Selling on Amazon isn’t the same as other businesses. Even if you have a legal accountant working for you, it is not enough because they need not know enough about Amazon businesses. So, the question remains, “what is the best accounting software for Amazon sellers?”
Many successful Amazon sellers still use Google Sheets or MS Excel though they still have to provide their accountants the documentation and information required to complete the tasks.
Here are some popular accounting software products with their benefits:
You can use QuickBooks for tracking all incomes and expenses, and it is also useful for preparing advanced financial reports.
What Makes It Good?
With most accountants and practicing public accountants (CPAs) familiar with QuickBooks’ workings, it is the universal choice. Hence, when you hire your CPA, make sure they are conversant with QuickBooks. What’s more is, QuickBooks is easy to understand, though not for people who are completely new to it.
Xero is a close competitor of QuickBooks, although it is considered one of the best accounting software for Amazon sellers. It is suitable for any business, including Amazon FBA businesses. Although not as old as QuickBooks, it’s undoubtedly giving QuickBooks a run for its money.
Why Is It Good?
Xero has an excellent yet easy-to-use interface, making it the preferred software by many professional accountants. Xero more than makes up for what QuickBooks lacks in inventory. What’s more is, Xero has many third-party add-ons like Taxomate, making it the choice of several Amazon sellers.
Excel is still one of the best accounting tools available in the market. The advantages of Excel are that it can easily be customized to suit specific requirements and is simultaneously versatile. Excel lets you play with your data and manipulate it the way you want. It is equally suitable for advanced cash flow projections and the simplest of bookkeeping tasks.
Why Is Xero the Preferred Choice of many?
When you talk of Excel, the first thing that comes to your mind is its incredible versatility. Moreover, ever since its inception, it is known to be the most widely used accounting software, with hardly any accounting professional not knowing how to use it. Also, it is easily customizable and offers a plethora of accounting templates.
Google sheets have evolved as one of the most viable alternatives for Excel, thanks to its data manipulation capabilities. At times, it proves to be more flexible than Excel, and what tips the scales in Google Sheets’ favor when compared to Excel is its affinity to integrate with APIs and other apps.
The API integrations and extensions make it very versatile, and one of the most widely used accounting software that is customizable to a great extent. It is also very easy to create a simple bookkeeping solution, making it one of the best accounting software for Amazon sellers preferred by most professionals.
GoDaddy bookkeeping, which was earlier known as Outright, is an easy-to-use accounting software that features direct integration with Amazon. It lets you track your income and expenses with consummate ease, thanks to its built-in automation features. GoDaddy bookkeeping is good for beginners who are yet to be initiated into professional accounting.
GoDaddy bookkeeping is simple to use, and you don’t even need to know the basics of accounting to use it. It connects to your bank through its accounting automation capabilities and also imports data directly from Amazon. It is a lot more affordable when compared with other established accounting software.
Summing it Up
Amazon sellers often get confused with the plethora of accounting software available in the market. However, you need to consider costs, features, and popularity before deciding which accounting software is best.