Chris Potter | Tax & Bookkeeping for eCom
@ChrisPotter361
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I tweet about eCom, Taxes, Finances, Acquisitions, Business Building. Built / Acquired: 8 figure Ecom, 7 figure Ecom, two 7 figure tax businesses.
Let us Help You With Taxes:
Joined July 2014
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Pinned Tweet
Did you feel poor in 2023?
It's time to make a change in 2024.
Here are 24 side hustles you can start in 2024 to make $1,568 or more per month:
1. Amazon FBA
Buy items from retailers like Kohls, Nike, and Ross and resell on Amazon for profit. You can start for under $1k.
2.
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I've sold over $20 million worth of Amazon using Online Arbtrage.
I know good tips when I see them.
I've put together the ULTIMATE list of OA Tips and Hacks found across Twitter.
You'll have your mind blown with 96 OA tips to improve your business.
Bookmark this!
⬇️⬇️⬇️
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Pharmapacks, who did roughly $48 million in the month of January primarily from amazon - is going out of business.
How did they fall from grace so fast?
Let’s dig in and try to figure it out. ⬇️⬇️
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For Online Arbitrage, one of the most underused tools to find profitable products is the Keepa Product Finder.
I've put together 11 of the best Keepa Product Finder Hacks that can net you thousands of profit.
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Most people suck at reselling on Amazon.
But, I found some people that don't suck at it.
Here are 6 great threads and one tip from people in the trenches reselling on Amazon. ⬇️⬇️
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Amazon and DTC businesses can always use more suppliers.
Did you know that you can snoop in on the suppliers of some of the largest brands in the US?
It almost feels illegal.
But it's not.
Here's How: ⬇️⬇️
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You are an Amazon seller looking for profitable products.
You stumble upon 3 products:
Item A: 11% ROI
Item B: 21% ROI
Item C: 42% ROI
C and B are always more profitable than A, right?
Wrong.
Let's figure out why....
🧵 ⬇️⬇️⬇️
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ROI doesn't equal margins.
I hear people saying "I buy at 30% ROI, so I make 30% on my money." but really have no clue what that means.
Let's dig into this....
👇👇👇👇👇
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A phrase that irritates me:
"I made $1 million last year"
When in reality, they hit $1m in revenue.
Good job. Can't take that away from you.
But, you really didn't make $1m. You made like $150k, and it's sitting in inventory. Not in that sports car you rented for Instagram.
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Every year, Amazon's fees go up, and are slightly more complicated.
Looking over the new fees, there is one in particular that seems like it will impact arbitrage and low volume wholesale sellers:
Low Inventory Level Fee.
Merchant Fulfilled may have just gotten even better.
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I can't stress this enough:
Know your numbers.
Inventory Lab / Seller Board are not bookkeeping solutions.
You don't see a balance sheet, cash flow statement, and they don't give you a full P+L.
We've had multiple clients onboard over the last few months who thought they were
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For Online Arbitrage, one of the most underused tools to find profitable products is the Keepa Product Finder.
I've put together 12 of the best Keepa Product Finder Hacks that can net you thousands of profit.
⬇️⬇️⬇️
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Amazon Account Suspended.
All of your hard-earned money held hostage by Amazon.
You can't pay your credit cards or loans.
But I'm wholesale. How could this happen?
Here's how to avoid the worst month of your life:
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Amazon sellers like to run thier bank accounts dry.
Spend every single cent on inventory.
Barely pay the credit card balances.
While having ZERO cash set aside.
How do you fix this?
Follow these 4 simple steps:
👇👇👇
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I’ve been in the eCommerce industry for 17 years.
Here are 45 short eCom truths I've learned the hard way:
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Chris Grant is one of the GOAT's of using Keepa for Online Arbitrage.
One of the things he talks a lot about is the Keepa Product Finder (KPF), which can heavily improve your sourcing.
I've scoured the GOAT's posts to find the best 19 KPF tips.
Let's go:
👇👇👇
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You buy products from a "wholesale distributor".
You are making decent money.
But little did you know you are peddling product on Amazon that could get you sued for MILLIONS.
Woah, what?
Story time... ⬇️⬇️⬇️
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One of the best places to find wholesale sourcing opportunities is by attending trade shows.
But, what if you don't want to travel?
Simple. Take a look at the trade show website. There's almost always a vendor list.
Here's how to do it with help from ChatGPT!
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@KrissBergTweets
I mean...if they can't get it off at a car wash, where do they get it off at?
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There is a little-known metric in eCommerce that if used properly can alert you of massive problems.
Here's a deep dive into that metric, and how not knowing it almost put a company out of business.
What's that magic metric?
ROIC.
Time to Dig in. ⬇️⬇️⬇️
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Here's another Amazon Online Arbitrage realistic example of a Profit and Loss breakdown:
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Over the last 4 months, I've talked with over 100 eCom sellers intimately about their businesses.
