T Bookkeeping

T Bookkeeping Trust is something we value and instill in our work. We aim to provide accurate and on-time financials for your business.

13/04/2021

Is it WORTH YOUR TIME doing your own Amazon Bookkeeping?

Hello Amazon sellers and aspiring ones!

Before you do your own Amazon bookkeeping, you might want to...
✎Set up your QBO/Xero to track separately your Income, Deductions, Fees, and Expenses.
✎Track your Income and Expenses by sales channel especially if you are a Multi-channel user. You may use Class for each channel.
✎Track marketing spend by channel.
✎Reduce data volume in your accounting software especially for high-volume sellers.
✎Manual entry or use integration for inputting sales data.
✎Reconcile amounts in QBO/Xero to settlement received.
✎Track Inventory and COGS for profitability and cash flow.
✎Monitor your sales tax liabilities.

As business owners, we want to take charge of everything including managing our own books. However with these things to consider, how many hours do you think will you spend just to have accurate financials? How about just use your time to grow your business or spend it with your family and outsource it to an eComm bookkeeper instead.

We can help! Book a call @
https://lnkd.in/gPDqbsu
or message me @ [email protected]



09/04/2021

ꜰᴀᴄᴛᴏʀꜱ ᴛᴏ ᴄᴏɴꜱɪᴅᴇʀ ɪɴ ᴇᴄᴏᴍᴍᴇʀᴄᴇ ʙᴜꜱɪɴᴇꜱꜱ

1. ᴄᴏꜱᴛ ᴏꜰ ɢᴏᴏᴅꜱ ꜱᴏʟᴅ (ᴄᴏɢꜱ) - Understanding your COGS helps you find your margin or the money you have made on a product. If you keep this on track, you will know how many orders you need, when to reorder, what product sells well, and what’s not.
2. ᴘʟᴀᴛꜰᴏʀᴍ ᴏʀ ꜱᴀʟᴇꜱ ᴄʜᴀɴɴᴇʟ - Amazon, Shopify, personal website, and the likes do have their advantages and disadvantages. Weigh the varying options, fees, and marketability that can affect your business’ success.
3. ɴᴇxᴜꜱ - this can be a physical connection with a state or you meet the criteria that require you to collect and pay sales tax. Every state has its own rules, regulations, and exemptions. These laws can also change over time.

Understanding these three factors can help you a lot to run a successful eCommerce business.



07/04/2021

𝘾𝙝𝙖𝙧𝙩 𝙤𝙛 𝘼𝙘𝙘𝙤𝙪𝙣𝙩𝙨 𝙛𝙤𝙧 𝙀𝙘𝙤𝙢𝙢𝙚𝙧𝙘𝙚

𝘾𝙝𝙖𝙧𝙩 𝙤𝙛 𝘼𝙘𝙘𝙤𝙪𝙣𝙩𝙨 𝘪𝘴 𝘢𝘯 𝘰𝘳𝘨𝘢𝘯𝘪𝘻𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘵𝘰𝘰𝘭 𝘵𝘩𝘢𝘵 𝘴𝘰𝘳𝘵𝘴 𝘢𝘭𝘭 𝘺𝘰𝘶𝘳 𝘣𝘶𝘴𝘪𝘯𝘦𝘴𝘴 𝘵𝘳𝘢𝘯𝘴𝘢𝘤𝘵𝘪𝘰𝘯𝘴 𝘪𝘯𝘵𝘰 𝘧𝘪𝘷𝘦 𝘮𝘢𝘪𝘯 𝘤𝘢𝘵𝘦𝘨𝘰𝘳𝘪𝘦𝘴: 𝘈𝘴𝘴𝘦𝘵𝘴, 𝘓𝘪𝘢𝘣𝘪𝘭𝘪𝘵𝘪𝘦𝘴, 𝘌𝘲𝘶𝘪𝘵𝘺, 𝘙𝘦𝘷𝘦𝘯𝘶𝘦, 𝘢𝘯𝘥 𝘌𝘹𝘱𝘦𝘯𝘴𝘦𝘴.

