Businesses spend the equivalent of almost three working weeks every year navigating complex tax reporting and bookkeeping processes according to a survey.
The report from the Federation of Small Businesses, delivered before the pandemic, shows how small businesses can be much better off by outsourcing their accounting obligations.
Small firms usually understand a tax like VAT, for example, but the sheer complexity of VAT administration means they need to hand it over to accountants who in turn can spend hours filing returns.
That’s where outsourcing can save time and money where experts can offer expertise in the very latest cloud accounting software like Dext, which has added a digital sales product to its growing platform.
It follows the acquisition of Greenback which rebrands to Dext Commerce and comes as the lockdowns saw a huge worldwide growth in eCommerce.
E-commerce sales in the UK and US comprised around 35 per cent of total retail sales in 2021, nearly doubling in the UK.
Dext Commerce allows you to get more digital sales clients by simplifying the collection and categorisation of sales data from e-commerce, POS and payment platforms including Amazon, PayPal, eBay, Etsy and PayPal.
Key Dext Commerce features include:
- Keeping a digital record of sales transactions line by line, or as a summary.
- Making sure clients report and pay the right sales tax, wherever they sell.
- Itemising sales, fees, refunds and reimbursements data, with one subscription.
- Real time data integration.
It also integrates with Xero and QuickBooks Online, giving the ability to accurately submit eCommerce revenue into the largest accounting platforms.
The solution solves the challenge of manually fetching and consolidating sales data from multiple commerce and payment platforms in different formats.
It simplifies sales data and tax calculations across multiple countries, allowing business to service digital sales clients more profitably.
GI Outsourcing is an award-winning company that has proven expertise in web-based cloud accounting, like Xero and Dext, and can offer tailored solutions as well as fulfilling staffing requirements for accountants as eCommerce continues to grow.
It works with all major accountancy software suppliers, including Quickbooks, Sage, Autoentry and Digita. On average, GI Outsourcing can save clients between 30 per cent and 50 per cent in costs, compared to carrying out the work in-house.
Dext Commerce is available in the UK, US and Canada from 1 September, with rollout in France and Australia later this year. It will be available as a standalone subscription and all users can export transactions one-at-a-time to their connected Xero account.
GI Outsourcing’s specialist cloud experts can save valuable time and make life as simple as possible for our clients. We are always at the cutting edge with the application of the latest cloud accounting technology, like Dext Commerce.
Get in touch and let us know which outsourced services you are interested in.
Contact our UK-based team of account managers today to find out how we can help your firm.