A quick legal disclaimer here: I am not an accountant; I cannot give you legal or accounting advice. All I am going to do is I am going to recommend an accounting software for you, and I am also going to recommend potentially, an accountant for UK based Amazon sellers if you are interested.
Watch the video below:
Amazon is a tricky business when it comes to going to an accountant and asking for help. Going back to 2015 when I first started my Amazon business, I scheduled four or five meetings with different accountants to ask for help in keeping me in check.
What I experienced was the accountants weren't familiar with Amazon sellers or the business model so it took a lot of explaining, and I clearly remember four out of the five accountants not giving me much confidence. I got a really good feeling from the fifth accountant, and they were open to learning about Amazon.
Fast forward two years, my account has been working with me in my business helping me make sure I do things according to the law, and I want to recommend this accountant to you if you are interested just because I know how difficult it is to learn everything!
My accountant recommended an accounting software to me, Sage One, which I was unfamiliar with. I must say, after working with Sage One and seeing what it has to offer, I'm extremely impressed, so I want to give you a quick overview of it.
I know this is a topic that confused me terribly, and it still does in many ways. It's so important for you as a business owner to make sure you meet your deadlines, and comply with the law and VAT as it is your responsibility.
If this interests you, get in touch with me and I can send you my accountant's details. He is open, honest and great in terms of availability, and you can shoot him any emails with questions you might have.
Sage One allows you to connect bank accounts, set up suppliers, your wholesalers, your retail stores. Once you've connected all your bank accounts that you use to purchase items, you can basically align those suppliers to your transactions and give different codes in terms of expenses and sales.
It gives you cash flow statements and cash flow forecasts. It also allows you to create different products and services depending on what your business is. It allows you to create customers and suppliers, invoices, and does a lot of different reporting such as VAT returns, balance sheets, and profit loss.
What I really liked about this is the fact that once it knows and learns your transactions, if you're using the same transactions coming in and out of your bank account, it starts to recognise those things. Once you are reconciling those different transactions, it's very easy depending on how many transactions you have.
I'm getting used to this, I am really learning the capabilities of this software and so far it's been great. This is just my recommendation; there may be other accounting softwares.
Let me know if you're interested in my accountant's details! He will be able to tell you a lot more about Sage One than I can. If you're now at that stage where you want to get more involved in electronic accounting and you need advice, now is the time!
Do you need an accountant? Let me know in the comments! 🙂
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