Podcasts about Payability

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Play Episode Listen Later Sep 14, 2020 42:38

AMAZON FBA Q4 2020 - Sign up for Payability http://go.payability.com/reezy In this video I cover almost everything you need to know to make sure this Q4 is your most profitable yet. Learn how to get ungated to sell any toy brand on Amazon as well as lots of tips, tricks and strategies and even a few BOLOS that I probably shouldnt have shared

The Online Lending Landscape for eCommerce SMEs with Keith Smith of Payability: Ep 125

PayPod: The Payments Industry Podcast

Play Episode Listen Later Sep 12, 2020 33:28

The landscape for eCommerce SMEs needing capital is constantly changing, as is the online lending industry that serves many of them. Keith Smith, co-founder of Payability, an American FinTech company that provides finance solutions to suppliers of digital marketplaces. Find show notes and more at: https://www.soarpay.com/podcast/

ecommerce landscape smes keith smith payability online lending

Keith Smith, Co-Founder & CEO at Payability | Episode 33

Leaders In Payments

Play Episode Listen Later Aug 26, 2020 25:57

This is episode 33 of the Leaders in Payments podcast and Keith Smith, the Co-Founder and CEO of Payability is our special guest this week. Payability offers ecommerce sellers with friction-free cash flow and working capital solutions. These ecommerce sellers are typically on a large platform like Amazon or Shopify. Payability has a unique model and one I think you’ll find very interesting. Keith has a passion for his kids and being a Dad first. Professionally he loves to see how Payability helps small businesses and entrepreneurs live the American dream of starting and running their own business. www.payability.comwww.leadersinpayments.com www.podcast609.com

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How to Build Out an Accounting System Using Automation with Scott Scharf

