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
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Want to Learn More?
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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.