Here's the link to the video I posted about the spreadsheet I teased in this video and another one I use to FULLY automate my business finances. - th-cam.com/video/lLQ2UP5ruwk/w-d-xo.html
I have been in accounting/finance for over 20 years and I think you are really sharing some golden nuggets in your videos! People should go back and watch your videos 2-3 times because even though it’s a lot of information, it’s really good and you have a great way of filming/editing. Your doing a great job. Keep it up! I’m selling on Amazon as a side gig and I’m at $30K/mo in sales. I started in Sept ‘20 so I’m still a newbie too. In order to scale you really have to put most of your payouts back into buying more inventory. You can do it! I think you can easily be making 5 times as much as you are now! Make sure to save for retirement too. Compound interest is your friend. :)
Thank you so much! Appreciate the tips! Def saving for retirement, but haven't been able to as I've built up the cahnnel after quitting my job. Luckily should be back to maxing out the Roth IRA and investing even more than ever next year! Def vids to come on that!
I’ve been struggling with my mental health for the past year working a job(electrician for the past 16 years) that I didn’t enjoy anymore and was the most depressed I’ve ever been in my life. Watching your video’s has given me the confidence to attempt something new and to push forward with trying to start my own resale business. The information you provide is invaluable and I cannot thank you enough for the content you provide. I’ll be receiving my supplies to start this week and cannot wait to see where this takes me! Thanks again for all the information you’ve provided!
Wow. Thank you for the kind words! I hope this goes well for you, and any questions or anything, just let me know and I'll see if I have a vid on it or can make one! Mental health is super important, and I hope that's something that you'll feel better about not only because of a change of occupation, but just in general! Appreciate your support, Timothy! You got this.
I really like your channel. One of the most important qualities outside of great knowledge, is rate of information. Your channel is awesome at both, I usually listen to ebooks and videos at 1.5 speed, I don't need to do that here. Good luck in '22
Thanks! 👍 Appreciate when people like the fast talking, you'd be surprised the amount of comments I get that say I talk too fast, I also just always watch at 1.5-2x speed and don't want people to have to do that here! lol
Thanks for all the information my dude you’ve been extremely helpful and the only way I can support you is to comment and like all your videos you’ve been amazing through my Amazon journey
Wow! I love the way you broke down all these numbers! This kind of stuff is what people really need to see to keep them from hitting some high sales and going bankrupt because they forgot about, and how much to pay, Uncle Sam. Would you mind sharing that spreadsheet with some generic numbers in it? I really appreciate you sharing your knowledge and I'm glad I found your channel!
Definitely! I have another video, youtube keeps deleting my comments with links, but it's called the spreadsheet that runs my business. It's in that video's description and is explained completely there!
I thought I loved numbers and spreadsheets but you def got me beat. And at first I was saying to myself, why so many accounts. Got to the end and had that ah huh moment and it all made sense. Just a lot of work, esp since the amounts coming in are variable.
yeah, my spreadsheet makes this a billion times easier, don't have to worry about any calculations, I just put in my various revenues and it adds it and tells me how much to put in each account
Most detailed video I have seen regarding paying yourself, saving for taxes, etc with an FBA business. Only one question… at the end when you say you put it all into different accounts. Are these all checking, savings, or other kinds of accounts?
Good question! Most are checking. Since I have so many I have some at chase, some at another bank, but most are checking. The reason I keep them at multiple banks is because I'm trying to get away from paying any fees at all. I have another video that outlines where I keep these accounts that I'll link below if you want to see it in more depth!
I’m just starting out, up to about 2k/month now. This video is a life saver, especially the part about the taxes. I just subscribed and I’m gonna watch more of your videos now. Thank you!
Omg my Brain stopped functioning at the 2 minute mark lol.. kidding this is awesome but complicated.. can you give us a template to utilize and manipulate? I’ve been selling on amazon since March and haven’t paid myself yet.. every payout I receive I pay my cc and buy inventory again.. curious to see what I should be paying myself..
I can look into putting that together! Hope this wasn’t too overwhelming!! The beauty is you choose how much you want to take out, just have to make sure you can operate the business! If I put that spreadsheet together I’ll prob put a quick video together on it!
Thanks Anthony! I appreciate that you cleared up my question about 30% vs 7.5% for Taxes. I looke forward to the spreadsheet video and the spreadsheet you use, or an adaptation of it. I also had to stop the video since you twisted my arm to have a sip of coffee. 😋 You're hard work and attentiveness is very much noticed and appreciated! Thank you sir! ☕
excellent video brother I have two questions, how often do you shop? and the other is what would be an average product turnover time according to your experience? I'm about to start my business, that's why I have these doubts, thank you.