The Quiet Light Podcast

Play Episode Listen Later Jul 28, 2020 44:55

On‌ ‌today's‌ ‌episode,‌ ‌we‌ bring back ‌Scott‌ ‌Scharf‌ to talk about‌ ‌how‌ ‌to‌ ‌build‌ ‌out‌ ‌an‌ ‌accounting‌ ‌system‌ ‌using‌ ‌automation.‌ ‌ Scott is the Co-Founder of Catching Clouds, an outsourced cloud accounting service for e-commerce businesses. Topics: Why accounting is a daily, weekly, and monthly endeavor. The best accounting software. Setting clients up for accrual. Understanding the technological ecosystem. Switching from cash-basis accounting. Refining the process of cash flow projections. Why cash is king. One thing to increase optimization. Transcription: Joe: Mark, I said many times that I actually fell asleep in accounting class in college. And unfortunately, it was Northeastern University and there were probably 200 people in the room. I was sitting near the door. So 199 people marched out with me there, my head on my desk, drooling, and then the next class came in yet somehow I'm in the position over the last eight years of really revealing a bare minimum of 5,000 profit and loss statements. And I get on my soapbox and preach about this; how important good clean financials are, not only for an entrepreneur's ability to analyze his own business and make sure they're driving towards their goals properly, but to be able to even just get in the room with highly qualified buyers. Once you get in the room, there's a ton of other things, but the P&Ls will get you in the room. And I understand you just had another conversation with our good friend Scott Scharff from Catching Clouds about building automation into accounting so you don't have to actually do this yourself day in and day out, week in and week out by building some automation into the process, either through QuickBooks or Xero. I understand Scott has preferences for both and good things and bad things to say about both. Mark: Yeah, so you're not the only one that fell asleep in accounting class. I did as well. If you looked at my grades, you'd wonder why I'd talk about accounting so much. But you know this Joe I've been working my way through some biographies of various titans of American business. I went through John D. Rockefeller. I'm now in the middle of a biography on Andrew Carnegie. And you know what one thing they both have in common? They were religious about their books. In fact, that was one of the big advantages that Carnegie brought into his business, was detailed books that they could optimize. I just find it fascinating that we can see that this is the case all the way through history what the people have been super successful. Their books are up to date. They're clean. They use them to optimize their businesses. And Scott and I talked a lot about how to do that with an Amazon business. I'm not going to lie, it was overwhelming, partly because Scott is crazy intelligent when it comes to this stuff and he has his systems all set up and he starts throwing around this system, that system, you just hook this up and you do that and then the other thing happens. And in my head, I'm thinking, how can anyone even start this? And at the end of this episode, you'll hear me kind of say that to him. I'm like Scott, this is overwhelming. How do you even get started? But the idea is simple and it is you just get started. He said something in this episode, which I didn't call out in the middle of the episode, but I think is really, really key. He said that of all the financial records that he sees people put together, he will see sometimes accountants that don't know the Amazon world trying to do books, and then he'll see some owners doing their own books. He said both are typically a mess but the ones done by the owners are less a mess than those being done by the bookkeepers because the bookkeepers don't know anything about Amazon. Joe: That is CPAs you mean, right? Not the bookkeepers. Mark: Yes. Joe: Yeah, I'll agree with them a million percent because CPAs do taxes, bookkeepers manage books, and owners try to manage books as well but never quite as good. So I think he's spot on. Guys, listen, and by guys, that's a unisex term. Pay attention to this. I know I preach on it sometimes and I'm so sorry, but it's because I'm here to help you. I'm here to protect you. We are entrepreneurs, we're advisers, we're brokers, we're mentors, and we're your friends, and we're sharing this information for you to help you build a better business and have a better exit someday. Even if that someday is 20 years from now, if you've got automation in your books like Scott is talking about here with Mark, it's going to make your life easier and help you make more money. So with that, let's move to it. But before we do, I want you all to send an email to Mark to discuss whether Carnegie is pronounced Carnegie or Carnegie. Mark: That's a really good question. I go both ways by the way. The author of this; it's an audiobook, he's saying Carnegie so I'm saying Carnegie now. Joe: Okay, Carnegie Hall is where I've been before, but I don't know either. I actually said we have a client that is a one, two, three, fourth remove descendant of Teddy Roosevelt and I pronounced it Roosevelt because I Googled that. Mark: That's wrong. Joe: I know. It was dead wrong. Mark: Carnegie, Carnegie Accounting, let's do accounting. Joe: There we go. All right. Here we go. Mark: Scott, thank you so much for coming back on the podcast. I know you are on the podcast a while ago. I think we talked about the ultimate seller's checklist about the things that you have to do, both leading up to a sale and then after the sale, closing on the business but I'm excited about today's conversation. We're going to talk a little bit about bookkeeping and the reason I'm excited about this and I know people in the cars or wherever you're listening at would be like I need to stay awake, I want to talk bookkeeping. I hop on this all the time. Bookkeeping is so important and there's so much data in your books if you keep them right. I had a conversation with somebody just the other day who is ready to sell. He's got a great business that's growing like crazy and he's going to have to put things on hold to flip over to accrual because that's what we require now. And so I want to talk to you about this because it's what you guys do over at Catching Clouds. Why don't you just kind of give a quick introduction for those that are listening to you for the first time? Scott: Okay, cool. Thank you. That was a while ago and that was a good conversation. So Catching Clouds, we provide outsourced cloud accounting services to e-commerce businesses. So our whole focus is only working with businesses that are selling a physical widget on Amazon, eBay, Shopify, Bigcommerce, TrueCommerce, House, Wayfair, Wish, Amazon Canada, CO, UK. Really most of our clients are those more complex multi-channel sellers and we're working with the larger established businesses and the one to fifty million dollar range. But the main value we offer is we provide the bookkeeping, accounting, and controller level review of their financials and we do all the work. The clients get read-only access to the financials. They threw everything over the wall to us and we leverage technology to pull everything together and then we turn that into accurate financials. And we just consider ourselves part of our client's businesses. Were just part of their team. Mark: Why? I mean, let me just start off with kind of an obvious question and one that I think if somebody is not at the million-dollar revenue or fifty million dollar revenue level, why are companies at that level hiring and spending money on a company like yours? Why is it that their financials are important enough to have that controller level service like yours? Scott: Yeah, so the main thing is that they feel out of control. And we have talked all about management accounting, not just year-end for taxes; we're like a clock, strike twice a day. And otherwise, you only know; and if anything it is extended, you only know if you're profitable in September for the whole prior year. And our whole focus is accountings at daily, weekly, monthly piece and that the owners at a minimum have to stop, take a step back and look at their financials and adjust their gut feeling so they can make great decisions on a daily, weekly, monthly basis, which are all those decisions you have to make so that your business runs better. It's more efficient, it's more profitable, and better to sell because it's managed well. But if you don't get that feedback where we have people; sellers that will go, wow, that was my best month ever and we're like, yeah, you lost a bunch of money. And they're like, wait, what? Well, you spend all the money on this and you didn't pay attention to your marketing spend and you spent through all your profit on the marketing spend. And if you don't see that, it doesn't do any good to notice that six months from now. So it's those kind of things. Or when they're looking at any of the many real-time tools, there's a big difference between real-time tools to do re-pricing and high-level reporting and you can use to make real-time decisions on re-pricing product or what to buy and all that stuff, and then double-entry accounting that accounts for everything. And then we help them adjust they're gut. Hey, this tool always shows you your sales numbers 10% too high, and then they can adjust to it and make those real-time tweaks. But the real value is they're serious about being entrepreneurs. They understand and they hate doing