About 50% of Amazon’s 2019 total revenue came from their third-party seller program. More and more businesses are setting up shop on the platform to take advantage of Amazon’s trusted brand, class-leading logistics technology, and enormous traffic. This means the competition among Amazon Fulfillment by Amazon (FBA) sellers is not only stiff, but it will only get more challenging for sellers moving forward. Any advantage you can bestow your business is a welcome advantage.
Hiring an Amazon accountant or bookkeeperwill give you a competitive advantage in the face of fierce competition. Having the right bookkeeping and accounting systems and personnel in place will help you make better decisions about your business.
That being said, it is essential to note that hiring a run-of-the-mill accountant will help your cause in improving business performance. In fact, hiring an accountant with little to no experience in Amazon accounting might prove detrimental to your business. So, the big question is, how do you find an Amazon Accountant or bookkeeper who will help steer your company to greater heights?
To find an Amazon accountant or bookkeeper that fit your needs, first understand what to look for in an Amazon accountant. You also need to know the services you need, and finally, you need to know where to look for accountants.
Consider The Variety Of Services The Account Offers
While the terms accounting and bookkeeping are used interchangeably, they define different types of services. Many Amazon accountants offer accounting and bookkeeping services. They are trained to offer professional accounting and bookkeeping services for Amazon FBA sellers. On the other hand, bookkeepers specialize in bookkeeping and do not offer accounting services more often than not.
Therefore, it is crucial to understand the distinctions between the two terms/professions and choose the best service provider for your particular needs. Understanding whether you need account or bookkeeping services will steer you into the right path of finding the right firm or people.
What To Look For In Amazon Accountant
The second important element to consider is what to look for in an Amazon accountant or bookkeeper. Naturally, the goal is to find an accountant or bookkeeper with the right education and professional background. To this end, consider their:
#1. Education And Qualifications – Given that accounting and bookkeeping require two different educational backgrounds, you ought to look for firms and personnel with the right education. You can go a step further to weed-out run-of-the-mill accountants and bookkeeping by shortlisting individuals with accredited institutions. A qualified CPA will help you make the right decisions for your business. Moreover, the accountants and bookkeepers you choose should be qualified in handling Amazon FBA businesses.
#2. Experience – In many regards, there is no substitute to experience in working Amazon accounting and bookkeeping. While the core tenets of accounting and booking apply to all eCommerce businesses, Amazon accounting has its peculiarities and uniqueness. It would be best to have a firm or personnel with adequate experience in this accounting and bookkeeping niche to get the best experience and results.
#3. Technological Skills – Considering Amazon FBA businesses are purely online businesses, the accounting and bookkeeping firm must have an intricate understanding of digital accounting and bookkeeping technology. Today the vast majority of accountants and bookkeepers use cloud-based apps and software for everything. The apps are vital for calculating cash-flow, cost of goods, profit and losses, and much more. Look for firms that make use of the latest technology in the accounting and bookkeeping realm.
#4. Cost – While it is not right to choose your accountants or bookkeepers based on cost alone, it is still a factor to consider. On matters of cost, you should endeavour to get the best return on investment. The cost of the services should meet your expectations with regards to helping your business grow.
Keeping the above considerations in mind as you look for an accountant or bookkeeper will guide you to choosing a capable firm. At Infinity 22, we tick all the right boxes. With an intricate understanding of the eCommerce spaces and the accounting and bookkeeping requirements for an Amazon business, we are the right firm to entrust your business to.