Intuit’s QuickBooks Online has been praised as a relevant eCommerce accounting tool for keeping your Amazon fees and finances in one place. But many Amazon sellers don’t realize that this cloud accounting software can do much more than track your sales and expenses.
In a closer look, let’s see some of the core features that QuickBooks software provides for Amazon sellers and show how it lives up to its promise of convenience and functionality.
10 Amazon QuickBooks Features That Make It Ideal for Ecommerce Businesses
Every Amazon seller has one goal when managing their finances: time. The more time they can save streamlining their accounting operation, the more money they can bring in. That’s why they seek ways to simplify their work process and maximize every minute.
Fortunately, QuickBooks Online and Amazon Seller Central have seamless integration. This online accounting solution definitely serves as your one-stop shop for all the tedious and time-consuming tasks associated with Amazon accounting. Here are its ten components for every Amazon seller:
#1: Sales Dashboard
QuickBooks’ sales dashboard is a huge asset for Amazon sellers. When they log in to their QuickBooks account, they can access information about their business activities. These activities include monthly sales, the number of goods sold, top-selling Amazon orders, and more.
And suppose they want to dive deeper into their data. They can filter and drill them down based on the date range, product category, or individual stock-keeping units.
Everything on this sales dashboard is presented in an easy-to-read graph, making it simple to assess how the Amazon business is doing quickly. But more importantly, it helps you to decide how to sell, price, and supply your products strategically.
#2: Amazon Integration
QuickBooks is an excellent Amazon accounting software on its own, but it excels even better when combined with your Amazon account.
It’s true! Business owners can integrate this accounting management tool with Amazon’s various programs. For example, QuickBooks can automatically import Amazon sales data online, eliminating the need for manual data entry.
You can also interface with Fulfillment by Amazon (FBA) with QuickBooks integration. This way, Amazon FBA sellers can simplify their business’ storage and shipping process.
#3: Bank Reconciliation
For those unfamiliar with the term, bank reconciliation involves comparing your transaction histories and bank statements. This bookkeeping process is substantial for any Amazon business because it enables you to spot any inconsistencies, errors, or fraudulent activity.
However, reconciling bank statements isn’t as simple as others think. This procedure can be time-consuming and challenging for business owners who receive many Amazon orders.
QuickBooks Online for Amazon sellers can help you maintain accurate accounting records. This system already has a built-in bank reconciliation feature, so all you have to do is: enter your bank account details and transaction data. Then, the QuickBooks accounting system will automatically reconcile your accounts once you submit the necessary information.
#4: Inventory Management
Nobody wants to be caught out with an empty shelf. For this reason, every Amazon business owner needs online accounting software with an inventory tracking system.
That’s where QuickBooks helps to simplify your listing work. With its inventory tool, you can view your products in stock, set reorder points, and monitor sales information to ensure you never run out of supply.
Simply explained, it frees time to concentrate on your other work rather than inventory control.
#5: Sales Tax Calculation
QuickBooks for Amazon also includes an automatic sales tax calculation feature, saving business owners time and headaches.
You can view your sales tax obligation in each state with one simple click. And, because it’s automated, it takes the hassle out of tax time. So there’s no point in making a fuss about missing a deadline. All you need is to put your product information and let the Amazon accounting software do the rest!
Why not give it a try? You might find that it makes sales tax calculation a breeze!
#6: Invoices and Online Payments
Invoices and online payments are two essential aspects of Amazon selling, and QuickBooks can help you collect the right financial information.
With QuickBooks online payments, sellers can accept credit card payments from customers without having to set up a merchant account. This useful feature saves time and money by eliminating the need to apply for and maintain a merchant account.
Additionally, QuickBooks’ invoicing allows Amazon sellers to keep track of what they owe to their suppliers and what their customers owe you, which is essential for budgeting and forecasting accounting statements.
#7: Multi-Channel Fulfillment
As an Amazon seller, efficiency and engagement are paramount for you. That’s why with QuickBooks’ multi-channel distribution system, sellers can connect their QuickBooks account to multiple sales channels, such as eBay and Shopify.
This integration lets businesses manage their orders in one place—no more flipping back and forth between different tabs or applications. Furthermore, selling on myriad platforms expands your reach and grows your customer base significantly.
QuickBooks' multi-channel fulfillment feature is a must-have tool if you want to focus on running your business.
#8: Customer Management
The main thing that QuickBooks for Amazon sellers does is it helps you keep track of your customers' contact information in one place. It also trains you to track customer order history, so you can see what they've purchased in the past and get an idea of what they might want to purchase in the future.
Best of all, QuickBooks can help you create estimates for new products or services, so you can see how much it will cost to produce them and then price them accordingly. All in all, these features can be really helpful in providing better customer service and improving efficiency.
#9: Profit and Loss Report
Profit and loss statements (P&Ls) are an essential financial tool for businesses of all sizes. They provide a snapshot of a company's revenue, expenses, and profitability over a given period.
Among the most utilized accounting software solutions is QuickBooks. It grants users the power to create P&Ls with ease. In addition to providing detailed financial information, P&Ls can also be used to spot trends and assess business performance. With this knowledge, Amazon sellers can decide where to devote their efforts and how to optimize their bottom line.
#10: Shipping Labels
QuickBooks can generate shipping labels for orders. It will automatically provide the labels based on the information you supply. You can even choose to have your labels shipped to you in bulk.
Your QuickBooks account and an internet connection are all you need. Then, you can print them out conveniently in your home and office. The best part is that you can use QuickBooks to track your shipments to make sure that customers receive their orders on schedule.
Skeptical With QuickBooks Online? Get in Touch with Us!
Are you still unsure of syncing QuickBooks with your Amazon account? That’s reasonable since it can be a lot to process at first. But once you get into it, you can manage your Amazon business efficiently. And if you ever run into any trouble or just need a little help getting started, Unloop is here for you.
Our team is full of QuickBooks enthusiasts passionate about helping others use the financial tool to its fullest potential. We can assist you if you need help setting up your account, recording financial transactions, or creating invoices under the eCommerce marketplace.
Don’t hesitate to reach out! We’ll help you feel confident and comfortable with this cloud-based accounting software in no time.