I sit down with Tyler Jefcoat, CEO of Seller Accountant, which does ecommerce bookkeeping. As both an Amazon business owner and Amazon consultant I ask Tyler about several important areas that impact Amazon sellers and business owners.
1. How to calculate profit
2. When you should you start paying yourself, take profits?
a. Is it pie in the sky? Can you do both?
3. Importance of quality books
4. What is the best way to manage cash?
5. How to make investment decisions? Weather storms vs investing in growth and automation efficiency and profitability of business.
6. Sales tax properly
Important accounting questions to ask yourself: Will it increase my sales/save me time?/speed velocity to collect money/improve quality of life?
Measure every quarter with every expense for each of those questions.
https://www.taxjar.com/ – automatically file tax quarterly/monthly. Where are the states you have nexus in?
You can reach Tyler for a free ecommerce accounting consultation at http://selleraccountant.com/