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Get Real Time Sales Insights with an Inventory Management System
An inventory management system (IMS) can transform your ecommerce business with real-time sales data. In this video, we explain how you can use an IMS to stay ahead of the game by knowing exactly what's going on with your sales at all times.
What we cover:
👉 The impact of delayed financial data on your profitability
👉 How an IMS provides real-time insights into your Cost of Goods Sold (COGS)
👉 Real-life examples of how businesses benefit from an IMS
👉 How an IMS keeps your cost tracking accurate and up-to-date
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🔥 Ready to boost your business with real-time sales insights? Contact LedgerGurus today to learn more about our inventory management services and how we can help you stay profitable and ahead of the competition! ledgergurus.com/ecommerce-accounting-services/inventory-management-for-ecommerce/?
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⬇️ MORE STUFF YOU SHOULD CHECK OUT ⬇️
** INVENTORY MANAGEMENT PLAYLIST: **
ua-cam.com/play/PL8z_d3aPaZE_ZoAje71UvdFPL4zMjGe7p.html
** Why eCommerce Sellers Need an Inventory Management System, Even with a 3PL: **
ua-cam.com/video/MhHeGrpuH2A/v-deo.html
** BLOG: 14 Proven Strategies to Prevent Overselling for eCommerce Sellers: **
ledgergurus.com/how-to-prevent-overselling?
** The Top 10 Benefits of an Inventory Management Software: **
ledgergurus.com/10-benefits-of-inventory-management-software/?
** If you're interested in our ECOMMERCE ACCOUNTING SERVICES, click here to contact us: **
ledgergurus.com/ecommerce-accounting-services/?
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🧑‍💻 EMPLOYMENT OPPORTUNITIES:
We are always looking for awesome CPAs, accountants, and bookkeepers to join our team. If you're interested in working for LedgerGurus, check out our careers page: ledgergurus.breezy.hr/?
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#realtimeanalytics #inventorymanagementsystem #ledgergurus
Переглядів: 41

