Online Accounting and Bookkeeping Services

Tuesday 12 January 2021

Top 5 best accounting software for Amazon FBA Sellers

Whether you’re new to selling on Amazon platform or have some experience, every seller needs an FBA accounting software for Amazon and a bookkeeping system in place for their business Financial accounting. Having a system in place helps to scale you the business because it allows you to manage cash flow better and stay on top of how your business is doing.

The problem is that it can be tough to choose the best Amazon FBA accounting software for you. That’s why we put together this list of the top Amazon accounting software in 2021. Any of these choices would be good for you, so consider what you want most – and which service offers that.

Top 5 best accounting software for Amazon FBA Sellers

Read More: https://www.myaccountsconsultant.com/top-5-best-accounting-software-for-amazon-sellers/

Monday 11 January 2021

List of top Accounting Software for Amazon Sellers in 2021

Top 5 best accounting software for Amazon FBA Sellers

1. TAXOMATE

Taxomate makes importing Amazon marketplace transactions into QuickBooks a breeze. After importing the accounting data into QuickBooks, you can reconcile the transactions with the bank deposits received from Amazon.

Taxomate saves you hours of having to manually input transactions by perfectly matching journals to their corresponding Amazon deposit. It will automatically fetch and process settlements from Amazon, generate journals for the settlements and post them to QuickBooks for you.

2. Entriwise

Entriwise automates your accounting for you. There’s no need to manually adjust journal entries for QuickBooks to perfectly reconcile journal entries to Amazon transactions. You can either import settlements automatically or you can manually handle them yourself.

3. A2X

A2X automatically fetches the latest transactions from Amazon for you, and posts summarized transactions to QuickBooks. Users can account for their Amazon revenue and expenses in a snap.

Similar to taxomate, A2X provides a single invoice per statement and combines all orders into the statement. A2X is pricey, so you may want to check out the pricing before signing up.

4. QuickBooks Accounting Software

This leading accounting software for small businesses gives you custom reports and allows you to send smart invoices, even through your mobile phone. QuickBooks helps you get ready for tax time too since you get to import all your transactions from your bank, sort them into tax categories and take snapshots of receipts.

QuickBooks offer number of different version as per your business needs like QuickBooks Online, QuickBooks Desktop, QuickBooks Enterprice and QuickBooks Pro. You can use QuickBooks Bookkeeping Services for the manage your business financial services.

5. Xero for Amazon FBA

Xero was founded with the intention to help small businesses. It is cloud-based and connects with A2X and Shopify.

Founded in 2006, it leads the cloud accounting markets in New Zealand, Australia, and the United Kingdom. Forbes gave Xero the title of the World’s Most Innovative Growth Company in 2014 and 2015. It even has over 1.8 million subscribers globally.

Conclusion - Which Amazon FBA accounting software is the best?

The answer to this question actually varies with the needs of the user and business requirement. For a beginner, GoDaddy Bookkeeping,or Google Sheets might suffice as the best accounting software. For established users who want better functionality and features, Xero or Quickbooks would do the job.

Looking for the best Amazon Software Bookkeeping for Amazon Sellers ?

Wednesday 6 January 2021

Advantages of an online QuickBooks accountant for business

Are you a craftsman, a trader, a liberal or medical profession, an association, a Société Civiles Immobilière (SCI) or a non-professional Furnished Rental (LMNP)? Wondering what are the benefits of an online accountant? You are right ! Choosing the right accountant is essential in the development of an activity. To help you determine the right provider, we've selected the top 5 benefits that you won't find in a online accounting firm:

Top Advantages of Hire an online accountant:

1) Cost reduction:

Undoubtedly, the most important benefit of using an online accounting firm is the savings on fees. Indeed, just like banks, telecoms or any other online service, you save the costs generated by physical firms. On average over a year, you can save at least 30% on the fees of a traditional accounting firm.

2) Save time:

You no longer need to travel several kilometers to get to your local accountant. At an online accounting specialist, a dedicated expert is assigned to you. He is the one who manages and monitors your file to support you in your development. He becomes the referent to contact by phone or email as soon as you need him.

Note that a small number of online accountants, such as Team Exter, integrate the entry and allocation of your accounting documents into their offer. You will therefore not be asked to "get your hands dirty" or a financial surplus. You can thus concentrate on your activity without having to worry about administrative accounting procedures. An important point to check before signing your quote.

