3 Common Bookkeeping Mistakes Of e-Commerce Sellers

Vova Even Feb 23, 2024
23 People Read
Table of Contents
  1. Avoid Common E-Commerce Bookkeeping Errors with Insights from Link My Books CEO
    1. Top Bookkeeping Mistakes Made by Online Sellers
    2. Why This Article is a Must-Read???
    3. Why is Accurate Accounting So Important?
    4. Bookkeeping Mistake #1 – Using Wrong Reports
    5. Bookkeeping Mistake #2 – Making Human Error
    6. Bookkeeping Mistake #3 – Wasting Time Doing it Manually
    7. Link My Books Review
    8. Link My Books Onboarding Process
    9. Which World Regions Link My Books Supports
    10. Link My Books Pricing
    11. Conclusion

Disclosure: Hi! It's Vova :) Some of the links in this article may be affiliate links. I get a commission if you purchase after clicking on the link, this does not cost you more money, and many times I can even get a nice discount for you. This helps me keep the content free forever. For you. Thank you! :) 

Avoid Common E-Commerce Bookkeeping Errors with Insights from Link My Books CEO


Ever wondered if your e-commerce bookkeeping is as flawless as it should be?


In this article, we'll unravel the three most common bookkeeping mistakes of e-commerce and Amazon sellers.


Join me, Vova Even, in a conversation with Daniel Little, the co-founder and CEO of Link My Books – a game-changing e-commerce and Amazon FBA accounting software designed to make your accounting woes a thing of the past.



Curious about the pitfalls that might be lurking in your financial records?


Daniel spills the beans on these common slip-ups. tes


And hey, the best part?


You can streamline your e-commerce accounting effortlessly with a free trial of Link My Books.



Ready to elevate your bookkeeping game?


Let's jump right in!


_________________


Vova: Hello, everyone!


Today, we've got an important chat lined up about three common bookkeeping slip-ups that e-commerce sellers often make.


Our goal is to shed light on these errors and equip you with the knowledge to steer clear of them.


Joining me today is Daniel, the brain behind Link My Books – an accounting automation tool tailor-made for online sellers across various platforms, including Amazon.


If you want to check out Daniel's software, just click the button below.



You'll get special free access, and if you decide to subscribe later, I have a coupon code too.

Link My Books Discount Code

It's VOVA20 and it gives you 50 percent OFF for three months! Enjoy :)


Andddd, if you have any problems, you can schedule a free demo call with the Link My Books team by clicking here: Link My Books free demo call.


Now, let's kick things off by getting to know Daniel a bit better. 


Daniel, over to you for a quick introduction before we dive into the nitty-gritty of these bookkeeping blunders and how to tackle them.


Daniel: Absolutely, Vova.


Thanks for having me here.


Hi, everyone!


I'm Daniel, the co-founder and CEO of Link My Books.


Our mission is pretty straightforward – we've crafted an accounting automation software designed to be the antidote to the bookkeeping headaches that sellers often face.


Whether you're hustling on Amazon, eBay, Shopify, Etsy, Walmart, or gearing up for the TikTok shop scene, our tool is here to simplify your life.


The idea behind Link My Books is simple: we've automated a bunch of processes to make bookkeeping a breeze for sellers navigating the complex world of e-commerce.


Now, let's dig into the common mistakes sellers make and figure out how to tackle them head-on.


Vova: Great stuff, Daniel!


So if I understand correctly, folks approach Link My Books when they're looking to offload the hassle of managing their books and accounting.


They walk through your virtual door seeking a solution, and you provide them with an automated fix.


It sounds like a seamless process.


Can you shed some light on how users typically interact with your platform?


I'm guessing there's some info-sharing involved – what's that journey like for them?


Daniel: Absolutely, Vova.


So, to clarify, we're more of a software provider than a service provider.


Our users opt for a monthly subscription, granting them access to our software.


Here's where it gets interesting – we seamlessly connect with their bookkeeping channels and sales funnel, syncing up with platforms like Xero or QuickBooks.


Once that connection is established, we pull in all the relevant information.


Related Read: Amazon to QuickBooks / Xero Integration Software.

I'll demonstrate the process in detail shortly.


Vova: Got it, Daniel.


Thanks for breaking that down.


Now, let's dive into the nitty-gritty of e-commerce bookkeeping blunders.


I'm sure there's plenty to unpack here, and hopefully, our discussion today will be a helpful guide for sellers out there.


Daniel: Fingers crossed, Vova.


Today, I'm excited to walk you through the top three mistakes that we've observed sellers making – a costly affair if left unaddressed.


Top Bookkeeping Mistakes Made by Online Sellers



Daniel: Just to give you a sense, since our launch in 2018, we've collaborated with approximately 8,000 online sellers spanning across platforms like Amazon, eBay, and Shopify.


This extensive experience has provided us with valuable insights into the common pitfalls that often hit sellers right where it hurts – their accounting.