Відео

Sales Tax Compliance: 8 Essential Tips to Protect Your Online Business
Переглядів 16614 днів тому
Are you an ecommerce seller struggling to keep up with changing sales tax laws? In this video, we break down eight crucial steps to stay sales tax compliant and protect your business from penalties and fees. We cover: 👉 Reviewing your nexus footprint 👉 Voluntary disclosure agreements 👉 Product taxability 👉 Exemption certificates 👉 Use tax 👉 Retail delivery fees 👉 Aggressive states 👉 Sales tax h...
Ecommerce Contribution Margin Explained
Переглядів 13721 день тому
Are you unsure if your sales are actually making you money? Understanding your contribution margin is key to unlocking your true profitability. In this video, Stephen from LedgerGurus dives into the concept of contribution margin, tailored specifically for ecommerce sellers. Here's what you'll learn: 👉 Understand Contribution Margin: Learn what contribution margin is and why it’s crucial for yo...
Why eCommerce Sellers Need an Inventory Management System, Even with a 3PL
Переглядів 178Місяць тому
People often tell us that they have a 3PL, so they don't need an inventory management system (IMS). What they don't understand is what they're missing. Here's what you'll learn: 👉 The misconception around relying solely on a 3PL for inventory management 👉 What your 3PL handles versus what it doesn't, especially on the operational and accounting fronts 👉 The crucial aspects of inventory manageme...
Texas Franchise Tax Filing Guide: 2024 UPDATE
Переглядів 4,1 тис.2 місяці тому
There have been some changes in Texas franchise tax law that you need to know about. In this video, you'll learn: 👉 What is TX franchise tax 👉 The changes in the laws in 2024 👉 Who needs to worry about it 👉 Step-by-step walkthrough for how to fill out the EZ Computational Report 👉 Step-by-step walkthrough for how to fill out the Long Form Report Important Links: TX Comptroller website: comptrol...
Funding for Consumer Product Companies in 2024 | What to Expect & How to Get It
Переглядів 932 місяці тому
Lending is tricky these days. Between the reality of tight cash flow when trying to buy more inventory and the expense of expanding into new sales channels, financial limitations can be frustrating. In this webinar, Stephen Brown from LedgerGurus teams up with Greg Russell from BRG Growth to unpack some of the funding options and strategies that are out there for consumer product ecommerce busi...
eCommerce Profitability Explained: From Gross Sales to Net Income
Переглядів 1542 місяці тому
How do you know if your ecommerce business is profitable? Do you know how to read your financial statements to determine that? This video dives into the essentials of ecommerce profitability. Whether you're selling on Amazon, Shopify, or any other platform, understanding your financials is key to boosting your bottom line. In this video, we'll break down the complex world of ecommerce accountin...
How to EASILY Get a Resale Certificate for Dropshipping
Переглядів 7904 місяці тому
Tired of being hit with sales tax charges on your customers' orders through drop shipping? This video reveals the secrets to getting a resale certificate to bypass these costs, even if you're not registered in all the states your drop shipper operates. This informative video is packed with insights and actionable advice for both domestic and international sellers using drop shipping models. Dis...
Understanding EBITDA: A Guide for eCommerce Sellers
Переглядів 2744 місяці тому
What is EBITDA? This video demystifies the financial term EBITDA, explaining its significance for e-commerce businesses through specific examples and its importance in operational profitability. 👉 Understand EBITDA and its components for e-commerce. 👉 Learn EBITDA's importance in operational performance. 👉 See how EBITDA compares profitability across companies. 👉 Discover calculating EBITDA for...
Other Income & Expenses Explained: Income Statement (Profit and Loss) for eCommerce Sellers
Переглядів 2895 місяців тому
This video delves into the often-misunderstood aspects of "Other Income & Expenses" on your profit and loss statement. Watch this video to learn: 👉 What qualifies as 'other income', separate from your primary sales revenue 👉 Why it's crucial to segregate other income and expenses from your core business metrics 👉 How this affects the accuracy of your income statement 👉 The nature of other expen...
American Express (AMEX) Business Line of Credit Review | eCommerce Seller & Small Business Friendly
Переглядів 3,6 тис.5 місяців тому
The AMEX Business Line of Credit can be a valuable and inexpensive tool for ecommerce businesses to finance inventory purchases and handle necessary bills. It is a great alternative to taking a loan from Amazon, Shopify or PayPal. Here's is where to learn more and apply: www.americanexpress.com/en-us/business/blueprint/business-line-of-credit/ Learn: 👉 The qualification criteria 👉 How to apply ...
Colorado Sales and Use Tax System (SUTS) Explained for Online Sellers
Переглядів 5935 місяців тому
What is the deal with Colorado's Sales and Use Tax System? Colorado has incredibly complicated sales tax laws, in large part because of 72 home rule cities that can make their own rules about sales tax. In this video, we explain: 👉 The difference between state-collected and self-collected sales tax in Colorado 👉 The differences between cities that are a part of the SUTS system and the cities th...
Net Operating Income vs Net Income: Understanding eCommerce Profitability
Переглядів 8246 місяців тому
Break down the difference between Net Operating Income (NOI) and Net Income, specifically for e-commerce businesses. 👉 Discover how to assess your business's core profitability by understanding the flow of expenses, from cost of goods sold to overhead expenses. 👉 Learn why it's essential to differentiate between NOI and Net Income and how this knowledge can empower you to make informed decision...
UPDATED eCommerce Sales Tax: When Do Sellers Need to Collect?
Переглядів 8526 місяців тому
Understanding where you need to collect sales tax for online sales is COMPLICATED! But staying compliant is super important in protecting your ecommerce business from huge amounts of unpaid sales tax that states may eventually come after you for, and the associated late penalties. In this video, we break down the crucial concept of Nexus and its impact on sales tax obligations for e-commerce bu...
Ecommerce COGS vs. Expenses Explained: Key Differences
Переглядів 5186 місяців тому
Ecommerce COGS vs. Expenses Explained: Key Differences
Inventory Landed Costs Explained | What's Included and How to Calculate It
Переглядів 5277 місяців тому
Inventory Landed Costs Explained | What's Included and How to Calculate It
Inventory and COGS for Shopify | How to Do It Right!
Переглядів 1,4 тис.7 місяців тому
Inventory and COGS for Shopify | How to Do It Right!
The Difference between Cost of Sales & Cost of Goods Sold (COGS) in eCommerce
Переглядів 2,5 тис.7 місяців тому
The Difference between Cost of Sales & Cost of Goods Sold (COGS) in eCommerce
Quick Guide to Gross v Net Revenue | for eCommerce Sellers
Переглядів 7858 місяців тому
Quick Guide to Gross v Net Revenue | for eCommerce Sellers
COGS Explained for eCommerce Sellers
Переглядів 9398 місяців тому
COGS Explained for eCommerce Sellers
Behind the Scenes of Finale: Innovating eCommerce Inventory Management
Переглядів 1658 місяців тому
Behind the Scenes of Finale: Innovating eCommerce Inventory Management
How to Track eCommerce Metrics That Drive Success
Переглядів 4769 місяців тому
How to Track eCommerce Metrics That Drive Success
Katana Inventory Management: Unleash Efficiency and Growth
Переглядів 5769 місяців тому
Katana Inventory Management: Unleash Efficiency and Growth
Metrics That Matter: Exploring the Diagnostic Toolkit for eCommerce Sellers
Переглядів 27110 місяців тому
Metrics That Matter: Exploring the Diagnostic Toolkit for eCommerce Sellers
eCommerce Insights with A2X: Trends and Recommendations for 2023
Переглядів 17110 місяців тому
eCommerce Insights with A2X: Trends and Recommendations for 2023
Why Choose Finale as Your Inventory Management Solution
Переглядів 22310 місяців тому
Why Choose Finale as Your Inventory Management Solution
LedgerGurus Acquires Inventory Consulting Team
Переглядів 17410 місяців тому
LedgerGurus Acquires Inventory Consulting Team
Eliminate the Guesswork: How to Easily Determine Your Sales Tax Liability on Shopify
Переглядів 57111 місяців тому
Eliminate the Guesswork: How to Easily Determine Your Sales Tax Liability on Shopify
How to Look Up the Correct Sales & Use Tax Rates
Переглядів 31711 місяців тому
How to Look Up the Correct Sales & Use Tax Rates
Create a Product Cost (COGS) Formula | A Step-by-Step Guide
Переглядів 2,7 тис.Рік тому
Create a Product Cost (COGS) Formula | A Step-by-Step Guide

