Most e-commerce owners prefer to associate with Amazon while starting their business. As an Amazon seller, keeping track of your finances is one of the most essential business aspects. It may not be an easy task to accomplish, so we suggest that you take advantage of some accounting tips and tools.
Your bookkeeping should be a continuous process that you can break down depending on your needs. It will help you to stay on top of your sales, inventory, and taxes. We feel that using automated software is one of the best ways to manage your need for Amazon bookkeeping.
Amazon sellers often use software like QuickBooks to manage their accounts. It can help you to compile, analyze, and manage your trade on Amazon. You may need additional software to connect your Amazon sales to QuickBooks.
Connectbooks is a great solution that can help you integrate your sales, inventory, and bookkeeping records from Amazon to QuickBooks. The software can compile your financial data from Amazon automatically and generate live reports for your sales.
All you would need to do is connect the software with your Amazon account, and you will be able to monitor all the essential data on the dashboard. There are several benefits of using automated software to manage your Amazon bookkeeping requirements. We are going to discuss them in this article.
Manage International Payments
As an Amazon seller, you can sell your products to consumers all over the world. However, bookkeeping can become complicated when you accept payments in international currencies.
When you integrate your Amazon account with QuickBooks, it becomes easy for you to record transactions in international currencies. The software takes the current exchange rate into account, which allows you to track your revenue and profits in real-time.
Whether you are drop shipping or selling your own products, you can use the automated bookkeeping solution to manage your inventory. All you need to do is create a list of your products and then sync them with the sales channels and your warehouses. When a stock is running low, the automated software will notify you to replenish your inventory.
The software can also combine your product sales data, which allows you to know which ones are selling well. You will also get an idea of the slow-moving products, which helps you decide whether to discontinue them or not. The software helps you track products that are lost or damaged to prevent any discrepancy in your inventory.
You can streamline your entire bookkeeping process with the software so that you can focus on other aspects of your business. You do not have to record your sales or refunds manually and adjust them at the end. The software can help you save a lot of time and effort as well as avoid manual errors.
An automated bookkeeping solution can generate several reports. These reports allow you to monitor your business performance so that you can make informed decisions. You will be able to see the data on the software dashboard in real-time to help you achieve your sales goals.
The reports also help you make smarter decisions to manage your Amazon sales. You can use the last financial year’s data to create your budget for the current year. You will also get valuable insight into your business performance that helps you create effective marketing strategies.
For example, you will be able to monitor whether your products sell in a particular region or a season more than others. That will allow you to create ad campaigns for your target market segment that you are unable to reach.
When you sell products on Amazon, you have to ensure that all your team members are on the same page. The software allows multiple accesses for team members of different hierarchies.
That means you will be able to customize access to the software so that team members with proper credentials can view, edit, or share the financial data. Some of the best software also offers payroll and time tracking features. These optional payroll features allow you to handle the salaries and wages efficiently.
Since most of these bookkeeping solutions are cloud-based software, your data will always be safe and secure. You can also access the data from any device connected to the Internet.
It gives you peace of mind because you will not lose your financial data if your computer gets damaged or stolen. A reliable cloud-based bookkeeping solution will also provide state of the art security so that an unauthorized person cannot gain access to your finances.
So as you can see, there are several benefits of using an automated bookkeeping solution to manage your Amazon sales business. Getting started with software is fast and easy, and most of them offer a free trial period so that you can judge whether it is useful for you or not. You can take advantage of the added efficiency and accuracy to grow your sales on Amazon.
Amazon Box seen from above -DepositPhotos