AF190 - Bookkeeping & Bundling success w/ Kris Loveless

Bookkeeping and accounting are the two things that freak people out when it comes to running their Amazon businesses. In fact, they are some of the most frequently asked questions at Mommy Income. Well, who wouldn’t dread the tedious and confusing task of keeping track of numbers? Abominable as the task might be, staying atop our numbers is essential to the growth of our businesses. Thankfully, there are people like Kris Loveless and his partners at LWT Services, a full-service bookkeeping firm. Kris is a successful Amazon bundler and Mommy Income workshop alumnus who’s passionate about supporting Amazon sellers & their businesses by helping them with their bookkeeping needs.

Kris joins me today to discuss the importance of tracking your business’s numbers and having a bookkeeping system. He shares his background, what led him to the wonderful world of Amazon and Ecommerce, and describes his first ventures into wholesale bundling. He shares different stories of Amazon sellers who lost money because they failed to track their numbers and reveals some of the worst-case scenarios in starting a business. He also describes the different indicators you should monitor to avoid losing money in your Amazon business and underscores the power of having a great bookkeeper by your side.

“The role of a good bookkeeper is to take a look at your receipts and classify them in your Quickbooks. It takes time but it’s necessary to catch your errors.” - Kris Loveless

This week on the Amazon Files: 

• Kris’s background and what led him to sell wholesale bundles on Amazon
• Kris’s first ventures into doing retail arbitrage for his Amazon store
• Why retail arbitrage is not a sustainable business model
• The first wholesale bundle Kris ever created and how it turned out
• The story of a retiree who was losing money because she hadn’t been tracking her returns from Amazon
• The importance of knowing your numbers and bookkeeping for your Amazon business
• Why Amazon sellers need to hire accountants who have experience in inventory-based, Ecommerce business
• An old bookkeeping client who had overstated income
• The reason there needs to be a human element that handles bookkeeping and accounting for your Amazon business
• Why there are different tax rules for different purchases
• How the LWT Services helps Amazon sellers manage and track their bookkeeping and accounting
• Why you need to open separate business accounts for separate companies
• The reason you need to avoid making personal purchases on a business bank account
• The role of a great bookkeeper and the impact of having an Ecommerce dashboard for your business
• The difference between having inventory apps like InventoryLab and having an Ecommerce dashboard
• What an ‘inventory turn ratio’ is and how to know if your business is losing money

WATCH:

LISTEN:

Related Content:

• InventoryLab

Connect with Kris Loveless: 

• LWT Services

Kris Loveless Bundle Examples

• https://www.amazon.com/Ground-Coffee-Gourmet-Collection-Bundle/dp/B08FX25N2X/ref=sr_[…]=1&keywords=coffee+sample+pack+lovewood&qid=1619458035&sr=8-5
• https://www.amazon.com/s?k=LOVEWOOD+TRADING&ref=bl_dp_s_web_0

Want to Learn More? 

It’s time to discover our Wholesale Bundle System™ that is your roadmap to bundling success! This course is packed with valuable information & tools to help you maximize your Amazon profits. The destination: freedom to spend less time sourcing products and to spend more time with your family. Wholesale Bundle System™ gives you the exact framework & strategy I use to create and sell wholesale bundles with massive success! 

To learn more, visit: http://www.mommyincome.com/system

Grow Your Amazon Business!

Thanks for tuning into this week’s episode of The Amazon Files, the show to help Amazon seller along their business journey one step at a time with Amazon expert and your host, Kristin Ostrander. If you enjoyed this episode, head over to Apple Podcasts, subscribe to the show and leave us your honest review. Don’t forget to share your favorite episodes with your friends on social media! Use the codeword #Kris to join us on Facebook. Each week, Kristin hosts a live discussion on how to grow your Amazon business. Don’t forget to check out our website and subscribe to our mailing list for even more resources.