E-Commerce Accounting Calgary
The E-Commerce industry is growing at an astronomical rate and many want in on the action. Using the internet to run a business could be a huge success, since it does not depend on a physical store or geographic boundaries.
The E-Commerce sector is not just about online sellers though. Many physical stores are now selling on online platforms as well. The industry is growing rapidly offering plenty of options to experienced business owners but also a relatively easy way to start a brand new business.
As any other type of business E-Commerce has its specific challenges. In order for your E-Commerce business to grow, you must manage your finances effectively. Due to the nature of E-Commerce, it can be difficult to manage your company’s accounting and bookkeeping functions especially when you are new to it.
Automation and E-Commerce Accounting
Automation is a must-have for an online store or business. It saves you time and money on a daily basis. Each sales platform has a different reporting system though, which can be confusing and can make it difficult to keep a log of your transactions. That is why using the right software makes life and tax filing easier.
Business structure for E-Commerce
It is crucial to decide what type of structure would be most beneficial for your E-Commerce business. This may depend on revenue, whether you are producing your own products, or if you do drop-shipping. The other important question to ask is where do you need to incorporate it – in Canada, USA, or both.
Sales Tax and E-Commerce
If you are selling for example via amazon.com and ship your goods to customers in the USA, you have to keep Sales Tax in mind.
E-Commerce business owners face a series of challenges related to sales tax compliance, sales tax collection, and the preparation and filing of returns.
Our experienced staff can assist you in understanding your liability and setting up a process for getting compliant while minimizing penalties and interest.
E-Commerce Taxes in Canada
If you have an online store in Canada, you will need to consider whether GST and Provincial Sales Tax should be charged and collected on your sales transactions. This will depend on the products that you are selling, the province where the sale occurs which is generally where the customer is located, and the specific thresholds for each jurisdiction. Reporting can be done monthly or quarterly.
Our E-Commerce Accounting Services Include:
- Bookkeeping Services
- GST filing
- Canadian Tax Services
- Corporate Structuring
- US Tax Filing
- Financial Reporting
How to get started with your
You can schedule a Free consultation with us. From there we will go through all the aspects of your online business and help you implement processes that are crucial for your company’s success.
Simply call our office and ask to speak with a member of our E-Commerce accounting team. You can also request your free consultation by submitting the form below.
Simply call our office and ask to speak with a member of our Canadian tax team.