Accounting for online stores
Online stores today present a tremendous opportunity and are poised to become the primary source of income in the years ahead, gradually replacing traditional brick-and-mortar businesses.
At TSG Accounting, we’re committed to staying ahead of the curve—and online stores are no exception. With a diverse portfolio of clients operating various e-commerce platforms, we’ve built extensive expertise in online store accounting that you can rely on.
While Bulgarian legislation has yet to fully keep pace with the rapid growth of online commerce, the groundwork is steadily being laid. That’s why we actively monitor all regulatory updates—particularly Regulation N-18, well-known in the e-commerce sector—and provide our clients with timely, accurate guidance to ensure full compliance.
Whether you're building an online store on Shopify, Etsy, or your own website using a popular platform, we have the expertise and experience to support both its setup and accounting. Over time, and in response to the lack of updates in Regulation N-18, many businesses have developed solutions to simplify accounting in this area—and we’re well-versed in helping you navigate them.
How is an online store's accounting managed?
If you think about it, the accounting for an online store is kept the same as the accounting for a physical one. However, the difference is in the way sales are reported, as well as the way sales are made.
Online stores allow you to enter into remote contracts with customers worldwide. E-commerce comes with many advantages—you don't need physical premises, on-site staff, or to meet specific location requirements. All it takes is an internet connection and a phone or laptop. At TSG Accounting, we know this process inside and out, and we support our clients at every stage of building and managing their online store:
Do we need to register our online store with the National Revenue Agency?
The answer isn’t straightforward. To provide a meaningful response, we need to understand your business model, the types of payments you accept, and how your business operates.
Many online store owners are already familiar with the above information, yet questions often remain—such as whether Stripe and PayPal transactions need to be declared, or if receipts must be issued for debit and credit card payments. With the introduction of the standardised audit file, the Bulgarian legislator has now provided clear guidance, effectively resolving these uncertainties.
Unfortunately, Bulgarian legislation is also not so clear due to the large number of interpretations of the NRA in different directions. Therefore, in addition to Bulgarian legislation, we also follow the European legislation, which is quite clear and prevails in controversial issues.
The EU’s introduction of the Import One Stop Shop (IOSS) system in 2021 has provided businesses with more streamlined and advantageous options for reporting distance sales across EU member states. Instead of registering for VAT in each country after surpassing national distance sales thresholds, businesses can now register under the One Stop Shop (OSS) regime once total EU-wide sales exceed €10,000. This simplification not only applies to goods but also extends to services, replacing the previous Mini One Stop Shop (MOSS) regime.
The requirements for e-shops in relation to sales are clearly defined in Regulation H-18, namely what merchants are obliged to send to customers and what details should order confirmations contain?
The obligations for reporting to the National Revenue Agency (NRA) are now clearly defined. Online stores have several options for compliance, including issuing a fiscal receipt, submitting a standardised audit file, or using SUPTO—though the latter is no longer applicable due to its incompatibility with online sales. The appropriate reporting method depends on how the store receives customer payments. At TSG Accounting, our specialists are well-versed in the full range of declaration requirements and online trading practices, ensuring your business remains fully compliant.
What is the process for registering an online store with the National Revenue Agency (NRA)?
Registering an online store involves several key steps:
At TSG Accounting , we believe it’s crucial to consult with a specialist before launching your online store to ensure you fully understand the essential steps involved in setup, tax reporting, payment processing, and regulatory compliance.
Reach out to us for expert advice on the critical aspects you need to consider when starting your online business.
Do you need an accountant for your online business?
Book an appointment for an accounting consultation – get expert advice.
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