So today, we're going to cover a lot.



Who am I, and why should you trust what I have to say?


I might be a new face for many in your audience, so it's fair to question why my insights matter. 


Why is accurate accounting a big deal?


We'll also delve into the significance of precise bookkeeping, the three common mistakes themselves, and the go-to tool for hands-off accurate accounting – Link My Books.


No shameless plug here, just the facts.


Towards the end, we'll open the floor for a Q&A session to address common concerns as well. :)


Why This Article is a Must-Read???


Daniel: Now, let's tackle the question: why should you lend me your ears?



Back in 2014, I dipped my toes into the world of Amazon business, kicking off my entrepreneurial journey.


Fast forward to today, I've not just run one, but two Amazon businesses.


The first, launched in 2014, saw me scale it up to six figures before selling it.


Following that, from 2016 to 2018, I built my second business from the ground up, watching it soar to seven figures before selling it as well.


The bottom line?


I'm not just a guy peddling software; I'm someone who's been in the trenches, learning the ropes, and navigating the challenges firsthand.


Indeed, I've been in the thick of it and earned my stripes.


My journey has been one of hands-on experience in the entrepreneurial trenches.


Through these experiences, I've gleaned a couple of crucial lessons.


The first revelation came during the two instances when I decided to sell my businesses.


It became glaringly clear that precise accounting is not just important; it's downright vital, especially when you're looking to offload your venture.


Any savvy buyer worth their salt will want a crystal-clear view of your financial landscape before parting with their hard-earned cash.


The next thing I learned is that revenue is the proof, and profit is the reward. 


This might sound straightforward, but it's a nugget of wisdom that many sellers overlook.


I've encountered sellers boasting about hitting the million-dollar mark in sales or raking in ten thousand dollars today alone.


Well, here's a nugget that often goes unsung – only a few sellers openly discuss the nitty-gritty of their actual profits.


It's a bit of a mystery, a topic shrouded in secrecy.


The truth is that people tend to shy away from divulging these details.


However, when you're in the driver's seat of your own business, it's crucial to shift your focus from just the revenue to the profit.


While revenue might be the shiny exterior, profit is the engine that powers your decisions.


Neglecting this key aspect can lead to some pretty questionable choices in the business realm.


Because when it comes to your figures, it's not just about the big numbers on the top line; it's about understanding the bottom line – the profit.


This shift in perspective is fundamental because, without it, you might find yourself steering your business down the wrong path.


Thirdly, I learned about selling your business.


When the time comes to hand over the reins, potential buyers need more than a flashy sales pitch.


They want to see confidence in the accuracy of your accounts and tax records.


Why?


Well, because in some cases, they'll be stepping into the shoes of legal ownership of your entity.


It's not just a transaction; it's a transfer of responsibility.


And therefore, potential buyers aren't just eyeing your business; they're also scrutinizing whether all your tax ducks are neatly in a row.


This brings me to 2018, the year I joined forces with a fellow seller named Pete.


Funny enough, Pete and I were once competitors on Amazon, but as fate would have it, we became good friends.


The reason?


Well, the headache of navigating through countless accountants and the dissatisfaction with existing software solutions.


The struggle was real.


So, we decided to take matters into our own hands and dive into the world of Link My Books.


To ensure we covered all bases, we partnered with e-commerce specialist accountants.


These experts helped us figure out the ins and outs of accurate accounting and tax management because, truth be told, we'd been there ourselves.


Through the ups and downs of trial and error, we spotted a gap in the market and charged ahead, full steam, to create a solution we wished we had during our own business journeys.


So we rolled up our sleeves and crafted software that streamlined the often tedious task of e-commerce bookkeeping.


Currently, as I mentioned, we're proud to have about 8,000 satisfied customers spread across the UK, USA, and Australia.


Why is Accurate Accounting So Important?


Daniel: Now, let's circle back to the big question: why is accurate accounting a big deal?



Think of inaccurate accounting as navigating your business blindfolded.


It's like running in the dark – risky and filled with uncertainties.


Making sound business decisions without a solid understanding of your financial landscape is like shooting in the dark.


It's a bit like trying to hit a target without seeing it.


That's not a game anyone wants to play.


Without accurate accounting, you might find yourself focusing on the wrong marketplaces or making decisions based on incomplete or faulty information.


It's like having a compass that points in the wrong direction – sure to lead you astray.


So you could be thinking that you are making loads of money in your new venture into the European market while selling your products in the UK, Germany, and France.


It might seem like you're raking in the cash, but here's the catch.


While you're putting all your energy into these European sales, your US sales – where you might be pulling in 90% of your profit – could be slipping through the cracks.


It's easy to get caught up in the idea of expanding into new territories, and sure, there might be potential there.


However, if you've been at it for a year, dedicating all your time to these markets, and they're only contributing 10% to your overall profit, it's time to reassess.


