Building a successful Amazon business is much like constructing a skyscraper. The most crucial step isn’t the shiny exterior or the modern amenities. It’s establishing a strong foundation.
In the ever-evolving Amazon landscape, where margins are shrinking, and the importance of data accuracy is paramount, it’s easy to get lost in a sea of numbers and end up with an unstable foundation.
This is where one of our new favorite tools, SellerVue, comes in. It’s a tool that makes it a little easier to build and maintain a strong financial foundation by shining a spotlight on your expenses, inventory costs, Amazon fees, and more.
In this post, we’re taking a closer look at SellerVue, the benefits of using this app, and how it can help Amazon sellers keep their financial foundation solid so they can scale their businesses to new heights.
What is SellerVue?
SellerVue is an app born out of Mark Botha’s winding entrepreneurial journey from being a chiropractor to an Amazon FBA seller, and eventually to running an FBA software business.
The idea for SellerVue came after Mark sold his first Amazon FBA business back in 2016 when he struggled to figure out the cost of goods sold.
It made him think, ‘There’s got to be an easier way to do this.’ Instead of endless email threads and countless phone calls with his accountant wouldn’t it be nice to have a one-stop-shop where all the data lives.
That’s what SellerVue is all about. It is a central place for all the important finance stuff, making life a whole lot easier for potential buyers. In fact, on average, they’ve helped sellers find an extra $50,000 in seller discretionary earnings.
Not only does SellerVue take the headache out of due diligence, but it also tidies up your numbers in a way that can actually boost your profits. It turns out when your data is neat and organized, it can help you make more money. So, SellerVue is more than just a handy tool; it’s a real game-changer for running a tighter, more profitable business.
5 benefits of using SellerVue
Here are some of the benefits of using SellerVue.
Establish a strong financial foundation
“I always tell my customers you have to have a strong foundation, and the strong foundation is your business,” says Mark. “To know your business, you have to know your numbers. “You have to have all the data on your table and it has to be 100% accurate.
That’s where SellerVue comes into the picture. This app helps you build a rock-solid financial foundation by giving you accurate, easy-to-understand data.
With SellerVue, you have all your financial information in one spot, allowing you to fully understand your business performance. Once you’ve got a handle on your data, you can then start to optimize your operations.
For instance, SellerVue can guide you in making smart advertising decisions.
Advertising a product that isn’t bringing in profit? That’s a no-go. Even worse is thinking a product is profitable when it really isn’t and spending money promoting it. That’s just making other folks rich, not you. But with SellerVue, you can avoid these pitfalls. It ensures your advertising budget is spent wisely, so it comes back to you as profit, not a sunk cost.
Be more efficient
In a world where margins for Amazon sellers are shrinking due to rising costs, SellerVue steps in. By pinpointing your recurring costs, it helps find areas to cut expenses and increase your margins. It also helps you nail down your exact unit costs, making inventory management and the due diligence process during a business sale a breeze.
With SellerVue, we can turn your accurate data into actionable strategies, leading to a more profitable business in less time.
Understand your inventory costs better
SellerVue takes the headache out of managing your biggest expense: inventory.
“Inventory is without a doubt the biggest expense,” says Mark.
SellerVue can help you get to the bottom of your unit costs, so you’re fully aware of your financial obligations when reordering. It’s all about having the right information at your fingertips, making it easier to manage your cash flow effectively.
Moreover, if you’re looking to sell your business, it simplifies the due diligence process. Buyers can easily access your cost units, reducing back-and-forths and eliminating potential disputes around inventory.
Save money on Amazon fees
SellerVue also features a handy tool called Feed Tracker Pro. This was born out of the need for accurate tracking of Amazon fees and to help with reimbursements.
If Amazon changes your fee due to a discrepancy in package dimensions, their tool steps in. It checks the dimensions you’ve provided against what Amazon has on record every day. If there’s a mismatch, you’re alerted and can easily open a case to resolve it. This can lead to significant savings. In fact, Mark personally recovered a substantial amount this year alone through fee corrections.
Manage supplier payments
SellerVue is all about making it easier to get into the details, especially when it comes to managing and scheduling payments.
Here’s the issue with traditional tools like Xero or QuickBooks. They don’t let you split payments on the same invoice. Let’s say you’ve got a $10,000 invoice and your supplier wants 10% today and the rest at shipping. Well, with SellerVue, you can schedule those payments within the app itself. So, you can set $1,000 for today and the remaining $9,000 for 30 days from now.
The app will then automatically push these details into your accounting system as one transactional value but under one invoice. It’s a level of detail that simplifies your financial management.
*** At Bean Ninjas, we’ve been preaching for years about the importance of knowing your numbers and establishing a solid financial foundation. The SellerVue app can help with this.