Keep crushing dude. I would recommend taking out a bit of "profit" for yourself. I used to invest "every penny" as you say back into inventory and it wasn't great for my life in general. Check out Profit First by Mike Michalowicz. Changed my biz.
Ah you still have a 9-5. Good for you! I've been full time for a while so this is my only source of income. I think if I had a side gig I would be investing 100% like you, too.
Amazon remits sales tax for you, you still have to file for sales tax with your state's department of revenue but for the amount you owe you just put $0.
Got it, thanks. I am just getting started in OA and have been using InventoryLab for P&L so far. Was looking to move to a more legit book keeping method as revenue increased.
Keep crushing dude. I would recommend taking out a bit of "profit" for yourself. I used to invest "every penny" as you say back into inventory and it wasn't great for my life in general. Check out Profit First by Mike Michalowicz. Changed my biz.
I still have my remote 9-5 that pays more than enough to cover my expenses, which is why I can do it this way. Appreciate the concern though.
Ah you still have a 9-5. Good for you! I've been full time for a while so this is my only source of income. I think if I had a side gig I would be investing 100% like you, too.
Don’t have to pay sales tax on FBA sales?
Amazon remits sales tax for you, you still have to file for sales tax with your state's department of revenue but for the amount you owe you just put $0.
What do you put for fba sales for state tax the total dollar sold?
Correct. You'd put your revenue for the quarter and $0 for how much you owe.
Does quickbooks connect to seller central and parse the transactions correctly? or is a 3rd party service something like A2X needed?
It's not that simple I'm afraid, my bookkeeper uses reports from seller central and runs the numbers themselves.
Got it, thanks. I am just getting started in OA and have been using InventoryLab for P&L so far. Was looking to move to a more legit book keeping method as revenue increased.