Accounting isn’t the same thing as bookkeeping. A bookkeeper handles operational tasks of a business, such as documenting costs, completing month-end closings, recording transactions, and processing payments. An Amazon accountant, on the other hand, has much more to work with. He can help you make the right decisions if you are planning to expand your business. An Amazon accountant analyzes your Amazon books to make you aware of divergences and trends to optimize your business activities.
Most importantly, he is aware of the tax laws prevalent in Australia. He can help before the accounting year ends to file for taxes. Additionally, he will also review your credits and deductions that your business may be entitled to. His main job is to make your life easier as an Amazon FBA seller.
Expectations from an Amazon accountant
Many online companies provide Amazon FBA accounting. But what should you expect from one of the accountants? Here’s a quick rundown of what you should keep in mind:
• Qualification in accounts. Education is crucial when it comes to handling your books of accounts. The accountant should know how to prepare profit and loss accounts and balance sheet of your business. These records are crucial to forecast your business’s profit margins for the next quarter.
• The next thing that an account brings to the table is his experience. An experienced Amazon accountant can handle your accounting books flawlessly. There are fewer risks of making mistakes. Moreover, he knows the entire system like the back of his palm. This saves a lot of money and tension because you know that the accountant will do a good job.
• Hiring an Amazon accountant is actually cost-effective. You may want to save some money upfront by hiring an amateur accountant. But what if he makes a mistake and you end up losing a significant amount of money? He may not even know the Amazon accounting process by heart. A little knowledge is a dangerous thing, especially when it comes to accounting.
• The accountant will also be able to manage deadlines than other accountants because he knows the Amazon accounting procedure.
Why hire an Amazon accountant?
Anyone who is into Amazon FBA knows that there are tons of opportunities to expand their business. But once you expand your business, you also need to ensure that you have updated accounting books. From customer service to handling returns, you already have a lot on your plate to handle. Taking the responsibility of accounting may be too much for you. And that’s why you should hire an Amazon accountant who can take care of the finance part on your behalf.
Preparing accounting records isn’t easy. And it should always be done by someone experienced and knows the nuances of the trade. An Amazon accountant brings that experience, thus eliminating the risks of making mistakes in your accounting books.
Therefore, the sooner you hire an Amazon accountant, the better it is for you and your company. You, on the other hand, can focus on expanding your Amazon business and leave the accounting part in the hands of a professional.