Bookkeeping for Online Businesses Made Simpler and Faster with EcomBalance - Review

Vova Even Jan 18, 2023
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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! :) 

Review Of EcomBalance Bookkeeping Service – How Online Businesses Can Benefit from It? Is it any good?

 

Hi, this is Vova Even, an enthusiastic Amazon seller since 2016. Love the game. Still in the trenches.

I also make YouTube videos to educate novice and advanced sellers on how to get more sales, find new products and win on the Amazon platform.


From the latest tools to tips and tricks for Amazon, you can find everything on my blog to become a thriving seller on the Amazon platform. You can also join my free Udemy courses to discover the secrets to being an Amazon seller that gets results.


In this article, I share everything you need to know about EcomBalance. It is a bookkeeping service that helps you maintain your books without compromising your business. To talk about it in more detail, I recently had Nathan Hirsch, the CEO of EcomBalance on my YouTube channel. 


By the end of it, you will have a full grasp of what EcomBalance is, how it works, and how it can positively impact your business.


I also have a special free trial benefit for you to make it more exciting! You can enjoy 2 months of free EcomBalance trial and test it out yourself. Click on the link above to check out the offer :)


The link above is an affiliate links, if you ever do business with the guys, I'll get a lil kick back from the guys, at no extra cost to you. This helps me keep content free forever, for you! Thank you, enjoy the article!

By the way, do you want to watch the whole conversation instead of reading it? Watch the video below and start watching it!



A Key Offer and Some Freebies for Amazon Sellers

  1. 2 Months of Free Access to EcomBalance

  2. 3 eBooks, 3 courses, valued at over $1200

  3. Our Amazon FBA Community on Facebook


About Our Guest

Nathan (Nathan Hirsch) started EcomBalance in 2021, intending to help businessmen focus on their selling journey without worrying about bookkeeping. 


The work of EcomBalance is to document your numbers and maintain them, allowing you to sell the business in the future with accurate stats and profit records.


Nathan started his entrepreneurial journey when he was in college. After successfully selling on Amazon for over 10 years, he launched a brand focusing on hiring pre-vetted VAs and freelancers. 


The business was later acquired by another firm in 2019. Since then, he started working on two projects, Outsource School which teaches the hiring process, and EcomBalance; a bookkeeping service for eCommerce sellers.


When to Start Bookkeeping?

One of the most common mistakes committed by sellers is that they don’t record their data periodically. They will wait the entire year to work and finish the bookkeeping data. The biggest issue with this approach is that they will end up instantly dumping all the accounts, rushing through them, and filing the taxes in haste.


So, what must be the best practice? You might ask and here's what I have to suggest: Keep running your business. 


At the end of every month, jot down the details, and take 10 to 15 days to pile up the income statement, balance sheet, and cash flow specifics.


Now take time and discuss it with your business partner, team leader, or any stakeholder. Make decisions based on the numbers your books are telling you!


If you do your bookkeeping at the end of the year for taxes, you will never know how to make an effective and informed business decision. 


For instance, let's say you are running five brands, and four are not producing the expected results. Without bookkeeping, you wouldn’t be able to identify that and keep investing money in the wrong direction!

The screenshot below is part of my interview with Nathan that I've shared above, just in case, here's the link to it again. It's on my YouTube channel.



Another benefit of regular bookkeeping is that you wouldn’t have to stress over taxes at the end of the year. This is because your books would have been caught up every month. And eventually, it will become a big relief for you!


Is Outsourcing Bookkeeping a Wise Decision?

Before jumping into why EcomBalance is good (or bad?) for your bookkeeping needs, the first question should be, why outsource this service? Can’t you record your numbers and avoid this extra cost of outsourcing?


Well, entrepreneurs should never do their books on their own. Nathan shared two genuine reasons that made me think about how much time we lost while maintaining the books. As per him, entrepreneurs shouldn’t do it themselves for two reasons:


Reason # 1: Waste of Time

For a businessman and businesswoman, time is money. Losing time is not an option if you want to run a successful company. Whatever time you spend on QuickBooks or Xero or any software reconciling the accounts, that minute can be utilized in growing your business. 


You can work on research, launching new products on Amazon, or running PPC campaigns.


Entrepreneurs earning 7 to 9 figures in sales rarely do their bookkeeping themselves. They invest money to do the work while focusing on growing sales and making a fortune for themselves.


Reason # 2: Not Qualified to Do It

Are you a CPA (Certified Public Accountant) or a qualified bookkeeper? If yes, then you can easily bookkeep yourself without outsourcing it, and still, is it worth your time?

Yes? Cool, I believe then you can do it well. No? I believe that outsourcing it is a good idea.

But if you are an ordinary entrepreneur who knows how to sell and not how to record, you need a bookkeeping service provider for sure.


People not qualified for bookkeeping will make errors and have to redo them later. Nathan shared that he has witnessed hundreds of businesses coming to him about their wrong bookkeeping records. They sometimes missed taxation; many times the reconciliation was off, the Amazon fees calculation had gone wrong, and there were numerous issues like that.


