Easter Holidays 2024: AVASK Global Office Closures

As the Easter holiday approaches, we want to share our closing times across our various global offices.

We value your business and we appreciate your understanding during this holiday period. If you have any urgent matters, don’t worry! Our out-of-hours call answering service will connect you with the AVASK Duty Team. Simply dial +44 (0)23 8060 0120, and we’ll be there for you.

Whether you’re a client, partner or curious reader, here’s what you need to know:

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Our US office will remain open during the Easter holidays.

Wishing you a delightful and restful break! 

AVASK passes annual ISO:9001 Audit

Following on from our recent ISO:9001 audit, we are delighted to announce that AVASK has passed the inspection with flying colours, with zero non-conformances identified throughout the annual process.

The AVASK Quality Management System (QMS) ensures that we consistently deliver services that meet or exceed our clients’ expectations, and this system underpins our entire ISO:9001 certification – prompting improved efficiency and accountability.

The audit was carried out by British Assessment Bureau and our successful result renews our ISO:9001 accreditation.

What is ISO:9001?

ISO:9001 is a quality management framework that helps businesses to increase productivity, standardise processes within an organisation and achieve operational excellence by consistently delivering services that either meet or exceed the expectations of a client.

Implementing a QMS enabled AVASK to standardise our operating processes, improve our efficiency and demonstrate our commitment as a customer-centred company, which puts them at the heart of everything that we do.

Our commitment to continuing improvement was highlighted and demonstrated throughout the audit and we have implemented this standardisation at every-level throughout our business.

Dr Angelos Katsaris, Professional Services Director at AVASK, said: “We are delighted to have passed our annual ISO:9001 audit and I would like to personally thank everyone at British Assessment Bureau for their support in this ongoing process.

“AVASK have always strived to exceed the industry standard, ensuring that our clients’ needs are at the heart of everything that we do. Our ISO:9001 accreditation demonstrates our resolve in achieving the very best in service provision for our clients, as well as highlighting our willingness to learn and adopt best industry practices to enable us to grow and expand our business in 2024 and beyond.”

This news comes off the back of AVASK’s award-winning 2023, where the company picked up 6 industry awards and were certified on the ‘Great Place to Work’ scheme for the first time.

For more information about AVASK and our services, visit: https://welcome.avaskgroup.com
For more information about British Assessment Bureau, visit: https://www.british-assessment.co.uk

AVASK unveils new strategic growth with appointment of new CEO Bojan Gajic and enhanced global tech-enabled services

London, 7th December 2023 – AVASK, a pioneer in e-commerce solutions today announced a series of strategic expansions reinforcing its position as a global leader in cross-border expansion.

Today’s announcement marks a pivotal moment at AVASK, with the internalisation of EU VAT and Customs services, and a substantial enhancement of its Logistics capabilities, re-aligning the company’s focus on comprehensive service enhancement, particularly accelerating delivery of value to its customers through effective and innovative use of technology.

Bojan brings a wealth of experience which ushers in a new dawn for the business. He has spent the last two-decades scaling technology businesses within the e-commerce industry, and his customer obsession is on-par with AVASK founding partners Dr Angelos Katsaris and Melanie Shabangu. His goal at AVASK is clear: continue bridging the transatlantic gap between the marketplaces and ensuring a frictionless cross-border experience for e-commerce entrepreneurs.

Dr. Angelos Katsaris, Co-founder at AVASK, said: “Bojan’s leadership is a significant catalyst in our journey towards global market dominance. His expertise in software development and e-commerce will be instrumental in advancing our technological edge, providing our clients with sophisticated and tailored global expansion solutions.”

“AVASK already unlocked the cross-border trade and rapid scale for thousands of e-commerce business generating tens of billions in revenue on Amazon, eBay, Allegro, Shopify and many other platforms,” said Gajic. “I am excited about the opportunity to help AVASK continue to execute on the commitment to serve the e-commerce community by reducing the friction of cross-border expansion and allowing brands to focus on making great products available to buyers in Europe, North America and beyond. We will internalise the cross-border trade complexity and make the deep and broad expertise of AVASK’s team more readily available to businesses eager to succeed.”

This expansion strategy signals AVASK’s commitment to maintaining its leading role in supporting e-commerce businesses worldwide. AVASK looks forward to leveraging these advancements in fostering new partnerships and enhancing existing ones, aiming for shared growth and success in the international arena.

