On a scale of 1-5, how would you rate your accounting knowledge?
If you think accounting and bookkeeping are as simple as making a list of your sales and your expenses – you’re in for a rude awakening. Do you know how to compute income, how to prepare a balance sheet, and do you know the difference between an asset and an expense? If you scored your accounting knowledge a 3 or lower – while trying to sustain an Amazon business – then we’ve got advice for you: learn more. NOW.
So many businesses go under just because of inaccurate bookkeeping which leads to wrong forecasting and overspending. You don’t want that to happen to you. No – you don’t have to be an expert to know what a balance sheet is for – and even if you have an accountant, you want to be more than just a blank wall when they start crunching numbers in your presence. Having a basic understanding of accounting terms and concepts may be the thing that saves your business.
Amy and Andy Arnott of the Seller Roundtable Podcast invite Julia Ibrahim, CPA – who specializes in eCommerce accounting – to answer all our accounting questions and emphasize the role of accounting in keeping an Amazon business running. Important details you need to know are included, such as steps to take and documents to prepare for incorporation, how to keep track of inventory, common accounting mistakes, tax write-offs, software recommendations, and many more.
Don’t miss this episode – watch below: