Tracking your income and expenditure within your business is not easy. This is why Amazon accounting software is one of the things you need as an amazon seller business owner. That said, below are the 6 best apps you can use to help you with your accounting needs. They apply to all amazon seller businesses, whether large or small. Here they are:
A2X – Link Amazon to Xero
A2X is one of the most useful applications in the E-commerce world. It is used by very many Amazon seller users and is ranked as one of the most efficient accounting software. It ensures accuracy in how your financial statements are processed, enabling you to make sound business decisions using financial information.
With the A2X application, you will not worry about the accounting needs of your business. It gives you peace and confidence to focus on other parts of the business. Since you cannot be a jack of all trades, you can master business and leave the accounting to A2X which links Amazon to Xero, the application we’ll look at next.
Xero – For Accounting
Xero is designed for small e-commerce businesses. Most businesses that are run on amazon are at a small scale, and this application is the best fit for them. You can use the application from anywhere because all you need is to log in to your account with any smart device. The application enables you to pay your bills, file sales tax returns (VAT & GST too), report your financials, and many other financial activities. It is a true asset for small businesses operating online.
Xero also imports the bank statements of your business so that you can see your cash flow changes as they occur. You can empower your team to work with you on your financials by providing them with the login details. In this way, it makes work a whole lot easier. A Xero accountant can also help.
Xero – For Australia, UK, and New Zealand VAT/GST
Xero is easy and fast to use. You will love it because you do not need any special skills or knowledge to operate it. It has been set up in a way that everything is straight forward, making accounting fun. Most importantly. It saves on time, allowing you to focus on generating revenue for your business. As we always say, time is money.
Xero works best with UK, Australia and New Zealand by helping business owners lodge any indirect tax obligations such as GST and VAT returns. All you need to do is link with the relevant tax authority and lodge away. Alternatively you can engage your accountant to pull the information out of Xero and file on your behalf.
Tax Jar – For US Sales Tax
Tax is a huge issue in any business. Well, this app ensures you do not have to deal with any tax-related stresses by handling all your Sales Tax needs. The application requires you to connect your financial information with it, and it automatically calculates all your sales tax liabilities for each state that your business operates in. It also automatically files your returns for you, making sure you do not miss a deadline. Amazing, right?
Tax jar is very helpful in letting you know all the tax rates you are subject to. This helps you strategize in advance on how to price your goods and services because tax directly affects the price of goods. The calculations done by Tax jar are usually 99% accurate, which ensures you avoid fines that result from wrong tax filings.
The application also helps to calculate when your sales have exceeded the various tax threshold put in place by different states. Moreover, it guides you on what to do to ensure you comply with all tax regulations of the states that your business operates in. It also gives you timely notifications of the things you need to do regarding your tax needs.
Profit Bandit- Product Research
Profit Bandit is amazing product research software for online businesses, especially now with its newly introduced features. When you are reviewing anything using Profit Bandit, it automatically searches for related information to what you are reviewing. If you are looking into how you need to price your products, the application displays to you what the competitor prices are. This helps you position your products in the market to be more attractive than those of competitors.
Profit Bandit takes your research needs to the next level by providing you with all the relevant information within seconds. It generates historical graphs showing price comparisons, as well as sales revenue trends at different prices. This application is very useful if you want to thrive as an Amazon Seller.
Feedvisor – Automated Pricing
This application helps you to take your brand on Amazon to the next level. It helps you identify market segments that your business needs to focus on to thrive. It also analyses your performance in different market segments showing you the areas you need to improve on optimizing your profits.
The application tracks the promotional activities of competitors and hence gives you ideas on how you need to strategize to beat completion. It also provides customized reports for your business, enabling you to make informed business decisions.
Dear Inventory- Inventory
Amazon seller business must track all their orders to make sure they are serviced on time. This can be hectic, especially for a business receiving many orders for different products. Dear Inventory has been designed to eliminate all Inventory related stress. How convenient is that?
The application allows you to manage your orders from any location and in real-time. This makes you do business more efficiently, and it saves you a lot of time. It also helps you with pre-order and backorder management, and it continuously updates your inventory levels. It also has an offline order processing feature as well as automated order processing capabilities.
With either of these applications, any business on Amazon will thrive in accounting!
Here at Infinity22 we help online brands navigate the international and domestic financial environment which is eCommerce. If you are interested in a specialised Amazon Seller Accountant please feel free to Contact Us
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