In the eCommerce industry, Amazon is the name that you can not ignore. Every month, over 197 million people worldwide visit Amazon.com, and 90% of them rely on Amazon for comparing the price of a product. In 2018, Amazon hit a 49% share in the US eCommerce market, thereby making Amazon a leading name in online business.
Are you also planning to sell on Amazon? If yes, apart from managing your inventory and handling your deals, you have to record your income and expenses precisely. For this, you need accounting software to manage your finances and keep you free to take care of other business operations.
Here are a few tips for selecting the best accounting software for Amazon sellers.
Choose Software With Online Access
As an Amazon seller, you would prefer a program offering online accounting services. Online programs provide cloud accounting facilities, while offline programs are desktop-based. The online program saves the time and cost required for installation. You can directly sign in and start entering your cash inflow and outflow.
A good quality online accounting program is regularly updated, and you can access it from any device with an internet connection. With it, you can work from any place, and you can also pose access restrictions according to your preferences. All in all, it works best to simplify your workflow by effectively automating it.
Ensure Data Security
Your business success largely depends on your finances. Thus, keeping your financial data secured is extremely important for your financial management. So, before choosing accounting software, enquire about the security measures implemented to ensure data security. The accounting application host should be reliable and reputed in the industry, and there should be encryption while transferring data. With encryption, you can be rest assured that no unauthorized entity is viewing or hacking your data.
Essential Features To Look For
Before selecting accounting software, decide which features are essential for your business, and ensure that they are included in the program. Here are some of the must-have features of the best accounting software for Amazon sellers:
● Categorized expenses
● Custom invoicing
● Inventory management
● Feature to import bank transactions
● Customizable purchase order
● Recording of inventory purchases
● Tax management and GST billing
● Record of accounts receivables and payables
● Maintenance of balance sheet
● Profit-loss statement generation
● Multi-currency transaction support
● Payroll processing
● Projects categorization
● Controlled access
Now, decide which features you want and look for account software that has them.
Ensure Simplicity Of User Interface
The accounting software you choose should be easy to learn and operate, even if you don't have any particular business accounting skills. Such a program will help you and your team stay focused on the vital accounting tasks instead of fiddling around with unnecessary features.
Check Payment Gateways
Check the payment gateways integrated into the accounting software. Through these gateways, your Amazon customers will be able to make their payments in a secured manner instantly. It should provide multiple options for payments, including credit card, debit card, bank transfer, etc.
Once the payment is processed and the order is placed, the software should automatically update your invoice.
Keep Budget In Mind
The accounting software you choose should suit your budget. General programs may be available for free for broader use, but specialized programs cost a bit. If you want a premium quality program to meet your accounting needs, go for a paid one. However, ensure that its cost is reasonable and not too high.
Finding a perfect accounting software can be challenging. So, if you are looking for the best accounting software for Amazon sellers, use the tips mentioned above and make a wise decision that can serve you better for a long time to avoid the difficulties of migrating from one system to another.
