Importing Inventory Guide for Amazon Sellers

Importing Inventory Guide for Amazon Sellers

What terminology do Amazon Sellers need to know when importing inventory?

Many Amazon sellers have found success in importing inventory – whether to resell “as is” or to private label under their own brand. While it can be fun and exciting to know your shipment is on the way from China (or wherever you are importing from,) it’s not as simple as going online, placing an order, and waiting for sales to roll in. (If only!)

Are you familiar with Incoterms, the Harmonized Tariff Schedule, or what a Customs Broker actually does? If not, this guide should help you as you are considering importing or plan to grow your import business.

Why Is Forecasting Difficult for Amazon Sellers?

Why Is Forecasting Difficult for Amazon Sellers?

Forecasting is a decision-making tool used by many businesses to help with budgeting, planning, and estimating future growth. In the simplest terms, forecasting is the attempt to predict future outcomes based on past events and management insight. (from Investopedia.com)

Forecasting is an important planning tool that allows managers/owners to plan for future performance based on past results. This is especially helpful in e-commerce to plan for inventory investment, owner distribution, and making sure operating expenses are covered.

Ultimate Guide to Personal and Business Finances for Amazon Sellers

Ultimate Guide to Personal and Business Finances for Amazon Sellers

Being your own boss and calling all of the shots is intoxicating! When you are your own boss, you can sneak in a nap during the day, you can work in your pajamas, and you are the envy of your cube-dwelling friends at the neighborhood cookout! They say to you, “Wow, you are so lucky, you can do what you want all day long!” “You don’t have to ask for time off!” “Your commute is just a few steps to your home office!”

As you agree sheepishly, you know there is much more to it than that, and some of you are even hiding the secret shame that your business and personal financials are a MESS. You know the real truth is that while running your own business is awesome, it is also very difficult.

Does this sound familiar? Are you tired of feeling shame and guilt because your finances are not in order? Fear no more, this article is a step-by-step guide to help you turn things around so you can feel in control!

5 Facts to Know About Deductible Expenses

5 Facts to Know About Deductible Expenses

Are you confused about business tax deductions?

A question commonly asked by Amazon sellers is what is deductible on a business tax return. The key to understanding what is and isn’t deductible is whether or not an expense is ordinary and necessary.

The IRS definition of “ordinary and necessary” is this: an ordinary expense is one that is common and accepted in your trade or business. A necessary expense is one that is helpful and appropriate for your business.

Please note: This post is a general guide for Amazon, eBay, and other inventory-based business owners and should not be used when preparing your tax return. It is very important that you hire a Certified Public Accountant (CPA) to prepare your tax return for you. You can certainly hire a bookkeeper to do your books, or you can do them yourself, but please be sure you budget adequately so you can hire a CPA to prepare and file your tax return for you.

How to Check Your Bookkeeper's Work (or Your Own)

How to Check Your Bookkeeper's Work (or Your Own)

Whether you are doing the bookkeeping for your Amazon business or you have hired someone to do it for you, it is important that you understand how to check the work for completeness and accuracy.

Having an e-commerce business is exciting, and with it comes a great deal of responsibility. Not only are you responsible for sourcing inventory, you are getting it to market by creating listings on eBay or Amazon, you are shipping in inventory to fulfillment centers if selling via FBA, you are responding to customer questions, possibly managing employees and/or Virtual Assistants, and keeping up with receipts and your accounting.