In many cases, I've looked over their books and financials.
Here are 7 of the biggest mistakes I've uncovered that will crush your business:
⬇️⬇️⬇️
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This is the year you should quit that 9-5.
Start building a business today.
You can do it.
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Here's a typical breakdown of a profitable Online Arbitrage seller on Amazon.
(First time playing with Sankey, so give me some feedback!)
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I've done three financial reviews this morning for OA sellers for 2023.
- 2 were unprofitable. Average loss: $16k
- 1 was profitable. Less than $100k, but more than $60k.
Here are 5 things I found...
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You are an eCommerce / Amazon seller.
You make a profit.
But you have no idea how much you should set aside for taxes.
Here's a way you can do some back-of-the-napkin math to figure it out....
The easy, simple answer is:
- Figure out what your estimated tax bracket is
-
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Some thing for Amazon sellers. Sales vs profits.
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Amazon Wholesale Idea:
Go to your local Grocery store and look for the "locally made" section. Take some pictures, and see if they are on Amazon yet.
If they aren't, you may have an exclusive deal on your hands!
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I love finding Amazon and eCom sellers that don't suck.
Here's 6 more terrific threads from sellers in the trenches sharing absolute gold...
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Want to suck at selling on Amazon?
Here's how:
Undercut every other seller by 1 penny.
You'll start that exciting race to the bottom where everyone makes zero profits!
It's almost as exciting as the rat race at your 9-5!
Congrats. You now suck at selling on Amazon.
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Net profit means more than those cool revenue screenshots.
$2m in revenue doesn't pay the bills if you only profit $5k.
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I found an old profit and loss statement I put together in 2014.
This is when I restarted an Amazon business from scratch doing Retail Arbitrage. I started it in June 2014, and by August I had shoppers, and by Sept I had VA's.
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You must know your numbers.
But 99% of sellers don't look at the right ones.
Here's 3 of them.
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Running a profitable eCommerce business is hard.....
Especially when you don't know what numbers to look at.
Let's dig into some of the most important numbers that will make or break your business...
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Want to learn wholesale for Amazon, but are totally confused with all the various terminology?
Look no further. This is the ULTIMATE wholesale terminology guide.
Bookmark this post, and let's get going!
👇👇👇👇👇
Back-Order: Products that you have ordered but they have not
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@HyunFlips
It depends on your filing status for taxes.
If you are using the cash method (which is what a lot of non-eCom accountants will recommend you do), this is accurate. You can buy a bunch of inventory late December, and it's all an expense for this year.
It's because all
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I reviewed an "Amazon Automation" contract this morning.
Here are the top 14 things I found that show these things are an absolute scam.
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You are humming along doing your online arbitrage sourcing. Placing orders, thinking you just spent $3k on some awesome inventory.
Then, it happens.
ORDER CANCELLED email strolls through.
Well, that's an hour wasted you think.
Or is it?
Here's what to do next... ⬇️⬇️
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Amazon reimbursement services could be LOSING you money.
Here's how:
Clawbacks.
If you are unfamiliar with clawbacks, they are cases where you previously received reimbursement from Amazon, but they determined you shouldn't have received it for some reason.
They claw back
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Did financial recaps for three clients recently.
None of them were good. I estimate within 3 months, all three will be out of business or bankrupt.
The common threads?
1. Their COGS was WAY too high. Needs to be below 55% if arbitrage / wholesale, and below 35% if fully
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Thinking of hiring a VA in the Philippines to help you with sourcing?
They can absolutely level your business up.
But there is a very sneaky way that some VA's are effectively stealing your money.
Here's how....
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Amazon Seller Tip:
Use two logins for your amazon account:
1. Master login, which is only used sparingly and has access to everything.
2. Secondary login that you use on a daily basis, and has no access to changes such as: bank account, email address, ein.
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I’ve been in the eCommerce industry since 2005.
I'm like a fossil in this industry.
But it comes with immense wisdom.
Here are 45 eCom truths I've learned the hard way:
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Broke 4,000 followers overnight.
I appreciate every one of you!
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Just hit 10,000 followers here on X/Twitter! 🥳
Thanks to every one of you!
Here are the top 10 things I've learned growing this audience over the last year and a half:
1. You can make a lot of money.
We have generated over $900k in sales during this time.
Twitter / X has
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Friends don’t let friends do Amazon dropshipping automation.
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@Codie_Sanchez
We are in the exact same spot with our bookkeeping / tax service. We've averaged over $40k per month this year so far after taking our first client in Sept.
No paid ads, only 7k followers here on twitter - no following anywhere else.
It definitely can be done.
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Little-known Amazon hack....
If you sell an item that people buy more than one of regularly...
List it MF instead of FBA.
With FBA, you get charged the same amount in fees for every item.
