The Problem With Bucket Methods Alone
There are lots of options when it comes to savings and financial goal setting.
Bucket methods make it easy to separate your profit into multiple bank accounts while striving to reach your financial goals.
Some proponents suggest using inconvenient banks that make it hard to access your funds. Seriously, the idea is to sock your money away in banks that have no online access so you must drive to the bank to take out the funds. Presumably, you have to drive there to make deposits too.
They suggest creating multiple bank accounts to stash away money until goals are reached. One problem with all these bank accounts is they require a high minimum balance or direct deposits to waive fees. Many small businesses find these requirements cumbersome and expensive. I don’t know about you, but I’d rather pay for convenience, not inconvenience.
Another bothersome thing with multiple bank accounts (buckets) is the need to reconcile each statement each month. Who needs the extra work?
Sure it will take a bit of discipline and money management skills to have our money accessible, but business owners need to cultivate these attributes not avoid them.
With bucket systems that neglect real accounting, business owners end up with no ability to create Profit & Loss statements nor Balance Sheets.
CPAs will require these two business reports to file year-end taxes, so don’t get caught short by not creating them.
A lot of Amazon sellers will give up on the bucket methods alone because of the time, inconvenience and lack of reporting.
Bookkeeping Is a Necessary Part of Business
Accounting may be your least favorite thing about running your Amazon business.
Bookkeeping is a necessary part of any business. You can’t really run one without it.
It’s not just for tax season, though.
Running reports like the Profit & Loss or the Balance Sheet is the only way you can really tell if your business is making money.
The health of your business can be measured in these reports.
- Balance Sheet shows your assets like cash, checking and value of inventory
- Balance Sheet also tracks liabilities like loans, credit cards and sales tax payable
- The Profit and Loss tracks income and expenses like Amazon sales and selling fees, as well as other business expenses like labels, scales, Scotty peelers. software, subscriptions, Cost of Goods Sold, etc.
- Bucket methods alone do not offer these reports
Combine QuickBooks and Buckets Without Additonal Bank Accounts
This course combines QuickBooks accounting with goal setting features of popular bucket methods without requiring all the extra bank accounts.
Bucket Accounting for Amazon Sellers is an add-on to Amazon Sellers Guide to QuickBooks (aka QuickBooks for Amazon Sellers PC, Mac or Online).
The buckets course picks up where we left off in our posting of General Journal entries, Deposits, Bills, etc.
If you are already using QuickBooks for your Amazon business, but not using my other course, you can probably use this one just as easy. You’ll just need to tweak it to fit your system.
If you are having trouble following because you did not take the full course, just sign up and take it. No biggie.
Why a new course?
- Everyone will not want to use Bucket Accounting, so adding it to the previous course is not necessary
- Students have been asking how to implement Profit First into their accounting routine
- Viewing lots of YouTube videos from accountants on the subject, I realized we needed an easier option and one that works with Amazon
- Experienced QuickBooks users may implement the strategies in this course without the need to purchase the full course
What’s included in the course?
Unit 1 - Overview
You will walk through the process outlined in the eBook to get a good overview. Download the fillable PDF. It’s perfect for note-takers to use electronically or to print it out.
Unit 2 - Add and Edit Buckets
You’ll learn to customize your account buckets with names and percentages to meet your goals. We will start with sample accounts to get you going.
Unit 3 - Income Buckets
We will review General Journal entries, bills and deposits as we post income to our bucket accounts. Using prior postings from our QuickBooks records, we will add the required information.
Unit 4 - Expense Buckets
You’ll see the whole system pay off as the spending functions are demonstrated and we take our first owner’s compensation payments.
Bucket Accounting for Amazon Sellers
4 Easy To Follow Lessons
Closed Captioning (CC)
30 Day Money Back Guarantee
If you need to know how to set up your QuickBooks the right way for Amazon Selling, I highly recommend Vicki’s video classes before you make a mess of things. Thanks for the great video series, Vicki.
I’ve taken your Amazon Sellers Guide to Quickbooks course, and have found it to be EXTREMELY HELPFUL! Thanks a ton.
I recently started a new business as an Amazon FBA seller. I knew I wanted to use Quickbooks to keep track of the financial end, but I had no idea how to set it up for such a unique online business model. I searched online for help and found just the right course that I could take at home – Amazon Sellers Guide to QuickBooks Pro! The course addresses Amazon seller needs, is very affordable, and I was able to proceed at my own speed. Within a few days, I had Quickbooks and up and running!
Southermomflair’s Amazon bookkeeping course is an excellent course for FBA sellers that want to get a grip on their accounting books without learning becoming too overwhelming! It provided me with a high-level yet detailed approach to accounting for Amazon FBA with Quickbooks that is easy to follow. The videos are short and sweet and best of all straightforward on what and where to click. The Excel worksheet in the course is an absolute gem, essential and excellent in capturing the core details of FBA sales and expenses while tracking inventory is made a synch. The ability also to continuously review the videos and explanations has helped me not only to analyze but understand better the various aspects of my business and to get clearer on how Quickbooks can be transparently used so that I can concentrate on growing my business. One of the best features, though, is the support for this course. It is simply TOP-NOTCHED! Any question(s) you might have will be answered thoroughly and there is a great comfort level knowing there’s years of experience on the other end. Guess that’s that Southern Hospitality!
Vicki’s course has been a great starting point for me in terms of using QB to better track and control my business. It’s not a one-size-fits-all thing, and (for me, at least) it didn’t cover everything that applies to my business or tell me exactly how to do everything I’d want or need to do with the software. It has, however, been a great resource for learning how to develop a unique QuickBooks system as a business tool. Vicki has been really great about answering questions she hasn’t covered in videos, helping me adapt what she has here for my situation when I don’t see how to make it work “out of the box”, and generally just being responsive and enthusiastic about making sure I get what I need out of the resources she’s provided. I’d definitely recommend this course as a resource for someone taking an active role in running their business better.
I’d like to take a minute to introduce myself.
With more than 30 years experience in accounting and 5 years in Amazon FBA, it is my desire to share with other sellers how-to keep accurate records the easiest way possible. We’ve seen the new savings and financial goals methods of late. They sound interesting, but implementing them with our QuickBooks accounting has been a daunting task until now. I’ve created an easy-to-follow course that builds on our very popular course, Amazon Sellers Guide to QuickBooks. Now we can just add a few more lines to our regular posting routine and we are well on our way to hitting our goals even sooner than we thought. Hi, I’m Vicki McCay and I am here to help.
Important: Information in this document does not constitute tax or legal advice and must not be used as such. If you have tax or legal questions, please contact your professional adviser. This course is simply to demonstrate how to use the accounting software.