For more information about AVASK, visit: https://welcome.avaskgroup.com

AVASK named E-commerce Accountants of the Year 2023

Game-changing end-to-end omni-channel supply chain management solution launched by AVASK and KATA for e-commerce sellers

Today, AVASK Accounting & Business Consultants Ltd, in association with KATA Global Logistics Ltd. announced their new omnichannel end-to-end supply chain management solution for e-commerce sellers. This innovative solution enables e-commerce entrepreneurs and marketplace sellers to move products conveniently and reliably from their manufacturer to the marketplaces and fulfilment houses, delivering a simplified supply-chain, and assuring compliance with local tax regulations.

While more traditional solutions offer a portion of the supply chain, for example logistics, customs clearances or final-mile delivery, the AVASK and KATA solution can include the collection of the goods from the manufacturers, the shipment overseas to the destination port, the importation of the goods, including all customs clearances, through to the final mile delivery to a 3PL or a marketplace fulfilment centre, for example Amazon FBA.

Where the difference lies with the AVASK and KATA solution, we also take care of the expert consultancy and advisory support to the business, making the journey as cost and tax efficient as possible. AVASK will also handle all tax implications when importing the goods in the destination marketplace, which includes import VAT deferment schemes, VAT declarations, distance selling in the EU, and the new eco-compliance requirements (EPR) that are currently rolling out across the EU.

Omni-channel fulfilment solutions

The AVASK and KATA end-to-end supply chain solution also takes into account that selling omni-channel is becoming an increasingly popular option within the e-commerce eco-system. With over 50 marketplaces available within the EU alone, e-commerce sellers are diversifying to mitigate the risk of being associated to a single platform. While other end-to-end solutions restrict or limit the options available to e-commerce sellers, the AVASK and KATA solution is as open as you need it to be.

Mark Houghton, Director of Customs and International Cross Border Logistics at KATA Global Logistics, said: “In this evolving landscape, it’s paramount for businesses to be leaders in Global Compliance and aim for a seamless, tech-enabled product.

“Teaming up with pioneers like AVASK and KATA Global Logistics, there’s a golden opportunity to navigate the intricate maze of Local Taxes, Customs, Importer of Records documents, EPR, and the daunting local government bureaucracy. And the good news? That’s precisely where AVASK and Kata Global Logistics shine the brightest.”

Global reach – local support

Over the last 18 months, AVASK have been undertaking extensive customer research, we have found that our clients prefer local support, as this helps with the localisation barriers that can occur when trading cross-borders. Our experts are located in the US, the UK and in the EU, most notably in main Amazon fulfilment countries, the Netherlands and China. This means we can truly support our clients on a local level, with specialist tax and clearance teams located in the UK, The Netherlands and the US.

This truly global support comes alongside our AEO status in the EU, which was recently granted to AVASK – this enables us to clear goods into any port within the EU. Specialist e-commerce consultants are on hand to provide clear and concise guidance to enable the client to achieve the maximum cost-saving benefits, including import VAT deferment schemes and bonded warehousing solutions.

Dr Angelos Katsaris, Professional Services Director at AVASK, said: “KATA was formed, to address the pain points of sellers during the Brexit transition period. Moving forward 18 months and KATA is now a part of the AVASK Group of companies, to form a complete our global compliance vision.

“When e-commerce entrepreneurs use multiple providers, so much is lost between the two companies, we have leveraged internal expertise and hired industry leading experts to bring substantial benefits to the e-commerce community.”

When asked about the future of AVASK, Dr Katsaris cited: “Looking beyond 2023, AVASK is looking for continued growth and expansion of our services to meet the needs of our clients. From 2024, we will be looking to further build on our strategic acquisitions, right across the e-commerce eco-system.”

Real cost-saving benefits

With preferential rates throughout our global shipping and logistics partners, alongside our award-winning e-commerce accounting and tax compliance services, AVASK and KATA can offer real savings and benefits to e-commerce entrepreneurs who are managing this task themselves or are using multiple suppliers.

Our end-to-end supply-chain solution provides a comprehensive and streamlined approach to the e-commerce eco-system, allowing sellers to lower costs, reduce their administrative burden and trade cross-borders with confidence.

For further information about AVASK & KATA Global Logistics, visit: welcome.avaskgroup.com and www.katagloballogistics.com. Alternatively, reach out by telephone: +44 (0)23 8060 0120

UK inflation falls to 7.9% in June: How could this affect your business? 