accounting. Most of these businesses didn't go into business to pay sales tax or do accounting and they want somebody else to do it, but they want somebody else who can talk the talk, who understands where the FBA is and FBA reimbursements and inventory and accrual and landed costs. And they don't want to have to train the accountants on just the terminology, let alone what are all the crazy things Amazon does, what's the settlement statement, and all that crazy. So that somebody that they can trust is taking care of those financials and then it's our goal to educate them on how to read the financials themselves and provide insight. Mark: Yeah, I think you talked a lot about kind of those boots on the ground sort of decisions, those granular decisions. I think financials and getting comfortable with reading your financial statements there's two levels. I'm a big picture type of guy and I actually just recently did this with Quiet Light and with another company I own where I took a look at my financials over the course of the last year and I just simply broke down the expenses as a ratio of revenue in the big categories and where are we? And with Quiet Light one thing I want to do is up our data game. We've got a lot of data that we built on over the years, but it's not organized as well as it could be. It's not point and click we could pull this data up. It requires some work. And you know what? It shows in my P&L because we historically had a large tech department that's changing. With my other company, we should be more marketing focused and it was this kind of bigger directional sort of CEO sort of thing and saying, hey, you know what, we really need to double down on the marketing. So I think the financials have that kind of dual-level play of you get the big picture, but the granular boots on the ground sort of decisions too is important if you know how to read them and understand them. You guys help with that. You help laicized some of it. Scott: We do. And one of the key values we do is each of our controllers who are CPAs we don't do federal and state income taxes, but they understand accrual accounting, gap accounting, and everything else. But each one is supporting at least 10 sellers and we never share confidential information, SKUs, or whatever but we can look across all of our clients and say, hey, wow, you're spending three times as much on your Google ad spend as we've seen with our other clients and we're not seeing that show up in your income. And they're like, oh, I just launched a new product, in four weeks I'm going to cut that back. And then our controller as from an accountability puts it on the calendar, calls the seller and say cut it back so you can start making profit. It's okay to ramp up your marketing spend and burn through your profit for whatever number of weeks to launch a product but sometime you've got to back it down. And if you forget all your profit is flowing out. And so it's that comparison and we can do that common comparison, kind of small data, big data across our client base because they're all consistent because we have no restaurants or which would be bad or nonprofits or other things. So it's that insight of being able to see multiples and your business too, you have the same benefits of the fact that I've looked at over a thousand seller's books. You guys have looked probably at least that many if you get that when you're in this niche and you focus on these areas, you really understand the nuances and you see the different scenarios and then you can provide that feedback. Mark: Absolutely, specialization especially for what you guys do. It makes a huge difference. Let's start with talking about different types of software, because Joe Valley, the co-owner of Quiet Light he often, says Excel is not accounting software. Unfortunately, we see a lot fewer Excel books these days than we used to, although they still come up every once in a while. The two dominant ones seem to be QuickBooks and Xero. I have seen other systems thrown in there from time to time. I know you've dealt with NetSuite to an extent. What's your favorite, why, or are they equally good? Scott: So Pepsi, Coke, they're great. It's so great that they… Mark: I'm a pop guy. Scott: Okay, yeah. Mark: Oh no, I'm joking. I'm not, I don't drink pop or soda. Scott: Yeah, I know. So in general it's great that they're both out there, they're both heavy competitors, Xero does much better internationally. Intuit has a much bigger footprint here; a much, much bigger footprint here in the US. But because Xero came along and has been in the cloud and about six years ago, got 200 million in VC funds Intuit went uh-oh we better fix our cloud solution. So that helped anybody that was on QuickBooks. So today they're both feature consistent. Okay, so if you pick either platform one or the other, you're going to be okay. We prefer Xero. We think Xero is a better cloud platform. It's better with multi-currency. If you're doing multi-currency, it is by far significantly better. And then our view is that Xero is a better company. Intuit is a shareholder driven marketing company and that's all they care about. They don't care about accountants. They don't care about small business. I mean their marketing says they do. They are a big, big business. And Xero even though it's much bigger, is still only a few thousand people. It started in New Zealand and is very much about supporting businesses and being engaged in everything else. And they're just really upping the feedback always. Mark: Yeah, I've got a soft spot in my heart for Xero. I put my other company on it for a while. I actually had to take it off because I didn't like their PayPal integration at the time and that other company had a good amount of PayPal sales, but I just like how they set up the system philosophically. It just felt tighter. It felt like QuickBooks you could have all these loose ends kind of floating out there and Xero, like their name kind of alludes to, wants everything zeroed out and they wanted all the balance out. And philosophically, it felt better. What about NetSuite or other third-party systems? Are there other systems that you think are good to work with? Scott: Not really. Really it's in that small; even if you're a startup, you should start on Xero and QuickBooks and you should be doing accounting from day one even if you have no idea what you're doing. And every business owner, entrepreneur, you have to wear every hat in the business so you understand it enough so when you delegate it, you can oversee it. So you can start at that level and the only reason we would expect anybody that would outgrow Xero or QuickBooks online or us at that 50 million or whatever stage is when their supply chain gets more complicated. So we can talk about cloud inventory tools but the idea is need and I'm a big believer in best of breed; so Xero for cloud accounting, Gusto for payroll, A2X for Amazon and Shopify income, Hubdoc for document management, Bill.com and others and Veem for international wire. So we've got these set of tools but then the cloud inventory tool really has to be specific to the client. Almost all of them suck in different ways but there are some that are getting to be pretty good that you can use. But if you outgrow those or you can't find a tool that you need that will meet your supply chain and the number of 3PLs you have and your manufacturing process, then you might have to grow up to NetSuite. And if you're a larger business and you want to be able to; you're buying a lot of international stuff and you have customs invoices that show up six months after you've done a sale and you want to back-calculate all of your COGS into the past, the only way to do that is on NetSuite. Because we do monthly snapshot accounting so if there's an adjustment six months later we posted in that month, we don't go unravel everything and put it all back. So if you need that sophistication or you need a more advanced one but you're going to pay for it price wise and you're actually going to pay a penalty that in my opinion, not great integrations to pull data from these sites and it makes it difficult to impossible to at least reconcile Amazon working with the different NetSuite integrations. Mark: Well, let's talk a little bit about that because I want to talk about some of the automation of this because I think the biggest challenge with a lot of the software is figuring out how to pull in the data in an efficient manner and we especially run into this problem with accrual accounting. This is why so many bookkeepers mistakenly or misguidedly tell their clients you should just do cash basis, because for them it's a lot easier, right? You see the purchase order, you enter it in, and going through to an accrual, you need to check your beginning inventory levels at the beginning of the month and ending inventory levels to figure that out. And it's just more work than they want to do, frankly. How do you set your clients up? I want to talk two questions, one would be how do you set your clients up for forward-looking moving forward we're going to be on accrual and keeping that automation in place. And then secondly, what are easy ways if there is an easy way to go back and get those historical COGS on a monthly basis for an Amazon business? Scott: Yeah, the two sides income. I mean, the first piece would be the automation we look at is first making sure you're posting your income properly. If you sell a hundred widgets that you get paid for 100 widgets and so we use a