6 Best Accounting Software for Amazon Sellers in 2021
If you are a business owner, it is critical that you “know your numbers.” especially if you are an Amazon seller.
Proper accounting software helps Amazon FBA sellers manage their business sales by taking Amazon settlement transactions and automatically recording those transactions accurately in your ledger.
It doesn't matter if you are a beginner or an experienced Amazon seller; everyone needs good accounting software. Most importantly, you need the right one that is made and caters to your business model.
It is another vital tool you should get under your arsenal of essential software for your business. A good number of Amazon sellers focus primarily on getting the best amazon repricer to price their products, acquire the buy box, and win more sales over time. Still, the problem is that they forget to take care of their financial and cash flow, which is crucial inside this business model. “A sale order does not count if you don't know your numbers and real profit.”
Getting the right accounting software will help minimize your expenses and manage cash flows in an improved manner to eradicate misuse and mismanagement of resources.
Selling products on the Amazon marketplace involves so many costs and fees that require the right accounting software to understand how Amazon works and how their disbursement settlement transaction report is structure.
With several options available in the market, it can be hard to pick one that suits your business as an Amazon seller. Here, we have gathered a list of the best amazon accounting software that can pull out amazon transactions from seller central and provide accurate information about your business health.
Table of Contents. Best Accounting Software For Amazon FBA Sellers
QuickBooks: Best for Easy to Use and Reporting.
QuickBooks is an online accounting program that has been developed by Intuit, an American based business and financial software company. It has more than 2 million users globally and holds over 80% of the total market share.
It is one of the best accounting software for any business owner and Amazon sellers. It can provide the right support for your business, and it is the most used and known by accountants.
This online software incorporates many apps that work perfectly with Amazon marketplaces and other similar e-commerce business platforms. It is one of the tools that has been accepted and used among most Amazon FBA sellers.
QuickBooks Online is a complete collection of QuickBooks Accounting software. Besides Essentials and Simple Start version, you can also choose from QuickBooks Online Plus or Advanced.
Online Plus will let you arrange class and location tracking to help you determine profitable segments of your business. You can also monitor inventory or use a third-party app for the same.
For example, A2X is a well-known software used by most Amazon FBA sellers as an add-on tool with QuickBooks and Xero that provides a better understanding of the Amazon settlement report. It fetches all the transactions, such as all the charges, expenses, and fees that straightforward from Amazon seller central are not clear and easy to find.
This is why the use of the right tools, especially if you are an Amazon seller, is crucial if you want to have a healthy business.
FEATURES
- It is built on a cloud-based system that allows you to access and manage your account any time and from anywhere and any compatible device.
- You can create custom-built professional invoices, sale receipts, and estimations and send them to a third party within minutes.
- QuickBooks has integrated banking features where transactions and statements update automatically.
- You can get access to customizable accounting reports to see how your business is doing.
- It allows you better cash flow management, paying bills on time, and scheduling periodic payments.
- You can track your employees’ and clients’ billable hours, and they will be added to the invoice.
- You can access QuickBooks Online mobile apps that you can access even when you are on the move.
- You can allow multiple users to access your books for seamless and robust teamwork.
- You get unlimited customer support to resolve any issues that you might come across.
PROS
- QuickBooks has an easy-to-use interface and navigation. Very suited for Amazon Sellers.
- You can create customized invoices for your business by importing your business logo and information.
- You can customize the appearance of the emails when you send invoices. You can also choose from available templates.
- You can access your dashboard through your mobile regardless of where you are.
- You can send any number of invoices through email and save time and money. That means you will receive the payment at a faster rate.
- You can connect your bank accounts and credit cards to your QuickBooks account.
- It works seamlessly with several third-party apps to improve its functioning and efficiency.
- Since it is a cloud-based system, you won’t have to install any software and will get automatic data backup.
CONS
- The free trial period may not be enough time for you to check it out.
- If you decide to use the free trial you will not get especial promo for sign up
- It offers payroll but with an extra monthly cost and a surcharge for each employee.
- It is a little pricey if you go for premium plans.
Pricing
QuickBooks offers a 30-day free trial for new users. You can start with as low as $15 per month with their Simple start plan. They usually run promos for new sign-ups, but you only get the deal discounts if you don't use the free trial sign up period. Check them out here.
Xero: Best for Small Business and Online Sellers.
Xero is another well-Known accounting software that has been designed with the primary objective of helping small businesses.
It is also a cloud-based program with third-party apps like A2X and Shopify, which are the add-ons that any online seller should have in order to know their real numbers when amazon, PayPal, and other ACH merchants disburse money and create a reported settlement.
Xero bookkeeping software was founded in 2006 and is one of the leading cloud accounting software in the UK, New Zealand, USA, and Australia. It is quite popular and has more than 1.8 million subscribers worldwide.
