Do you want your business to run more efficiently and cost-effectively? Thanks to the QuickBooks-Amazon integration, businesses can simplify their financial processes by automatically transferring important information from Amazon. This eliminates time-consuming manual data entry processes and allows for better control over inventory, purchase orders, invoices, payments, shipments, and other critical data points.
This blog post will answer the question, “Does QuickBooks integrate with Amazon?” and explore how QuickBooks integration for Amazon sellers works and its many benefits. As you’ll find out, integrating these two powerful tools can drastically improve organizational efficiency while cutting costs and errors at all levels of your business operations.
QuickBooks-Amazon Integration: How It Works
So, are you considering investing in QuickBooks for Amazon business bookkeeping and accounting? When you do, make sure you use an Amazon Business account and be its primary administrator—and not have a personal or Amazon Seller account—to connect the accounting software to Amazon. You also need to specifically use the Amazon Business Purchases application to transport all Amazon data into the accounting tool. Meanwhile, you also need to be a QuickBooks's company administrator to allow the integration.
When you satisfy all these requirements, you can sign in to your QuickBooks and Amazon accounts to begin data importation. Select the date you want to import and wait until the transfer is complete. From this first import, your data on QuickBooks will be updated four times a day.
With the integration, you can do all of these.
Track Sales and Revenue
When your Amazon account is integrated with QuickBooks, you can get a quick view of your sales and revenue on QuickBooks, whether in raw form or in a report. You can also get an in-depth view of where these sales and revenue come from—organic sales or pay-per-click (PPC)—as these details are also available.
When you know the data, you can continue your best practices on search engine optimization (SEO) and PPC or adjust accordingly to reach your sales and revenue goals.
Check Your Taxes
Taxes are one of the most challenging tasks you need to handle as a business owner. But the good news is that Amazon handles sales taxes in many jurisdictions through the Marketplace Facilitator Program (MPF).
With MPF, Amazon computes, collects, remits, and refunds shoppers’ sales taxes. They also collect and store the data, which you can view when you integrate Amazon with QuickBooks.
On top of this, when all your income and expenses are in one software, you can quickly compute your yearly taxable income and pay accurate taxes when tax season comes.
View Returns and Refunds
On Amazon, returns and refunds are part of the business. And the platform makes it easy for sellers as they can handle these transactions too. By integrating QuickBooks and Amazon, you’ll know how many returns and refunds you’ve had and how much Amazon charges.
If you see plenty of returns and refunds, and higher costs for repackaging or processing the pullout of the items, you can run a quality check on your items to find the root cause of the faulty products.
Know FBA Fees
Part of being a new Amazon seller is deciding whether you’ll go for Fulfillment by Amazon (FBA), which you can try. If you do, integrating QuickBooks and Amazon will greatly help you in deciding whether to continue with the service or find other options. Amazon tracks the following FBA fees, and these will all be transported to QuickBooks:
- Fulfillment fees
- Short-term and long-term storage fees
- Disposal order fees
- Removal order fees
- Returns processing fees
- Referral fees
- Inventory fees
- High volume listing fees
- Rental book service fees
There are a lot of fees to keep track of, but the service is worth it as you get 24/7 customer service, with Amazon handling product selection, packing, storage, and shipment. Nevertheless, it is still best to check the numbers to see if you’re making a profit.
Learn About Your PPC Data
To boost your sales and make your listing appear on the first pages of the search results, you should utilize Amazon Sponsored Ads. There are various ad types you can choose from, like Sponsored Products, Sponsored Brands, Sponsored Display, and Amazon Stores. Whichever you choose, you can rely on Amazon to show you advertising cost of sales (ACoS), attributed sales, impressions, and clicks to help you analyze how your campaigns are doing.
And when you integrate these data into QuickBooks, you can run a deeper analysis to know the cost, revenue, return on investment, and profit derived from advertising.
Monitor Your Inventory
One of the major turn-offs for shoppers are items that are out of stock. Ensure your products are always available for customers by staying on top of your inventory. You can do just this through QuickBooks-Amazon integration. You can check which items need repurchasing and which still have enough stock.
These items also have monetary value, so you’ll know how much you spend on product acquisition against your sales. Ideally, the costs should be lower than sales; if you see otherwise, you should think of ways to lower production costs.
Stay Updated With the Numbers
Amazon updates data available on the platform four times a day, so the dashboard you see on QuickBooks is up-to-date. If you want more updates, you’ll unfortunately have to put up with it. Right now, Amazon does not allow customization of update frequency.
Why Integrate Amazon With QuickBooks Online?
The data visibility that Amazon-QuickBooks integration provides is an excellent reason for you to push through connecting the two. But if you still need to be convinced, here are more reasons to link Amazon and QuickBooks.
Everything In One Place
The best thing about QuickBooks is that it does not only integrate with Amazon, but also with these tools and applications:
- Gusto Payroll
- Housecall Pro
You can integrate plenty more invoicing, CRM, payroll, document, receipt, and payment tools with QuickBooks. As a result, you can find all the data you need in a single software. You can customize reports, so the data can be combined to give you a more holistic view of your business.
Because all data is in one place, you can run different kinds of reports using only a single software. Some of the accounting reports you may want to take a look at regularly are the following:
- Income statements
- Balance sheets
- Cash flow statements
- Bank statements
- Sales reports
- Human resource updates
- Equity reports
You can also customize reports to see your company’s key performance indicators. Experts suggest that reports for startups should be made as often as possible to enable owners to adjust action plans or pinpoint best practices immediately.
You can acquire all the necessary data without manual inputs. Integrating applications and tools in a single accounting software makes bookkeeping easy. It saves you time and ensures that everything in the books is accurate.
When data is correct, you can make sound decisions. Also, when tax season comes, your income declaration and tax payments will be accurate, saving you from being penalized by the tax bureau.
Accessible Anywhere, Anytime
Let your finance team access data in the cloud anytime and anywhere as long as there is an internet connection. Unlike with traditional accounting, there is no need to log in on a computer; QuickBooks is accessible on mobile. This setup works well with modern work arrangements where many companies have both in-house and remote employees working worldwide.
Protected in the Cloud
Despite the accessibility, QuickBooks also ensures data security by storing all the data in the cloud. This keeps all confidential financial data protected from hacking and corruption. Aside from data protection, QuickBooks also has role-based access, which allows only certain roles in your company to access your books.
QuickBooks Account Management by Unloop
QuickBooks-Amazon integration is a powerful tool that can help ecommerce businesses streamline their operations, save time, and make more informed decisions. If you sell on Amazon, QuickBooks can make your life a lot easier by keeping all of your data in one place and automating many tedious tasks associated with managing an online business. Best of all, QuickBooks is accessible from anywhere, so you can always stay on top of your numbers.If you are looking for a team to help you with this integration, we’d love to help! We at Unloop provide solutions for Amazon sellers like you who want to get their finances handled. If you want to know more about our services, call us today. We’d love to talk to you!