Need to simplyfy accounting for Amazon & Shopify ? A brief guide to A2X !
Who Are they ?
A2X are a global software business with offices in the United States, UK, Australia, New Zealand and Croatia. The business also supports businesses (and users) in all of the jurisdictions in which they have offices, in addition to Ireland, Canada, Hong Kong, Singapore, South Africa and the Phillippines.
What does A2X software do?
A2X software helps businesses to automate most of the e- commerce transactions generated when selling online via Amazon, Shopify and Ebay.
If you have used Amazon for online selling in the past, you will be familiar with the complex and indecipherable reports obtained each month – they contain hundreds, if not thousands of transactions !
The A2X software is ‘middleware’ that sits (or acts as a ‘bridge’) between the e-commerce platform, and when connected (or linked) to Xero and Quickbooks accountancy software
- automatically sends the ‘settlement’ (Amazon/Shopify/Ebay) payment transactions into the accounts (in a very orderly fashion)
- enables the original sales transactions to be identified and reconciled
- ensures that accounting records can kept ‘up to date’ simply each week or month
How does it help my business then?
The A2X software will reduce AND save administrative time for businesses by automatically
- identifying new ecommerce ‘settlements’
- importing all of the relevant accounting information into Xero or Quickbooks i.e. Amazon fees and costs, sales transactions, cancellation, returns and refunds, as well as VAT information
- generating the Sales invoices and journals which are posted into the accounts system
- ensuring that the Sales activity can be reconciled with the ‘settlements’ (payments’ received periodically from Amazon etc into the bank account)
More advanced options are available in A2X which:
- bring in Cost prices and generate a Cost of Goods Sold figure
- automatically fetches the month-end stock take data from Amazon/Shopify for FBA inventory, and calculates a stock valuation (held by Amazon in FBA)
What are the Key benefits by using A2X?
- Save time – remove the time involved in the frustrating and time-consuming task of understanding Amazon/Shopify/Ebay transactions reports, preparing and importing transactions into Xero and Quickbooks and accurately recording ‘settlement’ information
- A2X can save businesses up to 20 hours of manual time every month
- the data is accurate as the imported information MUST reconcile to successfully be received into Xero or Quickbooks i.e. sales, fees, VAT and ‘settlements’ all reconcile.
- with information being automatically imported, this means that the financial information is available sooner for the business to make better decisions
What are the costs of the software?
The A2X software is charged by ‘online shop’ and global region e.g. an Amazon, Shopify and Ebay online shop is 3 subscriptions, while an online shop in Europe and North America is 2 subscriptions.
Each subscription being based on the number order per month from 200 to 5,000 and beyond, with standard monthly fees being $19 to $69 per month.
Will additional ‘scoping’ or setup be required ahead of using A2X for my business ?
There will need to be some ‘scoping’ to clarify precisely what your business needs are, what accountancy system is being used, numbers of monthly orders, online shops in use on the ecommerce platform.
Also identifying how ‘up to date’ the accounting transactions are and the accuracy (or not) of the accounting to date.
Additionally there is substantial work required to ensure that the setup of the ‘links’ between the ecommerce platform and the accountancy system are accurate, BEFORE you attempt to automatically import any transactions – talk to our team on how we can assist with this !
A2X software integrates with both Xero and Quickbooks.
Talk to the team at Sakura about how we can simplify your accounting through the use of digital and cloud solutions, whether by using A2X or other software options !!