Intuit Inc. is a US-based financial software company. It is responsible for the development of QuickBooks, which remains one of the most popular software used by business owners and accountants. QuickBooks is easier to use compared to other accounting software and has lots of features that fit your business needs.
With the launching of QuickBooks Online (QBO) and powered by its major optimization in 2013, QBO has gained more subscribers and reached 4.5 million users around the globe as of 2019. Having QBO makes your Amazon Seller account or Amazon Business integration possible for easier bookkeeping and faster generation of your financial reports.
Keep reading to find out how to integrate QBO into Amazon.
Factors to Consider for Integration
A settlement statement is an essential document that contains the terms and conditions of a business settlement. One of the challenges a merchant faces on Amazon is the accurate recording of sales. Amazon’s settlement statement contains many variables like income, refunds, debt, guarantee claims, disputes, adjustments, reserves, carryovers, and sales taxes.
Luckily, QuickBooks is capable of storing all this information. You can use QuickBooks offline and online. If you are using QuickBooks Desktop, remember that you can migrate it to QBO if you are planning to integrate QBO and Amazon.
You need to consider some factors for the integration. First, you need to know if you are capable of mapping all of the income, deductions, and fees you want to utilize in QBO. Second, find out if your integration is compatible with multiple seller accounts. These factors are vital so that you can see where your money is coming in, where it’s heading, and if you are profitable.
The Integration Process
You only need to follow a few simple steps for Quickbooks Online Amazon integration.
Visiting apps.com, a website created by Intuit, is the first. Then, you have to type in the keyword “Amazon” on the search bar located on the upper right side of the site. Once you validate the keyword by pressing ENTER, the site will show you the list of applications approved by Intuit for the integration.
Select the application that you desire, and there you have it! All you have to do is to fill out the necessary information to initiate the integration.
Intuit has approved several applications for Quickbooks Amazon integration. You may review and evaluate each application if its features are the right fit for your business needs.
Here are the things that will help you select the right application to help you in your evaluation.
- Be clear about your specific needs and purpose. It is a smart move to consult a certified accountant or financial expert and then make a list of your requirements.
- Evaluate your choices based on your needs.
- Consider the quality of the integration. Check if all your data is properly synced.
- Test the integration by using small batches. You can try one to two settlements.
- Reconcile and customize your workflows because the integration will change some areas of your business process.
- Observe if the integration makes your bookkeeping easier. Keep in mind that the integration omits double data entry. However, it doesn’t eliminate the need for rigorous accounting, so you still have to do manual bookkeeping.
If you want to save more time, Amazon experts highly recommend A2X for integration. This application also supports QuickBooks Amazon Seller integration.
How does A2X work? It connects directly to your Amazon platform and detects every transaction that takes place. It also downloads transactional information and analyzes various data types, be they taxes, sales, refunds, reserves, sales, and gift cards that constitute a bank deposit.
A2X eliminates manual data entry, and it has superb features.
- Summarizes entries
- Records sales to the corresponding month
- Reconciles to amounts deposited
- Good integration
- Adjusts cost of goods sold
- Saves time
- Great support
Integrating QBO into your Amazon Seller account makes bookkeeping easier and faster. Moreover, this integration can help avoid some errors that could slow or shut down your business.
If you are interested in learning more about QuickBooks, feel free to reach out! QuickBooks is one of our recommended financial software for Amazon sellers, so we can answer your questions about it.