It's like tending to a garden where only a fraction of the plants are thriving. 


Maybe it's worth shifting your focus back to where the majority of your profit is blossoming.


In business, where you direct your attention and resources matters.


Sometimes, the allure of new markets can distract you from the goldmine that's right under your nose.


So, knowing where your profit is coming from is super important.


If you lump all your sales together without breaking them down, you're essentially flying blind.


You might pat yourself on the back, thinking you've had a stellar year because you've been putting effort into the European market.


The snag?


Without the nitty-gritty details, you might be making decisions based on incomplete information.


Imagine thinking your garden has flourished because you've watered it diligently, only to realize that one corner is thriving while the rest is struggling.


In business, not having a clear view of your profit sources can lead to misguided decisions.


Another pitfall?


Poor cash flow.


If you're pouring money into advertising, PPC, and product performance without a solid understanding of your profit margins, you might find yourself strapped for cash when it's time to restock.


It's like filling a leaky bucket – your growth potential is constrained.


And here's the big one we'll delve into further – the heavyweight champion of business blunders: overpaying and underpaying taxes.


It's a tightrope walk that can have serious consequences, and we'll unravel the intricacies as we continue.

So, unless your accounts are in order, you run the risk of misrepresenting your turnover or VAT.


This can lead to the sticky situation of either overpaying or underpaying taxes – neither of which is an ideal scenario.


Accurate accounting, on the other hand, empowers you to make informed decisions and ensures you pay the correct amount of tax.


It's all about having a clear roadmap to navigate the financial landscape.


Does that make sense?


Vova: Yeah, perfect so far.


Daniel: Great.


Now, let's dive into the three common mistakes.



Bookkeeping Mistake #1 – Using Wrong Reports



Daniel: The first misstep revolves around using the wrong reports.


Take an Amazon seller, for instance – most online sellers have some presence on Amazon, as we've observed.


So, let's use Amazon as a case in point.


Many sellers are likely used to navigating through something like this – the day range summary report.


It's a routine where they log into their account monthly, head to Reports, then Payments, and finally, the day range summary report.


They download this report covering the entire month.


On the left, they find their income, and on the right, their expenses.


Now, keep in mind that what you're seeing is just a mock-up; in reality, this report would be more detailed.


The common practice is to consider this step sufficient.


They might pass this information along to their accountant or bookkeeper, or perhaps manually input the figures into their bookkeeping system, thinking, "Alright, that takes care of the month."


But here's the catch with this approach – there are quite a few issues, but let's focus on the two major ones.



First off, this report lacks the level of detail crucial for accurate bookkeeping.


The problem stems from its failure to specify the destination country of the sales.


For example, let's say you're an Amazon seller in Europe, operating in the UK and other European countries.


You generate the report for the UK marketplace, assuming all income is from the UK.


Well, that assumption is off the mark.


Your sales could have extended beyond the UK borders, and if you're a UK seller or VAT registered, it's imperative to distinguish those transactions.


Why?


Because if you treat all your sales as if they're solely from the UK, you might find yourself in a bit of a tax pickle – paying a flat 20% on everything.


However, the game-changer here is separating out your sales.


Specifically, distinguishing between those within the UK and those venturing beyond its borders.


This distinction can significantly impact the tax and VAT you end up paying.


For sales outside the UK, you could be looking at a lower tax and VAT burden.


Now, let's hop across the globe.


In Australia, the story is similar.


Sales inside the country and sales outside the country each have their own tax implications.


And it's no different in the US.


Depending on where your sales are headed, they might be subject to different sales tax rates if you hold sales tax permits.


This is where the destination country comes into play – the unsung hero that determines the tax applied to each sale.


Yet, this crucial detail is noticeably missing from there.


Equally unclear is who is responsible for that tax.


So the first snag we encounter is when the marketplace is the one handling VAT, tax, or GST collection.


This scenario is pretty standard, and almost every seller using this report will grapple with it.


The hitch here is that the report fails to capture instances where the marketplace is already collecting these taxes on your behalf. 


It's like trying to put together a puzzle with missing pieces – information gaps that could lead to miscalculations.


Now, onto the second hiccup.


When you're working with a monthly report, and your payouts from Amazon or other sales channels are rolling in every two weeks, once a week, or even daily, syncing up these timelines becomes a bit of a puzzle.


That's a common practice we've seen many sellers have adopted.


They would take that Day Range Summary report, diligently inputting income and expenses into their accounting software, whether it's Xero or QuickBooks.


Then, they'd manually record every payment received from Amazon, creating a sort of virtual Amazon bank account.


Sales go in, payments come in, and there's usually a little balance left at the end of the month.


Here's where the hitch arises.


This remaining balance should ideally match the reserve balance in their Amazon account, but the truth is, many sellers skip this crucial cross-check.


And for those who do attempt it, explaining the results often feels like navigating uncharted waters.


