How to Utilize Quickbooks as an Amazon Seller

If you are an Amazon seller and want to improve your ability to keep track of your finances, you may want to try out some financial management software. Keeping track of your finances are just the basics of being a seller. Here are some ways that Quickbooks will make your life easier when selling on Amazon:

International Currencies

Amazon is available internationally, meaning that sellers can sell and ship their products worldwide. What this also means is that sellers need to have the ability to accept multiple currencies. With Quickbooks, you will have no problem accepting international payments and recording transactions in different currencies.

Managing Inventory

QuickBooks has great tools for managing inventory. Whether you are selling your own products or drop-shipping, you must have an inventory management system. Quickbook also allows you to sync all new information across platforms, meaning that anyone on your channel will be able to see updates. You and anyone else on your platform will know if there are any defects or any other updates with the inventory.

Automatic Transactions

QuickBooks will automatically record transactions, saving you tons of money and time. When customers issue a refund, it will automatically record the transaction into the system. Quickbooks will automatically reflect any changes made so that the client can be informed that their processes have been successful. Automatic transactions will make everything a lot more convenient for you.

Performance Statistics

Quickbooks is able to generate reports that will help you monitor cash flow, make business decisions, and allow you to make monthly sales goals. There are also functions for budgeting, which comes in handy for anyone that wants to make goals and make sure that you are able to pay all the bills. Making a budget is a great way to manage spending, which means you will effectively be able to analyze data, ensuring that there is healthy progress in your business. You want to make a goal, and if you surpass it, you want to be able to see that you did. It is important that you constantly keep an eye on your progress. You will only know you are truly successful if you can see it on paper statistically. 

Taxes Taken Care Of

Quickbooks is especially helpful for when tax season finally comes around. As a self-employed business, you want to make sure that you have sales taxes calculated. QuickBooks functions have these essential calculators that will automatically generate numbers for your GST, HST, PST, and QST sales tax. You can also customize your own tax rates by inputting them into the system yourself. Since you will be getting real-time reports from the system, you will be ready with all your reports for tax time! Quickbooks will even notify you when there is a tax deadline. In the case of a need for a reduction, QuickBooks allows you to scan in receipts to quickly deduct those numbers off your full bill. This way, you won't need to get a bunch of receipts and an accountant for your taxes. 

Need a Quickbooks expert or bookkeeping services in New York to help you keep track of your finances? Contact us now at Totally Booked!