КОМЕНТАРІ

  • @truckingwithlofigirl
    @truckingwithlofigirl День тому

    Ok, thank you. Yes, I need to register for the permit, that’s what I was trying to think of; which I will do tomorrow morning. Thank you for the information about the reseller certificate, now I know to get one of those too for some products I want to drop ship.

  • @truckingwithlofigirl
    @truckingwithlofigirl День тому

    Ok, so I am starting up a new Shopify store, using a 3rd party to create and ship the products for me; within the USA. I don’t charge any sales taxes until after I reach 200 sales or $100,000 or whichever comes first. However I must still register and file with my city and federal government, that I have a new business for a sales tax license. (According to their websites). Do I have this information correct? My luck will be that I’m only allowed to make 2 or 3 sales a year, because failure is important to have on purpose. 🤷‍♂️ Do you still respond to comments with this video? 🤔

    • @LedgerGurus
      @LedgerGurus День тому

      Sales tax thresholds vary by state. They are not all 200 sales and/or $100K. We have a complete list of economic thresholds by state at the end of our 10 Steps of Sales Tax guide. I highly recommend you download that. It's got a lot of good information to help you understand sales tax, as well as the thresholds list: ledgergurus.com/portfolio/10-steps-to-ensure-sales-tax-doesnt-burn-down-your-ecommerce-business/?UA-cam& You need to register for a sales tax permit with your STATE government, not city and federal. Here's an article that talks about how: ledgergurus.com/register-for-a-sales-tax-permit/

  • @GraceinLondon
    @GraceinLondon 3 дні тому

    Thank you for our kind explanation! Here's a quick question. If our company already registered in a state as of the beginning of last year but the sales volume in the last year didn't get the economic nexus threshold at the end of the year. Then can we deregister our business in that sate? If so, how to do it?

