UpCounting

Amazon sellers have a lot on their plate, and keeping track of the numbers can be tough.

Luckily for you, we've put together this list with ten easy-to-use automations that will help streamline your accounting! We wrote an article on ‘The Top 10 Accounting Automations for Amazon Sellers’. 👌

Click the link below! 👇

https://upcounting.com/blog/amazon-accounting-automation/

8 Accounting Automations for Amazon Sellers If you're an Amazon seller, you'll love this list of 8 accounting automations for Amazon sellers! These processes will make keeping track of your finances a breeze.

Some people think that starting an eCommerce business means you only need a computer and internet connection, but the reality is much more complicated than this 🤦‍♂️ In order to be successful in this industry there are many different operating expenses involved including payment processing systems & inventory cost.

Here are three eCommerce operating expenses you may not have taken into account.

💻 Marketing & Advertising - When you're starting a new venture, marketing and advertising can end up costing more than expected. The average cost for this type of campaign is about 7-12% percent of revenue but some prefer to spend fixed amounts instead.

📦 Return & Refunds - The free and easy return of online shopping is one of the many reasons why it's so popular. If you have a generous policy on returns, expect people to take advantage.

👩‍💻Customer Service - Let's not forget customer support costs. You need to know how you are going to respond to customer queries over chat, email, and phone. Not to mention the costs of technology, wages, and equipment.

The importance of accurate bookkeeping cannot be overstated. It's one thing to have a solid idea and vision, but if you don't know how much money has come in or gone out on any given day then it is very difficult to make progress.

There are pros and cons to every business decisions, however let’s look at some quick pros and cons of DIY (do it yourself) bookkeeping.🤓

Pros
- You will likely have a deeper understanding of your business
- You will potentially save on the cost of hiring an accountant. 👍

Cons
- Accurate bookkeeping is not easy, so expect a learning curve with a lot more work than you think
- Bookkeeping can be time-consuming and can take away from other areas of the business 😩 Even with the help of accounting softwares like Quickbooks & Xero.

If you’re an eCommerce business owner, it’s always helpful to speak to a professional to get their thoughts on your situation. And if you’re looking to outsource your accounting and scale your business you can always reach out to us! 😇

Should I use Sales Orders, Invoices, or Sales Receipts? 🤔

The differences between an invoice, sales order, and receipts might not always be clear.

- Sales Orders are used to track and manage orders.
- Invoices are created once the order is complete and ready to be invoiced, and - Sales Receipts are used to record the actual sale/payment.

Each of these has a different purpose and use, so it's important to choose the right one for your needs.

If you're tracking orders, then Sales Orders would be the best option. This way you can keep track of what's been ordered; when it was ordered, and who placed the order.

You can also add in notes about the order, such as special instructions or requests.

Once the order is completed and ready to ship, then you can generate an invoice and receipt.

Shopify is a great way for eCommerce businesses with limited budget finances to get started. 🙌

However, businesses tend to struggle with managing debts or operating expenses from the beginning - which can be daunting if you're just getting your feet wet!

To help out those new Shopify sellers we wrote this article detailing some important tips. 👌
https://upcounting.com/blog/shopify-accounting/