2020-02-11 13:40:14 Self Employed English Integrate QuickBooks with your client's Amazon store to manage their business more effectively. Discover the benefits of using QuickBooks &... https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2019/01/Amazon-Sellers-Integration-Feature.jpg https://quickbooks.intuit.com/ca/resources/self-employed/why-amazon-sellers-need-quickbooks/ 7 Reasons Why Amazon Sellers Need Quickbooks

7 Reasons Why Amazon Sellers Need Quickbooks

5 min read

If you’re looking to organize your books and accounting for your Amazon business, QuickBooks Online is a great option. This robust accounting software will give you significantly more control over your finances and Amazon business as a whole.

With a quick download of a third-party app you can combine the information from your Amazon seller account with your QuickBooks data for a true snapshot of the financial health of your business.

Use QuickBooks to monitor cash flow, gauge your true profits, manage your inventory, and more. Discover why so many Amazon sellers are choosing to use Amazon and QuickBooks together.

 

Best Apps for Amazon Integration with QuickBooks

 

  • A2X for Amazon: One of the most popular Amazon integration apps, A2X will automatically sync your latest Amazon transactions and post summarized transactions to your QuickBooks account.
  • Amazon Accounting & SKU Profitability for QuickBooks: Sync your Amazon SKUs to QuickBooks inventory, receive a report that will give you a real-time look at your SKU profitability on Amazon, and this app features a unique automatic reconciliation algorithm that guarantees correct imports.
  • Taxomate: Taxomate allows Amazon sellers to import their sales, fees transactions, and summarized reports to their QuickBooks Online account. It will also allow you to track the cost of goods sold and reverse charge VAT right in the app.
  • Amazon by Connex: Amazon Connex will allow you to automatically sync orders, inventory, and fees, while it easily reconciles sales to your QuickBooks account.

As an Amazon seller you are now ready to an accurate and complete look at your business financials. Here are some more benefits of integrating Amazon account with QuickBooks online.

 

Benefits of Amazon & QuickBooks Integration

 

1) Handle International Currencies

The beauty of Amazon is that people can sell their products worldwide, helping them to reach a massive market, but by accepting multiple currencies, bookkeeping can get complicated.

QuickBooks makes it easy to accept international payments, record transactions in multiple currencies, and adjust your reports to reflect the changes in Canadian dollars. QuickBooks also automatically accounts for the exchange rate, helping you to track their expenses and profits in real-time.

2) Manage Your Inventory

QuickBooks Online is the ultimate inventory management tool, whether you’re selling your own products or drop-shipping. You can simply create a master inventory list, and then sync your products across all of your Amazon sales channels and warehouses. If you need to know when it’s time to replenish your stock, QuickBooks will give you an automatic notification when your inventory is low.

If you want to know which products are selling well and which to discontinue, QuickBooks provides comprehensive data that makes smart reordering a breeze. QuickBooks Online also tracks all lost, damaged, or defective products, so you can keep track of your inventory right down to the item.

3) Automate Transactions

Are you looking for an easy way to streamline bookkeeping? QuickBooks automates the process entirely so you can focus on other details. Every time you make a sale or issue a refund, that transaction is recorded automatically, and the totals adjust. Not only does this accounting method save you a substantial amount of time and effort, but it’s unparalleled in its accuracy. Never worry about making a typo again.

4) Track Your Store’s Performance

QuickBooks makes it easy to generate reports which means you can monitor your cash flow more efficiently so you can make informed business decisions. If you need to check to see if you hit your sales goals for the month, QuickBooks runs a report so you can view that data instantly with the click of a button. Once the goal is reached, you might want to order more inventory.

Or, if you’re still short, you might want to wait. These reports help you make smart decisions for their Amazon businesses. You can even create a budget using last year’s data, or you can create a budget from scratch.

In addition to helping manage your spending and budgeting efficiently by using concrete data to influence your decisions, QuickBooks provides incredibly valuable insight that helps improve your approach to marketing in order to boost sales on Amazon.

Do customers from a certain region buy more products? Do they sell more of some products during certain seasons? Do customers buy one product at a time, or do they tend to buy in bulk? QuickBooks makes it easy to analyze this type of data, empowering you to improve your sales and grow your Amazon store’s bottom line.

5) Calculate Sales Taxes

One of the most important pieces of self-employed advice is keeping track of sales tax is absolutely essential. QuickBooks simplifies tax preparations by automatically calculating GST, HST, PST, and QST sales taxes. You can also enter in your own custom tax rate. QuickBooks also provides real-time reports on what you and your customers owe, and the software even reminds you when there’s an approaching tax deadline.

6) Collaborate with Business Partners

Not all Amazon sellers work alone and keeping the whole team on the same page is crucial. You can give your accountant and employees access to certain features so you can all collaborate more effectively. QuickBooks also allows customizable access so only those with proper credentials can view your books, and you can share reports without sharing login information.

Besides just allowing multiple users, QuickBooks Online features powerful payroll and time-tracking features so you know exactly how long your team members work and what they owe each employee for their time. You can enter employee hours on their own or provide them with access to enter their own time.

You can also use optional payroll features to pay employees with direct deposit. The software even handles all applicable taxes to cover you and your employees when tax season rolls around.

7) Enjoy Convenient Cloud-Based Data Management

Because QuickBooks Online is cloud-based accounting software, you can rest easy knowing that your data is secure. Even if you damage your hardware, you can simply log in on another device and regain access to all of your information with just a click. Additionally, because the data is stored on offsite Intuit servers, you can access your data from anywhere.

Whether you want to keep up with your Amazon store while you are on vacation, or sometimes work remotely, you can just log in and you’re good to go. Using cloud accounting software also ensures that you always have the latest up-to-date software with no manual downloads and updates required.

As you can see, Amazon and QuickBooks Online go hand-in-hand. Getting started is fast and easy, and you can even take advantage of the free trial so you can make sure the software is right for you and your small business needs.

5.6 million customers use QuickBooks, and that number is growing every day. Join them today to help your business thrive.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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