Many resellers, especially those just starting out a small business, don’t realize how much they’re leaving on the table by not tracking their deductible business expenses. If you are more of a hobby seller who doesn’t need a lot of accounting automation, our Basic plan could be a great fit for you. The Ultimate plan has the most automation/integrations and is best for sellers who prefer having less manual entry of inventory and sales items. The five picks we already reviewed aren’t the only options out there.

How to Scale Your Reselling Business to Six Figures

With the analytics in My Reseller Genie, you can make decisions based on actual sales, profit and expenses. The key to making the most of these deductions is good record-keeping. Keep digital or physical copies of receipts, track your mileage, categorize expenses properly, and don’t forget about overlooked deductions like business meals and insurance premiums. If you’re unsure about specific deductions, consulting with a tax advisor can ensure you’re following IRS guidelines while maximizing your savings. Once we went through their expenses, they were shocked at how much they could have saved.

Want to save 15% off your 1st month?

My Reseller Genie was created by Faith & Paul, a reseller and an accountant. They saw a need in the reselling community, and created a product to fulfill that need. It’s easy to use, and reports are easy to print and give your accountant at tax time. Consider opening a dedicated bank account and using a separate debit or credit card for business expenses. Organizing sales records as an eBay reseller is no easy feat.

Track Shipping Costs

By 2020, I took the leap, left the corporate world behind, and turned my side hustle into a full-time career. Now, I’m a digital nomad, running my business from wherever life (and decent Wi-Fi) takes me. For me, it’s all about creating freedom—freedom to live on my my reseller genie: accounting software for resellers own terms while doing what I love. Sourcing online is a game-changer for the reseller community, offering convenience, scalability, and access to an infinite pool of inventory. Whether you’re sourcing from Poshmark, eBay, or ThredUp, the key to success lies in research, strategy, and adaptability.

Seller Ledger does the math to generate a Schedule C tax report for you. And we calculate your quarterly estimated tax payment amounts. Make sure your inventory is not in cardboard boxes, and raise it several inches off the floor on shelving units. Effective inventory management is about optimizing space according to what you sell. For example, if you sell a lot of mugs and board games, they can be grouped together on shelves.

Real email customer service…from the actual product team

He owns Not Your Dad’s CPA and specializes in helping resellers with all things accounting and taxes. One simple step to consider is opening a dedicated business bank account and using it exclusively for all business transactions. This can save you time, prevent errors, and provide clear financial boundaries. By staying organized and diligent, you can protect your personal assets, look more professional, and make smarter business decisions. Stick with this practice, and you’ll be on the right path to a successful reselling business. Linking your personal bank account to your online accounting system can simplify tracking your finances and give you a clear overview.

• Once we went through their expenses, they were shocked at how much they could have saved.
• As a reseller, maximizing your profits isn’t just about finding great deals—it’s also about understanding the tax deductions available to you.
• An LLC is a separate legal entity that usually shields you from being personally responsible for business debts.
• An LLC (Limited Liability Company) helps keep your personal money safe if your business gets into trouble.
• We kindly ask that you spend some time reading the resources we email you after signup and watch the YouTube tutorials.

The key to profitability is factoring in all costs, including shipping and fees. Use tools to track your profit margins and ensure you’re buying inventory that aligns with market trends. Other sellers prefer to store a variety of items all in one bin.

• And we calculate your quarterly estimated tax payment amounts.
• Track your inventory and sales on multiple platforms with ease.
• When it comes to managing inventory as a reseller, ensuring smooth operations and peace of mind is paramount for running a successful business.
• It consolidates everything into one dashboard, so you don’t have to jump between platforms wondering if you remembered to record that $12 Mercari sale.
• By staying organized and diligent, you can protect your personal assets, look more professional, and make smarter business decisions.

Best Ebay Inventory Storage Ideas

We kindly ask that you spend some time reading the resources we email you after signup and watch the YouTube tutorials. Our customer support email is very responsive as well, should you have any questions. A Poshmark auto sharing bot/Crosslister tool for the poshmark seller. I’ve included some screenshots below to show you all the features, and let you get a feel for how My Reseller Genie works. Tracking sales and expenses can be tedious, depending on how you track them. Before committing to a new system, I always want to see what it actually looks like and how it functions.

Select a time frame to see your gross profit, average sales price, sell through rate and more! Filter by anything tracked in My Reseller Genie and see your metrics update in real time. Browse charts like Gross Profit by department, category, sub-category, and brand. Other sellers assign a custom SKU to each item as they list it.

Link your bank accounts, credit cards, and PayPal to automatically track expenses. That’s right—no more digging through receipts or praying you didn’t throw away that one with the $100 sourcing trip total. My Reseller Genie generates detailed profit and loss statements, inventory valuations, and even sales trend reports by category or platform. This software imports your sales automatically (hallelujah!) or allows for manual entry if you’re feeling old school.

You can also create a spreadsheet in Google Docs with this information, including the item’s listing title. My Reseller Genie is incredibly helpful for tracking and managing your inventory. You can effortlessly upload your inventory to My Reseller Genie or add items manually. If you use your phone or internet for both personal and business purposes, you can only deduct the business-related portion.