A Complete Review of QuickBooks for Amazon Sellers

As an Amazon vendor, it is your responsibility to oversee the financial operations of your company and ensure that you are in compliance with all applicable tax regulations. The problem is: you didn’t start your business to be busy working on boring financials all day!

Fortunately for you, QuickBooks make the process easier to manage by simplifying a lot of your financial responsibilities. Because of this, keeping an eye on the money coming in and going out of your business will be a whole lot easier for you.

_{What is QuickBooks?}

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The bookkeeping software known as QuickBooks is intended to assist businesses in managing their accounts, including their revenue, expenses, and inventory levels. For Amazon sellers, QuickBooks can be particularly helpful in keeping track of sales, fees, and other financial transactions related to their Amazon business.

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Related: What Is QuickBooks & What Does It Do?

_{Features of QuickBooks for Amazon Sellers}

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QuickBooks is a type of accounting software that provides its users with a variety of features specifically designed to satisfy the requirements of Amazon vendors in terms of bookkeeping. The following is a list of the most key features, along with how they function:

_{Sales tracking:}

‍QuickBooks allows Amazon sellers to track their sales automatically. This feature ensures that sellers can keep an accurate record of their sales, and they can easily monitor their profits and losses.

_{Expense tracking:}

‍With the help of this feature, Amazon vendors are able to keep tabs on their various costs, including the cost of products sold, delivery fees, and any other costs that are connected to their Amazon business. Sellers can gain an accurate picture of their business expenditures and improve their ability to make educated decisions by monitoring their expenses.

_{Inventory tracking:}

‍Amazon vendors are able to keep track of their stock through the use of the inventory monitoring features provided by QuickBooks. This function not only assists vendors in keeping track of the expenses associated with their merchandise, but it also has the capability of automatically adjusting inventory amounts in response to sales.

_{Automatic bank feeds:}

‍ QuickBooks has the capability to connect automatically to the bank accounts and credit cards of Amazon vendors in order to document transactions. This makes the process of reviewing bank statements much easier.

_Reports:

QuickBooks offers various reports that Amazon sellers can use to monitor their business's financial health, such as profit and loss statements, balance sheets, and cash flow statements.

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These QuickBooks features will benefit Amazon sellers immeasurably. For instance, sales tracking enables sellers to have an accurate view of their sales, while expense tracking helps them to identify areas where they can cut costs. Inventory tracking can prevent overselling or underselling of products, while automatic bank feeds can help sellers reconcile their bank statements with ease. 

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Related: What Can QuickBooks Do?

_{How to Integrate QuickBooks with Amazon}

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Integrating QuickBooks and Amazon requires connecting the two software programs in such a way that they can function together without any issues. Here is how to incorporate QuickBooks with Amazon, and why doing so is beneficial for vendors on Amazon: 

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• First, sign up for QuickBooks if you haven't already done so.
• In QuickBooks, go to the "Apps" menu and search for the "Amazon Marketplace" app.
• Click "Get App Now" and follow the instructions to connect your Amazon account to QuickBooks.

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_{Benefits of integrating QuickBooks with Amazon:}

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• Accuracy: By integrating the two programs, there is less chance of errors or double entries, making accounting more accurate.

• Real-time data: Integrating QuickBooks with Amazon means that all sales, expenses, and fees are automatically updated in real-time, which helps sellers stay up-to-date with their business finances.

• Streamlined accounting: Integration can streamline accounting processes for Amazon sellers by automatically reconciling bank transactions, tracking inventory, and generating reports.

• ‍Time-saving: Integrating QuickBooks with Amazon can save Amazon sellers time and resources, and eliminates the need to manually enter data into QuickBooks.

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_{QuickBooks Plans and Pricing}

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QuickBooks offers various plans and pricing for its software, and each plan comes with different features. Here's an overview of the pricing plans and the features included in each plan:

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Self-Employed: This plan costs $15 per month and is best suited for freelancers and independent contractors. It includes features such as mileage tracking, invoicing, and expense tracking.

Simple Start: This plan costs $25 per month and is suitable for small businesses with basic accounting needs. It includes features such as income and expense tracking, invoicing, and receipt capture.

Essentials: This plan costs $40 per month and includes features such as bill management, time tracking, and multiple users.

Plus: This plan costs $70 per month and includes all the features of the Essentials plan, plus inventory tracking, project management, and the ability to prepare 1099s.

Advanced: This plan costs $150 per month and is suitable for larger businesses with more complex accounting needs. It includes all the features of the Plus plan, plus smart reporting powered by Fathom, and the ability to set up custom user permissions.

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Related: QuickBooks for Small Businesses: Which Version Do You Need?

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For Amazon sellers, the most suitable plan would depend on the size and complexity of their business. The Simple Start plan is an option that could be suitable for use by smaller companies whose bookkeeping requirements are fairly simple. In addition, bigger companies with more complicated bookkeeping requirements may find that the Plus or Advanced plans, which include features such as inventory monitoring and project management, are more suited to their needs. 

When choosing a QuickBooks cost plan, sellers should think about their financial needs and how much they have to spend.

_{Pros and Cons of QuickBooks for Amazon Sellers}

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Here are the pros and cons of using QuickBooks for Amazon sellers:

_Pros:

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• Streamlined accounting: It can streamline accounting processes for Amazon sellers by automating many tasks, such as sales tracking, expense tracking, and inventory management.

• Accurate financial reporting: By using QuickBooks, Amazon sellers can generate accurate financial reports, such as balance sheets and profit and loss statements, which can help them make informed decisions about their business.

• Integration with other software: This software can integrate with other software programs, such as Amazon and Shopify, which can help Amazon sellers manage their business finances in one place.

• Time-saving: It will save Amazon sellers time by automating many tasks, such as data entry and bank reconciliations.

• User-friendly interface: QuickBooks has a user-friendly interface that makes it easy for Amazon sellers to use and understand their accounting data.

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_Cons:

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• Cost: This can be expensive, especially for larger businesses that need more features.

• Learning curve: QuickBooks can have a learning curve, and some users may need training to use the software effectively.

• Software limitations: It may not be able to handle all of the accounting needs of some Amazon sellers, especially those with complex businesses.

• Technical issues: As with any software program, QuickBooks can experience technical issues or glitches that can disrupt accounting processes.

• Customer support: Some users have reported issues with QuickBooks' customer support.

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_{What Are The Alternatives to QuickBooks for Amazon Sellers}

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Although QuickBooks is a widely used bookkeeping software choice for Amazon vendors, it is possible that this choice is not the best option for every company, and Xero, Zoho and Wave are potentially good options to consider. When choosing the best accounting software solution for their businesses, Amazon vendors should think about their unique accounting requirements, how much money they are willing to spend, and the features that are available in the various accounting software choices.

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