Bookkeeping for Amazon Sellers
Monthly Bookkeeping, Payroll, Financial Statements or Tax returns for Amazon Marketplace Vendors and E-commerce Traders
Business Tax return filing by Certified
CPA / Enrolled Agent
(Starts at $350)
There are various applications that help in managing various business transactions that occur through Amazon. One of the state-of-the-art technologies can be managed by the automated accounting by A2x which gives a detailed insight into the sales, fees, cost of goods sold, and FBA inventory.
A major concern that many sellers often face is taxation as many of the sellers are unfamiliar with various terms such as sales tax, VAT, nexus, etc. For a clear picture, there are two main types of taxes – 1) Income tax and 2) Sales tax also known as Value Added Tax (VAT) or Goods and Services Tax (GST) in some countries.
A2X Software for Amazon Bookkeeping
Bookkeeping for Amazon Seller -The A2x software makes accounting work easier by automatically fetching the latest Amazon settlement transactions and then posting the summarized transactions to your accounting system.
Hence, giving an inclusive insight into every penny of the Amazon settlements.
Additionally, it also helps you save time in expanding your Amazon business as the software takes complete control of the accounting management.
The vital thing about software is its accuracy. Therefore, over 1000 Amazon Sellers Accounting consider it a leading and trustworthy software.
You can prepare detailed reports for Amazon business through COGS per unit, live inventory report and profitability report.
- The accounting for COGS allows you to administer your inventory by treating your product inventory as an asset until you sell the product. It also includes procurement costs, production costs, taxes and duties, listing fees, and inventory storage fees and costs.
- The live inventory and comprehensive profitability report enable you to plan and adapt to the marketplace in a smarter and faster way. It gives an edge advantage and helps make complex automation get easier.
This whole process may seem complicated. But with the use of the right software, the complete process can be in a proper system. Some of the best tools that can be used for the process are A2x for account integration and Xero or Quickbooks for accounting. These are some of the best tools to make your financial accounting seamless and profitable.
Accounting for Amazon sellers
Typical accounting is not going to work for the amazon seller, Accounting For Amazon Seller is way more challenging than the usual accounting process. If you are planning to become an amazon seller, a sound accounting base is necessary for your decision-making process. But don’t worry, you can focus more on making millions and leaving the accounting pressure to Meru Accounting.
By allowing us to provide our accounting service, you are building a strong backbone for your business. Many businesses foray into the online market via Amazon, but only a few make it up to a profitable venture, because of accurate Bookkeeping and Accounting For Amazon Sellers.
You might think of it as just a routine business activity. But think of the impact of inaccurate financial information, wrong decisions, and policies, the uncertainty of profitability on your business plus non-compliances with taxes such as Sales tax, etc., and most importantly the credibility of your business. No business can prosper without finance, it’s like blood for any business enterprise. It calls for essential financial management, which is not possible without accounting.
Crucial accounting areas for amazon seller
Usually, every business has components that part a substantial portion of their books of accounts, the same is also for Amazon sellers. But the areas that you face trouble are with sales data, inventory, COGS, and sales tax compliance. Let us understand how it cannot trouble you anymore.
Sales Data: Accurately recording the sales data is essential to determine profit accurately. You receive payments from amazon every two weeks. Small business owners and in-house bookkeepers may record the whole amount as sales.
Does it truly represent sales? No, because there are also other activities such as FBA fees, shipping charges, sales tax, returns, warehouse fees, etc. The deposit is net of all these activities on the date of receipt.
Yes, this is the loose end that needs proper classification, but if you are thinking of solving the issues manually, you will mess up with large sets of data and sell your time to bookkeeping and accounting software. Instead, we can be a great help by using the tool for automation of this process known as A2X. It connects the amazon seller account with accounting software Xero and QuickBooks. It will regularly update your books from the back end of Amazon so you can calm down.
Inventory and Cost of Goods Sold (COGS): Proper recording of inventories and COGS items according to the accountancy rule is necessary unless you make an end with a loss according to books despite the profit earned. Our professional experts with the use of A2X can update the COGS and inventory information.
Integration of professional experts can streamline the whole accounting process.
Sales tax Compliances
The compliance for the e-commerce platform is troublesome, there are various laws of physical nexus, FBA nexus, and click-through nexus to determine your tax liabilities. Getting familiar and starting might delay your business, so it is better to give us a chance.
We use a Sales Tax analytics tool that shows your sales tax exposure. It connects to your Amazon Seller Account and provides information about your nexus regarding the state’s taxes, Year wise sales detail for each state tax, and also the amount of taxes you owe for each of those states.
How can you get started with bookkeeping for Amazon sellers?
Getting started with bookkeeping for Amazon sellers involves several key steps.
