Booming bookkeeping business6/21/2023 ![]() An IT project with a software company to automate the Amazon accounting process had failed, going over-budget and well over-time, leaving Nick ‘in a hole’. While Nick had been keeping tidy books manually, as the business grew, he needed an automated solution. Tax HeadachesĪside from becoming an obstacle to good business oversight, the unreconciled books caused huge issues during tax time. And for many, this is the first time they have come across business accounting. Like Nick, most Amazon sellers are left to develop their own bookkeeping processes. You end up needing a large staff just to do accounting! There wasn’t a lot of experience amongst accountants or CPAs, and Amazon was also reluctant to provide us with much info on how to organize and to get everything accounted for.” “As we grew, it became much harder to do manual accounting. On top of this, a lack of accounting support and expertise in Amazon made getting better organized seem almost impossible. ![]() “Bookkeeping was tying up way too much of my time – time that could have been spent on much better things.” When Amazon’s fees and charges are deducted from each order, and cash is received in lump sums, reconciling your books manually (and getting that all-important accurate business oversight) can become prohibitively time-consuming. It’s a familiar problem for anyone selling through Amazon marketplaces. That was great news, except when it came to keeping his financial books tidy. Just before he sold it this year, Nick’s business, Compatible Parts, was processing tens of thousands of orders every month – with turnover in the millions of dollars. ![]() The story of how one Amazon seller used A2X to solve his bookkeeping issues and to prepare his business for a successful sale.įor Nick Losciuto, the boom in his Amazon sales was becoming a double-edged sword.
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