Xero comes equipped with a brilliant user interface and offers a vast collection of added features. Its simplicity and easy-to-use interface is what makes this tool stand out as one of the preferred choices among amazon and online sellers.
FEATURES
● Its online accounting features allow you to track your cash flow in real-time.
● Automatically import bank transactions and reconciliation.
● Send invoices and receives the payment online.
● It offers many effective add-ons together with Salesforce, Freshbooks, Harvest, ADP, and more.
● It helps you manage your expenses and bills and pay in bulk to creditors.
● You get instant and most up-to-date financial reports with links to all the actual transactions.
PROS
- Easy of use and clear view of your business's financial position.
- it allows you to perform wide-ranging inventory management.
- Ability to track orders and receipts.
- A lot of integrations available. 600+ add ons.
- A2X add on for amazon sellers
CONS
- The free trial period may come with some limitation.
- It does not have any built-in ‘Debtor Chasing’ feature for unpaid invoices. Users would have to do it manually.
- The premium add-ons may increase your monthly cost.
Pricing
Xero comes with 30 days of a free trial, and it offers three main plans. First is the Early Plan, which is available at $9/month. Second is the Growing Plan, which is available at $ 30/month. The final and more expensive plan is the Established Plan, at $ 60/month. Each tier has its unique features, and you can subscribe to the one that suits your business needs and budget. Use the trial period to see if you like it. Sign up here.
SellerLegend: Best for Amazon Analytics and Reporting
Sellerlegend is a dedicated analytics tool for amazon sellers with full-service accounting reports, inventory, expenses, profit/loss reports, PPC performance, and much more.
It is one of the software we highly recommended since it was built for Amazon FBA Sellers. This tool allows the users to acquire complete clarity about the performance of their Amazon business.
They share details regarding a host of Key Performance Indicators that are not available on Amazon Seller Central or any other software like QuickBooks or Xero.
SellerLegend gathers Amazon data straight from Seller Central or Vendor Central and delivers the most accurate, up-to-date information on everyday Amazon sales, charges, reimbursements, refunds, and other metrics.
FEATURES
- Sellerlegend offers an efficient, intelligent, interactive, and advanced dashboard that features a reliable account, market, and customer panel.
- The various dashboards show sales history, market performance, promotions, product details, account rating, tracking list summary, bestsellers, repeat customers, and more.
- SellerLegend offers 32 super customized widgets, allowing you to use your control panel.
- You can see all the details of your order, together with discount promotions. It allows you to review every Amazon payment receipt slip with complete detail of the product, brand, or product group.
- You can list all your products and their information and manage your inventory based on daily statistics.
- Inventory Management And Accurate Forecasts feature allows you to know about existing inventory, inventory to be received, stock in transit, or in wait for customer orders, sales per day, etc.
- You will be notified of any changes in your product list through an email or Sellerlegend’s in-built notification feature.
- Sellerlegend allows you to list all your customers, the number of renewed orders, the number of product units returned, the customer's lifetime value, and more.
- You can segment your customers based on the order number, number of units purchased, total profit, and more.
- You will get the most comprehensive and accurate information on profit and loss accounts.
PROS
- SellerLegend provides the most accurate information collected from your Amazon data.
- You can easily track your sales, profit and loss, expenses, inventory level, and other significant aspects of your business.
- It helps you make better business decisions with almost real-time data download and strong visualizations. You get quicker analysis and greater insights.
- It tracks PPC performance.
- FBA Inventory management and Forecasting.
- Easy to use and a lot of customization.
CONS
- The free trial period is only 21 days.
- It is only for Amazon Sellers.
- Does not generate Invoices.
Pricing
No matter your business's size, Sellerlegend offers the right plan for every company based on sales orders. They offer 21 days free trial with four-tier plans the Starter, Advanced, Professional, and Enterprise. It starts at 49.99 for up to 2500 orders a month or 300 SKUs. You can start and learn more here.
Fetcher: Best for Finance Stats and PPC calculations.
Fetcher is a profit Analytics and accounting software made for Amazon sellers. It imports all historical data by sync your amazon seller central account. The software helps you save thousands of hours by automatically calculating essential metrics for your business, such as product costs, PPC, and fees.
Fetcher pulls out your business information every minute, providing you with the most up to date and accurate finance stats.
FEATURES
- You can analyze the Pay Per Click cost and sales data.
- It helps in tracking product promotion costs.
- You can perform better Amazon fee management.
- You can track refunds with comparisons and costs.
- You can track the cost of goods sold calculations.
- You can manage profit and loss statements in an improved manner.
PROS
- Fetcher makes it easier for users to make efficient, accurate, and convenient business finance calculations.
- It is quite easy to use and you can have quick access to financial data to make better business decisions.
