Accounting for Companies in Online Retail Sector

Did you know that in 2022 online retail sales through various e-commerce platforms grew by about 4.9 trillion dollars and it's predicted that in the next four years this figure will increase by about 50%?

Therefore, for efficient management of income obtained from this activity, business owners in the Online Retail sector need to have efficient accounting services with reliable solutions.
But let's shed light on some simple elements regarding the nature of retail e-commerce companies to broadly understand their complexity.

Types of activities possible to provide through e-commerce

E-commerce activity is widely spread throughout the world, being relatively complex and accessible to anyone, including for people who want to start a business with company legal address at their own residence.

In the category of activities provided through e-commerce are included:
marketplaces or virtual markets, which assume that some merchants place their products or services on a platform where some third parties mediate the transaction.
Usually, these operate on a commission basis and assume that users don't come into direct contact with end customers.

landing page or presentation page is an e-commerce product that assumes the seller creates a virtual space where they place their offered products. It could be a single sale or a wide spectrum of products.

online stores - are the largest form of e-commerce, as they assume large varieties of payments (cash, card, P2P transfer), delivery or pickup from office.

Specific characteristics of accounting for e-commerce

In the case of online stores, it's important to ensure maximum transparency in the accounting dimension. We refer to the fact that in the case of these entities it's necessary to:

• issue online E-invoice or physical invoice, according to legal provisions
• issue a receipt - delivery document, if it's about specific products, such as IT products or online design products
• have a money return mechanism available, in case of problems with customers.

To have an online store, it's absolutely necessary to open an LLC and maintain fiscal records as a payer of taxes and fees according to the fiscal legislation of the Republic of Moldova. But most importantly, you should contact a company specialized in accounting and legal records of entities directly involved in online commerce.

Ducont company provides accounting services for online economic entities. We offer a wide spectrum of services, all necessary for the proper functioning of your company, we have automated and set up the program for online commerce and we're ready to serve companies involved in Online Retail with a higher degree of professionalism.