Our experience working with rapidly growing eCommerce businesses is second to none.
We specialise in building strong financial capabilities that help you capitalise on the success of your digital strategy.
Access global consumers from day one.
We’ve helped Australian and Asian eCommerce clients expand both nationally and internationally. An understanding of the landscape in key overseas markets is critical to international expansion and it’s our strength.
We can help with
In addition to our Business Essentials Plans, our services tailored for eCommerce include:
✓ Navigating income and sales taxes in multiple jurisdictions
✓ Managing inventory in multiple locations both locally and globally
✓ Integrating with third party logistics partners
✓ Building omnichannel capabilities with integrated inventory management
✓ Juggling the intricacies of selling in multiple countries and currencies
✓ Synchronising your financial data with Xero automatically and efficiently
✓ Maintaining accurate customer, supplier and product data
✓ Analysing your data to plan your purchasing and inventory needs
✓ Claiming the Export Market Development Grant
Who we’ve helped
The 5TH launched to market in December 2014 and sold more than $100,000 worth of its trademark watches on its first day of trading; selling out of stock. This level of success was unprecedented, and the company’s existing inventory and reporting systems weren’t sufficient enough to keep up with such high demand. mi-fi helped them capitalise on this global success.
About the client
The 5TH is an Australian lifestyle brand creating exclusive, quality products inspired by its community. Initially selling watches, the brand’s product range now includes sunglasses, bags, and leather goods. The 5TH operates exclusively online, selling internationally from Australia. Working directly with their designers and suppliers, to sell direct to the consumer means quality, exclusive products, at a price anyone can afford.
To ensure it could continue to meet consumer demand and position itself for growth, the 5TH needed to introduce robust systems and scale quickly, or risk losing momentum and customers. For the 5TH, the business challenge was clear. It needed an accounting partner that could understand and navigate the specific complexities that come from running an international e-commerce business.
Multiple warehouses and shipping
Operating on an international scale meant that the 5TH needed to have warehouses around the world in order to meet demand in various countries. This required efficient inventory management and reporting processes to manage multiple product types coming from different warehouses across numerous countries, and to streamline the global delivery of this inventory.
Operating on a global scale
The management and understanding of the impact of international tax jurisdictions was a vital consideration for the business, to ensure it met its obligations in this complex area of running an international business. Additionally, managing the impact of selling in multiple foreign currencies brought with it problems of moving funds across its global operation cost effectively and in a timely manner.
The 5TH engaged mi-fi in 2016. Initially, mi-fi performed a thorough analysis of The 5TH’s inventory and reporting systems in order to identify pain points and ascertain how the business could increase efficiencies across the board, and scale according to demand and growth.
Preparedness of increased growth
Following a thorough analysis of The 5TH’s systems and processes, mi-fi spent significant time
Moretraining The 5TH’s team on the business’ new systems in order to streamline operations and their team. mi-fi implemented Xero accounting software and workflow automation to connect and centralise all of The 5TH’s business systems and processes to improve efficiencies. Beyond upgrading and streamlining The 5TH's processes, mi-fi has carried out a number of other activities for the business including advising the company on its business model and assisting the founder in managing its capitalization table.
Implementing an inventory management system
Managing and accounting for multiple currencies
mi-fi also suggested the use of Australian payments provider, PIN, who they worked closely with to
Moreset up a payments system in a way that allowed The 5TH maximum flexibility in the timing and costs associated with dealing in multiple currencies. To this day, mi-fi is a trusted advisor to The 5TH and continues to provide daily on-call support to the founder and the wider team, acting as a sounding board for all financial and operational matters within the business.