Seller Ledger does the math to generate a Schedule C tax report for you. And we calculate your quarterly estimated tax payment amounts. Make sure your inventory is not in cardboard boxes, and raise it several inches off the floor on shelving units. Effective inventory management is about optimizing space according to what you sell. For example, if you sell a lot of mugs and board games, they can be grouped together on shelves.

He owns Not Your Dad’s CPA and specializes in helping resellers with all things accounting and taxes. One simple step to consider is opening a dedicated business bank account and using it exclusively for all business transactions. This can save you time, prevent errors, and provide clear financial boundaries. By staying organized and diligent, you can protect your personal assets, look more professional, and make smarter business decisions. Stick with this practice, and you’ll be on the right path to a successful reselling business. Linking your personal bank account to your online accounting system can simplify tracking your finances and give you a clear overview.

Bank Integration: Track Your Reselling Business Expenses

You can also create a spreadsheet in Google Docs with this information, including the item’s listing title. My Reseller Genie is incredibly helpful for tracking and managing your inventory. You can effortlessly upload your inventory to My Reseller Genie or add items manually. If you use your phone or internet for both personal and business purposes, you can only deduct the business-related portion.

• Please note this is not a sponsored post, we just love this software and hope you do too.
• Regularly review your transactions and consider getting advice from a bookkeeper to help you effectively manage and protect your finances.
• With its user-friendly interface and powerful features, My Reseller Genie is poised to revolutionize the way resellers manage their finances in the digital age.
• Whether you’re getting accounting software for the first time or your old software no longer meets your needs, we can help.

Best eBay accounting software runner-ups

Whether you’re a part-time thrifter or a full-time reseller managing hundreds of listings, My Reseller Genie adapts to your needs. Rather you want to treat reselling as a business, a side hustle, or a hobby that makes a few extra bucks each month, you NEED to understand your numbers. An LLC is a separate legal entity that usually shields you from being personally responsible for business debts.

Can You Really Make a Full-Time Living on eBay? Let’s Talk Numbers

The listing information with custom SKU is on a spreadsheet along with the listing’s title. As items sell, the seller checks their spreadsheet and then locates the sold item. Whether you resell clothing, home goods, toys, video games, all of the above or something in between, it’s got to be kept in salable condition. If you use your cell phone or internet for business purposes, you can deduct a portion of those expenses.

Select a time frame to see your gross profit, average sales price, sell through rate and more! Filter by anything tracked in My Reseller Genie and see your metrics update in real time. Browse charts like Gross Profit by department, category, sub-category, and brand. Other sellers assign a custom SKU to each item as they list it.

That was especially the case in the beginning when I really didn’t know what the heck I was supposed to be reporting or how. In conclusion, My Reseller Genie is a game-changing accounting software for eBay, Etsy, and Poshmark sellers. With its user-friendly interface and powerful features, My Reseller Genie is poised to revolutionize the way resellers manage their finances in the digital age. Since shipping is a fundamental part of any online reselling business, tracking these costs throughout the year can lead to significant savings at tax time.

• As a proud veteran spouse and Cop wife, Courtney enjoys helping soldiers and veterans with their taxes.
• For example, if you sell a lot of mugs and board games, they can be grouped together on shelves.
• Sourcing online is a game-changer for the reseller community, offering convenience, scalability, and access to an infinite pool of inventory.
• You’ll also be able to see areas where you may be losing money.

Courtney Dobek has a master’s in accounting and finance with a concentration in forensic accounting and a bachelor’s in accounting and finance. Courtney is currently studying for her CPA and has several years of tax experience under her belt. Along with bookkeeping for small businesses, Courtney also works for textbook companies as a side gig to help authors publish their textbooks.

Selling Platform Compatibility

They list them in clumps, then take that listed inventory and store it all in the same bin. So their storage system is organized by bin number, perhaps along with a shelf number. And their SKU system (more about that in a moment) tells them the location of each item. We recommend using a strong password when you create your account, as you would want to when signing up for any other service. We do not store your credit card information; this information is securely stored by Stripe – a leading credit card processing company worldwide. My Reseller Genie currently has Poshmark and eBay integration included in the Ultimate plan.

However, it comes with risks like potential security breaches and mistakes in your business records. To balance convenience with security, make sure your online security is strong and keep your personal and business finances separate. Regularly review your transactions and consider getting advice from a bookkeeper to help you effectively manage and protect my reseller genie: accounting software for resellers your finances.

We also have bank, Paypal, and credit card integration included in the Premium and Ultimate plans! Visit our integrations page and platform compatibility page to read more. “Platform integration” means that we can pull your data into My Reseller Genie from a selling platform automatically. MRG is constantly working on adding more automation and integrations!

Take the stress out of tax time with this easy to use software. However, Xero also limits you to 20 invoices a month, so it isn’t the best choice for sellers with more invoices. And QuickBooks Online is pricey, but its mobile app simplifies on-the-go accounting. We organize your sales data and selling fees into the proper categories, and make it simple for you to categorize the rest. As we wrap up, let me emphasize once more how crucial it is to keep your personal and business finances separate. Mixing these can lead to major headaches during tax season and make it hard to see the true financial health of your business.