Since its beginnings as an online bookstore, Amazon grew, constantly adding services and functions to become the world’s largest e-commerce marketplace.
Amazon isn’t only adding own products but enables third-parties, small and larger companies as well as individuals, to sell their products and services via Amazon.
Many sellers have their own websites and distribution channels. If you are wondering why established companies would use Amazon, then the reason is the international reach. They can grow their brand and offer their products and services via an international platform.
What happens on Amazon?
Sellers get their online space to use this online platform either as a primary or supplemental place for their online sales.
What retailers need to pay attention to are the fees – these include the FBA (Fulfilment by Amazon) fees as well as storage and shipping.
Selling is high-competitive and fast-paced, and that can cause serious headache. One needs to understand and keep track of inventory, purchases, cash flow, returns and others.
What do Amazon accountants assist with?
Not every accountant understands eCommerce and the challenges related to such a high-competitive environment.
We recommend looking for a reliable accountant at the beginning of your selling process via Amazon. If you are already an Amazon seller, consider investing in accounting services. Here some reasons:
- You can focus on your core business instead of accounting and struggling to understand the numbers
- The specialists will help you to be more cost-effective and efficient
- You won’t have to worry about legal aspects of your Amazon activities, whether you are operating within the law
- The specialists will take care of bookkeeping, balance sheets, income statement
- Moreover, they will provide financial advice, assist with tax and help you to be smarter regarding legal tax strategies (long-term)
Start with a strong foundation. Our Fidatezza specialists will help you to manage everything without missing important details.
Is it important to use online accounting software?
It is as it will make your life easier. You can use either your laptop or mobile (there are apps for both iOS or Android), to be able to use the accounting software to view what’s happening! Many aspects of your business need to be completed fast: Viewing dashboard, sending invoices, approving expenses, including receipts. It’s necessary to have access to customer and supplier details, to bills and orders.
Examples of accounting software are Xero, Sage One, Intuit QuickBooks, A2X.
Moreover, Making Tax Digital (MTD) is the UK government’s move towards the use of approved software. Businesses and individuals (sole traders) will use compatible software to keep records and submit VAT.
Amazon enabled many businesses to grow exponentially. Contact our Fidatezza team for professional advice and 24/7 support: email@example.com
Top Rated Financial Adviser, 2023 Guide published in The Times