E-commerce SME: year-end audit prep cut from 3 weeks to 2 days
The challenge
The business sold across Amazon, Shopify and its own store in several currencies. Bookkeeping was done in spreadsheets and only caught up at year end, so every audit began with a three-week scramble to reconcile platform payouts (net of fees) and fix the VAT position — with penalty risk and a stressed founder.
What we did
- Moved the business onto cloud accounting with bank and platform feeds, reconciled monthly
- Set up One Stop Shop (OSS) VAT and clean VIES reporting for cross-border EU sales
- Mapped marketplace and PSP payouts to the ledger so fees and FX were always correct
- Produced monthly management accounts showing true margin by channel
The outcome
By the next year end the books were already audit-ready. Audit preparation fell from about three weeks to two days, VAT was filed correctly and on time across every market, and the founder had monthly numbers to run the business on.
Services used
Anonymised illustration of a typical engagement and outcome, not a named client.
Want a result like this?
Book a free, no-obligation consultation and we'll show you exactly how we can help your business or personal finances in Cyprus.
No fees. No obligation. Speak with a qualified professional today.