Link My Books Review - Accurate Bookkeeping And Accounting Software for Your E-Commerce Business

Discover How Link My Books Can Streamline Your E-Commerce Finances with Accurate Bookkeeping and Accounting Software Review

Hey, hey! Are you tired of spending hours on bookkeeping for your e-commerce business?

Do you find yourself struggling to keep track of sales, refunds, and transactions across multiple platforms?

Well, you're not alone!

Today we'll introduce you to an awesome software called Link My Books, and we'll show you how to use it, so you can automate your e-commerce accounting.

Recently, I had an enlightening conversation with Daniel Little, the CEO and co-founder of Link My Books, where we delved into three common bookkeeping mistakes made by e-commerce sellers.

This article is a bite-sized preview, but if you crave the full conversation, check out the video or blog below.

Enjoy!

-: Video Version :-

-: Blog Version :-

3 Common Bookkeeping Mistakes Of e-Commerce Sellers

Today, we're focusing on how Link My Books can revolutionize your bookkeeping process, saving you valuable time and ensuring accuracy every step of the way.

We'll explore how Link My Books can streamline your e-commerce finances, save you monthly hours, and effortlessly reconcile your payments. 

Plus, I've have some exciting offers lined up for you, including a free trial, a 50% off coupon code for three months, and even a free demo call offer.

Link My Books Free Trial

Use my coupon code VOVA20 to get an extended 50% OFF for 3 months!

Link My Books Free Demo Call

So, if you're ready to say goodbye to manual data entry and hello to automated bookkeeping bliss, then keep reading. 

It's time to take your e-commerce business to the next level!

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Daniel: Now, let me explain how Link My Books functions as a solution for e-commerce sellers. 

Essentially, Link My Books acts as a bridge between your various sales channels, such as Shopify, Amazon, Etsy, eBay, and potentially others like Walmart and Tick Tock shop for UK users. 

On the other side, it connects with bookkeeping systems like Intuit QuickBooks and Xero.

Next up, here's how it works: Whenever you receive a payout from one of your sales channels, the software gathers all the details of that payout. 

This includes information on sales, refunds, and all the individual transactions that contributed to that payout. 

Then, it generates a summary entry that can be easily transferred to your bookkeeping system.

Now, there are two ways these entries can be posted...

Firstly, you can use the Action menu to manually select and send them one by one. 

This is the default behavior when you first set up your account. 

During the free trial, we import the last 90 days of settlements, allowing you to choose which ones you want to send across to your bookkeeping system.

However, once you're comfortable with the setup, most users opt for the convenience of auto-posting.

With auto-posting enabled, whenever you receive a payment from Amazon or any other platform, Link My Books automatically processes it and posts the relevant information to your bookkeeping system without any additional effort on your part.

Now, within each of these individual entries, let's take the example of a payout received from Amazon UK. 

When we delve into this entry, it reveals a breakdown of all the different sales, both within the UK and internationally. 

This includes sales by destination, refunds by destination, a detailed breakdown of fees by type, and automatic assignment of taxes.

What you end up with is a meticulously organized entry in your bookkeeping system, clearly outlining the components of each payout. 

This level of detail is incredibly beneficial because it simplifies your workflow when you transfer this information to Xero or QuickBooks.

When you reach Xero or QuickBooks, the process looks like this...

On the left-hand side, you'll notice the payments coming in, while on the right-hand side, there's a corresponding invoice that automatically matches with the incoming payment from the bank. 

All you need to do is click "OK" in the middle, and that's it. 

Instead of spending six hours each month on this task, you're now accomplishing it in just 25 seconds. 

That's a remarkable time-saving of five hours, 59 minutes, and 35 seconds.

Now, let me revisit the previous slide for a moment. 

It's not only convenient that the reconciliation process is smooth and effortless, eliminating the need to juggle control accounts and balances throughout your accounts. 

With Link My Books, every bank payment has a corresponding invoice, simplifying your bookkeeping significantly.

But the real game-changer here is the handling of taxes...

Let's take a look at an example from the same marketplace – UK. 

From a UK business perspective, sales are treated differently depending on whether they occur within the UK or outside of it. 

Additionally, there are different tax rates applied to various fees. 

Link My Books automatically separates all these elements, ensuring that you end up with a clean and accurate entry. 

This precision means that you're paying the exact right amount of tax every single time.

The same principle applies to Australian sellers. 

Whether the sales are within Australia or overseas, and regardless of the different fees involved, Link My Books handles the tax separation seamlessly.

For US sellers, the software ensures that sales taxes are properly separated, including any sales tax collected by the marketplace.

Essentially, every detail is carefully handled within these summary entries before being seamlessly posted across to your bookkeeping system.

