in Canada

EU support for SMEs through COSME Brussels, 16 May 2018 Finnish Liaison Office for EU R&I

Other types of finance

1. SUMMARY. The participating enterprises reported that they face the following challenges when trying to enter international markets:

EFB Position Paper: Fostering Long-Term Entrepreneurship

JOB VACANCY AT EIT FOOD / CLC North-West

Latest statistics August 2015

SEGRO. Community Fund. for London. ocume. Fund guidelines. londoncf.org.uk

Europe's Digital Progress Report (EDPR) 2017 Country Profile France

Business Plan Cheat Sheet How To Get Funding For Your Startup

GRANTfinder 4 Local Government

Introduction & background. 1 - About you. Case Id: b2c1b7a1-2df be39-c2d51c11d387. Consultation document

START-UP VISA CANADA. Strengthening the entrepreneurship ecosystem

PwC s Accelerator Local to Global

The Tier 1 (Graduate Entrepreneur) Visa programme at Oxford Brookes University

KING S FUND RESPONSE TO CONSULTATION WIDER REVIEW OF REGULATION IN HEALTH AND SOCIAL CARE

Erasmus for Young Entrepreneurs: new business creator

Europe s next potential unicorns

Valuating intellectual property in innovation support. OSEO s experience

Grants - Programmes for advice and further information please call the Worcestershire Business Central team on

Accounting Chair Handbook

AIIA Federal Budget paper: Impact on the ICT Industry

The Creation of an E-Zone for Europe s Innovators, Entrepreneurs and Investors. 22 December 2014

Good afternoon everyone, and thank you for staying on for the afternoon session.

Procurement: The way an organisation lives and breathes it s values. Social Procurement

The Start-up and Scale-up Initiative

INNOVATIVE ENTREPRENEURSHIP AND BASIC FUNDRAISING CONCEPTS

We look forward to discussing this submission in more detail with the Department of Finance.

/

ENTREPRENEURSHIP IN IRELAND Global Entrepreneurship Monitor (GEM)

Exploring Opportunities in Emerging Markets

Shropshire - Calendar of Business Events Date Time Name & Details Venue To Book and More

Charities Aid Foundation Retail Charity Bond 5% due 2026

GOOD PRACTICE. Leeds City Region Growth Programme

Europe's Digital Progress Report (EDPR) 2017 Country Profile Ireland

ELITE Connecting companies with capital

Enterprise Europe Network December 7, 2015 By Susanne Baden Jørgensen

Presentation to NAPD Further Education Conference. Tom Hayes Manager Micro Enterprise and Small Business Division.

Fuelling your momentum. Commercial, financial and taxation advice for growing businesses and their owners

Technology Transfer at the University of Cambridge Strategy, Policy and Practice

Enterprise Ireland Overview Irish State Indigenous Industry Development Agency

Great Reasons to Build a Career in the North East. Creative and Digital

Finance 4 Growth Sources of Finance

IO1 A2. Needs Validation Report. 1. Financial Check Training Course FCT Course Activity 2 Deliverable 2 Delivery Date March 2018

VISION 2020: Setting Our Sights on the Future. Venture for America s Strategic Plan for the Next Three Years & Beyond

HEAR MORE AT A FREE ANGELS AND GOVERNMENT FUNDING SEMINAR

European Investor Gate (EIG)

Single Market Forum 2016/ EU SMEs in Global Value Chains

A Technology focus for science parks but what about the clients? UKSPA 30th Anniversary Summit. Roger Pitfield Director Horizon Europa Ltd

Europe's Digital Progress Report (EDPR) 2017 Country Profile Lithuania

A map of social enterprises and their eco-systems in Europe

Accelerating high-tech business growth

Business Globalization

The Access to Risk Finance under the European Funding Programmes WEBINAR

A little book about EU funding for clusters. Your way to the euros

EPRS European Parliamentary Research Service Transcript of an EPRS Podcast

BUY FROM PORTUGAL INFORMATION AND COMMUNICATION TECHNOLOGY CLUSTER JUNE 2017

James Cogan PNO Consultants

PAGE 2 01 ABOUT SAVILLS

THE ITALIAN AGENDA POLICIES AND STRATEGIES FOR INNOVATION STEFANO FIRPO

Erasmus for Young Entrepreneurs Users Guide

ERASMUS+: OPENING DOORS TO EUROPE

Job Description Head of Fundraising

Highlight. Stop hesitating: Learn how to invest in startups like a pro. 13 July 2016

Aspire, commit, achieve

Circular Fashion for London

Meet and Exchange Workshop: Best practice for National Contact Points European Innovation Council

Enterprise Fellowships:

JOB VACANCY AT EIT FOOD

shaping the future of finance

NI CEP Frequently Asked Questions

Social entrepreneurship and other models to secure employment for those most in need (Croatia, October 2013)

Transcription:

Accountancy services for ecommerce businesses 1

17% of retail sales will be made online in the UK in 2016 In 2016, Spain and Germany online sales are expected to grow in excess of 18% Source of data: Centre for Retail Research www.retailresearch.org/onlineretailing.php UK online sales are expected to grow by 15% to 60 billion euros in 2016 US online spending is targeted to grow by 14% in 2016 to more than $240 billion. We are delighted to be working with a wide range of ecommerce businesses, from entrepreneurial retail start-ups with ambitious growth plans to more mature, well established online organisations whose owners are considering their medium to long-term strategies. Specialist accountancy support Commercially, operationally and financially ecommerce businesses present their own set of challenges and our experience in the sector enables us to add value in all these areas. From an accounting perspective, whether the issue is how best to capture the data from the ecommerce platform or channel and then integrate it efficiently with your accounting software or how to register and account for overseas sales tax, we are constantly expanding our knowledge to provide up-to-date expertise and advice. Personal, sound advice We always aim to offer an intensely personal service, making sure that we completely understand your needs and long-term objectives before making any recommendations. Our advice is always intended to be practical, with your very best interests at the heart. Additional Funding Rapidly growing firms often require access to additional funding. As partners to TrueStart, owned by True Capital, we have access to retail and consumer private equity specialists, that have helped many of our clients. Alternatively, we also have a good network of other funding providers to help you find the best source of additional capital for your business. If you are an online firm looking for accountancy support and advice, please do get in touch. We would be delighted to hear from you. Daniel Reid Partner DRG Chartered Accountants