It's really hard to pinpoint the exact balance at the month's end when payments from Amazon are trickling in irregularly throughout the month.


The sporadic nature of these incoming payments makes nailing down that precise month-end balance a real head-scratcher.


Consequently, sellers often find themselves grappling with a lack of confidence in their running balance.


Picture this: their accountant raises a query about the balance in their clearing account, and the response is a hesitant, "Oh yeah, it's just the money due from Amazon."


This cycle repeats throughout the year.


It becomes a lingering uncertainty, and as the year concludes, the accountant is left with the task of making adjustments because, as it turns out, that balance wasn't accurate to begin with.


In essence, this approach is like you're inviting trouble.


The repercussions?


An inaccurate accountant, which is a recipe for financial headaches.


Imagine overpaying your taxes – it's essentially parting with money that should have stayed in your pocket.


On the flip side, underpaying taxes could lead to unwelcome consequences.


If the government catches wind of the shortfall, brace yourself for penalties and the demand for the unpaid taxes.


Neither scenario is a favorable outcome.


Bookkeeping Mistake #2 – Making Human Error



Daniel: This brings us to the second issue: human error.


It's a formidable foe even when armed with the right reports.


Imagine the scenario: you invest hours downloading data from your sales channels, carefully inputting it into spreadsheets, and deploying clever formulas to get the financial landscape working.


However, amidst this process lies a colossal risk – human error.


The formula you're dragging down is incorrect.


The information being copied and pasted is wrong.


You're overlooking a crucial report during this intricate dance of data.


These seemingly minor blunders can spiral into significant issues.


A missed cross-check on whether Amazon has collected the necessary VAT or tax, or failing to verify crucial tax information, can pave the way for inaccurate accounts.


The outcome?


A potential excess in tax payments or, conversely, a shortfall.


In essence, it's a precarious tightrope walk, and even the slightest misstep can lead to financial misalignments.


Bookkeeping Mistake #3 – Wasting Time Doing it Manually



Daniel: Now, let's talk about the third challenge, and it's a formidable one – time waste.


Even if you're obtaining accurate information and managing to sidestep the pitfalls of human error, there's still a hidden cost.


A cost not measured in dollars but in hours…


Here's the reality check: despite your efforts, doing everything manually demands a significant chunk of your time – approximately six hours per month.


Yes, you heard that right.


Six valuable hours spent downloading information, wielding spreadsheets like a wizard to slice and dice the data, ensuring every figure aligns seamlessly, cross-checking balances, and finally, tediously copying and pasting these numbers into your bookkeeping system.


Now, consider this: we're in the year 2024, an era where technology has evolved to shoulder the burdens of manual tasks.


In a world where efficient solutions exist, why spend so many hours per month on a task that could be effortlessly handled by automation?


Enter Link My Books, the antidote to time wastage.


Our automated software simplifies the entire process, liberating your time and streamlining your bookkeeping woes.


Imagine a world where you can effortlessly collect all the vital information without lifting a finger, and it magically finds its place in your bookkeeping system.


No more manual data wrangling, no more headaches.


You're free to channel your energy into what truly matters – growing your business.


Only one software solution handles everything for you seamlessly.


And here's a thing: Leveraging technology not only ensures accuracy but takes it a step further.


You can juggle between multiple tasks algorithmically – tasks that would otherwise devour hours of your time if attempted manually on a spreadsheet.

I'd also recommend you read about EcomBalance, a nice bookkeeping service for online businesses.


Link My Books Review



Related Read: Link My Books Tutorial: Elevate e-Commerce Bookkeeping!

Link My Books Discount Code

It's VOVA20 and it gives you 50 percent OFF for three months! Enjoy :)

Daniel: Link My Books is not just a time-saver; it's a game-changer.


It's the bridge between your sales channels (like Shopify, Amazon, Etsy, eBay, Walmart, and soon, TikTok Shop for UK users) and your bookkeeping havens, Intuit QuickBooks and Xero.



Link My Books simplifies the entire process, providing a streamlined and automated solution for your business financials.


Let's break down the mechanics of how it works.



Picture this: each time a sales channel, let's say Amazon, eBay, or Shopify, deposits money into your account, our software gathers the nitty-gritty details.


Every sale, refund, and transaction contributing to that payout is dissected and summarized.


Now, here's the beauty of it – we also create a digestible summary that can effortlessly be integrated into your bookkeeping system.


No fuss, no muss.


You've got two routes to post these summaries.


Firstly, you can head to the action menu on the top right-hand side, cherry-pick the settlements you wish to send across, and voilà!


It's a bit like handpicking the ripest fruit from the tree.


This is the default setup for new accounts.


During the free trial, we import the last 90 days' worth of settlements, giving you the right to curate and choose which ones seamlessly flow into your bookkeeping system.


But what many people do is once they're all set up and content with the system, they opt for the hands-free approach – the auto-posting feature.