So, essentially, your main task boils down to simply confirming that the payments you've received match up with the corresponding invoices. 

Link My Books streamlines this process, taking away the hassle of spending countless hours on bookkeeping and reducing it to just a few clicks.

Vova: That sounds fantastic, man. 

So, for anyone interested, they can find my offer to the free trial, discount coupon, and free demo call below.

Link My Books Free Trial

Use my coupon code VOVA20 to get an extended 50% OFF for 3 months!

Link My Books Free Demo Call

I want to emphasize that the offers contain affiliate links, which means that if you decide to use Link My Books through them, I'll receive a small commission. 

Importantly, this commission comes at no extra cost to you. 

By using these links, you're directly supporting the continuous development of my project, which I've dedicated the past four years to. 

Daniel: Yep, and just to add, we offer a 14-day free trial.

If you prefer a more personalized walkthrough, you can book a one-to-one demo call with us.

We're proud to have a team of five qualified accountants working in-house as part of our support team. 

These experts possess extensive knowledge in e-commerce accounting and are highly familiar with the ins and outs of Link My Books. 

Some of them have been with us for over three years now, so you can trust that they truly understand the platform.

If you're interested, you can schedule a call directly with one of our accountants for a personalized Google Meet session. 

During this call, they'll help you connect your accounts, guide you through the setup process, and ensure everything is set up perfectly. 

This level of support ensures a smooth transition, regardless of how you were managing your bookkeeping before.

Vova: That's really reassuring to know. 

So, I was actually wondering about the onboarding process for new users.

Say, for instance, someone new wants to give Link My Books a try with the free trial...

What should they bring with them?

What can we do to make this simple for them?

Daniel: Well, if they simply start the free trial, the system will guide them through the necessary steps. 

They'll be prompted to connect their sales channels and integrate their bookkeeping system. 

Then, we'll walk them through a Setup Wizard tailored to their specific situation. 

Since we already gather information about their business from their Xero or QuickBooks account, we can streamline the process.

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

We'll make suggestions based on their region, such as recommending certain accounts and tax rates. 

If they agree with our suggestions, they're all set up and ready to go.

Setting up the account is quite straightforward. 

The majority of users who book demo calls typically have slightly more complex setups, perhaps transitioning from a different solution, or their accountant requires more detailed information upfront. 

However, we're more than happy to accommodate those needs. 

That said, approximately 80% of our customers opt to simply start the trial, set everything up themselves, and then seamlessly transition into a subscription. 

It's a hassle-free process that leaves our users satisfied and ready to tackle their bookkeeping needs.

Vova: Nice, man. 

But you only mentioned the United States, United Kingdom, and Australia.

What about other countries?

I would say people from Pakistan, from Norway, I don't know, like anywhere.

Daniel: Absolutely, we cater to users from all over the globe. 

While our main focus is on the US, UK, and Australia, we support individuals from any country as long as they have a Xero or QuickBooks account. 

The region of the account doesn't matter. 

Additionally, we seamlessly integrate with all Amazon marketplaces, ensuring compatibility with various sales channels. 

There are no restrictions on which sales channels you can connect.

During the Setup Wizard, we provide suggested tax rates for the UK, Australia, and the US. 

However, for users from other countries, they follow what we call the 'rest-of-world' path. 

They simply need to choose their own tax rates, making the setup process equally accessible regardless of location.

Because researching tax rates for every country would be incredibly time-consuming, we've streamlined the process by offering users the option to set up their own tax rates if they're not from the US, UK, or Australia. 

However, if users need assistance or prefer a more personalized approach, they can always reach out to us, and we'll work with them to find the best solution. 

Apart from this difference, Link My Books is designed to work seamlessly for every country, ensuring accessibility and ease of use for users worldwide.

Vova: That's fantastic to hear. 

Now, Daniel, I'd like to shift our focus to the pricing of Link My Books. 

Whether our audience consists of larger sellers or beginners just starting out, it's important to understand how the pricing structure works. 

This way, viewers can determine which plan best suits their needs.

Daniel: Sure thing. 

Let me just bring up linkmybooks.com/pricing. 

Now, keep in mind that since I'm located in the UK, the pricing will be displayed in pounds. 

However, we also offer pricing in dollars and Australian dollars, so it's adaptable to your currency. 

The rates may vary slightly due to exchange rates, but they're generally in the ballpark.

For UK sellers, the entry-level plan – aka the Lite plan – starts at £13 per month, which includes coverage for up to 200 orders and one sales channel. 

So, if you're just starting out and processing fewer than 200 orders a month, and perhaps you're solely selling on Amazon, then this plan would be ideal for you. 

However, if you're selling on multiple platforms, such as Amazon and Shopify, that would require coverage for two channels.