Start-up tips for ecommerce businesses Sound advice from the outset can prove to be invaluable. It can help clarify your strategy and the best way to achieve your long-term goals, whilst at the same time avoiding many of the mistakes that an inexperienced ecommerce entrepreneur can make along the way. How good is your business plan? Getting a professional to review your business plan can provide invaluable feedback. By identifying any avoidable weaknesses at this early stage and finetuning your long-term strategy can help your chances of achieving funding further down the line, if required. How tax efficient is your business? Good tax planning from the outset is essential and should form part of your longterm business plan. There are also a number of government schemes and credits available to SMEs, including the Seed Enterprise Investment Scheme (SEIS) and Research and Development tax credits. Accountancy package selection Choosing the most appropriate accounting package for your needs can be a complex decision. The package selected should enable you to efficiently capture your trading information and provide clear financial reports across all routes to market. Who will do your bookkeeping, management accounts and VAT returns? Being confident that your financial reporting is accurate and compliant is essential for rapidly growing businesses particularly when looking for funding. Having professionally prepared books from the outset can avoid problems at later date. Funding Your Business Many rapidly growing online businesses will need additional funding to achieve their ambitious growth plans. Working with experienced advisors, who have helped other businesses go through the same process can be extremely useful. They are likely to have a good network of business angels, banks etc. who can provide a variety of sources of finance.

Growing established ecommerce businesses Naturally, you are the person who best understands the challenges facing your business however it can be useful to have a number of trusted, external advisors to act as a sounding board, to help plan for the future and to deal with the unexpected. Plan for the future Have a clear idea of when and how you would like to exit the business. Your medium and long-term plans will affect your business structure, your tax planning and your funding strategy. Effective tax planning Do take advantage of the various government investment schemes and tax credits available to established businesses. The Enterprise Investment Scheme (EIS), the Enterprise Management Incentive Scheme and Research and Development Tax Credits might be worth exploring. Manage your costs Is your accounting function providing accurate, timely information that helps you run your business effectively? Are you clear where your profits are generated and where there is the potential to drive down your costs? Additional funding At certain points in your strategic plan, you might need additional funding to finance your business growth. Ensure that your accounts are in good order and write a robust business plan that considers the requirements of potential funders or investors. Talk to a range of providers to establish which option you are most comfortable with and which best meets your long-term goals.

DRG s specialist services for ecommerce firms At DRG, we have worked with many successful online businesses, helping them grow from small entrepreneurial start-ups to successful ecommerce organisations. We are delighted with the level of service, sector knowledge and above all friendliness of all at DRG. I would not hesitate to recommend them Rupert Harris, Websales Limited We have a team of bookkeepers, accountants and tax experts who are experienced in working with ambitious online firms. We also have strong links with TrueStart, owned by True Capital, retail investment specialists. See how we helped alexandalexa A T Shop Limited though its website alexandalexa.com is an online retailer of high-end children s clothing. DRG has worked with A T Shop from its first round of equity investment a few years ago. DRG has computerised the bookkeeping system and introduced monthly management accounts with a variance analysis and budget, which was incorporated into a board pack. It was vital that meaningful financial information was provided and the controls and systems were tightened as the new shareholders were not directly involved in the management of the business. As the company has grown our role has changed and we have handed over the outsourced finance function to an internal finance team. We now perform the annual audit, statutory accounts preparation and corporation tax returns. We also provide business advice and assist in claiming EIS reliefs for investors and provide continued support to a fast growing and evolving enterprise. International focus We work with ecommerce firms based in Europe and the US, selling products and services around the world across a broad range of sectors including clothing, craft and hobbies firms, sports equipment and online food delivery services. We understand the challenges facing online firms doing business abroad from the intricacies of recording cross border transactions and the complexities of European VAT legislation and different tax regimes. Get in touch to find out more. We would be delighted to have an initial complimentary conversation Please call 01628 760000

How DRG can help online businesses 4 Business start up advice 4 Selection of appropriate cloud accounting package and supporting applications 4 Cloud accounting and integration 4 Payment processors and payment gateways 4 Book keeping and Management Accounting 4 Annual, Quarterly or Monthly Management Accounts 4 VAT returns, including reporting cross-border transactions 4 Payroll 4 Corporate and personal tax planning 4 Advice on SEIS, EIS, EMI and R&D tax credits 4 Company Secretarial Services 4 Audit and Assurance 4 Support with funding If you would like to find out more about our range of accountancy services for online retailers, please do get in touch by calling 01628 760000

DRG Chartered Accountants 18a King Street Maidenhead SL6 1EF DRG Chartered Accountants Francis House 11 Francis Street London SW1P 1DE DRG Outsourced Finance 18a King Street Maidenhead SL6 1EF CB Reid Chartered Accountants Wadebridge House 16 Wadebridge Square Poundbury, Dorchester Dorset DT1 3AQ CB Reid Business Support Wadebridge House 16 Wadebridge Square Poundbury, Dorchester Dorset DT1 3AQ Please get in touch to arrange an initial complimentary meeting: T: 01628 760 000 E: info@donaldreid.co.uk www.donaldreid.co.uk