Let's say, you've turned it on.


Now, once you receive a payment from Amazon, eBay, or any other channel, we process it, and it effortlessly finds its way into your bookkeeping system.


Vova: That's like putting things on autopilot.


Daniel: Exactly!


Now, when we peek into these individual entries, take that £10,000 received from Amazon UK, for instance.



Dive into it, and you'll uncover a treasure trove of details – sales both inside and outside the UK, refunds categorized by destination, a breakdown of fees based on types, and all the taxes neatly assigned.



The result?


A brand new entry in your bookkeeping system that precisely breaks down what each payout consists of.


This streamlined process is a game-changer.


And here's why it is a game-changer for you: when you navigate to Xero or QuickBooks, it's as smooth as a breeze.



On the left, you see the incoming payments, neatly aligning with a corresponding invoice.


The magic happens automatically, and all you have to do is click "OK" in the middle.



Yes, that's it!


In a matter of 25 seconds, you've accomplished what used to devour six laborious hours every month.


Calculate the savings – five hours, 59 minutes, and 35 seconds to be precise.


Now, revisiting the previous slide, the beauty lies in the fact that reconciliation becomes a walk in the park.



No more fretting over control accounts or scattered balances in your accounts.


Everything falls into place seamlessly.


And, here's where the real magic happens.


Every time a payment lands in your bank, Link My Books generates a corresponding invoice.


But the true gem lies in the handling of taxes.


Let's break it down with a UK example.


Sales within the UK and those outside the UK are treated differently, and there are distinct tax rates on fees.


The beauty of Link My Books is its ability to effortlessly segregate all these nuances, presenting you with a clean, accurate entry.


This ensures that you pay the precise amount of tax every single time.


For our friends in Australia, the scenario mirrors the same setup, with sales inside and outside the country and various fees attracting different tax rates.


And the story is no different for US sellers – sales taxes are carefully separated, including any sales tax collected by the marketplace.


Everything operates seamlessly within these summary entries, neatly directed and then smoothly integrated into your bookkeeping system.


As I mentioned, your primary task is to simply affirm, with a click, that these payments received align with the invoices that have been matched up.


So, in essence, Link My Books acts as your bookkeeping virtuoso.


It's the remedy that takes away the pain of spending endless hours on bookkeeping chores.


Instead, it condenses the entire process into a few effortless clicks.


That's the beauty of it.


Vova: Fantastic! And for all you folks tuning in, there's an opportunity to experience this firsthand with the free trial available at Link My Books.


You can grab it now by clicking on the button below.



Use the coupon code "VOVA20" at Link My Books to enjoy a 50% discount for the first three months!


And hey, if you're keen on a deep dive, there's an option to schedule a demo call.



Daniel: Absolutely, Vova.


So, for those who are intrigued and want to get hands-on, we've got you covered with a generous 14-day free trial.


You can access it conveniently at linkmybooks.com/vova.

Link My Books Discount Code

It's VOVA20 and it gives you 50 percent OFF for three months! Enjoy :)


And for those who prefer a personalized walkthrough, our one-to-one demo calls are the go-to solution.


Here's the unique touch – our in-house support team consists of five seasoned accountants who are well-versed in the intricacies of e-commerce accounting.


These are not just support agents; they're qualified professionals with a deep understanding of Link My Books, some having been part of the team for over three years.


Booking a call with them opens the door to a direct Google Meet, a face-to-face session where you can connect your accounts and ensure everything aligns seamlessly.


It's the perfect opportunity to set up your system right then and there, getting real-time assistance to migrate smoothly from your previous approach.


Link My Books Onboarding Process


Vova: Perfect! Now, let's delve into the practical side of onboarding with Link My Books.


Let's say you're a new seller eager to give it a try.


You decide to kick off the process by opting for the 14-day free trial.


Now, what should you bring along to make this journey smooth and efficient for both you and us?


Daniel: Well, here's the beauty of it.


Link My Books streamlines the onboarding process into simple, user-friendly steps.


As soon as you enter the free trial, the system prompts you to connect your sales channels and integrate your bookkeeping system.


It's like the first handshake in the digital realm.


Once that's done, we take you on a guided tour through our Setup Wizard.


This wizard is designed to make the onboarding experience a breeze.


And here's an interesting tidbit: even before you start, we've already gathered some insights about your business, detecting relevant information from your Xero or QuickBooks account.


It's like having a head start tailored to your needs.


Vova: Got it, sounds like a straightforward process. 


Daniel: Absolutely, let's demystify this process even further.


Once you embark on your Link My Books journey, we tailor the experience based on your location and business type.


It's like having personalized GPS directions.


For instance, US sellers take one route, UK sellers another, and Australian sellers yet another.


We go beyond a one-size-fits-all approach.


In fact, we take the initiative to suggest specific accounts and tax rates based on your context. 


