Accounting for E-commerce Business
In today’s world, the majority of new businesses are selling their goods and services online. Existing businesses are either switching to e-commerce or launching an e-commerce website of their own.
In the E-commerce format, there are no restrictions on the expansion of enterprises due to the no dependency of a physical shop or geographical boundaries.
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Benefits Of Bookkeeping And Accounting For E-Commerce Business
#1 Easily file GST Returns – GST-registered e-commerce businesses must submit GSTR-3B and GSTR-1 each month.
A penalty of Rs 100 under CGST and Rs 100 under SGST per day will be imposed if the GST return is not filed on time. The total cost every day will be Rs 200. There is also a late charge and annual interest of 18 percent.
Additionally, the procedure of GST Return Filing for several firms is cumbersome and time consuming. Hence, outsourcing Bookkeeping and Accounting for E-Commerce Business enables you to file accurate GST returns online, easily and on-time.
Timely filing of GST Return helps you claim ITC on Purchase and TCS deducted by E-Commerce platforms.
#2 Ease of ITR Filing – Regardless of whether a business sells products or services offline or online, it must record and maintain books of account to calculate its overall taxable income for income tax return filing.
Outsourcing Accounting for E-Commerce Business ensures that your books of accounts are not only error-free, but also compliant with all applicable laws, regulations, and Taxation Standards.
Hence, you have ease of ITR Filing due to reduced time spent preparing and completing your tax returns at the end of the year. You will also pay less or even zero taxes while ITR Filing.
#3 Assess profit & loss of business – The key responsibilities of a business owner is focusing on core business operations, attracting new customers, growing earnings, and making crucial business choices to guarantee that the firm grows and becomes financially viable in the long run.
However, they can’t do this without the right figures of sales, purchase, profitability, gross profit ratio, etc. That can be possible only if you’re maintaining accounts on a regular basis.
Proper accounting for e-commerce business makes it easy to understand the financials, as long as the necessary KPIs are regularly reported.
#4 Claim TCS deducted by E-Commerce – Even if GST is already a source of concern for the majority of Indian businessmen, the combination of GST and TCS only serves to further complicate matters for those who sell their items on e-commerce marketplaces like Flipkart, Amazon, Myntra, Meesho, and Paytm Mall.
According to Section 52 of the CGST Act, the e-Commerce aggregators are liable for collecting and submitting 1% GST on each transaction.
In other words, Amazon and other e-commerce platforms deduct TCS at a rate of 1 percent of sales from Sellers while making payout.
shloktaxwala helps you navigate these complexities, ensuring you stay compliant and maximize your benefits. Partner with shloktaxwala for hassle-free tax filing and accounting solutions.
Why Outsource Bookkeeping & Accounting For E-Commerce Business?
#1 Save Money – A large amount of cash should be devoted to accomplishing corporate expansion, educating employees and conducting research and development, rather than general and administrative duties. This is logical. You may save money by outsourcing your E-Commerce accounting instead of burdening a single person or setting up an in-house accounts department with intersecting jobs and obligations.
#2 Gain Access to Accountants who are qualified and experienced – Experienced accountants who are familiar with the typical processes and methods used in the e-commerce industry will assist you. This eliminates the need for a corporate entity to teach or supervise outsourced accounting specialists, since these individuals already possess a breadth of accounting and tax knowledge from which they can give competent guidance.
Why Choose E-StartupIndia For Accounting Of Your E-Commerce Business?
E-commerce accounting is a specialty of shloktaxwala professionals, and we’ve been helping companies like yours for many years. Across India, business owners know they can rely on us to keep their e-commerce operations compliant. It is our responsibility to stay abreast of any new developments in the legislation or accounting standards.
The fact that we are completely online means that we know how to best service our e-commerce clients. Adapting to our clients’ specific communication needs, we use the most appropriate communication technology. As a result, we are able to respond to queries and issues in a timely manner. Furthermore, we are aware of and use cutting-edge accounting technologies to enhance our clients’ experiences.
Chartered Accountants, Finance Leads, Lawyers, and Company Secretaries are all part of our team of experts. In India, we have dealt with transactions, taxation, and accounting concerns for many years. By streamlining your e-commerce bookkeeping and accounting, we can boost productivity even further. But there’s more to it than that. Our accounting and bookkeeping services are industry-specific, and the E-Commerce business is no exception. In addition, we tailor our service to the unique needs of each business owner. Don’t hesitate, Contact Us Now!
Frequently Asked Questions
With the aid of shloktaxwala, you can keep track of your company’s financial health. Without the assistance of shloktaxwala or accountant, several months’ worth of receipts and invoices will need to be handled. That will take time and will be challenging, resulting in damage to your business.
Financial statements and books of accounts are mandated by a number of laws in India, and they must be kept in order. Losing money is inevitable when there is no accounting. For example, Remembering all the times you’re meant to get paid might become a significant challenge when the company is going well at a rapid pace.
Bookkeeping is the process of ensuring that all transactions in a business are recorded accurately and keeping track of them. Bookkeeping and accounting go hand in hand. However, there is also a lot of analysis involved in accounting. An accountant’s job is to maintain track of all financial transactions and then analyze the information they contain.
Yes, our experts also provide you GST Return Filing and ITR Filing Services.
Accounting for E-Commerce Business Costs may vary on a number of factors. The best way to get an estimation and a special offer tailored for you is to contact our business advisors.
You can’t even consider launching a business if you don’t have any money. When it comes to getting the best estimate and ideas for where to get the money, a CA is a must-have. Knowing you have a qualified and experienced CA on your team makes sense to us, and we strive to provide that for you. As a result, yes, we do give CA Consultation for E-Commerce Accounting.
We understand your situation and requirements. That’s why even if you have multiple businesses, our professional team of experts can provide you with the best services without you having to worry about anything.
Yes, We do assist with Invoicing. In fact, you can use our InstaBill website and a mobile app InstaBill – GST Billing, eInvoice & Accounting App to generate Invoices easily and quickly.