Bookkeeping and Xero reports are never the highlights of being an Amazon seller. It can be complicated, time-consuming, and expensive without proper support.
If reading the word Xero fills you with dread, it might be time to rethink how you do your accounting.
Thankfully, some services can streamline your entire Amazon accounting process. The best part? It could take you as little as fifteen minutes per month.
This is what Link My Books provides. Thousands of users report positive experiences with the use of their LMB account.
In this review, we’ll be taking you through everything you need to know about the service. This includes how Link My Books can save you time and money, so you can spend more hours managing other aspects of your business.
What is Link My Books?
Link My Books is an online service that automatically completes your accounting processes.
The most common issue Amazon sellers is dealing with VAT and navigating Xero reports. Link MY Books automatically imports Amazon settlement files and generating invoices in Xero. It groups your sales based on location, tax rates, and further easy-to-understand categories. All you need to do is set up your profile, and Link My Books handles the rest.
The service is available for any Amazon seller operating from European and North American territories. This means that even if you sell your products through Amazon globally, you don’t need to worry about the differing tax rates. Link My Books will find this information for you, so you don’t lose out.
How Does Link My Books Review Work?
Link My Books integrates directly with both your Amazon and Xero accounts. The guided setup wizard will ask you to select which accounts and tax rates are appropriate for the products you are selling on Amazon.
Once you have completed the setup process, then your Link My Books account is live. This means that every time you make a sale through Amazon, Link My Books immediately summarizes and groups the subsequent data. These sorted categories include sales data such as total Amazon sales, seller fees, advertising costs, and more.
The tax rates you assigned earlier are then applied to this data, which is then automatically sent to Xero as an invoice. Congratulations, your books are settled and entirely automated.
The accuracy of Link My Books saves you time and money in one simple process. This doesn’t come for free, but the time you save is priceless.
What Are The Benefits of Link My Books?
The easiest way to describe the benefits of using Link My Books is by pointing out how an Amazon seller can get stuck in bad organization habits without Link My Books.
As a sales platform, Amazon gets a lot right in terms of making things simple. However, the accounts side of things remains complicated, even if you feel confident.
Some of the most common errors that also experienced Amazon sellers continue to make include:
- Using the wrong Xero reports
- Not reclaiming VAT on sponsored Amazon ads
- Overpaying VAT on Amazon sales
- Spending too much time on accounting instead of selling
The costliest of business errors relate to VAT in particular. This can include paying twice on VAT sales that occur within the EU. For instance, a product moving between Germany and the UK may incur VAT charges from both countries. Over time, you could find this costs your business significantly.
However, Link My Books helps you avoid all of these issues.
Aside from saving you money, Link My Books can also save you enormous amounts of time. Amazon accounting reports provide you with all the information you need to know about your sales data, but it isn’t easy to use. For the untrained eye, the information Amazon provides can be challenging to unpack.
It’s a process that can take hours upon hours per month. Link My Books completes this process in minutes. It doesn’t skimp on quality either. Your Amazon accounting is completed efficiently without the risk of human error that can arise by doing it yourself. There’s even a free trial you can opt for.
Is Link My Books an appropriate replacement for an accountant?
That entirely depends on you and your business. Smaller businesses may find themselves able to manage their Amazon records entirely through Link My Books. Many choose to use Link My Books and an accountant in tandem. Any accountant would be grateful for the support LMB can offer when sending Xero reports.
How Much Does Link My Books Cost?
There are many payment plans available with Link My Books. The plans increase in price based upon how many sales per month you expect to get.
As the prices of packages increase, so do the amount of Amazon sellers you can have on one account. This is helpful if your business pursues numerous industries and requires multiple Xero reports.
Prices range from £9 per month to the upper levels of £179 per month, depending on the support you require.
You can check out a full breakdown of prices by following this link. All of the available payment plans offer a free trial, so you don’t need to commit to anything before seeing how it all works for yourself.
If you’re looking for a faster way to sort your accounts, Link My Books is a great option. It’s a highly efficient service that can save you a lot of time and money, and with the free trial, you have nothing to lose.
Xero doesn’t need to fill you with dread any longer – Link My Books will speed up your workday and allow you to concentrate on business tasks that you enjoy.