It's a thoughtful guide to help you navigate the setup process seamlessly.


If you find our suggestions fitting, you're all set – the account is established, no complicated maneuvers required.


Here's the interesting part: the majority of our users, around 80%, prefer the self-serve approach.


They jump into the trial, set up their accounts independently, and voilà – they're up and running.


It's a testament to the simplicity and user-friendliness of the system.


But there's another cohort – those opting for a demo call.


This group typically has a bit more complexity in their setup.


It could be that they're transitioning from a different solution, have intricate business structures, or their accountant prefers an in-depth discussion.


We're fully equipped to accommodate these scenarios.


Whatever your preference, we're here to make the onboarding process smooth and tailored to your needs.


Vova: That's really nice, Daniel.


So, that's about sellers in UK, US, and Australia.


Which World Regions Link My Books Supports


Vova: I'm curious about the users from other countries such as Pakistan or Norway, or any other location – how does Link My Books cater to a global user base?


Daniel: Great question, Vova!


We're all about inclusivity, supporting sellers from all corners of the globe.


While our primary focus revolves around the United States, United Kingdom, and Australia, we've got open arms for entrepreneurs hailing from places like Pakistan, Norway, or anywhere else under the sun.


Here's the beauty of it – our compatibility stretches far and wide.


Whether you're operating out of the bustling streets of Lahore or the serene landscapes of Oslo, if you have a Xero or QuickBooks account, Link My Books is ready to team up with you.


We've got no regional biases; it's a global collaboration.


Talking about marketplaces, we don't play favorites here either.


Every Amazon marketplace is in our support network.


The only difference is that, during the setup wizard, we provide suggested tax rates for the key markets – the UK, Australia, and the USA.


And, for our friends from "the rest of the world," you get to take a personalized path.


You choose your own tax rates, ensuring a setup that aligns perfectly with your unique business landscape.


Here, you might wonder, why the focus is on the primary markets of the United States, United Kingdom, and Australia.


Well, it's not a matter of playing favorites; rather, it's about practicality.


Conducting in-depth research into the tax intricacies of every single country worldwide would be an incredibly time-consuming endeavor.


We're all about efficiency, and we want our users to have the flexibility to set up their own tax rates based on their specific regions.


But here's the thing – if our users feel the need for a bit more guidance or want to explore the best approach to handle taxes in their country, we're more than happy to assist.


A simple reach-out to us, and we'll work together to figure out the optimal strategy.


The bottom line is, whether you're running your business from bustling cities, tranquil countrysides, or anywhere in between, Link My Books is designed to accommodate sellers from every nook and cranny of the globe.


Vova: That's really nice to know.


So, here's to everyone reading this blog right now, you can kickstart your Link My Books journey with a risk-free 14-day trial right here 👉 https://linkmybooks.com/vova.


It's an affiliate link which means you're not just trying out an incredible tool for your business, but you're also lending support to my free content that has been a labor of love for years.


It's a win-win – explore a powerful tool and be part of a community that values knowledge sharing and support.


Link My Books Pricing


Vova: Now Daniel, can we delve into the nitty-gritty of Link My Books pricing?


We might have a larger seller tuning in, or perhaps a beginner who's just getting started and wants to get it right.


Could you walk us through the pricing structure, helping us grasp how it functions?


This way, both experienced and novice sellers in our audience can gain insights into which plan suits them best.


Daniel: Sure, Vova! Let me just pull up our pricing page.



The figures are showing up in pounds because that's where I'm located, but rest assured, we've got pricing in dollars and Australian dollars as well.


So, no matter where you're at, you're covered.


Now, for our friends in the UK, it's a straightforward deal – 13 pounds a month.


And what does that get you?


Well, it includes handling up to 200 orders and managing one sales channel.


It's like having a personal assistant for your bookkeeping, ensuring you stay on top of your game without breaking the bank.


But hey, we understand businesses come in all shapes and sizes.


So, for those of you who might be handling a bit more action, fret not.


We've got tiered plans that can accommodate your growing needs seamlessly.


Whether you're a seasoned seller or just starting your journey, there's a plan tailored just for you.


For example, if you're just starting out, let's say as a fresh-faced seller with fewer than 200 orders a month, and you're exclusively in the realm of Amazon, the cost is a modest 13 pounds per month.


But what if you decide to spread your wings and sell on multiple platforms?


Say, you venture into both Amazon and Shopify.


Well, in that case, the Pro version is your go-to, covering up to five channels while maintaining the 200-order limit.


Now, here's where flexibility kicks in.


If your monthly orders surpass 200 hanging around the 1,000 mark, you're looking at 26 pounds.



For those flourishing with up to 5,000 orders, it's 39 pounds.



As your business scales, so does the pricing – 65 pounds for 10,000 orders, £89 for 15,000, £115 for 20,000, and it progresses.


And for those accounting wizards managing multiple clients, the Enterprise level at 249 pounds includes a generous quarter of a million orders shared across all their clients.



