Accounting Made Easy for eBay Business Owners
By Barbara Weltman
One of the least fun things about running an eBay business is keeping track of sales revenue and expenses, but there's no way around this necessary chore. Now there's an online accounting product, called KeepMore (http://www.keepmore.net/ebay), which requires no accounting knowledge or understanding to create great financial records. Just follow prompts for entering positive (income) and negative (expenses) transactions to compile the books and records that allow you to complete your tax return each year and to know how well your business is doing financially.
How It Works
Once you create your account online at KeepMore, you simply log on when you want to enter transactions. Do this daily, weekly or at any other convenient time to keep your records up to date. Because the information is recorded online, your financial records are stored automatically for you. This is a big plus when considering how easily a hurricane or tornado can wipe out a home office and all the records stored there.
The best feature of KeepMore is the automatic import of eBay sales information. Just authorize eBay to share this information and all final values and shipping costs are automatically included in your books - no separate entries are necessary.
KeepMore also offers free training. Join an online training session, call customer support at a toll free number as often as you want, or simply email customer support at email@example.com. Even though the product is easy to use, knowing that there's easily accessible support provides a comfort level to those unfamiliar with business record-keeping.
Another valuable aid from the product is keeping tabs on your car expenses. Use the "Track Auto" feature to record mileage and expenses, all necessary information required by the IRS to claim a deduction for car usage for your business.
Use "Opportunity Tracker" to keep in contact with vendors, customers or others, such as using reminders to schedule emails to these contacts.
The product can generate financial reports, such as profit and loss (P&L) statements, to help you monitor your business activities. For example, with YES! (year-end summary), you can see the total number of successful eBay sales, as well as the revenue they generated and the shipping costs.
The basic cost is $19.95 a month, with no commitment (cancel at any time); the cost is $199 for 12 months if you sign on for a year. There is additional cost for certain optional products and services, such as custom checks and envelopes. View a live demo to see how the product works.
About the author:
Barbara Weltman is an attorney, prolific author with such titles as "J.K. Lasser's Small Business Taxes and The Complete Idiot's Guide to Starting a Home-Based Business," and trusted professional advocate for small businesses and entrepreneurs. She is also the publisher of "Idea of the Day(R)" and monthly e-newsletter "Big Ideas for Small Business(R)" at http://www.barbaraweltman.com and host of "Build Your Business" radio. Follow her on Twitter: @BarbaraWeltman.
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