    • @LedgerGurus
      @LedgerGurus День тому

      I definitely suggest you schedule a consultation with one of our sales tax experts for this one: calendly.com/ledgergurus-sales-tax/?

  • @mehruanand8778
    @mehruanand8778 3 дні тому

    Hi! i filled the MTC and SST form, submitted to printify. I just filled form for CA and registered, definitely don't want to pay for CA tax from my pocket as I am not charging customers. In the form i selected 0 sales and do not meet economic nexus for CA. Would I still have to file with them every year even if I have 0 sales tax to show? I am registered in NY. Would love help on this to ensure I am on the right track

    • @LedgerGurus
      @LedgerGurus День тому

      I definitely suggest you schedule a consultation with one of our sales tax experts for this one: calendly.com/ledgergurus-sales-tax/?

    • @mehruanand8778
      @mehruanand8778 День тому

      @@LedgerGurus thank you

  • @teacell
    @teacell 4 дні тому

    So for the AMEX line of credit let us say for 6 month term... Are you paying interest daily on the amount you owe or do you have 6 months to pay it before interest is added? Thanks.

    • @LedgerGurus
      @LedgerGurus 4 дні тому

      Interest is calculated and you pay back monthly at a fixed interest rate/ principal amount.

  • @LedgerGurus
    @LedgerGurus 5 днів тому

    Ready to boost your business with real-time sales insights? Contact LedgerGurus today to learn more about our inventory management services and how we can help you stay profitable and ahead of the competition! ledgergurus.com/ecommerce-accounting-services/inventory-management-for-ecommerce/?

  • @rolex408
    @rolex408 6 днів тому

    This may be a dumb question, so if we don’t meet the threshold but have collected tax, what do you do with tax money collected for that state?

    • @LedgerGurus
      @LedgerGurus 5 днів тому

      You give it back to the customers or you register and remit it to the state.

  • @mattheller4207
    @mattheller4207 6 днів тому

    Your videos have been very informative and helpful for understanding the complication of sales tax duties. I was thinking of starting multiple print on demand stores under one LLC, but Shopify tax doesn't support combining multiple store data into one report for tracking nexus and reporting. Do you know the best software for this? Now I'm thinking I will have to create multiple LLC's instead..

    • @LedgerGurus
      @LedgerGurus 5 днів тому

      I would suggest you schedule a consultation to discuss the complexities of this with our sales tax experts. You can do that here: calendly.com/ledgergurus-sales-tax/?UA-cam&

  • @awildalpz
    @awildalpz 6 днів тому

    Hi. Does NY clothing tax exempt sales tax apply to Florida buyers?

    • @LedgerGurus
      @LedgerGurus 5 днів тому

      Probably not because you're buying from Florida, so Florida taxes will apply, not NY taxes.

  • @TraceyPoland
    @TraceyPoland 6 днів тому

    Thanks for your video! If I live in Colorado and have a sales cert in CO and sell on Shopify but my dropshipper is in NY can I use my CO sales tax lic to purchase wholesale from them? And do I have nexus now in NY because that’s where my dropshipper is? Hopefully that makes sense 🤪

    • @LedgerGurus
      @LedgerGurus 5 днів тому

      If you are purchasing product that you are THEN selling to your customer, yes. But if you are dropshipping (which generally means that the customer orders from you -> you order from your dropshipper -> the dropshipper invoices you and sends the product to your customer), then it will only apply for CO customers. And no, you don't have nexus in NY because you don't own the product there; your dropshipper does.

  • @kanwaljeetsingh4783
    @kanwaljeetsingh4783 7 днів тому

    Thanks for this video. Gives good clarity. I have one question though. I use virtual address in Wyoming and i sell private label as amazon FBA seller. I know amazon is collecting sales tax on my sales but do i need to report NIL sales tax to Wyoming state ?

  • @imperfectillustration6261
    @imperfectillustration6261 7 днів тому

    What if I drop ship straight from the factory in China directly to my customers? Is the shipping considered COGs?

    • @LedgerGurus
      @LedgerGurus 6 днів тому

      COGS is all the costs YOU have to sell a product. If you're being charged for shipping, then yes.

