Accounting and Bookkeeping for Amazon Sellers
Amazon is a trailblazer in the eCommerce industry with innovative technology propelling the online retail industry. If you are a business owner, an Amazon store opens immense opportunities. While many business owners have launched Amazon stores, not all have succeeded.
The online selling model is unique and tracking cash flow is not easy if you don’t have the right systems in place. This is one reason most online retail start-ups fail.
At Solvers Accounting, we appreciate that crunching numbers for your Amazon store is not easy. You have so much on your hands to stay ahead in the highly competitive digital business landscape.
Our team of accountants help you with the accounting side of things and allow you to focus on your core business. our Amazon seller accounting integration made easy. our online accounting & bookkeeping for amazon marketplace and FBA sellers.
Whether you plan to start an Amazon store or you already have on running, our mission is to leverage our experience and expertise to provide you with accurate financial data for the right decision making. If you want to get the best of the high potential Amazon platform, talk to us today ad get a dedicated accountant for your Amazon store.
Why Sell on Amazon?
If you have any doubts about selling on Amazon, you only have to look at the numbers. The online digital platform dominates the U.K eCommerce market with close to 50% market share. Over 196 million people visit Amazon every month making this the perfect platform to sell your products or services.
In March 2019 alone, millions of mobile users in the U.K accessed the Amazon app making this the most popular shopping app. In the Q1 2019, the online retailer announced a 17% increase in sales to hit £46.5 billion in revenue. With over 353 million products on Amazon, this is the right place to tap customers for your business.
Selling on Amazon increases your business’s sales from the high traffic levels to the platform. It is also the perfect tactic to acquire new customers and build visibility for your new store. With more people now preferring to shop online, you need to place your goods and services where your target customers will most likely see them.
Why Does Accounting matter for your Amazon Store?
The digital marketing platform is fast-paced and it is tough for businesses to keep up with the pace. Most Amazon sellers focus on the marketing side of things to stay ahead of the competition and forget the accounting side of things. This is where our team at Solvers Accounting comes in handy.
Through our accounting experience, we know that accurate online bookkeeping services is the foundation for any eCommerce business. We appreciate that you want to build visibility for your store on Amazon and reach your target customers. While this is important, putting off accounting and bookkeeping until the end of the reporting period portends danger for your business.
You can only make the best business decisions if you have the correct financial data. With accurate accounting for Amazon sellers in place, you will feel the pulse of your business at all times. The data you get will guide you in procurement, marketing, credit, tax compliance, and other aspects of your operations.
Through our interactions with Amazon sellers, we have discovered the unique transactions by Fulfilment by Amazon (FBA) and FBMs call for similarly unique amazon seller accounting solutions. Tracking all the costs of your Amazon store is not easy and when you procrastinate, there’s a danger of missing some crucial numbers.
While Amazon has been around for over 24 years, many sellers still struggle to keep up with their financial situation. Our accountants at Solvers Accounting bring in the expertise you might not have in your team to guarantee you miss nothing. With accurate financial details, you can then make solid financial decisions to gain a competitive edge.
Key Activities in Accounting for Amazon Sellers
If you want to leverage the incredible opportunities on Amazon, the following are some fundamental considerations in your accounting process.
- Track the Cash Flows
It is easy to ignore the cash flow into your Amazon store as you angle for even higher sales. Our team proposes a business account for seamless accounting processes. We are at hand to monitor the cash flow and provide important analysis such as pending bills, types of payment methods preferred by customers, popular shopping times at your store, and so much more.
- Counting Inventory
If you are a product seller on Amazon, you have to know the exact number of items in your possession at any time. It is hard to focus on such issues on the digital platform but our team has effective systems to help with inventory tracking.
Inventory obsolescence/warehouse shrinkage is a major consideration and refers to the change in the value of the product in your possession before you sell it.
- Cost of Goods Sold
Our team helps you determine the true cost of goods sold. We evaluate the product plus the total cost of taking it to the market, including packaging, shipping, and other costs.
- Tracking Sales Data
Amazon will send payments every two weeks and many Amazon sellers record this as sales which is a big error. Our accountants help to determine the actual sale by determining all the costs involved, including warehouse fees, sales tax, FBA fees, shipping fees, returns, and chargebacks. We help you determine the actual sales data for better decision making.
- VAT Compliance
Tax compliance is tough for any business but for an online business, it is even more complicated. It is easy for a business to ignore Ecommerce VAT for too long leading to heavy balances and fines for VAT liabilities.
Our accountants are well versed with laws on economic nexus, physical nexus, click-through nexus, and FBA nexus and will guide you through the VAT compliance process.
Why use Solvers Accounting for your Amazon Store?
At Solvers Accounting, we offer custom solutions for every client. Our goal is to help you leverage the opportunities available on Amazon to build your business through accurate accounting for amazon sellers. By choosing our accounting team, you will enjoy the following:
- Cutting-edge accounting solutions
- Increased productivity as your team can focus on core business
- The benefits of partnering with a Sage Certified ProAdvisor and Xero Certified Partner
- Hands-on accounting assistance through every stage of the online selling process
- A one-stop-shop for all your accounting and bookkeeping needs
- Highly trained and certified accountants
- 100% secure accounting processes
- Cost-savings as you don’t have to hire an in-house accounting team.
If you want to grow your Amazon store, we are glad to be of help. Solvers Accounting is your one-stop-shop for all your amazon seller accounting and bookkeeping needs. We leverage the latest accounting software to ensure our clients enjoy the best services.