𝙃𝙚𝙧𝙚 𝙖𝙧𝙚 𝙩𝙝𝙚 5 𝙏𝙞𝙥𝙨 𝙛𝙤𝙧 𝙐𝙨𝙞𝙣𝙜 𝘾𝙝𝙖𝙧𝙩 𝙤𝙛 𝘼𝙘𝙘𝙤𝙪𝙣𝙩𝙨
1. 𝘒𝘦𝘦𝘱 𝘴𝘪𝘮𝘱𝘭𝘦 𝘺𝘦𝘵 𝘳𝘦𝘭𝘪𝘢𝘣𝘭𝘦 𝘯𝘢𝘮𝘦𝘴 𝘰𝘯 𝘵𝘩𝘦 𝘢𝘤𝘤𝘰𝘶𝘯𝘵𝘴.
2. 𝘈𝘥𝘥 𝘦𝘯𝘰𝘶𝘨𝘩 𝘥𝘦𝘵𝘢𝘪𝘭 𝘵𝘩𝘢𝘵 𝘢𝘭𝘪𝘨𝘯𝘴 𝘸𝘪𝘵𝘩 𝘺𝘰𝘶𝘳 𝘣𝘶𝘴𝘪𝘯𝘦𝘴𝘴 𝘯𝘦𝘦𝘥𝘴.
3. 𝘋𝘰𝘯’𝘵 𝘤𝘳𝘦𝘢𝘵𝘦 𝘢𝘯 𝘦𝘹𝘱𝘦𝘯𝘴𝘦 𝘢𝘤𝘤𝘰𝘶𝘯𝘵 𝘧𝘰𝘳 𝘦𝘢𝘤𝘩 𝘵𝘳𝘢𝘯𝘴𝘢𝘤𝘵𝘪𝘰𝘯. 𝘍𝘰𝘳 𝘦𝘹𝘢𝘮𝘱𝘭𝘦, 𝘺𝘰𝘶 𝘴𝘩𝘰𝘶𝘭𝘥 𝘯𝘰𝘵 𝘤𝘳𝘦𝘢𝘵𝘦 𝘢 𝘯𝘦𝘸 𝘢𝘤𝘤𝘰𝘶𝘯𝘵 𝘧𝘰𝘳 𝘰𝘯𝘦-𝘵𝘪𝘮𝘦 𝘣𝘶𝘴𝘪𝘯𝘦𝘴𝘴 𝘵𝘳𝘢𝘷𝘦𝘭.
4. 𝘙𝘦𝘤𝘰𝘳𝘥 𝘴𝘢𝘭𝘦𝘴 𝘵𝘢𝘹 𝘢𝘴 𝘓𝘪𝘢𝘣𝘪𝘭𝘪𝘵𝘺, 𝘯𝘰𝘵 𝘐𝘯𝘤𝘰𝘮𝘦.
5. 𝘊𝘢𝘭𝘤𝘶𝘭𝘢𝘵𝘦 𝘺𝘰𝘶𝘳 𝘊𝘰𝘴𝘵 𝘰𝘧 𝘎𝘰𝘰𝘥𝘴 𝘚𝘰𝘭𝘥 (𝘊𝘖𝘎𝘚) 𝘱𝘳𝘦𝘤𝘪𝘴𝘦𝘭𝘺.

𝘙𝘦𝘮𝘦𝘮𝘣𝘦𝘳, 𝘩𝘢𝘷𝘪𝘯𝘨 𝘢 𝘧𝘪𝘯𝘦-𝘵𝘶𝘯𝘦𝘥 𝘊𝘖𝘈 𝘸𝘪𝘭𝘭 𝘴𝘢𝘷𝘦 𝘺𝘰𝘶 𝘮𝘰𝘯𝘦𝘺, 𝘵𝘪𝘮𝘦 𝘢𝘯𝘥 𝘬𝘦𝘦𝘱 𝘺𝘰𝘶 𝘰𝘶𝘵 𝘰𝘧 𝘵𝘳𝘰𝘶𝘣𝘭𝘦 𝘸𝘪𝘵𝘩 𝘺𝘰𝘶𝘳 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭𝘴.