Normally I shop once every few weeks, or in total about 8-15 hours every two weeks. Average turnover is less than a month, but I'd say only probaly 60-80% of product sells during that time! Just always make money when you purchase. A bad buy won't sell or be profitable so make sure your rules are good and you'll do fine!
I love your videos the way that you break down the numbers really help especially for a new seller like myself I still don’t understand why is it that when I’m Schedual for a payout in 2 weeks my total amount goes down with each day, where is that money going? Please help and thanks again for all that you do
I think it’s because your funds that are being held in reserves are getting released but your sales for your current day are going into reserves. So if you current day sales (going into reserves) are more than the previous week’s reserves getting released, it makes your payout go down. Just a theory…
With putting money aside for taxes..... I am curious why? I learned that the quarterly taxes I have been filing and paying were not necessary, because Amazon has a marketplace facilitator, therefore the sales tax I am collecting are already handled by amazon. I have been paying the sales tax the past year and I just settled a refund for those payments!! $1300 back ! But I do understand this only applies if ALL sales are through Amazon..... I have been selling on Walmart as well so I do need to figure out how to calculate all together
NOT SALES TAX. You need to put aside money for income tax. You'll pay 15.3% on evrything for self employment tax (employer and employee portion of FICA) and then you'll also owe on your federal and state level whatever your effective tax rate is. I don't remit sales tax since I don't colleect anything (and Walmart should have the same marketplace facilitator, I'd check that out), but definitely need to be saving for income taxes
Absolutely Raj! Check out the last video I JUST posted. I break down this spreadsheet as well as another one I use to manage all my business finances! and there's a free link in the description there
So help me understand. I need to pay myself 2K a month. I'm running with around 30% ROI at the moment for average. Trying to wrap my head around a good way to improve my cashflow. I think this video helps
For sure! Here's the spreadsheet I use and how to use it - th-cam.com/video/lLQ2UP5ruwk/w-d-xo.html Essentially, if 30% is what you're returning on inventory every month, the next important thing to know is how much you're paying in amazon fees vs COGS. That way you can calculate how much you'll get in payouts, then you can know how much you'll need to sell, buy, etc. If you're needing to pay yourself 2k per month, you'll need a gross profit (after amazon fees and COGS) or at least 2500-3000 depending on the subscriptions you have. Becasue from all that you'll need to be paying operating expenses, like subscriptions, shipping, insurance, etc (for me around 100-250 per month) and then saving for taxes on everythning you pay yourself (I do 30%, but you can dial this in if you'd like by calculating your effective tax rate (total taxes estimated to owe/total income) (for me that's around 8-10%), then add 15.3% for the self employment tax to bring the total to 23-25%, so I do 30% to be safe and then get a nice bonus at the end of the year after I file my return. So if you're returning after it's all said and done, around 30% on inventory, you'd need to be spending 10k/mo on inventory to get to that point, or change your ROI to be higher, etc. Hope this and the vids help!
@@AnthonyBodanza One more question. This is one you may want to address in one of your videos if you haven't already... For COGS, do you use QuickBooks or go off of the number in inventory lab? I ask because with QuickBooks, I have my COGS set up with this formula (beginning of month inventory + current inventory - end of month inventory = COGS). I use this COGS to determine my ROI with calculating against my profit. Am I doing this correctly, or does using the numbers in Inventory lab make more better sence. From what I understand inventory lab does not take into account your inventory assets as part of the COGS equation.
I used to source two days every two weeks. I now source less, but am planning to ramp it back up to a similar amount. I focus more on the dollar amount that I source than the amount of time
Here's the link to the video I posted about the spreadsheet I teased in this video and another one I use to FULLY automate my business finances. - th-cam.com/video/lLQ2UP5ruwk/w-d-xo.html
Seriously love how enthusiastic you are about numbers!
Haha, thanks Jordon! It's the big nerd in me! 🤓
I have been in accounting/finance for over 20 years and I think you are really sharing some golden nuggets in your videos! People should go back and watch your videos 2-3 times because even though it’s a lot of information, it’s really good and you have a great way of filming/editing. Your doing a great job. Keep it up! I’m selling on Amazon as a side gig and I’m at $30K/mo in sales. I started in Sept ‘20 so I’m still a newbie too. In order to scale you really have to put most of your payouts back into buying more inventory. You can do it! I think you can easily be making 5 times as much as you are now! Make sure to save for retirement too. Compound interest is your friend. :)
Thank you so much! Appreciate the tips! Def saving for retirement, but haven't been able to as I've built up the cahnnel after quitting my job. Luckily should be back to maxing out the Roth IRA and investing even more than ever next year! Def vids to come on that!
I’ve been struggling with my mental health for the past year working a job(electrician for the past 16 years) that I didn’t enjoy anymore and was the most depressed I’ve ever been in my life. Watching your video’s has given me the confidence to attempt something new and to push forward with trying to start my own resale business. The information you provide is invaluable and I cannot thank you enough for the content you provide. I’ll be receiving my supplies to start this week and cannot wait to see where this takes me! Thanks again for all the information you’ve provided!