3) The transfer of accounting documents:

No need to send or transmit your accounting documents on paper. A private and secure online space, such as the Team Exter Box, allows you to dematerialize your items for the accountant. Some online players allow you from a smartphone application, such as Team Exter Mobile, to send your documents directly by photographing them with your mobile. A dematerialization that has a direct impact on the reduction of annual costs but also on the ecological footprint of his company.

You understand, online accounting has undeniable advantages to focus on your core business. You can thus manage and pilot your business with confidence while having a clear vision of its financial health. We also recommend that you choose an online accountant registered with the Order of Chartered Accountants to ensure its quality.

Sunday 27 December 2020

Top Critical Success Factors for Restaurant Business

Today my Blog will be less “numbery” and show a bigger picture of critical success factors for restaurant owners. Below listed 5 restaurant success factors every restaurant must excel at in order to be successful. I hope it will be of value to you especially if you are just at the beginning of your restaurant adventure.

As stated by the MAC, a business accounting intelligence agency, there are fundamental success factors specific to restaurant industry. If you succeed in those factors you are guaranteed to have a very successful restaurant. Restaurant Accounting Services helps you in manage your Restaurant financial.

Top Restaurant Business success Factors

Access to niche markets

You don’t want to be a jack of all trades, or offer food that is already offered by the majority of restaurants in your area. Pick a distinct and unusual cuisine, and corner the market on that product, and cultural experience. Research is a critical success factor here for your niche choice, and it is vital to check what is currently trending. Always look outside your area for this – You live in a small city? Check what is trending in the nearest big city. You live in a big city? Check what is trending in the big cities of USA. It’s only a matter of time before people in your area will want to join those already sampling new flavors from the different cultures of the world.

Effective quality control

You must always strive for the best quality of service and product. Without the right systems in place it is easy to make a mistake. Remember – it only takes one bad experience to damage your reputation. How can you ensure that your service and food is of the highest quality possible? One critical success factor for restaurant quality control is the mystery shopper. Regularly have a “secret customer” come to your restaurant and report on the quality of the food and service and its consistency. Another critical success factor for restaurant quality is effective training for new staff. Job manuals are very important in every business. Not only will it ensure that tasks are performed to the same quality and effect no matter who is performing them, but it also gives you the flexibility to leave your business to others once it is set up. As a bonus, your employees will then have a reference if they are unsure on a practice or policy in the way your business is conducted.

There are of course more factors that you could consider in order to have a successful restaurant. However, the critical success factors for restaurant business development described above are the most important. Make sure you are focusing on them and the future of your restaurant will be bright.

Monday 21 December 2020

Steps for Improving Accounts Receivable Process

You need to set up procedures for accounts receivable if you extend credit to your customers. Account receivable arises when you allow customer to take immediate possession of a product or receive service in return for a promise to pay in future. In other words, this means you allow them to take possession of your products before they pay you.

If your business accepts credit cards, credit card company manages risk. But if customers are going to pay with cash or cheques, you must manage verification of payments and risk. X Trustworthy Source US Small Business Administration, US government agency, focuses on supporting small businesses. The Go to Source accounts receivable services includes setting up procedures for extending credit, generating invoices, maintaining records of payments due and payments receive, and performing accounting functions.

What Is an Accounts Receivable?

Its vital that you stay on top of your Accounts Receivable balances. This way, you can make sure that customers are reminded when payment due dates draw closer as well as follow up when payments are late.

If you are using Accounting software, you can run a weekly Accounts Receivable report to see which accounts are past due and which will soon be due. This can help you collect past due accounts. Proper Management of your Accounts Receivable balances is important.

Accounts Receivable For Business Owner

If you re new business owner, or have recently switched accounting methods from cash to accrual accounting, you may not be familiar with accounts receivable. Accounts receivable plays an active role in the accounting cycle.

Accounts receivable totals directly affect your net income since they are considered revenue, but subsequent collection of any receivables balances do not affect your retained earnings, since they are already part of your revenue total. In addition, accounts receivable is permanent account and is not affected by closing entries. Sending an invoice to your customers promptly helps to ensure that payment will be made promptly.

Send invoice immediately: Dont wait week before sending invoice. Once the purchase is complete, invoice should be completed as well.

Use accounting software If you can: One of the nice things about using accounting software is that once a sale is process, you can immediately invoice your customers.

Be sure terms are front and center on your invoice: If you expect payment in 30 days, be sure that note is prominently on the invoice. Remember, your customers ca pay you on time if they do know when payment is due. Note that sales tax is not included in this journal entry, because sales tax remittance is handled in a separate transaction. The easiest way to post customer payments is by accepting payments online. However, many people still have their customers remit payments through mail.

