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Yes, it is time for our annual discussion about getting your financial house in order. We are all guilty of letting stuff go while we surge through Q4. When will you take the plunge to get things in real order? When can you start to see monthly financials? When can you see how you did versus plan? When can you get an almost instant valuation for your business? Are you making quarterly deposits? Even more basic are you profitable? Well now is the time with great tips from a real experienced CPA who also sells on Amazon.

 

Mentioned:

AMZ Accounting Simplified - Quickbooks course that will help you get your house in order

Accounting we will go - Anna and Allison's free Facebook Group
Sponsors
SPECIAL OFFER FOR MY LISTENERS ONLY
TWO WEEKS FREE TRIAL!!!!
Gaye’s Million Dollar Arbitrage List
Solutions4ecommerce
Scope from Sellerlabs
Tactical Arbitrage – Get an 18 day free trial with code: “Tactical”
Freeeup– Save 10% (forever) and get an instant $25.00 voucher for your first hire.
GoDaddy
Grasshopper
Transcript: (note- this is a new tool I am trying out so it is not perfect- it does seem to be getting better)
Anna:                                    00:00                     Telling records are denominated, are valued at lower of cost or market, so you want to think about it that way if something cost you, and I'm going to use round numbers $100, you listed it for 300, but now the market is only 90. You could consider maybe writing it off at market, but the problem is, is if there's a lot of judgment involved and you know, these adjusting inventory values can get kind of, um, you can expose yourself to question that. You'd have to substantiate. So my professional opinion is leaving the value at cost is probably the wisest thing. So that would be 100. Unless you have a really good reason and support documentation for a lower value that you're writing off, but you're correct in that case, you certainly can't write off $300 the fantasy price or whatever it was when you, when you purchased it.

Cool voice guy:                  00:48                     Welcome to the ecommerce momentum where we focus on the people, the products and the process of income are selling today. Here's your host, Steven Peterson.

Stephen:                             01:01                     He just wanted to mention two sponsors today. Solutions Four, ecommerce and sellerlabs scope. For step solutions, four ecommerce, so it solutions the number four e-commerce dot com as Karen lockers group where she manages Amazon accounts for brands and smaller sellers like ourselves. We've been with her, I think it's coming on two years now and been thrilled because, uh, she helps us with creating listings, reconciling shipments. That's one that we're working on right now. I'm making sure handling refunds and things like that and making sure that we're, we get the money that's due. Was that more than pays for my service and you can save $50 by using the code momentum. So solutions four ecommerce.com, forward slash momentum. Use a code momentum. You're going to save $50 a month and she's going to do that inventory health reports a new year. You really need to get your account in order.

Stephen:                             01:53                     Second up is a seller labs scope. You know, I talk a lot about it because I'm a user period. That's, that's what makes it so worthwhile for me is that we use it for all of our private label, but even for our wholesale business and we do more bundling and stuff like that. Then then, then private label, and so it allows us though to really take advantage of those key words and really get them figured out because you have to zone in on the key words and so again, you can use it for your private label business, for your wholesale business.