Can EcomBalance Help 4-5-6-figure Businesses?

So far, it’s clear that outsourcing bookkeeping is a wise decision. But who should outsource the service?


Not every seller on Amazon is making 7 or 8 figures in sales. Some are at the initial stage and blooming, while others are on the mid-level to become a success.


I am in the mid-6 figure stage myself...


So, the common question is whether EcomBalance can help a small business in bookkeeping or not.


To address such concerns, Nathan shared that the doors to EcomBalance are open to every business – no matter their size. He believes it’s essential to take the concern of bookkeeping off the plate when running a business.


Even if you are a new business that started the Amazon journey 6 months ago, you should also get bookkeeping help.


Why?


The first few months are crucial for any new business; therefore, the entrepreneur should spend that precious time growing and scaling the brand instead of worrying about bookkeeping.


EcomBalance – How it Works?

Now you must be wondering how the EcomBalance mechanism works. Since bookkeeping has to be done every month, does that mean the seller has to transfer the expense every month to EcomBalance?


Let me delve deeper into the specifics…


The process is too simple, and you can easily follow it. All you need to do is go to EcomBalance.com and fill in the pricing quote.


I welcome you to click on my affiliate link that provides you with 2 months of free access to EcomBalance. I’ll get a lil kickback from Nathan if you become a customer. Thanks a lot! :D


By filling out the pricing quote, you will grant access of your current books to EcomBalance, which will revert to you with an accurate quotation of what you must pay.


The quotation you receive from EcomBalance includes two things:


1. Clean or Catch-Up Work

In this mode, EcomBalance will check whether your books are up-to-date and do they require any catch-up work. If your work is complete, they wouldn’t charge you for it. 


But if the team works on it, you will have to pay for the service rendered. The cost starts from $250 a month, depending upon your annual sales and the amount of work.


2. Add-on Service

These are optional services; however, if you want them, EcomBalance can assist you. Add-on services include payroll management, accounts payable or accounts receivables, or sales tax.


These two are extra services by EcomBalance, but the core work is managing the monthly books. So, once you fill out the pricing quote form and receive the quotation from EcomBalance, it’s up to you to accept.


Once you agree to work with EcomBalance, you need to add a payment method to finalize the settlement. From here, EcomBalance will start the integration of the system. You will only provide them access to your bank, already used bookkeeping software data, marketplace information, and processors like PayPal, Shopify, etc., as a viewer. They will gather as much information as they can to ensure smooth operations and bookkeeping work in the future.


As per Nathan, it’s lengthy and many clients don’t like it, but the wait is worth it in the end. 


Once it's done, EcomBalance will start working on it and share the bookkeeping records on the 10th or 15th of each month. Their representative will also help go through it with you, guiding you with the numbers and suggesting any tweaks necessary.


In simple words, the process starts with a quotation, then integration, hitting the ground, getting information, and working on your business.


The Million Dollar Question – What Should I Do Before Filling the Form?


The majority of the time, when people hear about a new service, they are usually anxious and nervous about getting started. It's understandable, as it will be new territory, like what to bring to the table beforehand and what type of information should be at their fingertips.


EcomBalance follows a simple route, making bookkeeping work breezy. They don't demand any additional information that may cause stress to you. Just fill out their form and once you are ready with their quote, provide access to your business details, then boom! No extra work and no need to prepare before filling out the form. Simple without any mess!


Few Things You Must Know! Yes, You! :D

1. Never Mention Deposited Amount as Revenue

One of the most common mistakes is that sellers just grab the amount deposited in their banking accounts and mention it in their QuickBooks as revenue. This is incorrect, neither per QuickBooks standards nor by IRS standards. You need a professional tool called A2X that pulls accurate numbers from Amazon, helping you get actual profit or loss in business.


2. Make the Business Selling Phase Easier

Have you ever thought of selling your business? Yes, it’s common, and many people do it. But to sell your successfully running brand, you need to ensure bookkeeping accuracy. It helps in due diligence, reviewing your yearly profits and income statement, and predicting the future.


Sellers who ignore the importance of bookkeeping suffer from exhaustion when selling their business. The buyer would want the data; without that, they will have to run for bookkeeping service providers, causing chaos.


I hope it’s clear that bookkeeping is too crucial for every business. Especially when you are running an Amazon business, hiring a bookkeeping service provider who understands the world of eCommerce is beneficial.


EcomBalance understands the dynamic world of Amazon. You can get 2 months of free access through my affiliate link. But you have to pay if your books need work, where the prices would be according to your business.


If there is no need for initial work, boom! Your next 2 months are free! EcomBalance charges $250 to $3,000 monthly, depending on your business size and scale.


Until Next Time,


Yours,

Vova :)


P.S. - Want to learn more about selling on Amazon? Come read more articles on my blog. Enjoy!

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! :)