What does everyone here use for accounting?

[Canadianleaf]

How do you account or book keep your amazon business? How do you track yearly COGS? How much do you pay?

[SaiJin]

You can download a sheet from your amazon account with your yearly sales.
Then you keep track of your costs and give that to your CPA.

[Canadianleaf]

Originally Posted by SaiJin

You can download a sheet from your amazon account with your yearly sales.
Then you keep track of your costs and give that to your CPA.

True. But your going to need some sort of inventory managment in place to keep track of your COGS.

If you bought $100k of inv in 2019, your going to have to keep track of it throughout the year after sales/refunds. Amazon does not track or give you your COGS.

QB works good for Amazon to create financial statments and accept journals using the reports from Amazon but a method of tracking COGS (for someone with thousands of SKUS) needs to be found.

And giving your reports to a CPA is a bad idea. You should have a bookkeeper handling this who will use software like QB to generate P&L sheets / balance sheets who you give to a CPA. CPA's should never be used as bookkeepers.

[Canadianleaf]

Originally Posted by agent006140

CPAs are also bookeepers,what do you think they do when they work for flower shop,bakery,they keep their books and pull statements and prepare tax returns.
anyway COGS is you the seller responsibility,if you dont know COGS,how do you know you are making a profit?
I keep a manual sales ledger and record every sale by date and venue,I have columns for sales,shipping,(cogs),(postage),Country,etc
HOW DO YOU PRICE YOUR SALES PRICE if you dont know your cost of goods for sale>

I know my COGs but accounting is not black and white. Its very complicated and everyone has there own business operations. If your CPA is charging you the same rates as a bookkeeper per hour to organize your books, great. But most CPA's generally charge what, $250/hr to do tasks like this. This is what bookeepers are for.

A manual sales ledger, sounds like it works for you and you have a low volume business and in one currency, but would not work for me.