Whether online or in-store, digital payments are rapidly growing as the preferred method for businesses and consumers worldwide. We have seen simple online sales evolve into a multitude of different platforms and transaction methods – new marketplaces, modern POS systems, payments through digital banking, phone, watch… And the digital commerce landscape keeps changing.
As new forms of digital sales continue to pop up, businesses will continue to adapt to ensure they offer a range of payment methods, whether online or in-store. That means a huge increase in the volume of sales data from different sources that becomes more complex to collect, categorise and manage.
Unsurprisingly, digital commerce businesses turn to their accountants and bookkeepers – and firms want to show they are up to the challenge. What was once a niche offering is now a basic requirement for modern accounting practices.
Here’s why accounting firms should invest in digital commerce:
1. Empower your clients
Whilst digital commerce clients see a window of opportunities with this demand, they also face new challenges with their accounts. That includes:
- multiple payment methods and the data that needs to be processed, itemised and reconciled;
- overseas transactions through different currencies and locations that require correct categorisations to stay compliant, as well as different taxes that need to be applied;
- extra level of inventory tracking and forecasting to preserve cash flow and profitability;
- cash flow uncertainties and the need for deeper insights on performance to stay competitive.
By offering clients a smart, digital sales accounting solution that integrates with over 30 different platforms and provides quick insights into their performance, you give them the confidence they need to expand their business.
2. Free-up more time for better client conversations
Due to the variety of platforms clients can use and the volume of transactions, digital commerce accounting can be very complex and fast-paced. Keeping up-to-date with transactions in real-time is nearly impossible without automation.
With full visibility of your clients’ transactions, you free-up time so your team can provide a new level of advisory service and have even better conversations. You can help your digital commerce clients make proactive decisions, save money and future-proof their business with in-depth reporting and insights. You’ll have extra time to help them consider digital sales trends to identify when to cut expenses or explore ways to stand out from the crowd by investing in top e-commerce initiatives, for example. All while preventing your team from getting overworked.
After all, speaking your digital commerce clients’ language and making their pain points disappear is not only a great way to cement your existing relationships – it also demonstrates your accounting specialism in this area.
3. Increase your client base and revenue with smart tech
Offering digital commerce accounting services not only improves your array of services for your current clients, but can also help your firm stand out as an expert advisor in this field. New businesses start their journeys every day, and it’s safe to say nearly all of them are now born digital.
We know capacity is an issue – and you can use smart technology to help your practice:
- Scalable real-time data retrieval to consolidate and standardise transaction information into sales, expenses, fees, refunds and reimbursements.
- Seamless integrations to bridge data gaps between all the various platforms to enable accurate reconciliations, liabilities tracking, assets tracking, sales trends, expenses and COGS.
- Intelligent, agile workflow to change and adapt as service providers iterate and clients add more e-commerce and payments platforms and applications
- Accurate, simplified reporting to provide access, visibility, and insights into customers, payment methods, shipping fees, taxes, deferred revenue, SKUs etc.
By using the right automation tools, you can create a profitable, scalable offering for digital commerce clients – and also grow your practice in this rapid-growth market.
A solution for digital commerce accounting
As you can see, there are strong reasons to expand your accounting practice into digital commerce. But the decision to invest in it might raise questions regarding costs, team training, data safety and scalability. Therefore, choosing a reliable accounting and bookkeeping product from a reputable company is the safest option for a long-term solution.
Dext Commerce is designed to make it simple for bookkeepers, accountants and businesses to effectively manage all types of digital commerce data. This must-have automation software fetches, standardises and reconciles sales transaction data from over 30 online marketplaces, websites using payment gateways and in-store POS systems.
Your team receives full onboarding training and support, and you know you can count on the accuracy and reliability you expect from a Dext product. All under one cost-effective subscription which works for accounting firms of all sizes.
Find out how you can expand your practice into digital commerce with our free guide – download it here!