    • @imperfectillustration6261
      @imperfectillustration6261 6 днів тому

      @@LedgerGurus Thanks for the reply. Subbed!

  • @dorothypang1708
    @dorothypang1708 7 днів тому

    Thank you so much! Love this. One clarification, if I am selling on a marketplace facilitator, I will still have to register in the states for #1 and #2, correct?

    • @LedgerGurus
      @LedgerGurus 6 днів тому

      Yes, you still have to register wherever you have nexus.

  • @ckye736
    @ckye736 7 днів тому

    Thank you so much for confirming in a concise and clear manner. My county senior investigator called me and said things which are wrong you just explained the points. I urge everyone to watch this even county does not know their own rules.

    • @LedgerGurus
      @LedgerGurus 7 днів тому

      Thank you for this and we're so glad to help make things clearer for you.

  • @mehruanand8778
    @mehruanand8778 8 днів тому

    I can still register as a certified reseller in my state right? I have a complicated situation. I submitted my reseller form to printify, incase I want to sell in person or wholesale manually. I recently launched my shopify store. With Etsy everything was very seamless but now if customer orders something through shopify website, according to economic NEXUS they will only be charged if they are in New york ( since I just launched my store) but if someone from CA buys something they wont be charged sales tax , what will printify charge me? Also, Etsy charges sales tax everywhere and doesn't care for the NEXUS? Sorry this is a loaded question but I could use some help here.

    • @LedgerGurus
      @LedgerGurus 7 днів тому

      I definitely encourage you to schedule a consultation with one of our sales tax experts to get all of these questions answered. You can do that here: calendly.com/ledgergurus-sales-tax/?UA-cam&

    • @mehruanand8778
      @mehruanand8778 3 дні тому

      @@LedgerGurus thank you! I watched a few videos and already submitted the MTC and SST with printify. I left another comment on the SST/MTC video. If it's a simple answer of yes or no, would appreciate it. If not, I will probably schedule a call. Thank you again, simply love the videos and explanation.

  • @Schiappino
    @Schiappino 8 днів тому

    Top top video! You explained difficult topic very clearly and easily. Great great job

  • @GABBY8482
    @GABBY8482 9 днів тому

    Thank you so very much for this simple explanation

  • @user-lq4rf7rl9e
    @user-lq4rf7rl9e 10 днів тому

    How many months can a general sale get a loan?

    • @LedgerGurus
      @LedgerGurus 4 дні тому

      Shopify Capital doesn’t have a specific payback period. You receive a loan and then pay back a percentage of revenue for each transaction.

  • @elizabethmccolloch9634
    @elizabethmccolloch9634 12 днів тому

    Thank you for such a helpful video! I am just starting my business and will likely not hit those thresholds for economic nexus for a while. However, I have read a bit about notice and report laws and am quite confused! As a non-collecting seller, in some states, are we required to inform our customers that they have to pay use tax? How do we find which states these are?

    • @LedgerGurus
      @LedgerGurus 11 днів тому

      Yes, you should. We recommend adding a note to your invoices that customers outside your own state may be required to remit use tax since you're not collecting sales tax yet. You will need to register and collect for your own state since you have nexus there.

  • @russellgray3303
    @russellgray3303 12 днів тому

    Usually, I never comment on videos, but your video is so convincing that I am unable to stop myself from doing something about it. You’re doing a great job Man, Keep it up.

  • @eiba6528
    @eiba6528 13 днів тому

    Does a product distributor pay Sale and Used Taxes?

    • @LedgerGurus
      @LedgerGurus 12 днів тому

      Unless you get exemption certificates from your customers, yes.

  • @icy4640
    @icy4640 14 днів тому

    Great explanation! Thanks. Do you know if it works the same for sellers outside of US?

  • @bobbybecker8834
    @bobbybecker8834 15 днів тому

    how does this work for drop shipping? when I order products, the state's tax that it is getting sent to is included. only items shipping to my physical state do not get taxed for resale

    • @LedgerGurus
      @LedgerGurus 14 днів тому

      Your drop shipper is charging YOU tax because they have nexus in those states. The only way to not get charged is to submit an exemption certificate with them. Here are a couple more videos about that. How to Fill Out the SST & MTC Exemption Certificate Forms - ua-cam.com/video/Cn-vsd4HlTE/v-deo.html & How to Easily Get a Resale Certificate For Dropshipping - ua-cam.com/video/It-VnUi3x58/v-deo.html.