tool called A2X accounting to post the Amazon income. We've been using it for six-plus years. If posted a penny, it breaks up a hundred plus Amazon fees and follows the accrual method by posting a summary invoice. Because the main thing we recommend for everybody, unless you're doing B2B or direct manual sales on turns, every other sale can be summarized on a daily or weekly or monthly invoice and A2X will post Amazon and Shopify income. For Shopify, it will post Shopify payments every day that matches the payout every day. So the first thing you want to do is be able to get all the income into the system properly and then A2X breaks out based on our design. We're their close partners. We're using it for a year and a half but we were in Alpha for about six months, but they'll post and our standard is to post all the income by payment processor. So on Shopify, if you're using Shopify Payments and Amazon Pay and PayPal and Globally and Sasol and Afterpay or whoever else. It'll break out each of those posted invoice for each of those merchant providers and then you can reconcile it. So that's how you get your income and it's going to post it in the right period as to when the sale happened, not when you got paid. The difference between accrual, you track everything. And in our opinion and accrual, not only do you need it for valuation, not only do you need accrual to make sure you have a balance sheet so you can see your inventory and your assets versus liabilities but it's also easier to look at that if you have these huge expenses that you pay for or you're buying a ton of inventory and you pay $100,000 this month in shipping charges you want to spread that out and as you sell the product, pull that out not pull it together. Now for COGS and inventory, if you're looking for your values, the best tool is just you can't do it on spreadsheets. Just like you can't run accounting on spreadsheets, you really need a cloud inventory tool. You need the automation so you have a structured process to purchase products through a purchase order so you know what you're paying for. I mean you're constantly updating your costs, you're receiving that inventory. So whether it's fraud or they forgot to put a case; you bought 20 cases and they only put 19 in and they were just going super fast, which is usually the problem not so much someone's trying to rip you off. And if you can't catch that in controller control, you just have money that's just leaking because inventory is just cash in a different form that you're trying to turn into more cash. And so you really need those tools that are pulling in every order because all of that detailed data doesn't have to live in the accounting and it shouldn't. Xero and Quickbooks online are not set up to pull in every Shopify transaction, every Amazon transaction. They're not. The idea is you want that summary information and then you want to make sure that your cost of goods sold aligns with the income. So you have to have a consistent process. For Amazon, we upload costs into A2X and it'll post cost of goods sold so the same orders that were in your income even if the settlement statement splits over the end of the month all get posted in the appropriate month, and then you can do the same thing for Shopify. And then for our clients that are on cloud inventory, you can run as long as the tools provide in our focus, which would be cost of goods sold per channel so you can see your profitability per channel on the financials is really the piece you want to make sure that you can get that number, be able to validate it, and everyone's like, oh, that's this big accounting thing. I'm like no your whole world is operations; its purchasing product and shipping product out. Everybody will know we did 422 orders last month and they'll go, okay, and there's all the data for it and that needs to get applied to the accounting and then you need somebody who can do that properly. Mark: You said something just a little bit ago here which I find; it tends to be a mindset shift among a lot of sellers and that is your inventory is just cash in a different form that you hope to turn into more cash. And this is where the switch from cash to accrual changes and people that are on cash basis tend not to see this, right? They see their business bleeding cash and they see a cash in, cash out and when they spend all the money on inventory, they see that as losing value but it's not. You're just transitioning one asset cash into another asset inventory. And I think this is, again, why this topic of discussing books excites me because it causes you to think of your business in a different way; in completely different ways, as a blend of assets. Most of what you said, I already know our listeners are going to listen to this and be like that is way too complex for me to go through and do. Can I connect these things directly? Can I just plug and go or do I need to hire somebody to do this? Can I train somebody to do this? I mean, how do you actually go about implementing this? Scott: So there isn't one tool that will connect all the different pieces. Now Xero and QuickBooks online and A2X for an Amazon-only business gets you a long way along the method because if you're all FBA A2X will get you most of the way there. But for anything else, there's no secret process. So someone's like, oh, I'll just use what Logility and use their reports, they connect everything. I just did a deep dive review of them again and we couldn't figure out how they were posting the data and then we couldn't rec because we were evaluating we were trying to implement it. So you have to have a consistent set of processes to know you're doing your accounting on a daily, weekly, monthly basis. We do cost of goods sold monthly. So it's an hour or two per client per month because we have a standardized process that we follow through that shakes out vendor deposits and the other details. So the first process is what are you doing, what are you trying to accomplish, and just break that down, whether you're doing it yourself. Look at resources. We have some online courses. We have a bunch of YouTube videos to make sure we educate people. But then we still have a manual process for Walmart and eBay and Etsy and House and Wayfair and all these other channels where we download the data monthly, pivot it to post the income, and reconcile it. But we use the exact same data to apply a cost to post COGS. So it's a matter of that. Now, there are consultants out there that will help you set up the cloud inventory tool which we don't do, or you can work with the vendors to implement it and then you either have to manage it yourself or hire someone like Catching Clouds or another e-commerce accountant that understands the technology, the e-commerce space, and accounting. Mark: I think this is why it's so tough for so many people. Because as an entrepreneur, I have an idea, I've invented a product or I've identified a niche I want to go after and I'm good at that but now you're asking me to understand my financial reports. And then on top of that, you're asking me not to just understand my financial reports, but to understand the technological ecosystem around these financial reports to make them all work without hiring somebody who's going to cost me $10,000, $20,000, $30,000 a month just to be able to do this and suck up any profits that I do if I do have. That's why it is so difficult for people. The whole ecosystem is complex and difficult to understand. But I do know once you do get it set up, it is just a few hours a month. So you put in the effort of what am I selling, what are my processes, and then how can I get this into the system the right way? Once you get that setup, then maintaining it isn't as difficult as the initial setup. Is that fair? Scott: That is correct. Once you get those processes in place and you've got a defined process, you're just not assuming you can set automation and set and forget it, you're there. And then I would put the same due diligence that everybody puts into outsourcing; I mean, e-commerce sellers, the big things they outsource, except for the few that decide to buy a warehouse and want to invest in property and that's important to them being an entrepreneur and that's part of the journey. But that's, in my opinion, a very small percentage of the sellers, everybody else is working with 3PL warehouses or FDA or Walmart fulfillment service, Shopify fulfillment network. The same due diligence that anybody puts into that and understanding their supply chain or their vendors or who they're purchasing from, you just need to decide the financials are a priority for that order and then go through the same due diligence where you know nothing as an entrepreneur about whatever and then you start. But it is absolutely possible to put these systems in place or outsource the work like most sellers outsource and one thing I recommend every seller do is outsource sales tax. Don't try to use a tool like TaxJar or Taxify or Avalara. Just hire assault consultant or have someone like Catching Clouds, which we do it only with our accounting services because it's so complex. We're filing over 5,000 returns a year and even if you do everything right, the states generate notices and you have to deal with all of that. And the same thing applies to outsourcing your 3PL and your fulfillment. And then I would recommend outsourcing your accounting and finance because unless you're 30, 40, 50 million, it's really expensive to hire a bunch of accountants and manage them and train them and make sure they stay on top of the technology and all that other stuff. Mark: You know this is the sort of field that if you fall behind, is that much more work to get caught up. And I know we've referred some business over to you in the past that need some cleanup. We refer them to other partners as well that need clean up. What does that process look like? I'm saying, okay, I've fallen behind, I've been doing cash basis accounting for the past forever and now I want to go back three years to do this right and get moving forward. What sort of workload are you typically looking at to be able to get that caught up? Scott: Yeah. So in general, unless they were using A2X and it's very, very rare or they were doing things right or in a lot of cases it's interesting if the owners are involved, they don't know all the things in accounting and what they do they're very particular about so they do less wrong. Invariably when we see other accountants that don't work with any other e-commerce businesses, they're just making it up as they go and they make it worse and worse. 