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Bookkeeping for Amazon Sellers
With over 9+ years of experience, we are a trusted partner for accounting and bookkeeping services in the US. Whether you’re a startup, a small business, or an established enterprise, our services can meet the unique needs of your industry. Our deep understanding of US regulations and best practices can empower your financial journey and drive you toward long-lasting success!
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Bookkeeping and accounting for Amazon sellers in the US
- Are you an Amazon seller in the US, and managing your finances is challenging? Do you need help with keeping track of inventory, calculating COGS, taxes, and other expenses? If so, you’re not alone. Many Amazon sellers need help with bookkeeping and accounting. However, outsourcing these services can be a game-changer for your business. We’ll delve into what bookkeeping and accounting are, why they’re essential for Amazon sellers in the US, the benefits of using an Amazon bookkeeping and accounting service, and how to choose the right one for your needs!
- As an Amazon seller in the United States, it’s essential to understand the fundamentals of bookkeeping and accounting to manage your business finances effectively. Keeping accurate records and understanding your financial position is crucial for making informed decisions, complying with tax obligations, and evaluating the profitability of your Amazon venture. In this introduction, we’ll cover the basics of bookkeeping and accounting specifically tailored for Amazon sellers in the US.
Essential Bookkeeping Concepts For Amazon Sellers: Revenue, Expenses, Inventory, Tax Considerations, And Software Solutions
Bookkeeping Basics
Bookkeeping involves recording, organising, and maintaining your business’s financial transactions. It provides the foundation for accurate accounting and financial reporting. Here are key bookkeeping concepts:
- Revenue: Record all sales made on Amazon, including product sales, shipping fees, and any other income related to your business.
- Expenses: Track all expenses associated with your Amazon business, such as product costs, shipping fees, advertising expenses, professional fees, software subscriptions, and any other relevant costs.
- Inventory: Maintain detailed inventory records, including the cost of goods sold (COGS), purchases, and ending inventory values. This is crucial for accurate financial reporting and tax calculations.
- Bank Reconciliation: Regularly reconcile your Amazon seller account deposits with your bank statements to ensure accuracy and identify any discrepancies.
Accounting Principles
Accounting involves analysing, interpreting, and summarising financial data to gain insights into your business’s economic performance. Here are a few accounting principles to understand:
- Accrual Basis vs Cash Basis: The accrual basis of accounting recognises revenue and expenses when earned or incurred, regardless of when the cash is received or paid. The cash basis recognises income and expenses only when money is received or paid.
- Chart of Accounts: Create a chart of accounts to categorise your revenue, expenses, assets, liabilities, and equity. This helps you organise your financial data and generate meaningful reports.
- Financial Statements: Prepare essential financial statements like the income statement (the profit and loss statement), balance sheet, and cash flow statement. These statements show your business’s financial performance, position, and cash flows.
Tax Considerations
Understanding your tax obligations as an Amazon seller is vital to avoid penalties and ensure compliance. Here are key tax considerations:
- Sales Tax: Determine if you have a sales tax nexus in the states with a significant presence or meet specific criteria. Register for sales tax permits, collect sales tax from customers in applicable forms, and remit the collected taxes to the respective tax authorities.
- Income Tax: Report your Amazon business’s income on your tax return if you operate as a sole proprietorship or report it separately if you work as a corporation or other business entity. Understand deductions, credits, and other tax benefits available to you.
- Inventory Valuation: Choose a suitable method (e.g., FIFO or LIFO) for valuing your inventory for tax purposes. This affects your cost of goods sold and your taxable income.
Software and Professional Help
Consider using accounting software designed for Amazon sellers to streamline your bookkeeping and accounting processes. Such software can automate data entry, track sales and expenses, reconcile accounts, and generate reports. Hiring a professional accountant or bookkeeper with experience in e-commerce and Amazon selling can provide valuable guidance and ensure compliance with tax regulations.
Benefits Of Choosing Meru Accounting As A Bookkeeping Partner
Meru Accounting specialises in providing bookkeeping services tailored to Amazon sellers. Our team of experts has in-depth knowledge and understanding of the unique financial challenges Amazon businesses face. This expertise ensures accurate and comprehensive financial management for your Amazon venture.
Attention and Expert Advice: Meru Accounting offers personalised attention to your business’s financial needs. We take the time to understand your specific requirements and provide tailored solutions. With our expert advice, you can make informed decisions and optimise your financial performance.
Meru Accounting covers all aspects of financial management for Amazon sellers. We can help you with inventory and cost of goods (COGS) tracking, expense management, tax compliance, and more. By outsourcing these tasks to Meru Accounting, you can focus on other critical aspects of your business.
Meru Accounting provides cost-effective services without compromising quality. We offer competitive pricing options suitable for Amazon sellers, ensuring you receive value for your investment. Additionally, our use of cloud-based accounting software like Xero or QuickBooks Online allows for efficient remote work, enabling us to handle your accounts from anywhere in the world.
Tax compliance is crucial for Amazon sellers, and Meru Accounting ensures you stay on the right side of the law. We have expertise in local tax regulations and can help you navigate complex tax obligations. By relying on Meru Accounting, you can avoid penalties and ensure your tax filings are accurate and timely.
By outsourcing your bookkeeping needs to Meru Accounting, you save valuable time and resources. Handling bookkeeping in-house can be time-consuming and may require hiring and training additional staff. Meru Accounting takes care of these tasks, allowing you to focus on growing your Amazon business while reducing overhead costs.
Meru Accounting has a proven track record of providing reliable and trustworthy services. Positive customer reviews and testimonials back our reputation in the industry. By choosing Meru Accounting, you can have peace of mind knowing that your financial management is in capable hands.