    • @bobbybecker8834
      @bobbybecker8834 14 днів тому

      @@LedgerGurus thank you so much for taking the time to get back to me. The thing is, I have already filled out the tax exemption resale form. They distributor told me that I am only tax exempt in the state that I have physical presence in. So, if I ship an order to California for example, I get charged California tax on the order. It is all very confusing, and I am considering puting an end to this because I feel taxes are going to catch up on me and cost me down the line

    • @LedgerGurus
      @LedgerGurus 14 днів тому

      @@bobbybecker8834 That's not how the SST and MTC forms work. They make it so you don't have to pay taxes in the 35 states they cover. Now, they don't cover 10 states and CA is one of those. We have a video on sales tax for drop shippers. Have you watched that one yet? It talks about all this. ua-cam.com/video/suUqOj3bhvs/v-deo.htmlsi=lZVPXvsblBFaXIF2

  • @MrPdse
    @MrPdse 18 днів тому

    Thank you so much!! It was so helpful for me!

  • @gordonmccaskill5069
    @gordonmccaskill5069 18 днів тому

    If a reach economic nexus but I am reselling to tax exempt entities do i still need to register with a state and file a return

    • @LedgerGurus
      @LedgerGurus 18 днів тому

      Depending on the state, you still need to register, but you'll be filing $0 returns. You can get advice for your specific question in a consultation with one of our sales tax experts - calendly.com/ledgergurus-sales-tax/?

  • @Nandocupra
    @Nandocupra 18 днів тому

    Hi thank you so much for this information. So i have a question. I live in the Netherlands and I sell on Etsy and work together with printify. Do I need to pay any tax sales in the United States or be registered in the United States as a seller? thank you so much. I hope you can answer my question. Have a nice day. Best regards.

    • @LedgerGurus
      @LedgerGurus 18 днів тому

      If you do not have economic nexus or a physical presence in any of the states, you do not need to worry about sales tax at this time, though you will probably be charged sales tax from Printify unless you file an exemption certificate with them. ua-cam.com/video/Cn-vsd4HlTE/v-deo.html for instructions on that.

    • @Nandocupra
      @Nandocupra 17 днів тому

      @@LedgerGurus thank you so much for your help. But i live in the Netherlands and i just work with printify and sell at Etsy. Do i have to fill in SST and MTC Exemption Certificate Forms? Do you know which one. Is there a possibility that you help me i am willing to pay for it. Best regards Fernando

    • @LedgerGurus
      @LedgerGurus 15 днів тому

      @@Nandocupra the best way to get help for your individual situation is by scheduling a sales tax consultation with one of our sales tax experts. You can do that here: calendly.com/ledgergurus-sales-tax/?

  • @russellgray3303
    @russellgray3303 18 днів тому

    I like your video presentation. It is informative too, at the same time. Thanks a lot for your guidance!

  • @judykrassner6278
    @judykrassner6278 19 днів тому

    This has been a topic that is very difficult to get clarity from AMZ, so thank you! I need to file with my state and was trying to find a report to find a breakdown by state so that I know how much to report to my state, but are you saying I file 0 because AMZ has filed under them?

    • @LedgerGurus
      @LedgerGurus 18 днів тому

      There are a few exceptions but generally that is correct.

  • @manueloancia7387
    @manueloancia7387 19 днів тому

    Good job and great video. thank you for your support, you answered to my question, Be blessed

  • @cbcrcr
    @cbcrcr 20 днів тому

    Thank you very much. Very clear explanation. Amazing

    • @LedgerGurus
      @LedgerGurus 18 днів тому

      Thank you. I'm glad you liked it.

  • @SherrenaTan
    @SherrenaTan 20 днів тому

    Thanks for sharing! This is really helpful!