80%, 90% of the time we have to start over with a brand new Xero file even if somebody is on Xero because there's just tens of thousands of bad records in there and you can't get to it. So we set up a new Xero file. You import all the bank and credit card transactions for that time period. You categorize them and you reconcile all those accounts. Then you post all the income and then you go through accounts payable through all that time. And of course, once you just identify the data and even if they have another system, we can rip all that out, put it back in, but then make sure that no, no, this invoice was paid this month, but it was from the prior month to make sure that the bills are in the right period to get all that going. And you just do those accrual things and then we can post the income per month historically and then do the cost of goods sold per month. And so if it's 12 months or; and so we have to go back to either 1120 or 1119 to the prior tax return or back to the beginning of the business and run that and that's what it's going to take. We have looked at; we are Xero expert experts. My co-founder, partner, and wife Patti teach Xero experts how to do cool expert things in Xero and we have all these tricks to clean up the accounting. And I've got a whole list of things that I want Xero to do to allow us to make it so we can just take what's already in Xero and clean it up because the bank feeds and the fundamentals for Xero are great it's just when you connect all these apps and push in data, you end up with whatever. So it's really a process for us. It's about four to six weeks for one to maybe a little bit longer but it takes time. It takes time to set up the systems. It takes time to pull in the data. It takes time to get through it all and redo it and then validate things with the client go away. Hey, I bought a forklift. That was in inventory. I don't sell forklifts. You go, oh okay that doesn't go in inventory. We'll move it over to a fixed asset and off you go to the races. But it just takes a fair amount of work to understand to pull in all the data and do it. But for the most part, you just start with a new accounting file, get all your data; bank, credit card, bills, income, and COGS, and repost it following the accrual method. Mark: Yeah, I get that. I've been there. I've had to do that before. And you're right, going back when you have thousands of transactions can be a nightmare. I want to know where's the balance between good enough and probably not good enough and too much. And here's what I want to bring up to you, there's a well-known accounting company, which I will not name names, that has a cloud-based service that I know does cash basis and then at the end of the year does an inventory adjustment so basically giving you a full yearly accrual basis. And I've seen these financials before where all of a sudden December looks like the worst month ever because they're doing this massive adjustment at the end of the year. So that's one extreme and for a lot of owners, they'll say, well, it's good enough, I'm getting some high-level understanding of my sales and maybe my some cost, but not COGS. That's one and I would say that's not good enough but that is the attitude. On the other end, you and I have talked before about entering sales down to the individual sale, and being that's ridiculous you don't need to go to that level of detail. What is the balancing point from a controller standpoint being able to look at financials and be able to understand these books and be able to get both those kind of big picture decisions made, but also those granular decisions of look you're over overspending here. This is not a profitable product line or you need to stop ramping up your expenses in this area. What's that balancing point for you guys? Scott: So, yeah, there are a lot of people that really look at their financials and that other method is good enough for a tax return. It's not good enough to make those decisions to understand what's in your business. And it's just making sure that you're doing all of the accounting, not everything, right which means every bank. And the most common things we see when we review books is that they're not reconciling every bank account and credit card every month. Because if you think your system; you downloaded whatever data and you think you have $50,000 in the bank and the bank thinks you have 10, they win unless you've caught the error and fixed it. And it's typically just a data error so if you're not looking at the end of the month settlement for every bank account, credit card, and merchant account to say, hey, this is where we have clients were like, you had $30,000 disappear. Oh, it's a reserve. PayPal's got a reserve or Strike has a reserve which has been happening a lot recently. So we want to have those triggers but you want to make sure you're doing those reconciliations so that you know about all of those expenses and all the things flowing through your credit cards. The other thing is make sure every account's on there. If you're using a personal credit card from the owner because you don't have an Amex, Plum, or whatever in your business, and as long as it's dedicated to that business, it should be on the books. You should be tracking those expenses and then it's just do; and then you pay it off and it's just payments to the owner and it all works out from an accounting perspective. And then, like we said, you just want to make sure you're posting the income in a summary fashion and you could just decide to do it all monthly and know that I'm going to take four hours a month, I'm going to post the income and figure out COGS and get that done and it's good enough and if there's any adjustments. And then the last thing is you have to make sure that the balance sheet balances, which means all the numbers and the liabilities and assets. If the balance sheet doesn't balance you can't trust the P&L. You can't trust your statement of cash flows. And so it's kind of a do those core things and then go make sure you have somebody; an external party that's reviewing what you're doing at least monthly or quarterly to say, yeah, this is right or no, you have this write off or hey, you have this big hundred thousand dollar adjustment leach let's go see if we can figure out what's going on in there. Mark: It sounds like there's two steps here, right? There's the validation of your financials, but there's also an understanding or review of those financials. And maybe they're kind of linked together in the same thing where when things don't add up right that's a sign that you need to be digging deeper into something. Maybe you have an inventory leakage or you're leaking money because not all the inventory has been shipped or accounted for. And you would recommend that on a monthly basis then? Scott: Yeah, at a minimum, it's hard to do. We try to do as much of the accounting daily as possible. We believe that to stay on top of a dynamic e-commerce business, you have to be pulling in the bank feeds from yesterday today. You need to be looking at accounts payable and bills you know oh, I did a $30,000 prepayment on a $100,000 purchase order and I owe $70,000 in six weeks when it ships. Like if you're not paying attention to those things on a daily basis, then the owners are constantly pulling money out when they have to pay bills out of the business; their personal bills, and then the next week loaning the same amount of money or more back into the business and you just go do this swing if you're not staying on top of it. But if you're smaller and you're ramping up and everything else, at least do it monthly and then start doing a little bit more weekly. There is more automation that's coming over time around bank feeds and AI and other stuff, but it's going to take a while to get here. Mark: You know, one of the things that I think can really help once they start getting the stuff together is the ability to forecast. And I'm not talking about even on the sales side, that's kind of the second level of forecasting. But on the expense side, because you just brought it up right now, right? You have a bill of $70,000 that's going to come due. Have you planned for that or is that something that's gotten lost with all the craziness of the rest of your business? Or you want to launch a new product line what do your expenses look like over the next three, four, or five months? You can't