In June, UK inflation dropped from 8.7% to a 15-month low of 7.9%, according to the Office for National Statistics.

With economists originally predicting a fall to only 8.2% in June, this drop in inflation was more than anticipated, easing forecasts for how much interest rates will rise over the coming year.

Why is the UK rate of inflation important to businesses?

The recent fall in the UK inflation rate means that interest rates are predicted to rise less sharply in the coming months.

Raising interest rates is the best way of getting inflation back down to the 2% ideal target. The Bank of England has already raised interest rates 13 times since December 2021.

With UK inflation dropping to its lowest level in more than a year, it is likely that the Bank of England will introduce more modest rises over the coming year than originally anticipated.

How will falling UK inflation rates impact my business?

Inflation is a critical economic indicator that affects businesses in various ways. This announcement brings several positive implications for e-commerce companies.

In this blog, we will explore the effects of declining inflation on your business and how it can potentially enhance your prospects for growth and success.

Enhanced Consumer Purchasing Power

Declining inflation means that the cost of goods and services has stabilised or decreased, leading to an increase in consumers’ purchasing power. As a result, businesses, particularly those in the e-commerce sector, can expect higher consumer spending as consumers feel more confident in making purchases due to improved affordability.

Increased Consumer Confidence

Lower inflation rates often indicate a more stable and predictable economic environment. This fosters consumer confidence in the future, leading to a willingness to spend on non-essential items, including online purchases. For e-commerce businesses, this heightened consumer confidence translates to a larger customer base and potentially higher revenues.

Lower Input Costs

As inflation subsides, businesses typically experience reduced costs for raw materials, production, and logistics. For e-commerce companies, this can result in improved profit margins, allowing them to offer competitive pricing to customers while maintaining healthy profitability.

Favourable Interest Rates

A decline in inflation can prompt central banks to implement accommodative monetary policies, such as lowering interest rates. Lower interest rates can reduce borrowing costs for businesses, which is especially advantageous for e-commerce companies seeking to expand their operations or invest in technology upgrades.

Positive Impact on Online Advertising

With lower inflation, businesses may witness reduced advertising expenses, including online advertising costs. This provides e-commerce enterprises with an opportunity to optimise their marketing budgets and reach a broader audience without incurring significant financial burdens.

Easier Workforce Management

Inflationary pressures can sometimes lead to rising wage demands from employees. As inflation decreases, the urgency for wage increases often subsides. For e-commerce businesses, this can lead to more manageable human resource expenses, contributing to overall cost savings.

Attraction of Investor Capital

A decline in inflation rates reflects economic stability, making businesses, including those in the e-commerce sector, more attractive to potential investors. With reduced inflationary risks, investors may feel more confident in providing capital to support business expansion and growth initiatives.

Global Competitiveness

Lower inflation can enhance a country’s international competitiveness as it potentially leads to a more competitive exchange rate. For e-commerce businesses with global reach, this can translate to increased competitiveness in international markets, potentially boosting export sales and cross-border business activities.

Long-term Planning Certainty

Businesses thrive on certainty and predictability. Lower inflation rates provide a more stable economic outlook, enabling e-commerce enterprises to make informed and confident decisions for long-term strategic planning without the disruptive impact of high inflation-related uncertainties.

How can AVASK help

The recent fall in the UK inflation rate brings a host of positive implications for e-commerce businesses. From enhanced consumer purchasing power and increased consumer confidence to lower input costs and favourable interest rates, the decline in inflation offers a range of opportunities for growth and success.

AVASK offers comprehensive cash flow services to assist your business in navigating economic uncertainties and expanding further. Our expertise includes analysing your historical cash flows, forecasting future cash flows, and providing valuable consultation. By partnering with AVASK, you can gain insights into your cash flow patterns, identify areas for improvement, and develop strategies to maximise your business.

Please get in contact today if you would like to know more about our cash flow services.

Interest rates have risen for the 13th time. How does this impact your business?

On Thursday 22nd June 2023, it was announced by the Bank of England that interest rates within the United Kingdom would be rising for the 13th time in a row to 5%. This is a 0.5% increase from the 4.5% that it previously stood at.

Why do interest rates keep rising?

Earlier this week, it was announced that inflation remained at a worrying high rate of 8.7% in May. This is much higher than economists forecasted at the start of 2023.

