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COVID-19 is affecting businesses big and small, brick and mortar, ecommerce or a mixture of both. While ecommerce should be booming right now, with people stuck at home with more time to online shop than ever, it isn’t the case.
Consumers are losing their employment and saving their hard-earned money for essential items, whilst beginning to worry about freight blockages and border closures – will they ever get their precious packages?
Times are tough for the global and Australian economy but there are things you can do to try and maximise your ecommerce income streams with your Gold Coast Accountant (virtually) by your side.
How? Read more from Crest Accountants to find out.
The reality of ecommerce during COVID-19
Internet usage has spiked during COVID-19, as more people are going online to keep socially connected during social distancing.
Yet, many people are losing their jobs and contracts due to tough new measures brought in by the Australian Government to slow and stop the spread.
To put it frankly, more people are online, but these people are hesitant to buy without job security – and can you blame them?
the avoidance of physical shops, market downturn and empty pockets are forcing people to seriously consider what are ‘wants and what are ‘needs.’
Other issues affecting the ecommerce sphere is the disruption of:
- Manufacturing
- Production
- Freight logistics (i.e. shipping) of goods through Australian border closures
As an Australian ecommerce business – is it time to give up completely or wait out the storm?
Luckily, your Gold Coast Accountant can guide you through the stormy seas of uncertainty and help you understand the economic stimulus items you may be eligible for.
Don’t give up. Ask for help. We’re all in this together.
How the Australian Government is helping small business
The Australian Government have started rolling out assistance for businesses, large and small who are unable to trade normally, if at all due to COVID-19.
Items in the Government’s economic stimulus package include:
- The JobKeeper Payment – to aid businesses in paying their employees
- Business tax relief – on a case-by-case basis
- Employer cashflow boost to retain employees
- Payroll tax changes
- Bank loan assistance and rent deferral
- Increased instant asset write-off, Backing Business Investment and more.
Australia’s state and territory governments too, are rolling out measures to stimulate the local economy and to keep physical and ecommerce businesses operating.
Talk to your Gold Coast Accountant to see what the Queensland government is doing to safeguard ecommerce businesses like yours.
Not in Queensland? We can find out what your state government is doing to help you too.
How Crest Accountants can help your ecommerce
Crest Accountants are here to assist your ecommerce business in any way we can, with:
- Cashflow and forecasting
- Xero Commerce set up and support
- Specialist accounting and tax compliance advice
- Innovative business structures and strategies
- Wealth creation and more.
At Crest Accountants, we were here for you before, we’re here for you now and we’ll be with you in the future, maximising your income streams, providing specialist accounting services and reassurance in times of uncertainty.
Fortunately, this doesn’t have to be the end of your ecommerce business. With the Australian Government’s economic stimulus packages aimed to support businesses, individuals and safeguard the economy, there’s some help.
Need help with ecommerce accounting during COVID-19?
Contact Crest Accountants today to see how we can assist with cashflow, thinking outside the box and small business wealth creation during our current climate.
Disclaimer: This blog post is intended to provide a general summary only; the information should not be relied on as a substitute for professional advice.
