Online Competition, Survivability & Accounting For E-commerce

With the economy entering post-Covid era, the challenges for businesses continue to grow as financial support for various businesses will come to an end this year. Therefore, it has become immensely important for business owners to stand tall against all the competitors.

A survey carried out by an online agency revealed that SMEs think the biggest threat to their survivability is “stiff competition” both in online metaverse and in-sector. As a matter of fact, online competition bragged top spot with 40% votes from 400 SME owners; in-sector competition was on second spot with 37% votes.

Back then in 2020 when the pandemic was at its peak, the cash-starved business owners termed late payments and cash flows biggest threats to survivability for the obvious reasons. The impact of late payments and cash flows was so huge that SME owners saw other issues like IR35 extending into the private sector as secondary concerns. The IR35-related legislation came into effect back then in April 2021.

Interestingly, only 19% of the respondents termed “business partner conflict” the biggest challenge to their business models. Previously, the same stood at second place with 34% votes.

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    If anything, the aforesaid data suggests that businesses are moving to a long-term strategy model from survival model – an era where stiff competition is the biggest challenge than the conventional problems. We believe that the threat of “stiff online competition” would translate into the world of digital multinationals. For instance, we may see more and more local stores establishing great online presence.

    The Tax Inspector can support in 5 reasons through the Worldwide Disclosure Facility process:

    The Future of E-commerce Accounting Niche

    Consumer behaviour has significantly changed in the Covid era with the highest-ever surge in online shopping. As the online stores continue to receive record payments, the need for top-notch accounting firms is all-time high.

    Here comes the simple demand-supply economic rule. This aggressive and extensive shift to online business models have created a dearth of accounting firms as demand [for top-notch accounting firms] is way more than the supply.

    How can IBISS & CO help you with your online accounting needs?

    With extensive industry knowledge, IBISS & CO has established itself as industry leader in the accounting arena. We don’t nudge you to simply believe our words [like testimonials on our website]. Go search Google and TrustPilot and read the five-star reviews awarded to our team by our valuable clients.

    Our services stand out from the others as our accountants don’t limit themselves to accounting ledgers only. Rather, IBISS & CO walks an extra mile to provide specialist and expert guidance that give our clients edge over your competitors.

    Our accountants and tax advisors keep themselves abreast of all latest rules and laws. Owing to this approach, we’ve helped clients save thousands of hard-earned pounds legally. We can do the same for you. To get a 15-Minute Free Call, click here.

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