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The role of accounting firms in an environment as dynamic as that of online businesses must undergo a change. The UK-based FD Analytical is therefore focusing attention on the specialist requirements of online ventures. As Chartered Management Accountants, FD Analytical’s mission is to go beyond traditional accounting and taxation and extend support for complex global trading areas.
A web business is distinguished by its drive and innovation, and must flourish in a globally competitive arena. Accounting firms however have fallen short of tacking this uniqueness and, especially in the UK, lack requisite experience to offer the right mix of services. As a ‘real online accountant’, FD Analytical carries the expertise, having supported a large number of online traders, partnerships and limited companies with revenues often exceeding £1m. “The UK’s online business sector represents one of the fastest growing areas of UK commerce. Every single day, we’re impressed by the innovation and drive that online business owners demonstrate, in what is a highly competitive, global market,” says Adam Carter, founder, FD Analytical.
Key Challenges?
A particular area of concern for online businesses is that of VAT, and in particular the impact or the responsibilities upon the business and its owner(s) in respect to cross border trading. “With so many UK based businesses trading with not only its home nation but across the EU, China, America and the rest of the world, it is vital that businesses understand the VAT implications of what is known as “distance selling” (selling goods to other countries). For example, if, as a UK business you sell goods to French consumers, totaling 35,000 euros or above within a 12-month rolling period, you may well need to register for French VAT (“TVA”) and file VAT returns in France, in addition to being VAT registered within the UK.” The precursor to FD Analytical, was an online web service called eBayAccountant.co.uk, founded by Adam Carter in 2009, a Chartered Accountant by profession, with an exclusive focus on online traders. FD Analytical today supports online businesses as a complete accountancy and tax firm that also packs in consultancy and advice.
According to Carter, the online trading environment has changed hugely over the last decade; “Going back to 2009 (when we launched ebayaccountant.co.uk) many online businesses were relatively small – this position has shifted massively, and we are now regularly advising online businesses with turnovers significantly in-excess of £1m.” This change has brought about its own challenges; online trading and the recording of sales and purchase transactions electronically was meant to make business admin tasks such as bookkeeping more simplified, but many accountants are failing to embrace available technology to tap into these efficiencies, which often means that business owners are required to print thousands and thousands of transactions and emails for their accountants to review – which inevitably means more time, and increased accountancy fees. FD Analytical identified this opportunity many years ago and since then we have developed our own bespoke data processing systems, which enables us to receive download files from our clients, feed those downloads into our system and process this data almost instantaneously, saving clients time and cost.
The response to the unique value proposition of FD Analytical has received a positive response from online businesses. The firm has been rated with five stars on platforms such as Google, VouchedFor and Service Start as well as receiving numerous awards and accolades for its works.
“On a day-to-day basis, we’re supporting online businesses. What we do is simple – we offer expert advice to online businesses, in a friendly and pro-active way,” says Adam.
FD Analytical offers a free initial consultation to business owners to discuss its needs, challenges and requirements, and we strongly encourage online business owners to take FD Analytical up on its offer.