- It is very helpful in managing sales tax which becomes more complicated as your business grows.
- The software can automatically gather and extract data from your business operations. Thus, you don’t have to maintain spreadsheets to calculate taxes, profits, and liabilities.
- It offers a 31-day free trial with no CC required
CONS
- It does not work outside Amazon.
- Fetcher it not suitable for Multichannel Sellers.
Pricing
Fetcher offers a 31-day free trial for the new users. It provides 3 main pricing plans, including the Startup plan at $19 per month, Business plan at $39 per month, and Enterprise plan at $99 per month. All plans come with the same features, but the cost depends on how many orders your business process a month. They support US, CA, MX, and All EU amazon marketplaces. You can sign up with less than 1 minute, and no CC is required.
InventoryLab: Best for Amazon Retail/Online arbitrage
Inventory Lab is a great accounting software offering Stratify and Scoutify for online, retail, and wholesale sellers. It provides advanced and practical solutions, especially for those sellers that carry many different products sourced at retail/online stores or throughout distributor channels.
With Stratify, you will be researching products, list and manage inventory, track expenditures, analyze profitability, and much more. With the Scoutify app, you have the advantage of monitoring profitable inventory for your business.
This software provides a seamless workflow for building shipments and get your financial stats with analytics revenues and expenses tracking in real-time.
FEATURES
- InventoryLab can organize all your finances as a bookkeeping tool built-in.
- You can create shipments and track inventory.
- Using the product scout tool, you can enter an ASIN and get all the listing information.
- The accounting features can help you monitor sale price, purchase cost, net profit, profit percentage, ROI percentage, and more.
- It helps keep track of refunds, reimbursements, incomes, fees, external expenses, and much more.
PROS
- It has an easy-to-use interface.
- It allows to print labels without going to Amazon seller central.
- It can build live batches for Amazon shipment plans.
- It comes equipped with a live only scanning app.
- A well-known software among amazon sellers.
CONS
- Some users might find this program a bit expensive.
- Accounting reports can be unclear with incorrect formatting.
Pricing
It offers a 30-day free trial with an Annual plan discount of $40/month and a monthly bill plan of $49/month. Check them out and start your free trial here.
Webgibility: Best for Inventory Automation and Third-party Integrations
Webgility is a great software that can help you manage your Amazon accounts and other marketplaces such as Shopify, eBay, and others.
You can integrate it with QuickBooks for bookkeeping and accounting purposes, which automates sales figures into QuickBooks and other channels online.
Webgility has become very popular among multichannel sellers. It holds an excellent reputation in the industry for being a powerful and user-friendly program compared to others with limited features.
You can save a lot of time in bookkeeping by properly setting up the software base on your business model. You can simplify your sales taxes since it will automatically record them. You can get forecasting inventory, so you don't oversell and improve your cash flow and margins.
FEATURES
- It allows accounting software and sales channel integration.
- Inventory management and order tracking
- Automatic bookkeeping and financial reporting
- Automatically mark orders accomplished
- Print shipping labels for major carriers
PROS
- It helps you in performance analysis of multiple channels and in diverse regions.
- Webgility can link your sales channels to your accounting interfaces.
- It helps in management of inventory from multiple channels.
- Using Webgility, you can delegate tasks to employees and provide them access to information necessary to complete their tasks.
- You can do price comparison for carriers.
- It delivers information about your sales performance, customers, and inventory.
CONS
- The set up set up can be a bit perplexing.
- High cost for big sellers.
- The free trial period may not be enough time for you to check it out.
Pricing
Webgility offers 4 annual pricing plans. Lite and Pro plans can be accessed at $39/month and $79/month. The Other two are Advanced and Premium, which cost $199/month and $249/month. You can also subscribe to these programs on a monthly basis. You can sign up here for their 15-day free trial and check if it is what your business needs.
Final Thoughts
If you are still wondering which Amazon accounting software you should get and the best option to pick, the answer is: it would depend on your business needs and model and what type of Amazon seller you are.
The best approach might be to have a dedicated bookkeeping software like QuickBooks or Xero along with Sellerlegend, Fetcher, Inventory Lab if you sell your products on amazon as your principal sales channel.
In this article, the software we have recommended are some of the best options for Amazon sellers that were built with amazon in mind and catered mostly to all the business models you can you inside it.
Setting up a fully-integrated software solution can help you handle your cash flow better and reduce expenses to increase cost-effectiveness.
In the end, it would always be better to consult with your accountant or other similar parties for recommendations. They can evaluate your business's details and requirements and guide you in the right direction, but always keep in mind that accountants always go with the software they know, but sometimes it might not be the best for you.
We created this post to help you decide it, get your numbers right, and grow your online business. Try a couple of them and see which one fits your company.
