![]() ![]() Solving this issue can be complex if you decide to do it manually. You will only see the net deposit on the date that you receive that deposit. In addition, the deposit that hits your bank account does not account for when all the separate activity took place. Yeah, thanks for making this so difficult Amazon! If you are using Amazon for shipping and warehousing, there can be 30+ activities going on. Your deposit includes not only your sales but also all other activity that happens on your Amazon seller account such as FBA fees, shipping fees, warehouse fees, sales tax, returns, and charge backs. Unfortunately, this is a big error that leads to poor sales data (although this works for a small, young Amazon business). Small business owners and even hired bookkeepers, will often record those deposits as sales. ![]() Accurate Sales Data Problem:Īmazon will hit your bank account with a deposit every two weeks. You will be well on your way to success if you can address these three key areas: (1) accurate sales data, (2) accurate recording of inventory and COGS, and (3) sales tax compliance. We have found three areas in which Amazon sellers often have trouble with their accounting. Three Keys to Accounting for Amazon sellers Trouble in sales tax compliance is a fire that can burn down successful ecommerce businesses! Down the road you will also run the risk of getting in big compliance trouble in areas such as sales tax. This makes it incredibly difficult to get loans, investors, and in selling your business. Not only will it affect your decision-making, but others will have a false sense of how your business is performing. Poor accounting will give you inaccurate financial data that leads to poor decision-making. But if you are well on your way to making millions with your Amazon business, it’s crucial that you have accurate accounting in place. Too many Amazon sellers let it fall through the cracks for too long. If you are just starting your Amazon business, setting up a solid accounting foundation is more important than you probably think. But accounting for Amazon sellers is generally more challenging, which makes it fun! (at least for us gurus). We know that accounting for a typical business is quite boring. Your Amazon Business is Now Setup for Success Accounting Is Key for Successful Amazon Sellers ![]()
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