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What A CPA Firm Can Do For Your Amazon FBA Business

Weu2019ll be going through what a CPA Firm such as ourselves can do for Amazon FBA Sellers, as well as discussing other services such as Tax Planning.

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What A CPA Firm Can Do For Your Amazon FBA Business

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  1. Amazon FBA Business

  2. What A CPA Firm Can Do For Your Amazon FBA Business • Amazon FBA Sellers make up a significant portion of the site’s online marketplace. • About 73% of all sellers on Amazon use their FBA program in order to sell, with some estimates stating a 30 to 50% increase in their overall sales. • Not only that, being able to sell your products without worrying about shipping, packaging, and even refunds and returned items seems like the best deal for online sellers nowadays.

  3. With that in mind, you might be thinking that now’s the time to get into such a lucrative business. • Not so fast though, as many aspects of this business lie in wait to surprise you with more problems than you may feel it’s worth. • That’s where the prospect of Bookkeeping comes into play, a measure that can save you both time and resources should it be managed well enough.

  4. Bookkeeping for Amazon FBA Sellers • Now, first thing to realize is that keeping track of all your finances can save you a lot more than just precious time. • It’s not just important during the tax season as responsible bookkeeping can save business owners a large amount of time and money, as well as providing them with accurate metrics of which they can base their decisions upon.

  5. There are multitudes of ways to keep track of your cash flow and finances, but what we recommend is doing that through Cloud Based Bookkeeping services. • A reputable accounting software package is invaluable to businesses no matter the size as it can help you to more easily keep track of the various dynamic aspects of your business. • CPA Firms, including our own, make use of cloud-based accounting software in order to efficiently manage things such as Reports, Inventory Stocks, Charting of Accounts, and other aspects of your business.

  6. What Is Cloud Based Accounting Software? • These applications are online accounting apps that are hosted on a virtual server, also known as a “cloud”. • Through these virtual servers, clients can easily access important data about their business from the comfort of their own devices.

  7. Potential Benefits of Cloud Based Accounting • Not only that, but another benefit of cloud also based software includes easier collaboration between you and your assigned accountant. • You are also able to improve how your business gathers performance metrics and other vital information regarding your daily operations. • For businesses aiming for an eco-friendly setup, the use of cloud based software can help you to lessen the amount of paper needed for your accounting affairs.

  8. Automation of Accounting Affairs for Amazon FBA Sellers • Automation is another key advantage of using Cloud Based Accounting Software. • Manual accounting can be subject to a multitude of problems with the most notable being having to make decisions using inaccurate date. • This can be circumvented with automation which streamlines reconciliations and provides you with insights about your business quickly and efficiently.

  9. Tax Planning for Amazon FBA Sellers • Another added benefit that a CPA Firm can bring to your online commerce business is the implementation of key strategies to increase tax deductions and make sure you pay the lowest amount possible. • They can also help you to keep on top of your tax obligations and help you to identify the states where you qualify for sales taxation. • This is especially notable for US-Based Amazon sellers that are operating within states that require sales tax collection and remittance.

  10. The Concept of a “Substantial Nexus” • For many states, one of the conditions for the collection of sales tax depends on whether or not you have a “Substantial Nexus”. • This essentially means that your business has a connection to the state you’re operating in. • For the purposes of Sales Tax, this connection must be found to be a physical one.

  11. Other aspects of Sales Tax • For sellers, they also need to look into whether or not the products they sell fit into certain categories. • Most of the time, products sold on Amazon are referred to as “Tangible Personal Property”. • This can differ wildly according to location, so it’s a safer bet to refer to professionals to assist you in navigating thought this stipulation.

  12. VISIT https://www.freecashflow.io/

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