With MF, you can combine shipping charges, and you end up increasing margin.
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Amazon Online Arbitrage Supplier tip:
There are multiple websites that are designed to handle OA dropshipping - which is against Amazon's TOS.
But, you can use them to find sources!
SKUGrid has a list of suppliers they support right on their website!
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This month, I did video financial recaps for 20 sellers.
Some are making phat stacks.
Others are losing their shirts.
Here's the top 5 things I spotted that were killing sellers:
𝟭. 𝗖𝗢𝗚𝗦 + 𝗔𝗺𝗮𝘇𝗼𝗻 𝗙𝗲𝗲𝘀 𝘄𝗲𝗿𝗲 𝘁𝗼𝗼 𝗵𝗶𝗴𝗵.
Your COGS + Amazon fees should
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I asked ChatGPT how to research wholesale suppliers for AmazonFBA.
Here's the 5 responses, along with my commentary as an actual seller for 15 years:
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Hitting a million dollars in yearly revenue on Amazon is quite doable.
With consistent hard work and reinvestment into inventory, you could do it in year two.
This is even true if you start with almost nothing.
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3 things you can write off in your Amazon / eCom business, and 1 thing you can not.
Save $$$ on taxes this year by deducting these things...
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I have 5 Amex cards:
- Business Platinum
- Schwab Platinum
- Business Cash
- Hilton
- Plum
Outside of loading up points, here are my top 7 favorite perks that are actually useful:
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I love finding eCommerce info that doesn't suck.
There's some fire threads in the eCommerce space that will help move your business forward.
Here's 7 threads from people working in the trenches:
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What's one tip you have for finding profitable products to sell on Amazon?
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You see $$$ flowing into your bank account during Q4.
You have the itch and think...
I bet I can do this full time.
Time to put in my notice at the 9-5.
ALL IN.
Before being rash, here are three simple things you should do FIRST:
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I'm an LLC and I want to pay myself. Is there anything special I need to do?
Nope. Just make a transfer between your business account and your personal account.
For bookkeeping purposes, this is considered an owner's draw.
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Want to have a bunch of stress?
Here's how:
- Ensure you keep less than $10k in your personal and checking accounts combined.
-Have $100k on credit cards, which are all sitting in inventory.
- Use 10 credit cards to get there.
Sadly, a lot of sellers operate this way.
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eCommerce Truth
#30
/42:
➡️Many eCom owners care way too much about revenue.
I've seen $3m revenue businesses have $100k profit, and I've seen $600k revenue businesses with $200k profit.
Revenue is only a vanity figure.
Profit is what makes you rich.
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Had someone ask for a 5 month advance of their salary after 3 days of work.
Yeah, let me get right on that.
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It's OK to grow your business at YOUR pace.
Yes, others may be going from 0 - $100k in sales in months.
But, they either started with a lot of money, or are up to their eyeballs in debt.
Very unsafe business.
You do you.
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Little-known Amazon hack....
If you sell an item that people buy more than one of regularly...
Throw 2 into a polybag, and create a child variation. Lower the price slightly compared to buying two of the original listing.
You'll increase margins, as your FBA fees will be less
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Things you should outsource to a Virtual Assistant (VA):
1. Things you don't enjoy doing.
2. Things that are repeatable.
3. Things that you are not good at.
Last but not least, there is an opportunity cost for doing tasks yourself vs, outsourcing them.
Get yourself a VA!
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3 things you can write off in your Amazon / eCom business, and 1 thing you can not.
Save $$$ on taxes this year by deducting these things...
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Cash flow is more important than revenue.
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OA Tip to use in the new year:
Keep a spreadsheet of sales for your favorite stores. You'll notice most of these stores have specific patterns of when items go on sale, and which sales they use.
You can use this to your advantage once you figure it out.
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Paying for College = Not Tax Deduction.
Paying for Courses when running a business = Tax Deduction.
The government literally gives you more of an incentive to run a business and learn how to improve it vs. going to college.
Think about that for a moment.
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@KurtisHanni
20. It's much easier to take risks like starting a business when you don't have a family to support.
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Amazon Wholesale / TA Tip:
When running a bulk scan from a supplier, run a filter that shows 0 sellers, but with 1 or more reviews - regardless of rank. You'll find some discontinued items that you can charge a lot more for, or some hidden products that others aren't carrying.
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Amazon Seller Math:
An 11% ROI item can be just as profitable as a 42% ROI item.
How?
Thread coming this week to explain....
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Fun fact as an Amazon seller:
You probably paid more in Amazon fees this year than you will in taxes.
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Hiring Virtual Assistants (VA's) can level up your business.
I've hired at least 200 of them over the years and made many mistakes along the way.
Here's a story of a mistake I made, along with the 4 things you can do right now to avoid it.
I call it: The New Parent Trap
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"Amazon is Saturated".