Then you would need to transition to the Pro plan, which includes coverage for up to five channels while still accommodating 200 orders. 

The pricing structure varies based on the number of orders you have.

Vova: Okay.

Daniel: If your order volume exceeds 200 but remains below 1,000, the fee would be £26. 

For up to 5,000 orders, it would be £39, and so on – £65 for 10,000 orders, £89, £115, £139, until eventually reaching our Enterprise level, priced at £249. 

This plan is tailored for accounting firms and includes coverage for a quarter of a million orders across all their clients. 

They receive the first 10 sales channels included, with each additional channel charged at a flat rate of £11. 

This plan is widely utilized by accounting firms. 

However, our most popular plan falls within the range of 1,000 to 5,000 orders, typically involving three to five sales channels.

For instance, if they're selling on Amazon, eBay, and Etsy, the fee would be £49 per month.

Vova: What's the significance of the historical data options – three months, 12 months, 24 months? 

What does that entail?

Daniel: What that means is, during the free trial, we'll retrieve the last three months of historical data for you. 

This includes bringing in all your payouts from the past three months for those channels. 

Then, you can select which ones you want to transfer to your bookkeeping system. 

However, if you need to access data from further back, perhaps you haven't been keeping up with your bookkeeping or have realized errors within the past three months, which is quite common, you have the option to go back further. 

This allows you to replace or update older data, providing you with a more accurate financial picture.

We often encounter users who want to revise their historical data, aiming for accuracy in their tax payments. 

Correcting these records can sometimes result in paying less tax than previously accounted for. 

With Link My Books, users have the option to go back up to two years to ensure their records are up to date. 

The Pro plans include a 12-month historical data allowance, while the Premium plans offer 24 months.

Even if you're on a lighter plan with only three months of historical data included, there's the option to purchase one-off packages. 

For £49, you can access 12 months of historical data, and for £99, you can access 24 months. 

This way, you don't need to commit to a higher-cost plan every month.

If you have only one sales channel or need additional historical data allowances, you can reach out to our support team, and they'll assist you in arranging these extensions.

Vova: Nice, man. 

Also, I noticed we have the option to pay monthly or yearly. 

So, if I understand correctly, with monthly payments, it's a per-month charge, while with yearly payments, it's a single payment that covers the entire year and saves us the equivalent of two months' worth, right?

Daniel: Exactly. 

For instance, the monthly plan costs £39, while the yearly plan is £390. 

Opting for the yearly plan allows you to save the equivalent of two months' payments.

So, it's roughly about 22% or 19% in savings. 

It's a great way to save a few months' worth of payments.

Vova: Great! To our viewers and readers, I'd like to remind you that down below, I've got some exclusive offers for you.

Link My Books Free Trial

Use my coupon code VOVA20 to get an extended 50% OFF for 3 months!

Link My Books Free Demo Call

 

Take advantage of the free trial, explore the pricing page to determine which plan best suits your needs based on your order volume. 

And regarding the free trial, are there onboarding resources available? 

Can users receive assistance during the trial period?

Daniel: Yeah, absolutely. 

So, when you sign up for a free trial on Link My Books, it's a simple process. 

You'll see a "Get Started Free" button where you input your email address. 

Then, you can conveniently sign in with your Xero or QuickBooks account, eliminating the need for additional usernames and passwords. 

Once connected, you can integrate your sales channels and bookkeeping account seamlessly. 

If you ever need assistance, our support team is readily available. 

You'll find a helpful drop-down menu at the bottom right-hand side of every page where you can access our help documents, send a message to our team, or even schedule one-to-one meetings.

Vova: Nice, man. 

Conclusion

Alright, folks, let's wrap up what we've learned today. 

Daniel has shown us how Link My Books can simplify our e-commerce bookkeeping, saving us time and hassle. 

With its seamless integration with popular sales channels like Amazon, eBay, and Etsy, and accounting software like Xero and QuickBooks, it streamlines the entire process. 

Whether you're a beginner seller or a seasoned pro, there's a plan tailored to your needs. 

From the affordable entry-level options to the comprehensive Enterprise plan, there's something for everyone. 

Plus, with the option to pay monthly or yearly, you can choose what works best for your budget.

There is also a detailed tutorial for Link My Books, where we go even deeper.

And let's not forget about the free trial. 

It's a risk-free way to see if Link My Books is the right fit for you. 

During the trial, you'll have access to helpful resources and support from the team, ensuring a smooth onboarding process.

So, if you're tired of spending hours on bookkeeping tasks or feeling overwhelmed by managing multiple sales channels, give Link My Books a try. 

It's a simple, user-friendly solution that can help you take control of your finances and focus on growing your business. 

Check out the links in the description to get started today. 

Happy selling!

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