If you are an Amazon seller it can be a bit of a minefield in terms of where to find the correct information and how to report it in the correct way in particular for the information your accountant may need and for any VAT return submissions.
There are some really simple and easy to use tools that can make the process really straightforward.
First of all using an accounting software such as Quickbooks or Xero. They are really user friendly and some of the features they include are:-
- Bank feeds – they link in directly to your business bank account and draw in the transactions directly into the software. No more manual bank input!
- Automated matching – Once your bank feed is up and running you can match the bank transactions to any sales and purchase invoices you post automatically by setting up rules.
- Easy reporting and analysis – Reports on profitability, outstanding invoices and detailed transactions on a ‘real time’ basis helping you to stay on top of the numbers.
If you are specifically selling through Amazon then there is a really handy application called A2X. Please see http://www.a2xaccounting.co.uk
This draws in the information directly from Amazon and then at the press of a button it sends information over into Quickbooks.
In Quickbooks you will then have the correct split between, Sales, VAT, FBA fees and seller fees.
If you wish to go a step further you are also able to add in your SKUs directly into A2X which you can then use to manage your cost of sales and margins.
We have partnered with both Quickbooks and A2X to be able to offer this package to any business owners selling through Amazon.
