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Home > Amazing FBA > 12 Ways to Clean Up Your Amazon Profit and Loss for Increased Profits
Podcast: Amazing FBA
Episode:

12 Ways to Clean Up Your Amazon Profit and Loss for Increased Profits
Category: Business
Duration: 00:23:07
Publish Date: 2023-01-18 07:00:00
Description: This episode discusses strategies for increasing profits for e-commerce businesses, including monitoring conditions and cleaning up the profit and loss statement. It also emphasizes the importance of understanding cash flow and working with an accountant who understands ecommerce and the business. The article provides twelve ways to maximize profit and stay safe, using a metaphor of instrument flying to understand the system, and suggests involving oneself in the process of setting up an accounting system and chart of accounts.   Timestamps [0:00:00 : Maximizing Profits in Ecommerce: A Step-by-Step Guide to Cleaning Up Your Profit and Loss [0:02:35] 2 Ways to Boost Your Profits by Cleaning Up Your Amazon Profit and Loss [0:05:54] Understanding Cash Flow and Instrument Flying for Ecommerce Businesses [0:07:04] Setting Up an Ecommerce Accounting System: Tips from an Accountant [0:08:41] Tips for Cleaning Up Your Profit and Loss Statement for an Ecommerce Business [0:12:14] Tips for Accurate Accounting for Amazon Sellers [0:14:43] Tips for Effective Financial Management in E-Commerce Businesses [0:16:09] Tips for Monitoring Your Ecommerce Business Finances [0:18:18] Tips for Optimizing Operating Profit in E-Commerce Businesses [0:20:04] Audit Your Profit and Loss: Get a Free Audit from My Amazonaudit.com   Help shopify business owners or direct to consumer business owners. Just click on the link just to enter this into your browser. And then scroll down to the bottom of that. That is the metric above all metrics that I would use above any marketing metrics, just that one number, your operating profit, percentage of revenue to tell me how competent an e commerce business manager is. You have to justify every line item in your bank account and in your profit and loss statement. So if you have software, the classic thing for ecommerce sellers software, and you add another software and then you get seduced into adding yet another software, listen, I'm a podcaster. What I look at when I'm looking in the profit and loss statement for an ecommerce business is the gross profit and the operating profit. Gross profit is your net revenue, that is revenue minus your refunds. And your accountant is for helping you with your business much more broadly than just for tax return purposes. When you get to your corporate tax, end of year tax, you should use them before you even start trading, in my opinion.
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