You currently live the self-employed accounting life: you have professional freedom, schedule independence, remote workstation, and task variety. If you can manage all of your company's financial tasks on your own, kudos to your hardworking spirit!
Self-employed accounting does have amazing benefits, but it may not be the right choice for you in the long run. It can be risky, especially if you're growing a business on Amazon.
Amazon is a huge marketplace with a complex fee system. For a beginner, it might be hard to understand at first, and when the business is growing, the amount of accounting work can blow up. As a result, it will be difficult for a one-person operation to accomplish all of these tasks.
However, technology has now made it possible to acquire excellent accounting software for Amazon sellers. A couple of accounting applications are great to use for your Amazon business, but this article focuses on one of today's best tools. Read below to find out more about the awesome and helpful features of QuickBooks for Amazon sellers.
QuickBooks Features That Get an Amazon Seller’s Accounting Work Done
One of today’s most prominent software for small to medium-sized businesses, QuickBooks is an accounting management software that primarily helps in conducting accurate and efficient bookkeeping and accounting. Its functions include payroll, bill payment and management, financial report generation, tax preparation, and other business-related financial transactions.
Here are seven QuickBooks features that can be handy for Amazon accounting.
Inventory Tracking
QuickBooks' inventory feature allows you to quickly and accurately track every single item you buy or sell. You get a real-time update and access on the following:
- Stock updates to prevent shortage issues
- Instant notifications for low stock alerts or inventory reordering
- Reports that provide data on total sales, taxes, and best-selling products
Additionally, you can import or sync data from your Excel sheets with Shopify, Amazon, or Etsy.
Sales Tax and Tax Deduction
QuickBooks allows you to keep sales and tax records in sync regardless of the payment method. Once you input a sales tax into an invoice, the software automatically takes care of the rate calculation.
In addition, the software applies an accurate rate to your transactions in consideration of the tax differences by state, product category, and sale location. Lastly, you can generate a Sales Tax Liability Report to keep an organized tracking of taxable and nontaxable sales.
Auto Payroll
With QuickBooks, calculation, filing, and payment of federal and state payroll taxes are effortless and automated. You only need to conduct the required initial setup, and then the automated operation is all good to go.
When you need to work on something significant, you will receive quick notifications. Additionally, the software features the Tax Penalty Protection, which helps you avoid filing errors and tax penalty fees.
Omnichannel Commerce
Amazon is already a challenging marketplace for your accounting system. What if you also need to track product listings, orders, and other related data across multiple platforms?
QuickBooks has your back with its multichannel commerce feature!
The software lets you track omnichannel inventory and fulfillment in one place, which helps in accounting for Amazon FBA sellers. Thanks to Amazon Seller Central–QuickBooks integration, you can rest assured that expanding your e-commerce platforms won't give you an accounting headache.
Collaborative and Custom Access
Amazon accounting is a complex system, so you have to manage user permission properly and ensure that the right people have access to essential data. With QuickBooks, you can customize user roles in your team for up to 25 members.
In addition, specific access levels protect sensitive information and only share them with appropriate users. This feature saves you time figuring out who to give access to particular documents, offers data security, and provides seamless collaboration among team members.
Cash Flow and Management
QuickBooks gives you one place to store your business payments for managing the cash flow. You can do business banking using a Cash account and forecast cash flow 30–90 days ahead of planning.
Additionally, the software ensures consistent and on-time payments. You can pay directly in QuickBooks via bank transfer, debit card, or credit card for deferring payments.
Project Costs and Profitability
With this QuickBooks feature, you can track your projects and analyze their profitability. You get access to easily understandable reports and dashboards showing real-time tracking of labor costs, income, expenses, and insights. As a result, it helps you find a way to control costs, know which projects to put more effort into, and maximize the profitability of your business.
Accounting Made Fast and Efficient with QuickBooks–Amazon Integration
Here's more good news for Amazon sellers: seamless accounting is now possible with the integration of QuickBooks and Amazon! Take some weight off your shoulders with the powerful features this integration offers.
- Seamless Inventory Management — Receive quick updates on your stock to prevent low inventory and going out of stock items, identify best-selling to worst-selling products, and more.
- Remote Data Access — Store and access data via cloud technology so that you can easily acquire information anytime and on any device.
- International Transaction Management — Deal with multiple currencies from the Amazon marketplace without breaking a sweat.
- Automation Features — Get auto-synced updates on your financial records to understand your cash flow and make appropriate business decisions.
Through this incredible integration, you can see your business's growing accounting work as an opportunity rather than a difficult challenge. You don’t need to worry about handling larger amounts of work—these features will make the job easier for you and your accountant.
Enjoy QuickBooks’ Features Through Unloop
As an Amazon seller, you must understand that managing your finances isn't a brief, occasional task. Rather, it's ongoing work that runs throughout the whole year.
The only way to determine whether your business is making a profit or not is through monitoring sales, assets, expenses, and other financial aspects of your business. Tracking and analyzing these numbers can get complicated over time, so why not use QuickBooks to assist you with Amazon accounting?
Our bookkeeping services here at Unloop include QuickBooks integration. Upon your subscription, we will integrate QuickBooks, Hubdoc, and A2X to complete your books. If you want to know more about what we can do to help grow your business, contact us. Tell us about your business, and we’ll draw up a plan to automate your e-commerce bookkeeping.