![]() If you’re looking to make Amazon a real business, find accounting software that goes beyond basic bookkeeping. “For Amazon merchants who have a hobby component to their business, not keeping a separate business account will increase the likelihood that the IRS won’t accept business deductions under a theory that the Amazon merchant should be classified as a hobby and not a legitimate business.” Use an accounting tool “Whenever business records are commingled with personal records, there’s an increased risk of missed deductions, an incomplete audit trail, and potential issues with the IRS treating the Amazon merchant as less than a legitimate business,” he says. Jeffrey Feingold, founder and managing shareholder of Tax Point Advisors, also points out that separating your finances helps make sure you don’t miss anything. He also recommends keeping an eye out for signup incentives, like cash bonuses for opening an account or no interest for the first year. “Every bank has slightly different rules when it comes to opening a business bank account, so be sure to call ahead so you understand exactly what information and documents the banker will need to open up your account,” says Allec. Each bank and account type has different benefits and stipulations. While you may be tempted to go with your personal bank and open additional business accounts, there are other options out there worth exploring. “Keeping your business inflows and outflows separate from your personal accounts will not only make bookkeeping and taxes a lot easier, but it will also get the conversation with business bankers who could potentially help you with funding down the line,” says Logan Allec, CPA and owner of Money Done Right. This will help you keep your books clean and organized, and you won’t have to sift through tons of personal transactions to pull out the ones related to your business. Whether you’ve already started selling on Amazon or are about to launch your store, you’ll want to open business bank accounts ASAP. You likely already have personal bank accounts. Before you can think about organizing your Amazon finances, there are a few steps to take in the beginning: Separate your Amazon finances from your personal finances ![]() Like most things in business, if you want to streamline processes in the long-term, it requires extra work and attention upfront. Boo!īut there’s good news: It only requires a little bit of time and attention to get you all setup and make finances a breeze. In fact, 80% of Amazon merchants say that bookkeeping and accounting is their biggest challenge. The online marketplace has made entrepreneurship more accessible than ever before.īut with more business also comes more finances to keep track of-and that’s not always a business owner’s strong suit. Learn more at has made e-commerce available to anyone with an internet connection and a bit of time. Kashoo is designed and developed in Vancouver, British Columbia. Featuring all of the accounting tools you need and none you don’t, Kashoo is built for the do-it-yourself entrepreneurs of the world who thrive when their finger is on the pulse of all aspects of their business. Kashoo ( ) is simple cloud accounting for small business-on the web, the iPad and the iPhone. “As more small business owners turn to Amazon Business for their company’s operational needs, including subscriptions services, we see Kashoo becoming an integral part of solutions provided by Amazon that business owners have grown to expect.”Ĭustomers that purchase Kashoo through Amazon will receive the same free high-touch personal support through phone, chat, and email, for which Kashoo is widely recognized. “We are very excited to make Kashoo available on Amazon,” said Donna Ataman, Product Manager for Kashoo. Kashoo also offers integrations with industry leading invoice services, payroll and bill payment services, point-of-sale systems and more. Customers can manage their income and expenses, create professional invoices, automatically import bank transactions, get real-time financial reports and provide secure online access to their tax professional. Kashoo is available on Amazon as a monthly subscription and launches with an introductory offer of $12.95 per month. Availability through Amazon brings Kashoo to the millions of small business owners who rely on the world’s largest digital marketplace to procure solutions and tools for their companies. Vancouver, BC (PRWEB) Janu- Kashoo ( ), a leading cloud accounting app designed especially for small business, is now available on Amazon Business.
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