Tips on E-commerce Bookkeeping

Successful Amazon Sellers Do This

In this episode of Startup Hustle, join Andrew Morgans and Matt Remuzzi, the founder of CapForge Bookkeeping & More. The insightful duo talks about the typical traits of successful Amazon sellers and the bookkeeping processes they follow.

Covered In This Episode

A business should always know its cash flow. But what happens when keeping track of everything is a complex transaction? That’s the dilemma that e-commerce entrepreneurs face when it comes to bookkeeping.

Aside from managing your inventory, you also need to deal with refunds, returns, and data. These things are overwhelming to the traditional bookkeeper or those planning to DIY their bookkeeping.

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So how can you make sure that your books are in order? How can you avoid legal repercussions when it comes to taxes and fees?

Host, Andrew Morgans, and guest, Matt Remuzzi answer all these questions and more in this episode of Startup Hustle.

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Highlights

  • Main differences between e-commerce and traditional bookkeeping (4:59)
  • Software as a tool, its limitations, and other bookkeeping notes (9:56)
  • Expectations for e-commerce accounting, especially during acquisitions (10:39)
  • Common things that get Amazon sellers into trouble (13:24)
  • Can Amazon sellers DIY their bookkeeping? (18:00)
  • The impact of proper bookkeeping (22:00)
  • The future of business sellers and new brands on Amazon (26:10)
  • Brand globalization and other opportunities in the platform (35:30)

What are you waiting for? Tune in to this episode and gain some Amazon seller tips!

Key Quotes

Accounting can get a little bit repetitive in certain areas. But e-commerce is so interesting because it’s constantly shifting. It’s constantly changing. We’re always learning new stuff.

For our staff, we’ve got to get it dialed in to the point where nobody can tear it apart and say, “hey, that’s wrong,” or “that didn’t work out,” or “that didn’t add up.” So learning how to do that, finding that data, putting it all together, and surviving that examination. That’s the part we’re really good at.

If you’re running a business, you wanna be profitable. Then the data is there to tell you how to do it.

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