do that if you aren't living to some extent in your financials on a fairly regular basis where you understand what's coming up. Do you guys get into much of forecasting even on the expense side? Scott: Not long term forecasting, but cash is king and cash flow projections. So we're just refining our process. So we have some clients that we'll do it for a daily for a short time when they've got lots going on at a specific time frame. And then we'll just provide kind of a weekly cash flow that's always that four to six-week view; here's where payroll comes out, here's your expected income, here's what the Amazon payments come in if you're not using Payability or something that lets you cash out every day so you can manage cash flow but it's really all about that. And we just haven't chosen to extend it for a longer period of time because our focus is daily, weekly, monthly but the idea is that the owner should take a step back and look and say, oh, because what we're trying to always get to is to say, here's how much free cash flow you have to buy inventory, pay for marketing, invest in the business, new products, new design, new people, whatever and then hopefully there's something left over for the owner as well. Unless you're in that I'm continually investing that's great but you need to know how much that is so you're not constantly doing. And that cash flow and that availability can include you have a $100,000 Amex plan card. That's just capital to you because most e-commerce sellers love racking up points and that's not debt. That's not a long term loan. They're going to pay that Amex bill probably every two or three times a week to keep the balance down so they can keep buying product to keep up with demand. But you need to know where those numbers are, where are those thresholds? When you're starting to push out against them if you're growing and your sales are growing, which is what's been happening for a ton of sellers in this big new world that we're in where everyone's home and everyone's buying online and that's all ramped up you need to know when you're hitting those limits and that you either need to invest more money as the owner because you're going to turn that cash into more profit; into more cash. Or you're looking at different lines of credit whether it's with a bank, which is usually the most painful way. But there are other alternative ways that aren't quite online loan shark and you find the balance between those to post that in. But it's really cash is king. If you're not looking at it; there's so many businesses that are profitable on paper, profitable on their P&L that go out of business because they didn't manage their cash. Mark: They didn't manage their cash or the cost. And you said costs are king what do you mean by that? Scott: Cash is king. Mark: Cash is king. Scott: Well, actually, costs are pretty important. If you don't have a good handle on your costs, you're going to run into the situation where you don't know what the value of your inventory is. And the most important thing is you don't know how to price your product. So if you have a product that you buy in the US and you buy in huge volumes and that your suppliers don't charge you shipping, you can use your buy cost. It's pretty straightforward. But if you're buying a product, either whether it's being manufactured or shipped internationally and it costs you a dollar per unit, but it costs you nine dollars to get it live in Amazon FDA or your warehouse, you need to know your cost is $10 is your landed cost after shipping and customs and insurance and even inbound into Amazon. So you know your all up cost to know what that is. And if you don't have a good handle on one of the first things we do with just about every client is revalidate their costs, identify the ones that are wrong, and then look at what they're selling it for. And they think they're averaging some margin and it's usually a lot less because they're not aware of their full cost for their product. And that's understanding that landed cost and landed cost is a key accrual process where you pay for everything and then you take that shipping and it gets added to inventory and then as you sell, it comes out and it's value. And that can make a huge difference on client's business. We have clients that are close and they're using landed cost, but they're not doing that last accounting bit monthly to do a journal entry to take hey, I spent as much on cost, customs, tariffs, whatever, and moving that all into the inventory account. And then you go, oh, I really have spent two million dollars on inventory and shipping and everything else, and I'm pulling out 200,000 a month in cost of goods sold. I have not just the number of quantity of units, but you can see the money flowing in and out of your business. Mark: Why don't we have you on monthly to the podcast? I don't know I feel like we just scratched like the first quarter of what you put together as far as the list of things we can talk about. But we are up against the half an hour, so I am going to cut it here and ask the best way to reach you; obviously CatchingClouds.net. You guys have courses available. Is that on Catching Clouds? Scott: Yeah. So if you go to our site, we have a contact form if you want to talk to me, especially if you're a larger business, I'm happy to talk or email and interact with anybody. I just enjoy interacting with sellers. Then we have our YouTube channel, which we have over a hundred YouTube videos, and we'll start adding more next month on basic topics. Now it's all my wife mostly who can explain things better and doesn't talk as fast as I do, but we're really there. And we have so much more that we want to push out onto those YouTube videos because we're happy to share the basics; how to read financials, and all these different things. We just want to help those sellers that are smaller than a million and or do it yourself. And then we also have a Facebook group that supports that for sellers and accountants for providing answers and questions for people that take our courses and just have general questions and then we have our outsourced service. So if you go to our contact form, reach out and I'm happy to interact and have a conversation. And most of my focus is really where your biggest challenge is and if I can help them figure out the top two or three cloud inventory tools that would be there or a developer that would do automation and build zappy integration to improve their efficiency or point them in the right direction, I'm happy to do that. And then our big services, we'll just take it all over, clean it all up, and then run it. Mark: Yeah, I think for those that are listening here, especially those that may not be in that one to fifty million dollar revenue range, the one thing I can say just from my experience is the companies that get there have books in order for the most part, much more so than smaller companies. And part of the reason that they've gotten there is because they have taken the time to put together good books. And it does give you insights into the business that you can't get otherwise. That doesn't mean that we haven't seen companies in the one to 50 million dollar range that don't have their books together. But all the more reason for those companies to make sure you're are doing this because if you aren't, I can almost guarantee you're bleeding cash somewhere and you're lacking optimization somewhere. I think the biggest thing; let's end with this cut, people are overwhelmed by this, they may be not sure how to start. What's one thing that they can do today? If they think that they're under optimized with their books right now, what's one thing that you would suggest that they do today? Scott: I mean, it really usually just comes down to education. So whether it's our YouTube videos or books like Financial Intelligence for Entrepreneurs is a good book. It's looking at that and then our big thing is process. So if you're not documenting your process for receiving inventory and dealing with returns, just take a whiteboard and put it on your wall and start building those things. So it's called the combination of education and then it's just organization so you can keep track of your to-do list and you know, oh, I've got to block out this much time every day or week or month for accounting. It's more about that discipline and then just get an accountability coach. There are other things you can do, like profit first for a different way to look at profit. Or you can hire someone for EOS entrepreneurial operating system and the traction books. So there are actual structured processes that you can join in where it's not just you have to determine it ahead of time, but it's kind of education. Have coach as partners, whether that's Quiet Light who gives out I know great advice. Even when they're talking to people two or three years from when they're selling and they may never sell to say, no, these are the smart things to do because everything they're telling you to do smart to sell your business is the same guidance to run your business profitably. And then get those external resources, find your peers out there and talk to them and share best practices, and just continue to evolve as an entrepreneur. Mark: Scott, it's really good to see you again. Thanks so much for coming on. Scott: You're welcome. Thank you. Resources: Catching Clouds Catching Clouds Contact Form Catching Clouds YouTube Channel Catching Clouds Facebook Page Quiet Light Podcast@quietlightbrokerage.com

