Seeing your numbers matters when it comes to growing your Amazon marketplace store. If you can find out how your business is performing on a monthly or even a weekly basis, that will make a huge difference in how you stir the wheel of your Amazon online store.
QuickBooks is an awesome accounting system you can use to view those numbers. So whether you don't have it yet or are already using it and want to integrate it, let Unloop shed some light on what you can do to produce those numbers easily.
QuickBooks Accounting Software Knows Exchange Rates
Small business owners who sell on Amazon have access to a global marketplace. As a result, they can have sales from all over the world. It can be a challenge to track the current exchange rate for a particular overseas sale. The same is true for business purchases and accounting for cost and expenses.
That's why QuickBooks's ability to account for the current exchange rate is very helpful. It will determine the correct amount of a given currency at the sale or purchase. This gives you and your accounting staff accurate numbers and peace of mind.
QuickBooks Online Can Sync Amazon Sales
Once you discover how to integrate your QuickBooks Online to your Amazon seller account, doing your bookkeeping manually for sales transactions will be much easier.
QuickBooks Online can sync sales from your Amazon store to your online accounting software. Apart from that, it can sync returns and refunds. Again, this takes the burden off you and your bookkeeper when searching for and recording sales.
Your QuickBooks Account Can Calculate Your Amazon Sales Tax
Every business owner must remit the correct sales tax amount. While Amazon facilitates the collection process for each sale you make, it's your responsibility to determine the sales tax amount.
With QuickBooks, this is made easier. The accounting software calculates the correct sales tax amount for you depending on the state you have to remit it to.
QuickBooks Account Can Do Inventory Tracking
Another challenge for small businesses selling products on Amazon is inventory management. While Amazon has a robust inventory system monitored by SKUs, this still has to translate to accounting. That means you must track every cost of goods sold (COGS) and product price apart from the outflow.
Tracking inventory is crucial when it comes to accounting for inventory. That's why it's awesome that QuickBooks supports inventory tracking for Amazon sellers. The accounting software allows real-time inventory valuation. Plus, it allows you to sort inventory quantities at a given date and time for better inventory purchase planning.
Important Questions About QuickBooks for Amazon Sellers
For small business owners who are new to QuickBooks and Amazon FBA, there can be a lot of questions running through their minds about how it's going to work. So here are some important ones that can help you understand the whys and the hows of QuickBooks and Amazon.
Can QuickBooks Commerce Sync to Your Amazon Seller Central account?
Yes, QuickBooks Commerce has a feature that integrates directly with your Amazon seller account. However, this QuickBooks plan is best for inventory tracking based on user reviews. In addition, it allows you to manage your orders at an accounting level.
You can have Amazon integration for product pricing and stock information for all products you upload on your Amazon store.
Can I still get QuickBooks Commerce?
Unfortunately, as of June 2022, this QuickBooks plan is no longer sold. After QuickBooks acquired TradeGecko (which was renamed Quickbooks Commerce), they decided that order and inventory-based software should be phased out in favor of the new QuickBooks cloud-based accounting software that picks up from TradeGecko's roots.
What QuickBooks accounting system can I get?
QuickBooks offers a lot of accounting software plans both online and on desktop. But if you want a more convenient way to sync your Amazon business account, it's better to get QuickBooks Online (QBO). If you still need to purchase QuickBooks, here's an overview of the QuickBooks plans available.
Simple Start - Good for one user. The simple start is recommended for individual Amazon sellers. It features basic bookkeeping, invoicing, report generation, and sales tax recording.
Essentials - This plan allows up to 3 users. It has the same essential functions found in Simple Start but lets you manage bills and track employee time.
Plus - The plus increases its number of users to 5. In addition, it can do what the previous two plans can with the addition of inventory management and forecasting.
Advanced - This plan expands its users to 25 and is the most powerful. It lets people restore lost accounting data and integrates third-party apps and other accounting features that are fit for a big business or an accounting service company.
Is Amazon Business the same as Amazon Seller Central?
No, it's not. Newbie Amazon sellers interchange the use of the terms Amazon Business and Amazon Seller Central—they think both are the same. But Amazon Business is a purchasing account for businesses that want to streamline bulk orders using the Amazon marketplace.
Businesses outside of Amazon integrate their Amazon Business account to fetch purchase transactions and make it easier for their accounting staff to keep records. On the other hand, Amazon Seller Central helps you become a seller in the huge Amazon marketplace.
Is Amazon FBA or Amazon Seller Central / QuickBooks integration possible?
Not directly. But there are several third-party applications you can use to connect QuickBooks Online to your Amazon FBA or Amazon seller account. But this can be tricky, especially for those new to Amazon and QuickBooks.
Luckily, your accounting will be a breeze once you get past the QuickBooks-Amazon integration. After that, you’ll just have to figure out how to make the links needed for a fully-functioning Amazon seller account with a QBO.
Is there an easier way to connect your Amazon store to QuickBooks's accounting system?
Definitely! You can outsource it to professionals who specialize in Amazon seller bookkeeping and accounting. They'll handle the data migration and Amazon integration for you, so all you need to do is hand over information, sit back, and watch them work.
The Amazon and QuickBooks Integration with Accounting Professionals
Certain accounting and bookkeeping companies, such as Unloop, have our own QuickBooks Online plan. This makes it easy for us to set up an efficient accounting system for your Amazon store.
Apart from pairing your Amazon business, we can also do the following, given our skills and expertise.
Accurate Amazon Seller Bookkeeping Using QuickBooks
Companies like ours have years of proven experience handling ecommerce companies that sell on Amazon, Shopify, or any other multichannel marketplaces. We know where to look, and we record each of your business transactions accurately.
Accounts Payable Management
If you already have accounts payable (and receivable) transactions, Unloop can help you manage payment and cash flow by using QuickBooks Online. We’ll know what payments are due and align them with your business's resources to ensure you pay at the right time without losing liquidity.
An Amazon seller's inventory is one of the hardest to manage and keep track of. In addition, the inventory level is affected when a sale or refund is made. So if your business has frequent and high-volume sales, it can cause a headache to get the proper numbers on the number of goods and the cost of goods sold.
Bookkeeping and accounting agencies understand this predicament. That's why we handle the accounting aspects of your inventory to ensure you get the right COGS. This is crucial, especially when determining the correct net profit in your business's income statement.
If your Amazon business is big enough to have employees, you'll need to account for their payroll. And the bookkeeping and accounting agencies with sophisticated skills matched with a superior QuickBooks plan can make paying and accounting for payroll easy.
Business planning is important for business owners who aim for growth. For them to make a good plan, they'll need a robust forecast of their potential income and expenses in the near future.
Accounting professionals using Quickbooks can use the accounting software's features to give you a projection of what your business may be like in the short and long term. You can decide whether to push through or sell your business.
Tax Filing Assistance
Tax filing is another challenging task for an ecommerce business owner. For Amazon sellers, you'll be dealing with two main taxes: sales and income.
Professionals can use QuickBooks's tax sync feature for your Amazon business and offer other assistance for you to pay your taxes well. Additionally, we know our way around tax forms for the kind of business structure you have enough to make accurate records.
QuickBooks for Amazon Sellers Made Easy with Unloop
Amazon sellers with QuickBooks (or those thinking about having it) have a leg up in their daily operations. To make it easier, they should integrate their QuickBooks with their Amazon Seller Central account. But this is easier said than done.
Luckily, bookkeeping and accounting professionals like Unloop know how to do it. So we can take it off your plate. You can spend more time growing your Amazon business by letting us do the integration and run your accounting system. Call us at 877-421-7270 for a consultation, or check out our ecommerce services now.