What accounting software do you recommend for Amazon Sellers?
I like Quickbooks online (not Desktop), it does the job just fine. QBO simple start is a good fit for FBA sellers. I do my own accounting most of the time on the road with it.
I run my month end reports and input the data.
Xero is what I use.
I also recommend Xero.
Have you heard of A2X Accounting? I use it together with QBO.
I personally like QBs 10x more for business and use an online software to breakdown the $$ receive from Amazon. A lot of these online accounting software only shows the P&L but not a Balance Sheet, I found this as a big no no. But these software are much easier to use and require no accounting knowledge.
For cogs I use quickbooks purchasing invoice.
But I also factor in the shipping on duties related to the transaction.
So for example. You book the invoices to the freight forwarder. It will come in as freight cogs.
Then on your vendor invoice. You are allowed to enter negative numbers on the expenses side of the invoice. So you increase your unit price and you offset with the expense side being negative. Kind of hard to explain typed out. But you then have a dead on accurate unit cost for cogs.
So with quickbooks inventory. It will deduct the appropriate cogs first in first out.
I learned it from a YouTube video originally. I think I googled something like how to factor like transportation into cogs in quickbooks. It made a lot more sense seeing it done.