If you are serious about starting an eBay business, then it’s important to get the accounting and bookkeeping in place from the start. eBay traders generally do low value – high volume sales. This means that if you neglect your bookkeeping, the backlog can buildup quite quickly. Leaving it until “year end” will create a massive task that will be time-consuming or expensive to get into order.
Depending on your volume and competence with numbers & bookkeeping, you have the option of:
- Manual records (least recommended, due to the volume and value of eBay transactions – but better than nothing at all)
- Excel spreadsheet records (better for smaller traders, as it can quickly become unwieldy for high volumes).
- Software (best option in theory, but only if you know how to use it properly. Most packages won’t interface automatically with eBayPaypal, but many have “bolt-ons” or extra modules that will handle data imports etc… look carefully at all the options to ensure that the software does all that you need – eg, stock control, barcodes/serial numbers, PayPal or credit card transaction imports, invoicing, VAT – if registered etc… etc…)