  • @chrislapray5034
    @chrislapray5034 20 днів тому

    This was great information! There is so much to think about when it comes to sales tax!

  • @allisonchugg4227
    @allisonchugg4227 20 днів тому

    Sales tax can be so tricky! Thank you so much for sharing this checklist

  • @Becca-gt8en
    @Becca-gt8en 20 днів тому

    Super informative. Thanks!

  • @LedgerGurus
    @LedgerGurus 20 днів тому

    If you are struggling with any of these sales tax issues, be sure to reach out to us. Our sales tax experts here at LedgerGurus can help you get these things taken care of. Click here to get help: ledgergurus.com/ecommerce-accounting-services/sales-tax/?UA-cam&

  • @georgeneamodia7240
    @georgeneamodia7240 20 днів тому

    You are the best Britt!

    • @LedgerGurus
      @LedgerGurus 18 днів тому

      Yeah, we think she's pretty awesome, too!

  • @daviddecosta5359
    @daviddecosta5359 22 дні тому

    My numbers when i do the pivot table are soooooo off.

    • @LedgerGurus
      @LedgerGurus 18 днів тому

      You probably need to watch this video. It'll help get those numbers back where they belong - ua-cam.com/video/4191MrOx_yY/v-deo.html

  • @valentynaponomarenko9039
    @valentynaponomarenko9039 22 дні тому

    Hi, the menu changed a little and there is no more Inventory Event report or any other reports you recommend in this video. Can you please let us know which new inventory reports to use to determine nexus for quarterly filing now?

    • @LedgerGurus
      @LedgerGurus 18 днів тому

      Try watching this: ua-cam.com/video/H21wfhzVCOA/v-deo.html

  • @valentynaponomarenko9039
    @valentynaponomarenko9039 22 дні тому

    Hi. When i file sales tax online in one particular state, let's say NY, in the "gross sales" field do i put the total gross sales for all the country or just the gross sales within this state? Or does it vary by state? If it varies, where can i find a list which states requires what number?

    • @LedgerGurus
      @LedgerGurus 22 дні тому

      Generally, that is gross sales within the state. You can Google it if you have a question about a sales tax form. All you need to do is ask for the instructions for such-and-such a form.

  • @valentynaponomarenko9039
    @valentynaponomarenko9039 22 дні тому

    Hi! Thank you for your content! Would please make a separate, more detailed video and explain better about Wisconsin and Pennsylvania which have an income tax liability. What does this term even mean? I do have very little inventory stored in those states and very minimal sales, maybe $200 per quarter in both. Because sales are so little, i haven't filed sales tax in WI and PA yet. How will this income tax liability impact me? Thank you

    • @LedgerGurus
      @LedgerGurus 22 дні тому

      You need to dig a little and find out if WI and PA consider having inventory in their state as a big enough connection to give you a sales tax liability. I know you asked about income tax, but we don't deal with income tax at all, only sales tax. You may have to call the state department of revenue and ask someone about your situation. Or you can schedule a sales tax consultation with one of our sales tax experts. calendly.com/ledgergurus-sales-tax/?UA-cam&

  • @lesliew.6053
    @lesliew.6053 22 дні тому

    You are so awesome!! Thank you for taking the time to do this video!! I was indeed banging my head against the wall. I should have never turned on the Canadian and Mexican marketplaces for how much trouble the accounting portion cost me… but with your kind help… I am going forward with confidence! 🤩 🤛🏼 Thank you again…

  • @conversionestates4483
    @conversionestates4483 23 дні тому

    What about the last minute and late people (asking for a friend)? Is there a fee for filing after 5/15/24?

    • @LedgerGurus
      @LedgerGurus 22 дні тому

      Yes, there is a penalty for filing after the due date. comptroller.texas.gov/taxes/franchise/#:~:text=Penalties%20and%20Interest&text=A%20%2450%20penalty%20is%20assessed,5%20percent%20penalty%20is%20assessed.

  • @georgeneamodia7240
    @georgeneamodia7240 23 дні тому

    I watched it all. Thank yoou Brit!