Here are some steps you can take to get started with bookkeeping for your Amazon seller business:
Choose an accounting method
There are two accounting methods: cash and accrual. Cash accounting records transactions when cash is received or paid out. Accrual accounting records transactions when they occur, regardless of when cash is exchanged. Choose the accounting method that best suits your business needs.
Set up an accounting system
Setting up an accounting system involves creating a chart of accounts, which is a list of accounts used to track financial transactions. You can create a chart of accounts manually or use accounting software to automate the process.
Link your Amazon account
Connect your Amazon account to your accounting system to automatically import sales and expense data. This can save time and reduce errors.
Categorize transactions
Categorize transactions into appropriate accounts in your chart of accounts. For example, categorize sales as revenue and expenses as cost of goods sold, advertising expenses, or shipping costs.
Reconcile accounts
Regularly reconcile your accounts to ensure that your accounting records match your bank and credit card statements. This helps identify errors and ensures that your financial statements are accurate.
Prepare financial statements
Prepare regular financial statements, including income statements, balance sheets, and cash flow statements. These statements help you monitor your business’s financial health and make informed decisions.
Monitor tax obligations
Keep track of your tax obligations, including sales tax and income tax. Consider working with a tax professional to ensure compliance with tax laws.
Hiring Virtual Accountant With Meru Accounting
Meru Accounting provides world-class services that cater to all the needs of cloud accounting and bookkeeping of your business.
We work on the best accounting software like Xero and Quickbooks, as well as add-ons that will make sure all your work is up-to-date.
Help you with switching from your traditional software to Xero and Quickbooks.
We also manage VAT, BAS, Sales Tax and Indirect taxes for you so you are always ready at the end of the financial year.
When you choose to outsource your accounting work with us, it benefits you in the following ways:
- 1. Cost-saving
- 2. Access to skilled and experienced professionals
- 3. Better management of books of accounts
- 4. Decreased chances of errors
- 5. Improve business efficiency
- 6. De-burdens in-office employee’s dependency
- 7. Better turnaround time
We work on virtual technologies like Team Viewer, Virtual Private Network (VPN) to share and access data from your system.
You have to share your accounting software login details.
Through that, we complete all of your work and update it on the cloud, so you can have access to your data from anywhere and at any time.
Software is not a barrier for us. Due to our strong and professional accounting knowledge, we can prepare your books in almost any of the accounting software.
Our experts are always all ears to listen to your queries regarding bookkeeping and accounting or our services. You can contact us anytime by visiting: Contact Us page.
We provide our bookkeeping services at the rate of US $10 per hour. So, you only need to pay for the amount of time actual work is done.
We take certain preventive measures to secure your data, like:
- Cyberoam Firewall to prevent any kind of foreign threat.
- Dual-step authentication
- Implement anti-virus
- Limit user access so that login details are with a few people.
Meru Accounting work on some of the best accounting software’s like:
- Xero
- Quickbooks
- Netsuite
- Saasu
- Wave
- Odoo
Along with that, we also work with many add-ons like Workflow Max, Receipt Bank, Slack, TradeGecko etc., to extend your software’s capacity and improved work experience.
To book for trial, call us on our numbers or Please fill out the form here.
Our Work Information
We have combined team of Professionals. Seniors are generally Certified Chartered Accountants. Junior Bookkeepers are having Qualifications like Bachelors of Commerce, Masters of Commerce, Masters in Business Administration in the subject of Accounts and Finance, Intermediate level Qualification of Chartered Accountancy, etc.
For information visit our work methodology page.
We prepare a checklist of information required for bookkeeping and send you at timely intervals so as to ensure that we can do bookkeeping faster.
We can provide to you once we move ahead in our interview.
We serve clients on MYOB and have expertise working in Essentials, Account Rights Plus, etc.
Yes, We are presently processing Payroll for Number of clients in US , UK and Australia and take care of complete payroll activities.
Goods and Service tax (GST) is levied on sales of all the goods and services in Australia. GST is generally chargeable at 10% of value of sales.
Business Activity Statement is a predefined form to be submitted to the Australian Tax office by all the business persons in order to report on their all the tax obligations during the period covered.
BAS is generally required to be filed quarterly by various businesses.
Individual Business Owners
Yes, Owner of the business can prepare sign and lodge the tax return on his own. Its not mandatory that the Tax return needs to be signed by an EA or CPA.
No , its not mandatory that it should be prepared by only CPA or EA. It can be prepared by anyone who has PTIN.
We have Enrolled Agent who has the Authority to sign the documents for our clients after completing the through professional check.
Meru Accounting has its operational centre in India and hence the prices are quite less as compared to US based CPA’s and Enrolled Agents.
Meru Accounting has a team of Tax experts. Each Tax expert prepares around 300-400 Tax returns every year for various CPA’s in United States and Individual Businesses like yours. Due to this vast Experience and Robust Quality Check processes in place we can ensure you about correct Tax planning for your firm.