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Amazon Seller Information Going Public with Peter Kearns, Buy Box Experts - Keyword: the Amazon Insider Podcast Episode 044

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Play Episode Listen Later Jul 16, 2020 20:04

Amazon is making seller information public. Starting September 1, 2020, customers will be able to see the business information for sellers selling products on the US Marketplace. This information will give brand owners more information about who might be reselling their products. We chat with Peter Kearns with Buy Box Experts to get his take on the announcement plus what sellers need to do right now to keep their distribution channel free from problems. --- This episode's sponsor: Payability. ---

#297: Aiming for a $750K year in Amazon sales as a married couple

Silent Sales Machine Radio

Play Episode Listen Later Jul 15, 2020 62:51

Today's guests have seen their share of struggle on their way to building an amazing business using the ProvenAmazonCourse. They started out frustrated and unable to find profitable inventory, but now they say they literally "see deals everywhere" because of what they've learned. They even have family members and friends in other parts of the country who are doing the shopping for them and sending in inventory for them as their business soars! You'll learn several sourcing strategies as well as be encouraged by today's interview with Brian and Robin Olson. As always, get all links and show notes at SilentJim.com/podcast Check out the YouTube version of this interview at https://youtu.be/rcyfZdAW-gg Resources mentioned in this episode: TheProvenConference.com JimCockrumCoaching.com : Our coaching program Carolyn McFall (Book title on Amazon is "From Homeless to Homeowner") Episode #134 Oscar Mutumbo interviewed as a guest on this podcast: Episode #218 Payability - get paid faster by Amazon for a small fee (tell them we sent you!) Legends group - ProvenAmazonCourse.com/legends Prep Center Network - PrepCenterNetwork.com Keepa.com - the app that all replens sellers use Brian's post in our Facebook Group that prompted this episode: https://www.facebook.com/groups/mysilentteam/permalink/3066012950181461/

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Payability with Alex Sklar | E130

Fintech Impact

Play Episode Listen Later Jul 14, 2020 26:19

In this 130th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host interviews F. Alexander Sklar, Head of Development at Payability. Payability is a company that offers financing to online merchants as a means of shortening their collection cycles. Episode Highlights: ● 00:48 – F. Alexander Sklar explains Payability. ● 01:17 – What is the origin story of Payability? ● 03:30 – How long does it traditionally take sellers to get paid on sales? ● 07:22 – What are the factors to determine how long it takes to traditionally get paid? ● 09:38 – How is Payability able to give sellers money upfront daily? ● 13:10 – Payability’s ideal customer is trying to scale their company. ● 14:57 – F. Alexander Sklar talks about the mechanics of payment. ● 18:04 – How did their fundraising occur? ● 20:49 – What would he change in his business or industry? ● 22:00 – What have been the biggest challenges he has faced? ● 23:54 – What keeps L. Alexander Sklar excited each day about his work? 3 Key Points 1. Selling on Amazon traditionally can take 14 days to get paid. 2. Payability, the can turn a 14 days sales payment turnaround time into a one day turnaround providing daily payments instead of bimonthly payments. 3. Negative working capital is being paid faster than you have to pay up for the goods. Tweetable Quotes: ● “We are a capital service for the modern day supply chain. We provide both payment solutions and cash flow solutions to e-commerce sellers.” – F. Alexander Sklar ● “For those e-commerce sellers selling on marketplaces we are shortening their cash conversion cycle when they are paid on terms. For those selling on their own websites, we’re providing liquidity and financing solutions for them to scale their business.” – F. Alexander Sklar ● “We have been able to deploy a little over $2.5 billion in growth capital.” – F. Alexander Sklar Resources Mentioned: ● Facebook – Jason Pereira’s Facebook ● LinkedIn – Jason Pereira’s LinkedIn ● FintechImpact.co – Website for Fintech Impact ● JasonPereira.ca – Sign up for Jason Pereira’s newsletter ● F. Alexander Sklar – F. Alexander Sklar’s Linkedin ● Payability.com – Website for Payability ● F. Alexander Sklar – F. Alexander Sklar’s Linkedin See acast.com/privacy for privacy and opt-out information.

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How to Get Paid Faster in Your Amazon Business with Payability

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Play Episode Listen Later Jul 3, 2020 2989:00

In this extra session of the Seller Round Table, we discuss how Amazon sellers and e-commerce store owners (shopify, woo-commerce, etc) can get access to capital to buy more inventory or get their Amazon Seller Central payments more regularly. Alex from Payability.com helps us understand the various programs available to e-commerce sellers. Visit payability.com to learn more

How to Get Paid Faster in Your Amazon Business with Payability

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Play Episode Listen Later Jul 3, 2020 49:49

In this extra session of the Seller Round Table, we discuss how Amazon sellers and e-commerce store owners (shopify, woo-commerce, […] The post How to Get Paid Faster in Your Amazon Business with Payability appeared first on Seller Round Table - Amazon FBA Podcast.