    • @LedgerGurus
      @LedgerGurus 22 дні тому

      You're very welcome! Glad it was helpful. :)

  • @TNguyen-vi8rx
    @TNguyen-vi8rx 27 днів тому

    Hi thank you very much. This is very informative. I have quick questions though. My company is located in Oregon (which is a tax free state) and operating in dropshipping. When I tried to apply for Walmart exemption for all 46 states, they ask for sale tax license number in each of those 46 states. So my question is what should I fill in for the sale tax license number? As an Oregon resident, we do not have sale tax ID or sale tax license. I appreciate your help! Thank you!

    • @LedgerGurus
      @LedgerGurus 26 днів тому

      This video has lots of suggestions for the numbers you can use: ua-cam.com/video/It-VnUi3x58/v-deo.html

  • @LedgerGurus
    @LedgerGurus 27 днів тому

    If you need help determining your contribution margin, help with your ecommerce accounting or just help with business advisory, reach out to us. ledgergurus.com/ecommerce-accounting-services/?

  • @MadeByBethelSwift
    @MadeByBethelSwift 27 днів тому

    This is incredible! For Print On Demand products, does it count as establishing physical nexus if just a single product is printed in another state for one costumer? In regards to marketplaces, I'm particularly interested in Gelato and Printful but on Printful videos, they've said they COLLECT tax but don't remit it.😳 And it sounds like Gelato charges VAT regardless. By the way, your video should be WAY higher in results. The rest are useless and full of misinformation. Thank you!

    • @LedgerGurus
      @LedgerGurus 26 днів тому

      If you don't OWN the product when it is being printed, then it doesn't count as having a physical presence. I haven't watched Printful's videos, but I suspect they mean that they collect sales tax from you for their own sales tax liability. You'd be responsible for collecting from your customer (after you have nexus and have registered for a permit) since you're the one who has contact with the customer. All Printful does is print and ship. I can't speak about VAT since we only work with US sales tax.

  • @nancykempf7110
    @nancykempf7110 28 днів тому

    Question: the company that prints all of my products is in another state and will ship from that state. I will only ship original art. When I fill out my product info I have 2 locations listed. Should I change the location for each product to specify where it’s being shipped. I would think I need to do that for tax reporting. What do you think?

    • @nancykempf7110
      @nancykempf7110 28 днів тому

      I only ship original art from my location. Just to clarify

    • @LedgerGurus
      @LedgerGurus 26 днів тому

      For questions with a bit of complexity like this, I suggest you schedule a consultation with our sales tax experts to get specific answers for your business. You can do that here: calendly.com/ledgergurus-sales-tax/?

  • @maameboamaa
    @maameboamaa 28 днів тому

    Thank you so much! This was easy to understand!😍👏🏾👏🏾👏🏾

  • @BK-fq9wx
    @BK-fq9wx 29 днів тому

    Hi could you please help me if I’m getting Items from Alibaba and selling it on Amazon (electronic accessories) , what do I need to? I plan to apply for Amazon GITN exemption certification and also do I need re-sale certificate from CA? I’m just confused lot of information and getting stuck . Alibaba asking me to apply for sales tax exemption, should I proceed with it now or later once I obtaining from Amazon GITN exemption certificate (for not having UPC of my products)

    • @LedgerGurus
      @LedgerGurus 28 днів тому

      Probably the easiest way to get all your sales tax questions answered is to schedule a consultation with one of our sales tax experts. They can guide you in exactly what you need to do. Click here to schedule: calendly.com/ledgergurus-sales-tax/?UA-cam&

  • @markwills6252
    @markwills6252 Місяць тому

    Oh My God!!!! Instant subscribe!! After hours of scouting the web for honest advice about e-commerce tax obligations for international sellers selling to the USA, this has to be theee most down to earth and transparent video I've found. My wife and I have started a store on Etsy (good to know they take care of our US taxes, thanks!), but we will eventually open a Shopify store to sell to the US in due course. The tax and duties part scared the crap out of us, but this video really helped clear that up. We will probably have dozens more questions once we open our Shopify store, and we'll definitely be seeking your services, but wow, this video was SO helpful already. Thank You!!!

    • @LedgerGurus
      @LedgerGurus 29 днів тому

      You are so welcome! We're so happy to help. :)