Selling via Amazon continues in its growth so you will benefit from engaging an experienced FBA seller accountant. Changes to working and shopping practices because of the current pandemic will likely mean that they will increase its market share, therefore making it more attractive for those selling products online to join its FBA seller program. Before the pandemic, Amazon’s third party sales increased 1.6 times faster than their direct sales.
If you are looking to accelerate your sales on Amazon a great way to do that is to get customer reviews. You will also need to keep track of what is selling on Amazon as well as price your product so that it is attractive for buyers and at the same time make you a decent return. You will also need to ensure you have products in stock.
There are lots of software vendors that can help you do this for your amazon business. We would recommend you look into eComEngine software, this company helps you to do the above and has lots of positive customer reviews. Do your research to find what is best for your business.
There are millions of businesses across the world selling on Amazon, but only a few of them end up being successful. You need to make sure you stand out, not just by being competitive, but by also having the right visibility, strategy and pitch in place. Keep an eye on your niche and see what your competitors are doing. Stay up to date with the trends in your industry, and any updates that Amazon rolls out.
Stock maintenance is key – no one likes it when their order gets cancelled, so your priority is to make sure your customer is happy at all times. Keep your inventory in check, use professional tracking systems, finance tools and accountants to help you out. It’s better to ask for help sooner rather than later. A happy customer means happy reviews for your service, so you can devote your energy to more important tasks.
Update your product details, and make sure they are search-engine optimised. Online customers have to sift through an endless list of items, so you need to be visible at the top. Use keywords that you know your customers will search for and that describe your item in as much detail as possible. Many factors can influence a customer’s decision so pay close attention to dimensions, weight, colour and size. Use professional images that stand out. Show off your product and instil authenticity in the customer’s mind. Grainy pictures will not cut it. Customers will zoom in and look for every angle possible since they don’t have a physical item to inspect. Cover all your bases to be prominent and run a successful Amazon store.
Selling on Amazon has its complexities. Understanding their settlement documents can be daunting and time-consuming even if you sell only in the UK. Imagine what settlement documents look like when you sell in multi jurisdictions. The complexity increases when you have to be VAT registered as well as sell in multi jurisdictions. Engaging an experienced accountant in allows you to take the stress out of dealing with the accounting, bookkeeping and tax issues, enabling you to focus on sourcing and selling products that make you a profit, dealing with clients and managing your reputational risk.
Finance Equation provides cutting edge cloud accounting solutions to the ecommerce sector . We use an array of add-on apps that make life easy for any seller. Most clients, individuals and limited company, will need the following services:
Our specialist team can help you with the above, but importantly we find that clients don’t always know how they might be able to improve their profit margins, the best way to take money out of their companies for personal use in a tax-efficient manner.
We have experts in cloud and online accounting and will help you extract your profit in the most tax-efficient manner allowing you to have more cash in your pocket. We are also pro advisors for Quickbooks and Xero. A general rule for expenses, for which you can claim tax relief, is they must be 100% for business purposes.
The list below highlights a selection of the expenses you can claim in your business. The list is not exhaustive:
Before one of our 7 figure amazon seller clients came to us, they were using excel spreadsheets to manage their business. Every month they would have to process over 18000+ of data lines in excel. They were not able to account for VAT on purchases accurately, because they could not create a system to keep their purchase invoices that worked for them. It was a husband and wife team and it took them two weeks a month to sort out their finances.
They were fed up and stressed with the amount of time they were spending on admin. Within 5 months of being our client we transformed their admin to the point where they now only must spend less than a day a month on admin. Their stress has substantially reduced in this area of their business. Our specialist amazon business accountants helped them to make their admin almost 100% paperless. They no longer need to deal with excel spreadsheets.
Their amazon seller account is linked to their cloud accounting system, so sales and amazon charges data are uploaded to the cloud accounting system with the click of a button. Our online accountants are A2X software partners, which means we get priority support from A2X and are trained on how to use it so that it makes a big difference to your business. We created an email address for them, and they now email all their purchase and expenses invoices to this email address and then do not need to worry about the paperwork.
They are confident that they now reclaim all the VAT they have paid. The net result for their business is that they have had the time to improve their product research and purchasing, service their clients effectively and have managed to increase sales by 51% with the profit increasing threefold.
Finance Equation Ltd are award-winning chartered certified accountants. We have received awards from AI Global awards & Corporate Vision Magazine awards for booking & tax 2016/17/18/19. We agree our prices upfront, so you won’t get any surprises. Contact us for a no-obligation consultation to see how we can help your business to grow.
Our team of specialist award-winning amazon seller accountants experts can take your Amazon store to the next level. We have more than three decades of experience in delivering personal and business accounting services, and the fast-paced evolving e-commerce world is where we excel. Whether you need professional help with the legalities or simple accounting of your books, Finance Equation tailors our services to suit your needs personally.
Whether you are a start-up or a small business, the more you grow, the more complicated your finances are going to get. When you reach a point where total accuracy is paramount, that’s where we step in. Our team will support you as you grow and encounter difficult financial obstacles. We believe in taking a proactive approach to our client’s financial health by staying up to date with trends and keeping the right systems in place to ensure your business runs smoothly over the long term. By leaving the financial side of things to our expertise, you can concentrate on other core areas of your business.
Choose from a wide range of accountancy plans that best suit your business. From cloud-based accounting plans to bookkeeping, and even managing your payroll and sales tax – our team will make sure you get support 24/7 wherever you are. Today’s unstable financial environment calls for experts who can guide you confidently and work across a global digital audience seamlessly.
Reach out for a consultation today and take your Amazon store to the next level.
The Finance Equation Ltd is a company registered in England & Wales. Company number 05116983. Business address: Finance Equation Ltd, 334 Ley Street, Ilford, Essex, IG1 4AF.
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