31/03/2021

𝗧𝗵𝗲 C𝗼𝗿𝗲 𝗼𝗳 A𝗰𝗰𝗼𝘂𝗻𝘁𝗶𝗻𝗴 𝗳𝗼𝗿 D𝗿𝗼𝗽𝘀𝗵𝗶𝗽𝗽𝗲𝗿𝘀

⪼ 𝗧𝗮𝘅 𝗖𝗼𝗹𝗹𝗲𝗰𝘁𝗶𝗼𝗻 - 𝘪𝘥𝘦𝘯𝘵𝘪𝘧𝘺𝘪𝘯𝘨 𝘯𝘦𝘹𝘶𝘴 𝘧𝘰𝘳 𝘥𝘳𝘰𝘱𝘴𝘩𝘪𝘱𝘱𝘦𝘳𝘴 𝘤𝘢𝘯 𝘣𝘦 𝘷𝘦𝘳𝘺 𝘤𝘩𝘢𝘭𝘭𝘦𝘯𝘨𝘪𝘯𝘨. 𝘐𝘵 𝘤𝘢𝘯 𝘣𝘦 𝘢𝘴 𝘴𝘪𝘮𝘱𝘭𝘦 𝘢𝘴 𝘤𝘰𝘭𝘭𝘦𝘤𝘵𝘪𝘯𝘨 𝘵𝘢𝘹 𝘪𝘯 𝘺𝘰𝘶𝘳 𝘱𝘩𝘺𝘴𝘪𝘤𝘢𝘭 𝘯𝘦𝘹𝘶𝘴 𝘭𝘪𝘬𝘦 𝘢 𝘴𝘵𝘢𝘵𝘦 𝘸𝘩𝘦𝘳𝘦 𝘺𝘰𝘶𝘳 𝘰𝘧𝘧𝘪𝘤𝘦 𝘢𝘵 𝘰𝘳 𝘤𝘢𝘯 𝘣𝘦 𝘤𝘰𝘮𝘱𝘭𝘪𝘤𝘢𝘵𝘦𝘥 𝘢𝘴 𝘥𝘦𝘵𝘦𝘳𝘮𝘪𝘯𝘪𝘯𝘨 𝘺𝘰𝘶𝘳 𝘦𝘤𝘰𝘯𝘰𝘮𝘪𝘤𝘢𝘭 𝘯𝘦𝘹𝘶𝘴.

⪼ 𝗜𝗻𝘃𝗼𝗶𝗰𝗲 𝗠𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 - 𝘥𝘢𝘵𝘢 𝘰𝘧 𝘵𝘩𝘦 𝘪𝘯𝘷𝘰𝘪𝘤𝘦 𝘴𝘩𝘰𝘶𝘭𝘥 𝘣𝘦 𝘤𝘰𝘰𝘳𝘥𝘪𝘯𝘢𝘵𝘦𝘥 𝘢𝘮𝘰𝘯𝘨 𝘵𝘩𝘦 𝘴𝘶𝘱𝘱𝘭𝘪𝘦𝘳𝘴 𝘢𝘯𝘥 𝘳𝘦𝘵𝘢𝘪𝘭𝘦𝘳𝘴 𝘪𝘯 𝘵𝘩𝘦 𝘧𝘪𝘳𝘴𝘵 𝘱𝘭𝘢𝘤𝘦. 𝘋𝘦𝘵𝘦𝘳𝘮𝘪𝘯𝘢𝘯𝘵𝘴 𝘴𝘶𝘤𝘩 𝘢𝘴 𝘐𝘯𝘷 𝘐𝘋, 𝘗𝘖 𝘯𝘶𝘮𝘣𝘦𝘳, 𝘴𝘢𝘭𝘦𝘴 𝘵𝘢𝘹 𝘢𝘮𝘰𝘶𝘯𝘵, 𝘥𝘢𝘵𝘦, 𝘩𝘢𝘯𝘥𝘭𝘪𝘯𝘨 𝘤𝘰𝘴𝘵, 𝘢𝘮𝘰𝘶𝘯𝘵, 𝘥𝘪𝘴𝘤𝘰𝘶𝘯𝘵, 𝘦𝘵𝘤 𝘴𝘩𝘰𝘶𝘭𝘥 𝘣𝘦 𝘤𝘭𝘦𝘢𝘳 𝘰𝘯 𝘣𝘰𝘵𝘩 𝘱𝘢𝘳𝘵𝘪𝘦𝘴.

