Accounting & inventory management? What do you use? Software or accountant?
Hi all - hope you’re well.
We’re selling on Amazon and have a couple of products that seem to be doing nicely. It started off as a bit of an experiment and it’s slowly turning into a bit of a small business.
With all of this comes a lot of numbers to keep track off. I’m looking to understand net profit, gross profit (after Amazon fees etc + COGS) and keep tabs on inventory management.
I see there’s Quickbooks Commerce and also A2X - what does everyone use?
Seller_esvgLzKXw2YAl
A lot will just use a spreadsheet to start with, but as you gradually get bigger, there are various software packages out there.
If you have an accountant, then I would suggest that you go with whatever they recommend, as it usually comes with a discount.
Inventory management is fairly easy to look after, at least until you start to grow and you are using multiple places to sell.
But again, lots of software out there that will do this for you, at a cost.
I wouldn’t worry too much initially about getting an accountant, as long as you understand how to keep records and your tax situation is fairly simple. Though once you start to hit the vat threshold, you will probably want to engage one.
Seller_7VbclcPFFRTnc
Just to check then that as well as being registered with HMRC as either a sole trader or ltd, you’re also registered with amazon as a business seller ?
