A lot of online business owners treat QuickBooks as the be-all and end-all of eCommerce bookkeeping — and for good reason. QuickBooks simply does more than most other accounting software options out there, and typically at a better price point. But if you specifically sell on Amazon, you might wonder if QuickBooks is actually the right solution for you.
We’re here to put your mind at ease. Despite many competitors that have cropped up in recent years, QuickBooks is still among the best accounting software products for Amazon sellers.
But if you’ve never tried QuickBooks for Amazon before, you probably have a lot of questions. For instance, what makes QuickBooks such a good option for Amazon seller accounting? Is it easy to link Amazon to QuickBooks? What’s the best method for an Amazon QuickBooks integration? Finally, how can you make QuickBooks work even better for your Amazon seller store?
In today’s guide, we will answer all of these questions and more, but first, let’s look at some of the reasons why so many Amazon sellers use QuickBooks for bookkeeping:
The truth is that many Amazon sellers simply turn to QuickBooks because it is the most popular all-around bookkeeping software. However, there are also a few specific reasons that Amazon sellers are happy with their experience using QuickBooks:
● Amazon Integration - The most fundamental feature of good Amazon accounting software is the ability to integrate seamlessly with Amazon. QuickBooks integrates with various eCommerce websites, including Amazon, making it a great option for businesses that sell through multiple channels. In any case, the ability to integrate with Amazon right out of the box means that you can easily import Amazon sales data, fees, and expenses directly into QuickBooks without having to do as much manual data entry.
● Easy UI - Nobody wants to deal with convoluted bookkeeping software that’s cumbersome or has a steep learning curve. Fortunately, QuickBooks has greatly improved its UI over the years to make it easier for newcomers to get the hang of things in a matter of minutes.
● Business Finance Tracking - QuickBooks offers a bevy of reports to help you track sales and expenses, ensuring that you’re staying on top of your cash flow. Moreover, QuickBooks makes it easy to get a financial overview of your business and even project future revenue based on the available data.
● Tax Compliance - While QuickBooks won’t do all of the tax work for you, it will be a very useful tool when tax season arrives. Essentially, if you’re keeping all of your Amazon data stored in QuickBooks, you can easily pull up relevant records to prepare and file your taxes efficiently.
● Multi-Currency Support - Though not every Amazon store requires multi-currency support, a large percentage do. Amazon is a global platform, and there’s a good chance that your store sells products across borders. While Amazon will automatically convert international sales to your local currency when it comes time to get paid, it helps to have accounting software that can also track these conversions and help you understand exactly how much you’re making in different currencies.
● Third-Party App Integration - Lastly, QuickBooks makes it easy to add plugins and third-party apps that can greatly enhance functionality and tailor the experience to fit your needs. From payment processors to bookkeeping automation software, there are tons of different ways to tweak QuickBooks and make it an even better accounting solution for your business.
Some people just prefer to do things on their own, which is why DIY Amazon QuickBooks integration might be your preferred option. While there are benefits and drawbacks to DIY and direct integration, the latter option is generally preferred if you want to reduce the risk of human errors and save hours on manual data entry. In any case, let’s take a closer look at the pros and cons of integrating everything yourself or letting a direct integration solution handle it all for you:
● Low Overhead - Regardless of the context, DIY solutions are often best for people who want to save on the costs of paying someone (or something) else to do the work for them. When it comes to Amazon QuickBooks integration, the DIY route is often very cost-effective, as you won’t have to invest in any extra software or labor. However, you will need to consider that it will require you to turn your focus away from other aspects of your business.
● Personal Customization - When you take control of the integration process, it gives you virtually limitless power to customize everything to suit your needs. This may not be beneficial for many businesses that just need standard data integration, but if you have a lot of unique requirements, the DIY route could be a very beneficial option.
● Valuable Learning Experience - First-hand experience with Amazon QuickBooks integration can actually be a really great learning experience, especially if you feel somewhat detached from the sales and expense data of your business.
● Very Time-Consuming - Manually integrating Amazon data into QuickBooks can take a very long time. Not only will you need to do the initial bulk transfer of data, but you’ll also need to continually update the integration as you go along. This could potentially require you to dedicate several hours per week (or even per day) just to accounting and integration.
● Difficult to Master - Not everyone is tech-savvy enough to get the hang of data integration right from the start. For most people, it can be difficult to understand exactly where every number needs to go. Not only does this mean you’ll need to invest time and effort into mastering the ins and outs of DIY integration, but it also means that you could end up making a lot of errors in the interim.
● Never-Ending Process - As previously mentioned, moving a bunch of data from Amazon to QuickBooks is not a one-time thing. When you take the DIY route, you’re essentially agreeing to a never-ending process of data reconciliation for as long as your business uses QuickBooks (or any other accounting software).
● Saves Time - Using a direct integration service can save you tons of time that would otherwise be dedicated to manual data entry and ongoing data reconciliation.
● Built-in Support - Most direct integration software comes with built-in support to help answer your questions and troubleshoot any issues.
● Accurate Automation - Direct integration automates the entire process, which means that you typically get more accurate results in a fraction of the time.
● Extra Overhead - You may need to pay a little extra for a third-party application, which will only add to your accounting overhead.
● Dependence - Being dependent on a third-party application may not be ideal, especially if you like to manage every aspect of accounting on your own.
Remember when we said that QuickBooks allows you to use third-party applications and software to make Amazon integration even easier? Well, if you want to avoid the issues that can arise with DIY data integration, you can’t go wrong with a third-party solution like ConnectBooks. With ConnectBooks, you have the power to completely automate the Amazon QuickBooks integration process. This means you can get:
● 100% automated integration with zero errors
● Real-time sales, expense, and inventory tracking
● Daily profit calculations and future profit projections
● Enhanced financial reporting
Why spend hours trying to do all of the work yourself only to end up with data that doesn’t align perfectly between Amazon and QuickBooks? Add ConnectBooks to your bookkeeping arsenal to ensure that you get 100% accuracy and real-time updates for your online business. Plus, if you sell on channels other than Amazon, ConnectBooks can also sync your data from some of the most popular alternatives, like Walmart, eBay, and Shopify!
Do you want to learn more about the QuickBooks for Amazon sellers? If so, reach out to the experts at ConnectBooks today!