Selecting Meru Accounting as your bookkeeping service provider offers expertise in Amazon business, personalised attention, comprehensive financial management, affordability, tax compliance, time and cost savings, and trustworthiness. These benefits make Meru Accounting a top choice for Amazon sellers seeking reliable and efficient bookkeeping services.
How Does Meru Accounting Help Amazon Sellers With Bookkeeping Services?
Meru Accounting is undoubtedly an excellent option when choosing a reliable bookkeeping service provider for Amazon sellers. We specialise in providing high-quality bookkeeping services that cover all financial management needs for Amazon businesses.
Meru Accounting can help you manage your inventory and COGS while keeping track of all expenses, including taxes. Our team of experts provides personalised attention and expert advice tailored to your company’s requirements.
Our services are affordable yet efficient; we use cloud-based software like Xero or QuickBooks Online, which allows us to work on your accounts remotely from anywhere worldwide. Also, Meru Accounting ensures compliance with local tax regulations, so you don’t face any trouble.
When managing finances effectively as an Amazon seller in the US market today – there is no better choice than outsourcing/offshoring these tasks with a trusted partner such as Meru Accounting, who can deliver exceptional results at reasonable rates without compromising quality or reliability!
Conclusion
Bookkeeping and accounting are essential for Amazon sellers to keep track of their finances and ensure that they are making informed business decisions. Outsourcing these services to a reputable provider can save time and money and prevent costly mistakes. When choosing an Amazon bookkeeping and accounting service, consider factors such as experience with e-commerce businesses, customer reviews, pricing options, and the level of support provided.
By outsourcing your bookkeeping and accounting needs to Meru Accounting, you can focus more on growing your business while leaving the financial aspects in capable hands. Remember to keep accurate records of inventory costs (COGS), taxes owed or collected from customers, and expenses related to running your business, such as advertising or shipping fees.
Investing in professional bookkeeping and accounting services is a wise decision that will help you make informed decisions about your eCommerce business’s growth. By keeping up-to-date records of all transactions through outsourced experts like Meru Accounting – you’ll be able to stay ahead of the competition without worrying about financials!
Hiring Virtual Accountant With Meru Accounting
Meru Accounting provides world-class services that cater to all the needs of cloud accounting and bookkeeping of your business.
We work on the best accounting software like Xero and Quickbooks, as well as add-ons that will make sure all your work is up-to-date.
We also manage VAT, BAS, Sales Tax and Indirect taxes for you so you are always ready at the end of the financial year.
Help you with switching from your traditional software to Xero and Quickbooks.
- Cost-saving.
- Access to skilled and experienced professionals.
- Better management of books of accounts.
- Decreased chances of errors.
- Improve business efficiency.
- De-burdens in-office employee’s dependency.
- Better turnaround time.
We work on virtual technologies like Team Viewer, Virtual Private Network (VPN) to share and access data from your system.
You have to share your accounting software login details.
Through that, we complete all of your work and update it on the cloud, so you can have access to your data from anywhere and at any time.
Software is not a barrier for us. Due to our strong and professional accounting knowledge, we can prepare your books in almost any of the accounting software
Our experts are always all ears to listen to your queries regarding bookkeeping and accounting or our services. You can contact us anytime by visiting: Contact Us page.
We provide our bookkeeping services at the rate of US $10 per hour. So, you only need to pay for the amount of time actual work is done.
We take certain preventive measures to secure your data, like:
- Cyberoam Firewall to prevent any kind of foreign threat.
- Dual-step authentication
- Implement anti-virus
- Limit user access so that login details are with a few people.
Meru Accounting work on some of the best accounting software’s like:
- Xero
- Quickbooks
- Netsuite
- Saasu
- Wave
- Odoo
Along with that, we also work with many add-ons like Workflow Max, Receipt Bank, Slack, TradeGecko etc., to extend your software’s capacity and improved work experience.
To book for trial, call us on our numbers or Please fill out the form here.
Our Work Information
We have combined team of Professionals. Seniors are generally Certified Chartered Accountants. Junior Bookkeepers are having Qualifications like Bachelors of Commerce, Masters of Commerce, Masters in Business Administration in the subject of Accounts and Finance, Intermediate level Qualification of Chartered Accountancy, etc.
For information visit our work methodology page.
We prepare a checklist of information required for bookkeeping and send you at timely intervals so as to ensure that we can do bookkeeping faster.
We can provide to you once we move ahead in our interview.
We serve clients on MYOB and have expertise working in Essentials, Account Rights Plus, etc.
Yes, We are presently processing Payroll for Number of clients in US , UK and Australia and take care of complete payroll activities.
Goods and Service tax (GST) is levied on sales of all the goods and services in Australia. GST is generally chargeable at 10% of value of sales.
Business Activity Statement is a predefined form to be submitted to the Australian Tax office by all the business persons in order to report on their all the tax obligations during the period covered.
BAS is generally required to be filed quarterly by various businesses.
Individual Business Owners
Yes, Owner of the business can prepare sign and lodge the tax return on his own. Its not mandatory that the Tax return needs to be signed by an EA or CPA.
No , its not mandatory that it should be prepared by only CPA or EA. It can be prepared by anyone who has PTIN.
We have Enrolled Agent who has the Authority to sign the documents for our clients after completing the through professional check.
Meru Accounting has its operational centre in India and hence the prices are quite less as compared to US based CPA’s and Enrolled Agents.
Meru Accounting has a team of Tax experts. Each Tax expert prepares around 300-400 Tax returns every year for various CPA’s in United States and Individual Businesses like yours. Due to this vast Experience and Robust Quality Check processes in place we can ensure you about correct Tax planning for your firm.
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