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Best for: Bookkeeping and accounting for e-commerce vendors
What Is Osome?
Osome is a business assistant platform that offers incorporation, accounting, and secretarial services. Basically, it takes care of all the routine admin tasks for you.
- Managing taxes, reports, and VAT (Value Added Tax)
- Launching your company and setting up a business account
- Integrating with sales platforms
- Reconciling payments
- Preparing sales analytics.
It’s a cloud-based platform, also available as an iOS and Android app.
It allows you to split the workload between automated software and a dedicated accountant. It’s an interesting tactic that combines AI with real human input!
Osome is optimised for Amazon, eBay, and Shopify. Its target audience is small to medium-sized business owners, particularly e-commerce sellers.
Furthermore, its services extend to companies in the UK, Hong Kong, and Singapore. That’s why there are three region-specific versions of the website.
Depending on the country you’re from, the features and pricing will vary slightly.
This Osome review will cover its UK-based solutions.
So, how can this platform help your business?
Let’s take a look!
This solution is intended for all types of businesses, including non-UK ones.
Osome can pair you up with a personal accountant that will keep on top of your numbers and advise you if necessary. It’s worth considering if you need assistance with filing your taxes, finding available tax exemptions, and preparing reports.
This way, you can also keep track of your joint balance and unpaid invoices.
Moreover, you can send screenshots of your invoices via mail. Or you can upload them directly to your Osome account!
In addition, you can easily switch from another accounting firm to Osome. Your accountant will contact your current service provider and prepare your transition.
Accounting for E-comm Sellers
Osome offers e-commerce solutions to vendors who need help with:
- Tracking their financial transactions
- Keeping up with management reports on sales
- Tax filing & statutory reports.
It can handle your accounting for multiple sales platforms such as:
In addition, you can count on it for foreign VAT filing, multi-currency accounting, and profitability reports for each platform.
Osome can also provide you with a dedicated bookkeeper. They’ll keep your documents in order and update you on any developments.
You can count on daily account checkups and access your businesses’ real-time financial data.
Moreover, the app integrates with Xero and uses it for bookkeeping.
Transferring from similar cloud-based accounting software like Quickbooks and Sage is easy enough. You’ll just need to upload the CSV file containing your data from the current provider to Xero.
Osome is a great help in navigating the EU market in the aftermath of Brexit. Its experts will guide you through the EU VAT registration process!
All you need to do is choose countries and stay in touch with your representative. They will prepare and fill in all the required forms for you. In the end, you’ll receive your registration documents, all done.
No matter your reasons for applying (goods storage, buying and selling goods, event participation, etc.), you’ll be assisted and advised in your case.
What about VAT registration for UK-incorporated companies that sell in the UK territory?
In that case, you don’t have to apply — until your business reaches 85k in yearly revenue. Once you pass the 85k threshold, you must register for VAT.
And that’s where Osome comes into play.
Again, its representatives will fully assist you in the registration process. They will identify the different tax rates for items and make sure you only pay what’s due.
Osome’s expertise extends to company registration as well!
Once you opt for the platform’s incorporation solutions, a dedicated expert will contact you. They will handle all the paperwork. You’ll just need to e-sign the documents — and that’s it.
Osome’s rep will also help you apply for tax reliefs and incentives like:
- SEIS tax relief
- EIS tax relief
- Entrepreneurs’ relief
- SITR tax relief
- EMI Shares Option scheme
- VCT tax relief
- Capital Investment Allowances
- R&D Tax credit.
You’ll first need to check if your company qualifies for that type of aid, though.
And you can open a business bank account online! Osome will connect you to its partner digital bank Cashplus and speed up the process.
Your e-commerce company needs to be registered with Companies House no later than three months after trading. Luckily, Osome can lend a hand.
The procedure is the same as previously explained with brick-and-mortar businesses.
Your assigned accountant will help you every step of the way. They will ensure all your paperwork is in order (Form IN01, Memorandum of Association, Articles of Association, etc.) and file it for you.
Again, an online bank account with Cashplus is part of the offer.
Osome’s services sound great in theory — but how does it treat its clients?
You can reach out to its representatives via email, phone, or live chat. The work hours are undisclosed, however.
Still, Osome’s reps answered my inquiries relatively quickly. They were direct and eager to help. According to Osome user reviews on Trustpilot, many other clients had similar positive experiences!
You can also find extra resources and tools on the website. The FAQ sections cover in detail everything you need to know about every solution. There’s also a blog with numerous posts with business strategies for e-commerce stores.
You can also consult business guides detailing VAT regulations and tax reliefs. Or, you can tune in for free webinars about the future of e-commerce in the post-Brexit era.
There’s a variety of free online tools like:
- eBay fee calculator
- Amazon fee calculator
- Business vocabulary
- Company name check for UK entrepreneurs
- SIC (Standard Industrial Classification) code lookup tool.
This is where things get a bit complicated.
There’s no free plan or trial. However, you can schedule a demo anytime with one of Osome’s representatives to show you the ropes.
The three main plans are:
- Accounting + Free Formation: £550 per year billed annually
- Mini Accounting: £500 per year billed annually
- Starter Accounting: £120 per month (£1,450 per year)
All the packages are billed without VAT.
Accounting + Free Formation is the only plan that offers free incorporation and a bank account. Other than that, it includes annual bookkeeping and govt & tax filings.
Mini Accounting knocks £50 off for companies with monthly revenue under £7k. You will get the same services as in the previous package.
Starter Accounting offers £100 off the first month for companies with monthly revenue under £25k. This plan includes daily support, e-commerce solutions, and govt & tax filings.
But, there’s more!
Every solution has separate pricing if you want to opt for that specific service only.
Here’s a quick rundown:
The bookkeeping and accounting packages for brick-and-mortar and e-commerce businesses are the same. You can choose between:
If you’re interested in Osome’s assistance in UK-EU trade, you’ll have to speak to its representatives. They’ll help you calculate the cost, as it depends on many factors.
Online VAT registration, however, is more straightforward. It costs £50.
Company registration services come at a fixed rate of £100. The same goes for e-comm registration. You can also register your company and use Osome’s trading address for one year for £240.
Finally, there are additional solutions such as:
- Multicurrency accounting/£30 per month
- Extra sales platform/£20 per month
- Foreign VAT filing/£50 per filing
- Profitability report by sales platform/£150 per month.
You’ll have to pay for them on top of any existing plans.
As you can see, this pricing scheme could be simpler — and cheaper. If you need any extra solutions, expenses will start piling up.
Osome Reviews - What Are Its Customers Saying?
Overall, Osome has garnered a mostly positive reputation on review sites.
As it was already mentioned, clients have praised its reps’ responsiveness and problem-solving skills. The majority of customers recommend it as a reliable accounting app.
However, some clients complained about accounts being filed late and mistakes in payroll fillings.
Osome’s approach to business administration is certainly effective! It combines human and artificial intelligence, minimising repetitive tasks.
Online vendors could significantly benefit from this app. Thanks to its integrations with various sales platforms, you can save a lot of time and effort.
But, as you saw in this Osome review, its services come at a higher than average price. Small businesses on a tight budget will probably want to look elsewhere.
All in all, if you’re considering online accounting, Osome deserves a chance.
Though a philosophy graduate, Selma is intrigued by all things tech and nerdy and has a knack for simplifying complex tech jargon to make her articles beginner friendly. With a deep desire to empower her readers rather than just providing information, Selma spends most of her time researching.
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