Last week on the blog, we covered why it’s a bad idea to add your Amazon deposits directly to Quickbooks Online without splitting them.
Split deposits can tell you how much you spent on ads, what your profit looks like as a percentage of total sales, how much you paid in FBA fees, and more. A lump sum simply doesn’t give you the full picture of your finances.
But exactly how do you get these good-looking deposits into your Quickbooks account without spending hours doing it manually?
The answer is A2X.
What is A2X?
A2X is the gold standard for Amazon sellers looking for an easier way to reconcile their Amazon sales data in Quickbooks.
A2X is a software program that integrates directly with Amazon and Shopify and imports deposits and sales directly into Quickbooks as a readable summary. The summary itself is customizable, allowing you to choose which fees, sales, and data you want to view from each deposit.
At Seller Accountant, we all but require our clients to set up A2X as a condition of working with us – it really is that beneficial. Yes, there are alternatives, but let’s cover why A2X itself gives the best bang for your buck.
Because it works!
A2X makes life easier for e-commerce sellers in a whole host of ways. When evaluating why A2X is your best option, consider the following features that set it apart vs competitors like Link My Books and Taxomate.
Accrual accounting, or the process of logging sales and purchases at the point of a transaction instead of at the point of payment, is something that trips up a lot of e-commerce sellers.
Because accrual accounting requires transactions to be recorded in the term in which they’re made, it can be confusing to tease out exactly which sales or purchases should be attributed to which months – something that can make or break the accuracy of a business’s books (more on the benefits of accrual accounting here).
But the beauty of A2X is that the summaries it sends make it easy to tell which month each sale falls into. That means not spending hours poring through deposits and nitpicking which sales fell in which month. A2X saves you (and your accountant) time.
Simplicity, Efficiency, and Reliability
It’s obvious why saving you, the business owner, precious hours in the day is a win, but what about your accounting team?
An accountant’s job is to make sure your books are accurate, readable, and tell a complete picture of your finances. This makes it easy to approach investors, to keep track of your profitability, and to get the most from your sale when you want to exit.
Using A2X saves your accountant time, allowing them to be more thorough with the rest of your reconciliations and more likely to spot anything amiss in your books.
Even more important than efficiency is accuracy. With A2X, you can count on detailed deposit summaries that hold up to significant scrutiny and due diligence. The numbers are right every time, making your Amazon deposits one less thing to worry about in the grand scheme of your accounting.
A Human Connection
When searching for software to make your e-commerce accounting easier, you may stumble upon some A2X alternatives. The software itself is invaluable for your business, but when making the decision between A2X and its alternatives, what is it that puts A2X on top?
The difference is the personal relationships A2X goes above and beyond to form with their clients.
A2X provides live support from their staff, who are always willing to help if you get stuck along the way. They also host a full selection of training courses to make doing your own accounting easier and e-commerce accountant recommendations for when you’re ready to outsource to a firm.
And the A2X staff is always kind, personable, and easy to communicate with – something that is hard to find in other software companies. That type of personal experience fosters trust and allows business owners some peace of mind about their finances.
Still not convinced? Let Tyler explain why A2X beats its alternatives in every category.
All in all, it is crucial that Amazon sellers find a piece of software that allows them to separate out their Amazon deposits to better understand their earnings. There are lots of options out there, but the clear frontrunner, miles ahead of its competitors, is A2X.