Accounting for Online Businesses

The Internet has changed the way we do business and communicate. Retailers no longer require a bricks and mortar presence because websites provide a digital ‘shopfront’ for online business owners. Online sales continue to explode and traditional business models are threatened by internet businesses including online marketers, e-Bay and e-commerce businesses.

The barriers to entry into an online business are minimal and the cost to establish and operate an online store are a fraction of the retail shop. All you need is a computer, an internet connection and a website complete with e-commerce functionality and you are ready to launch. Of course, the internet provides a level playing field for retailers so once you have a web page you can effectively compete with the big players in your industry and almost any business can reach a global market, quickly and economically irrespective of their size.

As the internet continues to evolve, mobile technology and social media continue to grow and these two innovations have changed the way people use the Internet. Social media has given people a new way to communicate while mobile technology has made the internet more accessible. These channels including blogging are cheap and let you market to existing customers and potential new customers without leaving your home.

Here at McHenry Partners we recognise the fact that the internet is the first place most consumers go for information on products and services. We live on the internet ourselves and have invested heavily in our own website. Social media is an important part of our marketing artillery and we also recognise the importance of YouTube as a search engine. Most importantly, we understand the mechanics of an online business and ‘walk the marketing talk’. In fact, online businesses are the fastest growing niche within our firm and we have mentored numerous clients through the start up process.

Services We Offer

  • Business start-up
  • Business Planning
  • Management reporting
  • Budget & Cashflow forecasting
  • Establishing Key Permorance Indicators KPI's
  • Business Improvement Strategies
  • Accounting system advice & support
  • Business Coaching & mentoring
  • Business Structure Advice
  • Social Media & Marketing workshops
  • Buying & Selling business advice
  • Business Succession Planning

Marketing Your Business

For an online business, marketing can be the difference between boom and bust. In the digital age your website and social media strategy are critical. We can help you with your branding and provide advice regarding your website’s features, functionality and content. We have worked with dozens of clients and liaised with graphic artists and website development teams to create affordable, quality client websites. If you need help with your corporate brochure, newsletter or want to harness the power of social media to win more referrals we can also provide advice and direction. We believe our marketing skills set us apart from other accounting firms.

We have embraced change and digital publishing (see our Business Accelerator newsletter) and focus on helping clients drive more leads off the internet. In 2013 we also ran a client seminar to introduce our clients to some breakthrough marketing strategies and business automation tools to help them transform their businesses into smarter, faster and more streamlined operations. The rationale was to give our clients a serious competitive edge in their industry by showing them the latest website tools, video marketing, search engine optimisation techniques, digital publishing and social media strategies. If you aren’t aware of these tools and channels to promote your business then your business is never going to reach its full profit potential.

If you are looking to grow your customer database through online campaigns or want to build your own YouTube channel we can guide you through the process. We can help you with the development of your e-booklets and your client newsletters using digital publishing methods and no job is too big or too small. If you have an online business or want to launch one, we urge you to draw on our experience and knowledge.

Our goal is to help you fast track your business success and the team of online business specialists at McHenry Partners offer you a full range of accounting, taxation and business coaching services including:

  • Start-Up Business Advice for Online Business Start Ups
  • Advice regarding Your Website and e-Commerce facilities
  • Marketing Audit including the establishment or evaluation of your branding, website and social media strategies
  • Advice and Assistance with Website Development, Content and SEO
  • Spreadsheets and Tools including a Start Up Expense Checklist, Business Plan Template, Cash Flow Budget, Letterhead and Business Card
  • Advice and Establishment of Your Business Structure
  • Tax Registrations including your ABN, TFN, GST, WorkCover etc.
  • Preparation of Business Plans, Cash Flow Forecasts and Profit Projections
  • Cloud Based Accounting Software Selection and Training (Bookkeeping, Invoicing, Payroll etc.)
  • Preparation of Finance Applications for the Bank
  • Preparation and Analysis of Financial Statements
  • Bookkeeping and Payroll Services
  • Tax Planning Strategies
  • Wealth Creation Strategies and Financial Planning Services
  • Vehicle & Equipment Finance
  • Advice & Assistance with Pricing
  • Advice regarding Claiming Motor Vehicle Costs
  • Advice regarding Employee Relations and Workplace Laws
  • Business & Risk Insurances
  • Business Succession Planning

Client Testimonials

“I was always busy in my business but my profitability was not a reflection of my time, effort and investment return.  After a business planning session with McHenry Partners, it was evident my systems were inefficient, our team members not productive enough and my time was being bogged down in less important areas of the business.

Over the last two years I committed to monthly consulting meetings with McHenry Partners. These meetings would identify the priorities of actions to work on my business to improve it. As a result, we have made significant improvements with better structures, systems and communication in our organisation and the team culture is now fantastic. I don’t have to worry about business cashflow anymore which gives me great peace of mind.

We now only have quarterly meetings instead of monthly, which keeps my General Manager and myself accountable to continue to improve the business. I would highly recommend McHenry Partners services.”

www.allgeneralsurveying.com

Richard Hockley
All General Surveying

“I wish I had watched this financial presentation 10 years ago. Property Investment sounds a lot less daunting when you understand how it works. I thought I was a long way off getting an investment property, but I now understand I can use the equity in my home and I can afford the weekly net cost.”

 

Daniel Storey

Why Choose Us

We are so much more than just tax accountants. We are ‘business and profit builders’ who offer you practical marketing advice and proven financial solutions. We genuinely care about your business success and online businesses are a niche area within our accounting practice. Contact us today and let’s get your online business off to a flying start or take your existing business to a new level.

To take the next step we invite you to book a FREE, no obligation, one hour introductory consultation to discuss your business needs. You’ll get practical business, tax, marketing and financial advice that could have a significant impact on your bottom line. To book a time, call us today on 1300 789 844 or complete your details in the box at the top of this page.