As a result, raising interest rates is the best way of getting inflation back down to the 2% ideal target. If inflation continues to not improve, it is anticipated that there may be further rises to the interest rates before they start to fall.

How will this impact my business?

There are various effects that the announcement will have on businesses, including: borrowing costs, consumer spending and over economic stability.

Increased borrowing costs

One of the most immediate impacts will be the cost of borrowing. This can affect both existing loans and new credit applications. Particularly for businesses looking to grow and scale, credit is relied upon for buying additional stock or expanding the business into new marketplaces. As interest rates rise, monthly repayments become more expensive and, as a result, put a strain on a business’s cash flow.

Consumer spending

Just as costs are rising for businesses, costs are also rising for the average consumer. Many will be finding their monthly mortgage and credit card repayments are increasing. This is reducing many people’s disposable income and access to credit.

This in turn will be leading to a reduction in spending on non-essential or luxury goods. As a result, businesses may start to see a fall in sales and should start to think about how they would adjust their marketing strategies and pricing models accordingly to be proactive for this potential risk.

Economic stability

There are many aspects to the economy that can have a knock on affect from the rise in interest rates. One that particularly would affect e-commerce sellers is the impact it may have on exchange rates. A higher interest rate may make UK exports relatively more expensive for foreign buyers, potentially damaging the demand for exports and impacting those that rely heavily on international sales. That being said, those that import into the UK from abroad may find this becomes more affordable.

How can my business remain safeguarded?

Whilst higher borrowing costs may strain cash flow and limit investment opportunities, others may view it as a sign of a strengthening economy and use this opportunity as a start for building a long term vision for their company.

The best way for businesses to survive this uncertain economic environment is to plan the needs for business, the minimum margins they would need to break even and a strong plan to continue to grow profit levels.

By analysing a business’ cash flow, it can break down the operational, investment and financing flows and establish where they can utilise funds to continue to grow and scale.

How AVASK can help

AVASK can help you by showing your historical cash flows, as well as work with you to forecast future cash flows and consult on how you can battle the economic uncertainties and expand your business even further.

Please get in contact today if you would like to know more about our cash flow services.

Christine Lawless

Exit Strategy Consultant

Christine.lawless@avaskgroup.com

AVASK Receives Acquisition International’s Business Excellence Award for the ‘Most Client-Focussed Global Indirect Tax Consultancy 2023’

AVASK, a leading global provider of indirect tax consulting services, is proud to announce that it has been honoured with the prestigious Business Excellence Award from Acquisition International for the category of ‘Most Client-Focussed Global Indirect Tax Consultancy 2023’.

The Business Excellence Awards, presented annually by Acquisition International, recognise outstanding achievements and contributions of businesses across various industries. The award for the ‘Most Client-Focussed Global Indirect Tax Consultancy 2023’ acknowledges AVASK’s unwavering commitment to providing exceptional client service and delivering innovative solutions in the field of indirect tax.

AVASK has emerged as a trailblazer in the realm of global indirect tax consultancy, consistently surpassing client expectations with its unparalleled expertise, personalised approach, and comprehensive range of services. By leveraging its in-depth knowledge of international tax regulations, the company has helped countless businesses navigate the complexities of indirect tax, optimise their tax strategies, and minimise risks.

“We are thrilled and honoured to receive the Business Excellence Award for the ‘Most Client-Focussed Global Indirect Tax Consultancy 2023’,” said Dr Angelos Katsaris, Partner at AVASK. “This recognition is a testament to our team’s dedication and our unwavering focus on delivering exceptional client experiences. We are grateful to our clients for their trust and support, as well as to Acquisition International for acknowledging our commitment to client satisfaction.”

Through its client-centred approach, AVASK has developed long-lasting partnerships with organisations of all sizes, ranging from multinational corporations to emerging start-ups. The company’s team of highly skilled consultants combines technical expertise with a deep understanding of clients’ unique business requirements, ensuring tailored solutions that drive value and promote success.

The acquisition of the ‘Most Client-Focussed Global Indirect Tax Consultancy 2023’ award further solidifies the position of AVASK as a leader in the industry as it underscores our ongoing commitment to client-focussed excellence. The company remains dedicated to staying at the forefront of industry trends, leveraging cutting-edge technologies, and expanding its global footprint to continue delivering unparalleled services to clients around the world.