Aug 02, 2022
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A recent study by Starling Bank found that, on average, small businesses spend 15 hours or 19% of their time per week on financial-related management. By comparison, a report by accounting solution Sage found that SMEs spend 71 days a year on administrative tasks such as accounting, paperwork and recruiting. A quick and straightforward solution is to outsource these tasks. So we were looking for an online outsourcing platform that could help relieve stress: Body . There's a lot to cover, so let's jump right into this Osome review. Osome Review: Who is Osome? retrial Osome has more than 7,500 customers worldwide. The company aims to take "the routine on your chest" so that "you grow your business and we do the rest." Osome believes that "entrepreneurs are social problem solvers," dealing with day-to-day and mundane tasks is Osome work. How to do it? Provides entrepreneurs with automated accounting, payroll, tax and administrative services by offering apps and web products that combine artificial intelligence software and human expertise. That said, the company's core services are accounting-related services for e-commerce business owners. Osome is available for download through the Apple App Store and Google Play. To date, Osome has helped create over 4,200 companies and saves its clients up to 40 hours of administrative time per month. The startup launched in 2019 and quickly attracted $160,000 worth of Series A investor funding for global expansion. Fast forward to today and it now has over 200 employees in offices in London, Kuala Lumpur, Moscow, Hong Kong and its headquarters in Singapore. The Osome website is available in three versions for UK, Singapore or Hong Kong companies. Osome users can simply click on a drop-down email list tab to choose from the UK, Singapore or Hong Kong flags and they will be directed to the relevant website. In each case, the offer is slightly different, depending on the legal requirements of the country or region. For the purposes of this review, we're focusing on Osome's services in the UK. go to top Osome Review: What Osome Can Do for Your Business Currently, six core services are provided: E-Commerce Business Accounting UK-EU trade for e-commerce businesses Accounting company registration bookkeeping accountant bookkeeping Let's go through them in turn: go to top E-Commerce Business Accounting retrial Specifically targeting online sellers, business owners essentially hand over their paperwork to Osome's accountants. From there, Osome handles your tax filings, profit and loss reports, processing refunds in multiple currencies, and more. Then, just connect to whatever online platform you sell on (eg Amazon, Shopify , eBay) and Osome handles the rest. Osome also converts financial statements into easy-to-read reports. For example, you can quickly view shipping and delivery costs, warehouse charges, and more, all of which help organize them into the correct tax. Osome can even migrate all your paperwork from your former accountant and automatically upload your data by connecting your banking and sales platforms to the Osome network. Of course, they also check to make sure your company complies with the relevant tax authorities, so in the UK, that's HMRC. go to top What is Osome's accounting for e-commerce business? retrial There are three pricing plans, all of which provide access to Osome's core software: Mini: Annual Accounting Plan: This will set you back £45 a month or £550 a year + VAT including: Personal Accountants and Bookkeepers Annual Management Report Corporate Tax Return (Form CT600) С Confirmation Statement Filing Bookkeeping only plan: If you already have an accountant, this package is worth considering. This costs £99 per month or £1,200 + VAT per year and includes: personal bookkeeper Integrate with one selling platform: Amazon, Shopify, etc. Separation of platform fees daily accounting Books ready for your accountant to review before the deadline All in: Monthly Accounting Plans: This package is best for those looking for comprehensive accounting, tax and bookkeeping services. This costs £120 per month or £1,450 per year + VAT. You get everything in a bookkeeping-only plan, plus: personal accountant Monthly Management Report Confirmation of declaration filing, VAT and corporate tax There are additional fees for additional services. For example, let's say you trade in multiple currencies. In this case, you may need to pay an extra £30 a month to facilitate this. On top of that, foreign VAT returns cost £85 a month - so it's easy to see how the costs stack up. go to top UK-EU trade for e-commerce businesses retrial Since the UK’s departure from the European Union in 2020, there have been multiple reports of bumpy SMEs as various regulations come into effect. Most notably, different VAT rates, rising shipping costs, and more. Osome works with UK entrepreneurs keen to sell in the EU after Brexit. Services provided include: Register your business for VAT in each EU country where you sell Tax reports and documents Visit a fiscal representative in the EU...if your business needs one. If you contract with Osome and sell to the EU, the company offers a free consultation on UK-EU trade rules to help you get started. There is no quotation for this service. Instead, you need to fill in your details and an Osome representative will walk you through the details. go to top Accounting retrial If you choose this service, you will be assigned a Chartered Personal Accountant who will prepare you to: tax report Remind you when taxes are due Suggest where you can tax free and save money …and many more. You'll have access to your daily balance (online), you can view outstanding invoices, and you'll be assigned a direct contact when you have questions. Just take a screenshot of the invoice and drag and drop it into your Osome account. Or email them to Osome and they'll upload them to your account. Then you'll fully understand what you've paid for and what you need to chase.