They get the first 10 sales channels included in the package, and any additional sales channel beyond that incurs a flat rate of £11.


This is particularly popular among accountants.


However, the crowd-pleaser, our most sought-after plan, the Pro plan, falls in the range of 1,000 to 5,000 orders.


Priced at 49 pounds a month, this plan accommodates the savvy seller managing between three to five sales channels.


Whether it's Amazon, eBay, Etsy, or others, this plan has you covered.


Vova: What about the fourth admin feature "historical data"?



What does it mean?


I can see 3 months, 12 months, and 24 months.


That's duration, right?


Can you help break down the meaning behind these timeframes?


Daniel: Sure. Here's the scoop: during your free trial, we fetch the last three months of your business history.


Think of it as a snapshot of your financial journey.


You can then handpick the specific channels you'd like to seamlessly integrate with your bookkeeping system, adding a touch of personalization to your financial management.


But let's say you're at a point where you realize your bookkeeping journey took a few wrong turns, and you want to set things right.


It happens more often than you think.


Many users approach us with the desire to replace their existing records, striving for accuracy and, naturally, a reduced tax liability.


That's where the exciting part kicks in.


With our software, you can go back in time, not just three months but up to two years!


If you're on the Pro plan, you get a generous 12-month historical data allowance, while the Premium plan takes it a step further, offering an impressive 24 months.


This means you have the flexibility to revisit and rectify any discrepancies in your financial records, ensuring that your tax calculations align with the true picture of your business.


Even if you're on one of the lighter plans that include only a few months of historical data, fret not.


We've got you covered with one-off packages.


For a one-time payment of £49, you can extend your historical data allowance to cover a generous 12 months.


If you're aiming for an even deeper dive into the past, our £99 one-off package extends the allowance to an impressive 24 months.


Here's a smart tip: stick with the light plan to avoid unnecessary monthly costs, especially if you operate with just one sales channel.


If you're interested in these extended historical allowances, our supportive team is just a message away, ready to assist you in setting it up seamlessly.


Vova: Great information, Daniel!


I've noticed we have the option to pay either monthly or annually.



If I go for the monthly plan, it's for individual months, but with the yearly option, it's a single payment and comes with a saving equivalent to two months.


Is that correct?


Daniel: Exactly! We offer the flexibility of monthly or yearly payments.


Opting for the monthly plan will set you back £39, but if you choose the yearly option with a one-time payment of £390, you'll enjoy a nifty saving equivalent to around 20 percent.


It's a smart move that not only streamlines your payments but also puts some extra pounds back in your pocket.


Vova: Also, Daniel, can you clarify if there's onboarding available with the free trial?


Are users able to receive assistance during the onboarding process, even with the free trial?


Daniel: Sure, let's talk about what's under the hood during the free trial.


It's not just a trial; it's an opportunity to get hands-on assistance right from the start.


Picture this: you're ready to embark on your Link My Books journey.


Simply hit "Get Started Free," enter your email, and seamlessly sign in with your Xero or QuickBooks account.



No need to juggle additional usernames and passwords – we've streamlined the process for your convenience.


Once you're in, our user-friendly interface guides you through the setup process.


At this point, you can easily connect your sales channels and bookkeeping accounts.


But what if questions arise?


Fear not!


At the bottom right-hand side of every page, you'll find a handy drop-down menu.



Here, you can explore our comprehensive help documents, empowering you with self-assistance.


However, if you prefer a more personal touch, our dedicated support team is just a message away.


Use this option to send a direct message or, even better, schedule one-to-one meetings through the support team.


We understand that everyone's journey is unique, and our support team is committed to ensuring that your onboarding experience is as smooth as possible.


Vova: Awesome!


So, you know, maybe there's something crucial we haven't touched upon yet?


Whether it's about Link My Books or anything we might have overlooked.


We've covered quite a bit, delving into the software's functionality, the process, pricing details, and even mentioning the free trial and demo call for our viewers.


Is there anything we might have missed?


Daniel: Absolutely, Vova.


Let's touch on a key aspect that often speaks louder than words – the resounding endorsement from our satisfied customers.


While it's easy for us to assert the greatness of our software, the real testament comes from those who use it day in and day out.


So, let's take a closer look at the Xero app store.


If I navigate to Xero or Link My Books, and check out the app store here, we've got an impressive 403 reviews, all of them five-star.



Let's not underestimate the weight of this achievement.


Every single review contributing to this stellar rating reflects the genuine satisfaction of our users.


It's a chorus of voices proclaiming that Link My Books isn't just a tool; it's a game-changer.


But what makes these reviews truly special?


It's not just about the software; it's about the unwavering support that accompanies it.


As you skim through the reviews, a consistent theme emerges – our support team is in a league of its own.



It's the human touch, the extra mile we go to ensure our users feel empowered and confident in their e-commerce accounting journey.