⪼ 𝗜𝗻𝘃𝗲𝗻𝘁𝗼𝗿𝘆 𝗠𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 - 𝘤𝘳𝘶𝘤𝘪𝘢𝘭 𝘣𝘶𝘵 𝘦𝘴𝘴𝘦𝘯𝘵𝘪𝘢𝘭 𝘱𝘢𝘳𝘵 𝘰𝘧 𝘢𝘤𝘤𝘰𝘶𝘯𝘵𝘪𝘯𝘨 𝘧𝘰𝘳 𝘥𝘳𝘰𝘱𝘴𝘩𝘪𝘱𝘱𝘪𝘯𝘨. 𝘋𝘦𝘵𝘦𝘳𝘮𝘪𝘯𝘪𝘯𝘨 𝘪𝘧 𝘺𝘰𝘶𝘳 𝘱𝘳𝘰𝘥𝘶𝘤𝘵𝘴 𝘢𝘳𝘦 𝘴𝘦𝘭𝘭𝘪𝘯𝘨 𝘰𝘳 𝘯𝘰𝘵 𝘸𝘪𝘭𝘭 𝘮𝘢𝘬𝘦 𝘰𝘳 𝘣𝘳𝘦𝘢𝘬 𝘺𝘰𝘶𝘳 𝘣𝘶𝘴𝘪𝘯𝘦𝘴𝘴.

⪼ 𝗗𝗶𝗳𝗳𝗲𝗿𝗲𝗻𝘁 𝗣𝗿𝗼𝗳𝗶𝘁 𝗠𝗮𝗿𝗴𝗶𝗻𝘀 - 𝘱𝘳𝘰𝘧𝘪𝘵𝘢𝘣𝘪𝘭𝘪𝘵𝘺 𝘷𝘢𝘳𝘪𝘦𝘴 𝘥𝘦𝘱𝘦𝘯𝘥𝘪𝘯𝘨 𝘰𝘯 𝘮𝘢𝘯𝘺 𝘧𝘢𝘤𝘵𝘰𝘳𝘴. 𝘐𝘵 𝘮𝘪𝘨𝘩𝘵 𝘣𝘦 𝘵𝘩𝘦 𝘯𝘢𝘵𝘶𝘳𝘦 𝘰𝘧 𝘵𝘩𝘦 𝘱𝘳𝘰𝘥𝘶𝘤𝘵, 𝘴𝘦𝘢𝘴𝘰𝘯, 𝘰𝘳 𝘷𝘢𝘭𝘶𝘦 𝘺𝘰𝘶 𝘰𝘧𝘧𝘦𝘳 𝘵𝘰 𝘤𝘶𝘴𝘵𝘰𝘮𝘦𝘳𝘴.

⪼ 𝗖𝗮𝘀𝗵 𝗙𝗹𝗼𝘄 𝗳𝗹𝗼𝘄𝗶𝗻𝗴 - 𝘈 𝘱𝘰𝘴𝘪𝘵𝘪𝘷𝘦 𝘤𝘢𝘴𝘩 𝘧𝘭𝘰𝘸 𝘰𝘤𝘤𝘶𝘳𝘴 𝘪𝘯 𝘵𝘩𝘦 𝘥𝘳𝘰𝘱𝘴𝘩𝘪𝘱𝘱𝘪𝘯𝘨 𝘸𝘩𝘦𝘯 𝘵𝘩𝘦 𝘴𝘦𝘭𝘭𝘦𝘳 𝘪𝘴 𝘱𝘢𝘪𝘥 𝘰𝘯 𝘮𝘢𝘬𝘪𝘯𝘨 𝘵𝘩𝘦 𝘱𝘶𝘳𝘤𝘩𝘢𝘴𝘦. 𝘎𝘦𝘯𝘦𝘳𝘢𝘭𝘭𝘺, 𝘵𝘩𝘦 𝘴𝘦𝘭𝘭𝘦𝘳 𝘱𝘢𝘺𝘴 𝘵𝘩𝘦 𝘸𝘩𝘰𝘭𝘦𝘴𝘢𝘭𝘦𝘳 𝘸𝘪𝘵𝘩 𝘵𝘩𝘦 𝘩𝘦𝘭𝘱 𝘰𝘧 𝘢 𝘤𝘳𝘦𝘥𝘪𝘵 𝘤𝘢𝘳𝘥 𝘰𝘳 𝘤𝘳𝘦𝘥𝘪𝘵 𝘵𝘦𝘳𝘮𝘴. 𝘍𝘰𝘳 𝘵𝘩𝘪𝘴 𝘳𝘦𝘢𝘴𝘰𝘯, 𝘵𝘩𝘦𝘳𝘦 𝘪𝘴 𝘢 𝘱𝘦𝘳𝘪𝘰𝘥 𝘰𝘧 𝘵𝘪𝘮𝘦 𝘸𝘩𝘦𝘳𝘦 𝘵𝘩𝘦 𝘴𝘦𝘭𝘭𝘦𝘳 𝘩𝘢𝘴 𝘵𝘩𝘦 𝘤𝘶𝘴𝘵𝘰𝘮𝘦𝘳’𝘴 𝘮𝘰𝘯𝘦𝘺 𝘣𝘶𝘵 𝘵𝘩𝘦𝘺 𝘩𝘢𝘷𝘦 𝘯𝘰𝘵 𝘱𝘢𝘪𝘥 𝘵𝘩𝘦𝘮 𝘵𝘰 𝘵𝘩𝘦 𝘸𝘩𝘰𝘭𝘦𝘴𝘢𝘭𝘦𝘳.



