There’s no getting away from it – Amazon is complicated. You need to manage listings, customer service and refunds, fulfilment, ensure you meet Amazon’s standards (cancellation rates, late shipments, order defects etc), order products, and manage staff. The last thing you need is to have to worry about the accounting and taxation implications. That’s where a specialist offering dedicated Amazon Accountant services can help.
Like most marketplaces Amazon makes regular settlements after deducting their various fees and charges. If you are VAT registered a single settlement can comprise elements of up to 7 different VAT categories or rates. If you use Amazon Pan EU FBA programme and have VAT registrations in other EU territories then there will be significantly more.
You may of course not be restricted to Amazon and may sell on other marketplaces or platforms. This increases the complexity of your business and your accounting is no different in that respect. You will probably use an order management system like Linnworks or Expandly which will also impact your accounting process.
At Elver Consultancy we work with Amazon Seller Accounts on a daily basis and use applications like Xero and A2X to streamline the accounting process.
Why Hire an Amazon Accountant
When compared to a general accountant, a specialist Amazon E-Commerce accountant is far more knowledgeable in the area of e-commerce. E-commerce amazon accounting can prove challenging and it requires expert skills &knowledge. As an expert accountants for Amazon sellers, we will take care of the accounting process, ensuring efficiency, automation and integration become part of the process.
This enables clients to spend more time focusing on their business by taking a hands-off approach.
Benefits of using an E-Commerce Specialist Accountant
1. Understand Your Business
As e-commerce consists of many different elements, many general accountants won’t have the knowledge to deal with your accounting efficiently. When you opt for an e-commerce specialist accountant, you’ll benefit by using a company that understands your business and your specific E-commerce accounting needs.
2. Getting Your Accounting For Your Platform and Marketplace Payouts Right
E-commerce accounting specialists understand which apps are right for e-commerce accountants such as A2X. They have a greater understanding of marketplace and platform payouts. As sales grow, individual payouts can potentially relate to thousands of transactions and so it is important to have the right processes in place for the start to ensure you get your accounting and in particular your VAT right.
3. Experienced in VAT/GST Registrations in Other Countries
While most other businesses will only need to register for VAT in the UK, many e-commerce businesses will need to become VAT registered in other countries. As specialist E-commerce accounting specialists Elver Consultancy we can assist with your VAT/GST registration and filing requirements.
Approved Amazon Service Provider
Elver E-Commerce Accountants are featured on the Amazon Service Provider Network. If you would like to know more, please give us a call.
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