Wow. Thank you for the kind words! I hope this goes well for you, and any questions or anything, just let me know and I'll see if I have a vid on it or can make one! Mental health is super important, and I hope that's something that you'll feel better about not only because of a change of occupation, but just in general! Appreciate your support, Timothy! You got this.
@@AnthonyBodanza thank you for such a quick response and if I have any questions I’ll send them over! Thank you and keep up the great content!
Solid breakdown. Keep up the killer content Anthony.
Thanks Jay! 😁
I really like your channel. One of the most important qualities outside of great knowledge, is rate of information. Your channel is awesome at both, I usually listen to ebooks and videos at 1.5 speed, I don't need to do that here. Good luck in '22
Thanks! 👍 Appreciate when people like the fast talking, you'd be surprised the amount of comments I get that say I talk too fast, I also just always watch at 1.5-2x speed and don't want people to have to do that here! lol
Business expenses, mileage and every little thing pertaining to business income adds up big time in the end
For sure, I think I'll owe very little, haha
Thanks for all the information my dude you’ve been extremely helpful and the only way I can support you is to comment and like all your videos you’ve been amazing through my Amazon journey
Thank you Wassim!!! Appreciate any support you have
keep em comin !
For sure will do!!!
Thank you for the help! I love this type of content
Thanks for the support!!! 😁
Wow! I love the way you broke down all these numbers! This kind of stuff is what people really need to see to keep them from hitting some high sales and going bankrupt because they forgot about, and how much to pay, Uncle Sam. Would you mind sharing that spreadsheet with some generic numbers in it? I really appreciate you sharing your knowledge and I'm glad I found your channel!
Definitely! I have another video, youtube keeps deleting my comments with links, but it's called the spreadsheet that runs my business. It's in that video's description and is explained completely there!
And for keeping it real you’re one of the realist TH-camrs out there for Amazon sellers
😁 Thank you
I thought I loved numbers and spreadsheets but you def got me beat.
And at first I was saying to myself, why so many accounts. Got to the end and had that ah huh moment and it all made sense. Just a lot of work, esp since the amounts coming in are variable.
yeah, my spreadsheet makes this a billion times easier, don't have to worry about any calculations, I just put in my various revenues and it adds it and tells me how much to put in each account
Most detailed video I have seen regarding paying yourself, saving for taxes, etc with an FBA business. Only one question… at the end when you say you put it all into different accounts. Are these all checking, savings, or other kinds of accounts?
Good question! Most are checking. Since I have so many I have some at chase, some at another bank, but most are checking. The reason I keep them at multiple banks is because I'm trying to get away from paying any fees at all. I have another video that outlines where I keep these accounts that I'll link below if you want to see it in more depth!
Here's that video to watch if you'd like - th-cam.com/video/fKelzzGZldM/w-d-xo.html
The spreadsheet definitely would be great. So much usefulness here. I've never known what to pay myself. Just kept flipping. Ty
Thanks for letting me know! I'm planning on putting up a few more vids in the next few weeks with the spreadsheets! 😁
Awesome stuff man! Going to have to go back through and take notes! Lol
Thanks Scott! 😁 haha
It's like I'm on the same journey along with a entrepreneur coach who's cutscenes are like watching a Martin Scorsese film.
Wow. Thank you so much! Undeserved but appreciated! 😁
@@AnthonyBodanza very much deserved!
I’m just starting out, up to about 2k/month now. This video is a life saver, especially the part about the taxes. I just subscribed and I’m gonna watch more of your videos now. Thank you!
That's aawesome! congrats on 2k/month!!! Appreciate the support
Omg my Brain stopped functioning at the 2 minute mark lol.. kidding this is awesome but complicated.. can you give us a template to utilize and manipulate? I’ve been selling on amazon since March and haven’t paid myself yet.. every payout I receive I pay my cc and buy inventory again.. curious to see what I should be paying myself..
I can look into putting that together! Hope this wasn’t too overwhelming!!
The beauty is you choose how much you want to take out, just have to make sure you can operate the business! If I put that spreadsheet together I’ll prob put a quick video together on it!
Thanks for this. I’ve been selling on Amazon a few months but i need to get more organized. Would you mind sharing the spreadsheet?
Nvm i just saw you posted it in the next video lol. Thanks
Haha, awesome! Nice name by the way
Thanks Anthony! I appreciate that you cleared up my question about 30% vs 7.5% for Taxes. I looke forward to the spreadsheet video and the spreadsheet you use, or an adaptation of it. I also had to stop the video since you twisted my arm to have a sip of coffee. 😋 You're hard work and attentiveness is very much noticed and appreciated! Thank you sir! ☕
Thank you Lisa!!! Haha glad you got the coffee! SUPER important
Have you created video with the spreadsheet ?? Would love to understand this more plus how to calculate with the actual payout / reserve balances....