Monday 14 December 2020

Business Cash Flow Analysis : The Blood of Business Success

Business Cash Flow is certainly the lifeblood of your growing business even your business small or large size enterprise. In fact, it's what keeps you in business. To be a hit in business, you want to be ready to keep your finger on the heart beat of this lifeblood – it are often the difference between growing stronger in your niche or faltering and falling by the wayside. income must be monitored and forecasted at the initial beginning of the business or during the start-up phase, when the business sees a rise of sales, and when the economy is during a downturn. Simply put, cash flow management analysis are often a beneficial instrument for measuring your business’ activity.

Identifying Potential Business Land Mines

You can easily identify potential financial land mines which will set your business back by developing a income spreadsheet. There are computerized spreadsheet programs that you simply can use to make a income analysis, otherwise you can build your own employing a basic program like Excel. There also are templates which will be used for your income analysis that you simply simply populate with the proper figures. The income analysis tool that you simply prefer to use should be utilized then monitored regularly. Most business owners report doing a weekly analysis of their business’ income , but you'll choose a special schedule if you would like , like bi-weekly or monthly. The important thing is to be consistent and regular. As a business owner, you ought to fill out this analysis yourself, or you can hire an quickbooks accountant.

How to Prepare a Cash Flow Analysis ?

To begin preparing your cash flow analysis, start your spreadsheet by adding the cash-on-hand at the period’s beginning with the cash that's anticipated to be received from other sources. this may be a projected total of income, including receipt of assets and cash sales.

The next a part of the business cash flow analysis consists of money outlays, including expenses and other anticipated cash which will be spent by the business. Each significant cash outlay should have its own individual line on your spreadsheet. This includes lines for rent, inventory purchased, wages, salaries, taxes withheld or accounts payable, equipment purchased, benefits paid, sales, office supplies, advertising, equipment maintenance, fuel, cash dividends, debt payments, and so on.

The formula for cash analysis is: beginning balance for the amount + income = ending balance. The ending balance will allow you to spot when and for a way much your income are going to be deficient, if at all. Identifying cash shortages and once they will occur will allow you to combat the matter and take steps to usher in additional cash to the business while halting the outflow of money wherever possible. If you discover that your business may experience a cash shortage when doing all of your income analysis, you'll take steps like posing for interim payments or deposits from clients, utilizing the utilization of a retainer if your business model involves it, and invoicing customers directly when a service is rendered or a sale is formed. Business Cash flow analysis is a valuable tool for all business owners and its necessary for the all the business.

Monday 7 December 2020

Bookkeeping Tips: Transfer MYOB to Quickbooks

Here’s another of our Bookkeeping Tips: How to transfer data from MYOB to Quickbooks

Kathy sent us an email: ” Hi. I’m located in the United States. I have a client who wants to transfer his books from MYOB to QuickBooks. I’ve had no luck finding a way to do it in the US. Can you do this? Would you take on a one-time job if I send you the backup file from MYOB, and finally, how much would you charge? His is a very tiny graphics design company; he can’t afford to pay too much, otherwise I would just re-enter everything for the last 15 months or so.”

It is possible to transfer from MYOB to Quickbooks, though not as straight forward as either company would have you believe.

The first point to consider is that the Australian versions of MYOB and Quickbooks are different from the USA versions. A basic difference is that our tax year runs 1 July – 30 June whereas the USA the fiscal year is from 1 October – 30 September apparently.

When transferring from MYOB to Quickbooks, you may consider the following:

1) You can transfer card files – suppliers customers etc very easily between MYOB and QuickBooks – ask us how if you don’t know

2) If you need detailed transactions recorded, i.e itemised invoices to be transferred, then that’s where the expense occurs

3) we suggest to clients that they start a new file on the new software at the beginning of the new financial year

4) If it’s only a small company with not much money then you could just do journal entries to get the balances up to date in the new file rather than re- enter all the previous data

We’ve not found a cheaper way to do it – we’ve looked at this problem many times before

There is a software program that costs around US $400 – then the time taken to extract the data from MYOB into the software and extract out into Quickbooks – not worth the time/trouble based on the budget – for what result?

How often would your client need to refer back to their previous MYOB files? Do they own the MYOB software, in which case they could still have it if/when they needed to refer to them?

Why not just refer back to the hard copies as /when required?