Expanding into the global marketplace? You’re not alone. Many eCommerce businesses are diving into omnichannel marketing, content personalization, and automation. “At this level, you need a combination of resources to run your business most effectively” (Scharf, 2018).
❓ Where do you go from here?
Outsourcing might be necessary for global expansion operations. A strong CPA team is essential to strategize the financial impacts of this growth. This is where a fractional CFO can make a significant difference.
Your accounting team is monitoring your numbers in real-time. Your virtual controller is helping forecast and plan, while your fractional CFO ensures every financial box is checked when expanding into omnichannel and international sales. “In the past, complicated taxes and high shipping costs made expanding sales overseas a major challenge for SMBs, but new technology has lowered the barriers for small businesses looking to take advantage of untapped markets” (D’Angelo, 2018).
💻 Technology at the Core
Technology will be central to your eCommerce business’s growth. From accounting to inventory to sales to taxes, you need a strategy to ensure all systems communicate efficiently, minimizing unnecessary human interaction. “The Shopify/ReCharge combination for subscription recurring billing comes to mind. These services work great together, but they become questionable as massive growth occurs. This is mainly due to the two components not being able to pass data back and forth in real-time, making manual data entry and reporting a bottleneck for scaling” (Hubbard, 2020). With massive growth, it’s crucial to reassess the technological foundation supporting your business processes and customer experiences.
Overhauling your technology systems and network processes might feel tedious, but it’s a worthwhile pursuit. Ensure your software offers the best consumer experience on the front end and accessible, collaborative back-end systems. Your business process commerce architecture will help your team communicate better, work more efficiently, and stay agile in meeting your business goals.
Refining your tech stack is an excellent way to increase performance and multiply profit margins. This allows your CPA team to perform more tasks through software automation, accessing real-time data to enhance operational capabilities and financial health. “Be diligent with these details because they are what can make or break you” (Thomason, 2020).
🏅 Outstanding Service, Knowledge, and Support
“Outstanding service, knowledge, and support. I highly recommend this firm for personal or business tax or financial assistance. A big benefit they offer over others is they run everything digitally, so there are no more physical papers to deal with – yeah!! Great job Insogna – hope I get more opportunities to work with you and recommend others do also.” – Jerome H., Client
To continue scaling your business, invest in researching new technologies to support your growth. “A focus on scalability means investing in the business’s overall commerce architecture, the ecosystem of software components that operate the business. This includes the e-commerce platform, CMS, ERP, CRM, OMS, PIM, marketing suites, analytics and reporting, etc.” (Hubbard, 2020). A valuable CPA team can advise on your tech stack, ensuring maximum technological efficiency. Streamlining at this level makes your life easier and can put your personal wealth on autopilot as you surpass your projected annual profits.
What’s Your Next Phase?
Depending on your goals, your Phase 4 will look different. Whether you aim to maintain your lifestyle, grow marginally each year, or accelerate into omnichannel eCommerce sales, an experienced CPA team is invaluable. They exist solely to help you achieve your goals.
Whichever phase your business is in today, don’t entrust your success to unlicensed bookkeepers. Get a CPA firm aligned with your vision that charges a fixed monthly price for all your needs and provides unlimited communication and access.
Get your eCommerce business on the right track. Contact us today and let our experts guide you to success.