Yeah, ok.
We have multiple clients that are making over $100k / yr profit.
Some started a year ago.
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This is what 5% margins + heavy debt looks like.
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If you are an LLC and are expected to profit $50k or more this year....
It's not too late to file your taxes as an S-Corp.
An S-Corp can save you on taxes, as it eliminates self-employment taxes on a portion of your income.
$50k is usually the break-even point for most LLC's.
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Over the last year, I've talked with over 500 eCom sellers intimately about their businesses.
In many cases, I've looked over their books and financials.
Here are 7 of the biggest mistakes I've uncovered that will crush your business:
⬇️⬇️⬇️
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My heart melted this morning when one of our Philippine employees posted this in our Slack Channel overnight.
As business owners sometimes we forget how much we impact people's lives.
(Shared with her permission)
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Most people suck at selling on Amazon.
But, I found some people that don't suck at it.
Here are 6 great threads and one tip from people in the trenches reselling on Amazon. ⬇️⬇️
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Reviewing a client's books that we just cleaned up.
They were using Inventory Lab for "bookkeeping".
Inventory Lab: Shows $25k profit for the year.
Actual books: Loss of $30k.
Overall negative equity, and heavy debt.
This is why you need proper bookkeeping.
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Flashback to 2014. I wrote this when I launched a website on the heels of my Amazon business collapsing.
As I sit back and watch workers tearing down warehouse shelving that was bought only a year ago, I think to myself “where did it go wrong?”
Only a year ago, we were a
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Myth: "Amazon is Saturated".
Reality: We have some clients that will profit over $100k in the next 3 weeks.
If it's saturated for you, you are probably not very good at sourcing.
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Today seems to be chaos day for Amazon resellers.
Lots of previously approved brands are becoming restricted, causing stranded inventory and the inability to ship in new items.
Any other resellers seeing this?
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"Death Pile"
"Dead Inventory"
"Unsellable Inventory"
"The stuff wasting space in my garage"
"That problem I don't want to deal with"
If you are in the eCom game, you know exactly what I'm talking about.
Should you donate for taxes?
There's less savings than you'd think...
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Got to hang with
@GanimCorey
on Friday while it looked like he was posing for a mug shot...
That gold chain is 🔥though..
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Tired of watching football?
Get a VA to do it.
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Many resellers have been reporting that their accounts are getting frozen due to a Temporary Restraining Order from Nike.
Good news is, they aren’t targeting arbitrage resellers. Reach out to sellerbasics and they will help take care of it for free.
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You shipped 210 units to Amazon.
Amazon checks in 268 units.
Error in your favor? Free money?
If it's a bundle or multipack or an item that can somehow be separated, Amazon likely broke them apart improperly.
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Think you can put inventory on a credit card for your Amazon business and pay it off when it's due?
You probably can't.
Here's why.
👇👇👇
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Amazon Seller Math:
An 11% ROI item can be more profitable than a 42% ROI item.
How?
Stay tuned for a thread coming later this week...
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3 more things you can write off in your Amazon / eCom business, and 1 thing you can not.
Save $$$ on taxes this year by deducting these things...
⬇️⬇️⬇️
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Quickbooks Tip for Amazon Sellers:
The amount that is deposited into your checking account from Amazon is not the amount you should be entering into Quickbooks as sales.
Use settlement reports for the correct numbers, or use a tool like A2X.
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If you don't have KPI's for your business, you are missing out.
How do you know if your business is performing well?
You can look at revenue, ROI, and profit numbers.
But that doesn't tell you the whole picture....
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Amazon cash flow tip:
Look at your inventory and pick out the slowest moving item.
Make a plan to discount the item over the next 3 weeks to get rid of it.
Never let dead money sit around. If it isn't moving, liquidate, and move on.
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It's Q4, which means many of you will be sourcing from Kohl's.
What does that mean?
KOHL'S CASH!
But that $50 in Kohl's Cash you just got may only be worth $39.
It's like immediately throwing $11 in the trash.
Here's how you turn that $39 back into $50:
𝗨𝘀𝗲 𝗞𝗼𝗵𝗹'𝘀
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Amazon Online Arbitrage Supplier tip:
Look at Resale Gift Card Websites to find potential sources.
Some examples:
Raise
Card Cash
Gift Card Granny
Gift Card Wiki
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About to get arrested?
Get a VA to do it.
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You only need 2 hours of focused work daily to move the needle.
Block time off in your calendar.
Turn off your phone.
Close all your apps.
Head down and work.
This is how you build excellent businesses one day at a time.
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What Prep Centers do you use (or have used in the past)?
How do you like them?
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If you have workers from the Philippines...
Have you paid out the 13th month yet?
If you haven't, you should!
Many Philippine families use the 13th-month bonus to buy Christmas presents for their families.
Don't know what this is?
👇👇👇
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