CPA is an appealing idea for a substantial eCommerce business like Amazon. If you are looking for an Amazon CPA, keep in mind a few key points.
CPA Licensing
Generally, Amazon CPA for FBA business has to pass through various requirements and testing. First of all, they need to satisfy the required spending hours in college with accounting practices, business, and auditing courses.
After completing graduation, they need to acquire one year of working experience under a qualified CPA. Take into account; if you want to hire one, make sure that they stay updated about the latest accounting practices. Don’t forget that they can’t achieve excellence without having a certified CPA license.
Depositary Responsibility
Be mindful that depositary responsibilities are the core duties of Amazon CPA that ensure that the person is legally responsible for working for the benefits of your clientele.
Tax Awareness
Choose an Amazon CPA who should be aware of all tax code knowledge. Specialized knowledge about tax regulations positively impacts the eCommerce business. With their licensing and extensive knowledge, they will simply represent the clients in IRS audit events. Call to mind that you can choose different CPAs for the IRS audit performance and finances consultancy.
Things to Remember While Choosing CPA
Before hiring an Amazon CPA, you need to;
- Do extensive research and choose the best candidate whom you can trust about your FBA business services.
- Remember, your CPA understands the growth factors of your FBA business and is aware of tax regulations that can highly impact your eCommerce business.
- Be mindful that you must not choose that your CPA should be proficient, competent, reputable, and qualified.
Let’s discuss the essential factors you have to look for while searching for an Amazon CPA for an FBA business.
- Experience
Always hire an experienced CPA who must have worked with FBA businesses similar to yours. In the case of Amazon CPA, they may have experience with Shopify or any other eCommerce retailer. Considering that as you are hiring qualified personnel, you need to offer a handsome amount of expertise. Not lose sight of the fact that they have worked in similar industries before to effortlessly understand the business’s financial considerations and tax regulations.
2. Availability
Your CPA should be available when you need them. In case if they are not available or unable to perform as per requirements, you should hire a new CPA. Typically, CPAs are one busy professional because of the extreme growth of eCommerce. Sometimes CPAs feel quite difficult to manage multiple clients at the same time. Meanwhile, they are responsible for captivating the deserve attention of clients to your account.
3. Cost
Take on board that what will be the billing criteria. You need to know whether they would like to charge for the work upfront or afterward once the working hours have been calculated. Make sure that you are comfortable with the rate and billing structure that your CPA suggests. In the long run, you can only hire them if their services are affordable for you.
4. Licensing
As discussed above, CPAs need to pass through a strict testing mechanism. Take account of choosing the one who is up-to-date with license and required qualification.
Without any shadow of a doubt, a capable eCommerce CPA is a primary step that leads you towards your dreams of growing your finances and business. Not forget to take enough time to find the most suitable person for your FBA business.
5. Organized
Take into consideration your CPA should follow a systematic, accurate, easy-to-follow manner concerning distinct onboarding customers. With a well-organized helping hand, you will feel more comfortable.
6. Knowing eCommerce specific software
Bear in mind that CPA must be capable of managing your publications with a special tool that can read and execute a variety of activities. If you hire a comfortable person with particular software, you can save your money and time.
7. Expenses of Amazon CPA for FBA Business
You would be amazed to know that a CPA costs more than a non-CPA accountant. Because of their extensive knowledge and licensing, they deserve more than a non-CPA accountant. Needless to say that there are several other factors to understand that can highly impact FBA business after the billing, such as their additional experience, number of years they have spent in a similar industry, associated form, expertise, and location. So, there is not a particular amount we can suggest for a CPA.
Secondly, keep in mind that your Amazon CPA will ask for any of the three billing methods.
- Flat fee
- A bundled price
- By the hour
With a flat fee, you simply have to pay the fixed amount regardless of their time on your account. At a bundled price, you have to pay a package fee for a bundle of FBA services. Lastly, an hourly rate allows you to pay the exact amount of hours they have worked for you.
What Are The Responsibilities Of Amazon CPA?
Bear in mind that an Amazon CPA needs to perform numerous responsibilities. An Amazon CPA is a Certified Public Accountant specializing in an eCommerce business who should perform the necessary tasks.
- Generate and evaluate reports based on bookkeeping and financial data.
- Maintain FBA business accounting mechanisms, reports, and policies.
- Examine the necessary eCommerce regulations.
- Arrange government and internal audits.
- Manage accounts payable and accounts receivables.
- Create cash flow and budgets.
Keep in mind that as your FBA business grows, your tax or accounting situation will become quite complicated. Don’t lose sight that your accounting processes can be simpler with the help of an efficient CPA. In fact, hiring of right person will surely be your smartest investment.