Coming soon! Def will break down the spreadsheets!
excellent video brother I have two questions, how often do you shop? and the other is what would be an average product turnover time according to your experience? I'm about to start my business, that's why I have these doubts, thank you.
Normally I shop once every few weeks, or in total about 8-15 hours every two weeks. Average turnover is less than a month, but I'd say only probaly 60-80% of product sells during that time! Just always make money when you purchase. A bad buy won't sell or be profitable so make sure your rules are good and you'll do fine!
I love your videos the way that you break down the numbers really help especially for a new seller like myself
I still don’t understand why is it that when I’m Schedual for a payout in 2 weeks my total amount goes down with each day, where is that money going?
Please help and thanks again for all that you do
That money could be from returns, storage fees or your shipping costs
I think it’s because your funds that are being held in reserves are getting released but your sales for your current day are going into reserves. So if you current day sales (going into reserves) are more than the previous week’s reserves getting released, it makes your payout go down. Just a theory…
@@dutchcrunch91 thanks again
I second what Jason said! Normally what happens for me!
@@3damazonfba56 thank you so much I’m trying to figure it out
With putting money aside for taxes..... I am curious why? I learned that the quarterly taxes I have been filing and paying were not necessary, because Amazon has a marketplace facilitator, therefore the sales tax I am collecting are already handled by amazon. I have been paying the sales tax the past year and I just settled a refund for those payments!! $1300 back ! But I do understand this only applies if ALL sales are through Amazon..... I have been selling on Walmart as well so I do need to figure out how to calculate all together
NOT SALES TAX. You need to put aside money for income tax. You'll pay 15.3% on evrything for self employment tax (employer and employee portion of FICA) and then you'll also owe on your federal and state level whatever your effective tax rate is. I don't remit sales tax since I don't colleect anything (and Walmart should have the same marketplace facilitator, I'd check that out), but definitely need to be saving for income taxes
Could you share us a copy of that spread sheet?
Absolutely Raj! Check out the last video I JUST posted. I break down this spreadsheet as well as another one I use to manage all my business finances! and there's a free link in the description there
th-cam.com/video/lLQ2UP5ruwk/w-d-xo.html is the link
So help me understand. I need to pay myself 2K a month. I'm running with around 30% ROI at the moment for average. Trying to wrap my head around a good way to improve my cashflow. I think this video helps
For sure! Here's the spreadsheet I use and how to use it - th-cam.com/video/lLQ2UP5ruwk/w-d-xo.html
Essentially, if 30% is what you're returning on inventory every month, the next important thing to know is how much you're paying in amazon fees vs COGS. That way you can calculate how much you'll get in payouts, then you can know how much you'll need to sell, buy, etc.
If you're needing to pay yourself 2k per month, you'll need a gross profit (after amazon fees and COGS) or at least 2500-3000 depending on the subscriptions you have. Becasue from all that you'll need to be paying operating expenses, like subscriptions, shipping, insurance, etc (for me around 100-250 per month) and then saving for taxes on everythning you pay yourself (I do 30%, but you can dial this in if you'd like by calculating your effective tax rate (total taxes estimated to owe/total income) (for me that's around 8-10%), then add 15.3% for the self employment tax to bring the total to 23-25%, so I do 30% to be safe and then get a nice bonus at the end of the year after I file my return.
So if you're returning after it's all said and done, around 30% on inventory, you'd need to be spending 10k/mo on inventory to get to that point, or change your ROI to be higher, etc. Hope this and the vids help!
@@AnthonyBodanza One more question. This is one you may want to address in one of your videos if you haven't already...
For COGS, do you use QuickBooks or go off of the number in inventory lab? I ask because with QuickBooks, I have my COGS set up with this formula (beginning of month inventory + current inventory - end of month inventory = COGS). I use this COGS to determine my ROI with calculating against my profit. Am I doing this correctly, or does using the numbers in Inventory lab make more better sence. From what I understand inventory lab does not take into account your inventory assets as part of the COGS equation.
Please forgive me if you already covered this but how often do you go and source in a week? or is it just random?
I used to source two days every two weeks. I now source less, but am planning to ramp it back up to a similar amount. I focus more on the dollar amount that I source than the amount of time
Can you share your excel spreadsheet? Our do you only use inventory Lab?
yeah! I have a video on it where I share the spreadsheet, I'll link it here -
th-cam.com/video/lLQ2UP5ruwk/w-d-xo.html
Love when Anthony pulls out white boards and note pads
🙌🏼My favorite tools!