In this video, I explain about the importance of keeping records of all of your expenses for Amazon FBA, which I have made easier by including a free Amazon FBA UK expense tracker. I then discuss two pieces of software that I love – Xero and LinkMyBooks, both of which completely automate book keeping and will reduce your accounting costs massively! To find out more about Xero, go to www.xero.com To learn more about LinkMyBooks, and to grab your 30% discount, go to http://www.bit.ly/linkmybooks ✅ Download the FREE Expenses Tracker here – http://www.bit.ly/freefbatools ⭐The Ultimate Amazon FBA Course Package + My Unlimited Support – http://www.smashersacademy.com ✉️ To get in contact with me, you can email [email protected] 🏆 Subscribe for all things Amazon FBA – http://youtube.com/c/JansonSmith?sub_confirmation=1 💪🏼 FBA Smashers Support Group – http://www.facebook.com/groups/AmazonSmashers ★ ☆ ★RECOMMENDED TOOLS FOR AMAZON FBA★ ☆ ★ ✅ HELIUM 10 – Product & Keyword Research + More – Use Code JANSON50 For 50% Off Your First Month Or JANSON10 For 10% Off Every Month – https://bit.ly/h10smashers ✅ FEEDBACK WHIZZ – Customer Auto Emailer – Use Code JANSON50 For Your First Month Free & 50% Off Your Second Month – https://bit.ly/2NeSFy6 ✅ AMZ SCOUT PRO – Product Research Tool & Tracker – $20 OFF Link (1 Year Package Recommended) – https://bit.ly/2MvuHLf ✅ JUNGLE SCOUT – $20 OFF Product Research Tool – https://bit.ly/smasherjs ✅ FIVERR – Get Packaging, Logos, and Much More Designed From $5 – https://bit.ly/2B26Lum ✅ LinkMyBooks Accounting Software Plugin With 30% Discount – http://bit.ly/linkmybooks ✅ Xero Accounting Software – http://www.xero.com Outro Designed by Grabster: https://youtube.com/Grabstertv Music – https://www.youtube.com/watch?v=K8eRXvLL7Wo #amazonfba #amazonfbauk #fbasmashers
35 thoughts on “Accounting and Bookkeeping With Amazon FBA UK, Xero, And LinkMyBooks”
Link My Books link with discount – http://www.bit.ly/linkmybooks
To download the expense tracker: http://www.bit.ly/freefbatools
As a LTD do we have to show an inventory of each item sold? So include price paid, price sold, amazon fee paid etc for each item? Or can I have gross pay from amazon after fees, then an expenses sheet separate (not including amazon fees) – so profit can be amazon payment minus expenses?
?? Any advice would be awesome
Hi Janson, I filled out the form to get the expenses tracker, and nothing arrived in my mailbox so far. Is it still available? Thanks
TheRemikarlos yes check your junk folder 👍🏻
@Janson Smith Got it Thanks! In my spams among the p*nis enlargers and some other ‘interesting’ promotional items……oh boy!
TheRemikarlos ha, it’s where I belong
Hi janson, great video always, how much do you pay roughly for the accountant every year ? Do the accountant charge more if we do not use xero or other bookkeeping software?
Sooo happy I stumbled across this! Thank you!
You are a life saver! Thanks.. I have been looking for this kind of information for months..
@Jason How do you manage your inventory ? Linkmybooks can not handle the inventory . and they can not integrate with Xero’s Tracked inventory . So even you use Linkmybooks to pull the data to xero (value wise ) , you still need to find a way to track your inventory using a 3rd software . ?
You only need inventory balance every quarter / once per year, so you can just manually check it. I think LMB are bringing in inventory integration last time I spoke to them
@Janson Smith LMB Still don’t have this covered . It’s a pitty . Thanks for your reply and advice though .
@jason smith what are your thoughts about Flat rate VAT for Amazon sellers ? (Not as a tax advice just like to to hear your opinion about it ) Thank you mate
I think makes less sense in retail as you can’t reclaim any vat on purchases and fees in that case
@Janson Smith Hi, you can’t claim VAT on Amazon fees anyway as they are reverse charged unless I am missing something.
Merada Merada it has the same effect as claiming 👍🏻
Thank you for the accounting video it is helping me!
I just used your affiliate link. Thanks mate. Good Content!
Great video, thank you Janson. I’m trying to use your LMB 30% discount however, it comes up as full price on the website. Any ideas? 🙂 Thanks.
Simon Wiseman hey, JANSON30 Code should do it
@Janson Smith Great, thank you. I can’t see a space for a code but maybe you need to sign up then get a chance to enter it 🙂
Thank you for the super fast reply!
Thanks you! Worked a treat 🙂
Just catching up on your content
Wish I saw this a year ago
I have been using A2X for the last six months and as you know it’s very expensive
I want to switch to link my books but not sure how the two will overlap in Quickbooks and effect my VAT calculations
Any feedback would be great 👍
Hi Jason, great video. As this is now over 18 months old all the prices for Link My Books have changed and I can’t seem to get the discount, is this still working? Have you done a more recent one? Cheers
Hey, if you use the code JANSON30 at checkout it should apply
Smashed it with this one. Thanks!
Hi janson, great vid, what about shopify sales?
Same process except Link my books which is coming soon!
Hi thanks so much for all the information.
I’ve been checking UK accounting costs and I’m really astounded by the high prices for a small business.
I am talking annual costs in an excess of $4, 000 GBP.
Are those expected prices for a start-up business?
what is the name of your accountant? does she mind if you share her details?
THIS DOESNT WORK. See my channel for the real way to make money online
is this only for UK sellers ? I am from France
Do we also need to do a spreadsheet for the profits from each sale?
Hello! I’m a commerce graduate and I have done some accounting in college. I’m pretty organized with receipts and expenses but I’m having 2nd doubts with my current accountant (expensive, little help and they told me to register a LTD company right away) though I’m only earning less than 500 pounds in less than three months because I just started Amazon FBA . They told me to use their links for linkmybooks and xero but I think I can do this on my own now that I’m registered as a LTD company. Do you think this is a wise move to just study and DIY and just hire an accountant in the future if I’m earning a bit more?