30/03/2021

𝐈𝐬𝐬𝐮𝐞𝐬 𝐨𝐟 𝐃𝐫𝐨𝐩𝐬𝐡𝐢𝐩𝐩𝐢𝐧𝐠
In our previous chapter, we mention that retailers do not maintain inventory, thus it will be less hassle on their accounting task however, they also face some consequences like:
⪼ Dropshipping agreement between/among the supplier.
⪼ The seller needs to establish a process or procedures to control the issue of shipping notification to suppliers and an organized system for billing.
⪼ Final customers may able to know the supplier so they could order from them directly which will be a problem to the retailers’ end.
⪼ Accounting for dropshippers will become time-consuming and difficult due to large of goods.
⪼ Retailer has lesser control on the products or goods.
⪼ Dropshippers will consume most of the profits which is actually quite unfair.



26/03/2021

𝗔𝗱𝘃𝗮𝗻𝘁𝗮𝗴𝗲𝘀 𝗼𝗳 𝗵𝗶𝗿𝗶𝗻𝗴 𝗮 𝗗𝗿𝗼𝗽𝘀𝗵𝗶𝗽𝗽𝗲𝗿/𝗦𝘂𝗽𝗽𝗹𝗶𝗲𝗿 𝗳𝗼𝗿 𝗥𝗲𝘁𝗮𝗶𝗹𝗲𝗿𝘀
⪼ 𝘓𝘦𝘴𝘴𝘦𝘳 𝘤𝘢𝘱𝘪𝘵𝘢𝘭 𝘥𝘶𝘦 𝘵𝘰 𝘴𝘮𝘢𝘭𝘭 𝘰𝘳 𝘯𝘰 𝘪𝘯𝘷𝘦𝘯𝘵𝘰𝘳𝘺
⪼ 𝘌𝘢𝘴𝘺 𝘵𝘰 𝘨𝘦𝘵 𝘴𝘵𝘢𝘳𝘵𝘦𝘥
⪼ 𝘖𝘱𝘦𝘳𝘢𝘵𝘪𝘯𝘨 𝘦𝘹𝘱𝘦𝘯𝘴𝘦𝘴 𝘢𝘳𝘦 𝘭𝘰𝘸
⪼ 𝘊𝘢𝘯 𝘰𝘱𝘦𝘳𝘢𝘵𝘦 𝘺𝘰𝘶𝘳 𝘣𝘶𝘴𝘪𝘯𝘦𝘴𝘴 𝘢𝘯𝘺𝘵𝘪𝘮𝘦, 𝘢𝘯𝘺𝘸𝘩𝘦𝘳𝘦!



25/03/2021

If you are dwelling on accounting for dropshippers, you must first understand their objectives:

- They are accountable to receive goods when you hire them.
- They are responsible to move the goods to the quality review area.
- Dropshippers examine goods on the basis of receiving criteria.
- They make sure that the goods are moved into the warehouse safely.
- They pick goods and combine them with other items for its shipping.
- They are responsible to ship the merchandise to the ultimate customer when the retailer orders to do so.



22/03/2021

These tips will prove to you that “Bookkeeping is NOT just an Expense for your business”.

5 Ways to Maximize the Advantage of Bookkeeping in Ecommerce

- Clear understanding of your financials - such as cash flow, accurate reconciliations, cash-on-hand, and return on ad spend (ROAS).
- Decision-making will be based on facts through financials - you’ll know when can you afford to move, stock up, how often you can afford to.
- Knowing your re-order points or inventory - which products sell consistently or seasonal due to many factors.
- Precise COGS - If you’re seeing poor cash flow, particularly around times of order, getting an accurate COGS is vital to the continued health of your online business.
- Understanding product profitability - you may want to consider factors like the audience size, timing, and popularity of products.



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