So, to our prospective users out there, the link to explore the demo call and discover more is right at your fingertips.



There's a wealth of positive experiences waiting for you, shared by real users who have found Link My Books to be not just a solution but a reliable companion in their business endeavors.


Generally, navigating financial information and handling bookkeeping can be a maze of complexities.


In such situations, our support team steps in, acting as a guiding light.


Whether it's a quick message exchange, a live chat session, or even a phone call, we're right there, ready to address queries promptly.


The beauty of this support extends beyond just answering questions; it's about the immediacy of assistance.


Instead of waiting for days to hear back from an accountant, users can reach out to us and receive timely answers.


It's that real-time support that makes the difference.


This level of service isn't just beneficial for individual sellers; accountants, too, find immense value in using our software.


Link My Books streamlines the data entry process for accountants, freeing them from tedious tasks.


This allows them to shift their focus toward delivering value-added services to their clients.


Our commitment to providing industry-specific assistance is a distinguishing factor.


We understand the nuances of accounting in the e-commerce realm, enabling us to address queries with a depth of knowledge.


This level of support ensures that our users have peace of mind, knowing that their setup is accurate, and they can easily reach out for assistance.


Vova: That's impressive, man.


It's fantastic to see such a substantial number of positive reviews without any three, two, or one-star ratings; that's truly awesome.


Daniel: Moreover, this positive sentiment isn't limited to just one platform; these reviews are specifically from the Xero app store.


We have similarly stellar reviews on Captera, Facebook, Google, and other app stores like QuickBooks and Shopify.


However, our significant presence, especially on Xero, is noteworthy.


That's due to our initial connection with Xero, which has contributed to a substantial number of reviews in that specific space.


Vova: Awesome! I hope this discussion has been insightful for our audience.


If there are specific inquiries or topics we might have missed, feel free to drop your questions in the comments section of my YouTube video.


I'll personally respond or consult with Daniel to ensure all queries are addressed.


Daniel, thank you for sharing your expertise, and I look forward to future collaborations where we can delve even deeper into the intricacies of Link My Books, offering viewers an inside perspective.


Daniel: Certainly, Vova.


I'd like to highlight an additional resource that might be immensely helpful.


We've created a demo, personally crafted, to guide you through the system's functionalities.


You can watch it right below for a detailed walkthrough.



Keep in mind that we've made significant updates to the system since then, so the interface might appear slightly different.


But Vova, I'm eager to return to your channel and provide everyone with an up-to-date look at how it operates now.


Vova: Of course, Daniel.


We can plan for a follow-up video to showcase the latest updates and improvements in the system.


Thanks for today, Daniel.


Appreciate your time and the insights you've shared.


And kudos on those five-star reviews – that speaks volumes.


Daniel: Thank you. It's been a pleasure.


Nice to connect with everyone.


Vova: Likewise. Thank you.


_________________


Conclusion


Wrapping up our journey through the ins and outs of e-commerce bookkeeping, it's been eye-opening to uncover the pitfalls that many sellers might stumble upon.


A massive shoutout to Daniel Little from Link My Books, for shedding light on these common mistakes and, more importantly, providing a solution that simplifies the entire accounting process.


As an e-commerce enthusiast, I've realized the significance of steering clear of these bookkeeping blunders.


With Link My Books offering a user-friendly and efficient way to manage finances, it's like having a trusty co-pilot in the often turbulent skies of e-commerce.


It's literally the best accounting and bookkeeping software for Amazon sellers and e-commerce

If you're an online seller or an Amazon FBA entrepreneur, don't miss out on the free trial offered by Link My Books – it might just be the game-changer your business needs.



This button will grant you special free access, and if you decide to subscribe later, I have a coupon code too.


It's VOVA20 and it gives you 50 percent OFF for three months! Enjoy :)


Here's to error-free bookkeeping and seamless financial management in the world of e-commerce!

P.S. - Discover the 3 easy steps of how to do bookkeeping for your business.

Table of Contents
  1. Avoid Common E-Commerce Bookkeeping Errors with Insights from Link My Books CEO
    1. Top Bookkeeping Mistakes Made by Online Sellers
    2. Why This Article is a Must-Read???
    3. Why is Accurate Accounting So Important?
    4. Bookkeeping Mistake #1 – Using Wrong Reports
    5. Bookkeeping Mistake #2 – Making Human Error
    6. Bookkeeping Mistake #3 – Wasting Time Doing it Manually
    7. Link My Books Review
    8. Link My Books Onboarding Process
    9. Which World Regions Link My Books Supports
    10. Link My Books Pricing
    11. Conclusion

Disclosure:  Hi! It's Vova :) Some of the links in this article may be affiliate links. I get a commission if you purchase after clicking on the link, this does not cost you more money, and many times I can even get a nice discount for you. This helps me keep the content free forever. For you. Thank you! :)