146: Does Art Out-Perform the S&P500? MasterWorks’ Scott Lynn

Invest Like a Boss

Play Episode Listen Later Jun 20, 2020 52:35

Scott Lynn is the Founder and CEO of Masterworks, the first company to allow investors to buy shares representing ownership of great masterpieces by artists like Warhol, Monet, and Banksy. Scott has been an active collector of contemporary art for more than fifteen years and has built an internationally-recognized collection of Abstract Expressionism that has included works by Clyfford Still, Barnett Newman, Mark Rothko, Willem de Kooning, and more. In addition to Masterworks, Scott serves on the board of v2 ventures (Adparlor, Giant Media, Reachmobi, Amply, and Sellozo), Payability, and the Brooklyn Rail (a non-profit publication in the art industry). In this episode, Scott is discussing art as an investment class and compares it to other regular investments and how the regular person can get involved. After listening, you will better understand Art as an asset class and information on the company Masterworks! Where we are: Johnny FD – Sri Lanka / IG @johnnyfdk Sam Marks – North Carolina / IG @imsammarks Sponsor: Support Invest Like a Boss: Join our Patreon Discussed: Masterworks Like these investments? Try them with these special ILAB links: ArtofFX – Start with just a $10,000 account (reduced from $25,000) Fundrise – Start with only $1,000 into their REIT funds (non-accredited investors OK) Betterment – Get up to 1 year managed free Wealthfront – Get your first $15,000 managed free PeerStreet – Get a 1% yield bump on your first loan *Johnny and Sam use all of the above services personally. Time Stamps: 08:24 – Are you passionate about art as a collector or have you primarily looked at it as an investor? 10:59 – Do you see a flood of money going into art presently? 13:07 – “last year approximate 6.8 Billion in art sold” - Scott Lynn 15:10 – When you buy a “Blue Chip” piece, where are they held or displayed? 16:04 – What makes a piece of art “Blue Chip”? 17:13 – “You do see a correlation between an artist passing away and prices going up, but it's not because the artist passes away, its because the artist is no longer producing work” - Scott Lynn 20:10 – How does the whole buying and procurement process happen? 24:18 – What’s the average price of a piece on Masterworks? 26:53 – What’s the typical length of time that your money is invested in these paintings? 28:56 – Q&A from ILAB community 35:07 - Derek’s Recap If you enjoyed this episode, do us a favor and share it! Also if you haven’t already, please take a minute to leave us a 5-star review on iTunes and claim your bonus here! Copyright 2020. All rights reserved. Read our disclaimer here.

Masterworks: SaaS Wealth Going Into Picasso Paintings, 20x Returns?

The Top Entrepreneurs in Money, Marketing, Business and Life

Play Episode Listen Later Jun 17, 2020 19:46

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Quoth the Raven #198 - Scott Lynn

Quoth the Raven

Play Episode Listen Later May 28, 2020 66:47

Art collector and Masterworks founder Scott Lynn joins me to give me my first taste into the super-opaque art market which I a) am too broke to afford anything in and b) know absolutely jack shit about. We talk about Banksy, pricing art, where art gets its value, how art is authenticated and why art can be a hedge against the widening inequality gap. Scott Lynn is the Founder and CEO of Masterworks, the first company to allow investors to buy shares representing ownership of great masterpieces by artists like Warhol, Monet, and Banksy. Scott has been an active collector of contemporary art for more than fifteen years and has built an internationally-recognized collection of Abstract Expressionism that has included works by Clyfford Still, Barnett Newman, Mark Rothko, Willem de Kooning, and more. In addition to Masterworks, Scott serves on the board of v2 ventures (Adparlor, Giant Media, Reachmobi, Amply, and Sellozo), Payability, and the Brooklyn Rail (a non-profit publication in the art industry). You can check out Scott's company, Masterworks, at this link. The QTR Podcast is a completely, 100% listener supported podcast that is always going to be free. YouTube does not let me monetize my videos on the site and the podcast is full time work which will never have ads in the middle of it. If you enjoy the content, please support the QTR Podcast in any or all of the following ways: A small recurring donation via: Patreon: https://www.patreon.com/QTRResearch One time donations can also be sent via:Bitcoin: 3G25NvNbGZsaDfoxTBzRFticKa4LDUeBpkVenmo: @chrisinphiladelphiaPaypal: https://www.paypal.me/qtrresearch You can join my e-mail list here and visit my website at www.quoththeravenresearch.com for all of my content. QTR MERCH is also now available here. You can also follow me on YouTube, Twitter, and Instagram. THANK YOU TO ALL OF MY KIND PATRONS. Please show love to those who support the QTR Podcast: Biggest Patron Donors JM Bullion - where QTR buys gold & silver - Twitter: @JMBullion The Trader's Path - no BS trading service - Twitter: @PLHStock RumorHound.ai - free 14 day trial - Twitter: @RumorHound Sang Lucci Trading - the 3LT playbook - also, the SL Master Course Corvus Gold - http://www.corvusgold.com Investors Underground - day trading community - Twitter: @investorslive Ken R Chris Bede - Twitter: @cbede Nicholas Parks Matthew Zimmer J Mintzmyer - Twitter: @mintzmyer Russ Valenti - Twitter: @russellvalenti Creighton Titus Longest Running Supporters Max Mulvihill - Since 2/2018 Kyle Thomas - Since 4/2018 Chris Bede - Since 5/2018 Dariusz Kordonski - Since 5/2018 Chris Gerrard - Since 5/2018 All podcast content is subject to this disclaimer. Chris is not an investment adviser. Listeners should always speak to their personal financial advisers.

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Amazon FBA Sellers Funding Help During the Coronavirus | Payability

eComWhiz Podcast

Play Episode Listen Later May 12, 2020 21:53

An interview with Alex Sklar on how Payability is helping Amazon FBA sellers during this coronavirus pandemic. Alex talks about how they are helping people that are selling both essential and non-essential items and some of the struggles they are facing. For a special deal and $250 towards your fees with Payability go here - http://go.payability.com/Feedbackwhiz Alex from Payability also covers: What financial situations are people seeing they're switching from FBA to fbm. What are people using lending for that is helpful? What makes pay ability different than some of these other lending companies? What did you do before you came to Payability? Special deal from Payability for Amazon sellers. About Payability - http://go.payability.com/Feedbackwhiz We help eCommerce sellers grow their businesses Payability empowers eCommerce marketplace sellers with flexible funding and tailored cash flow solutions. Since our founding in 2015, we've helped thousands of marketplace sellers scale their businesses by providing over $2 billion in funding. Why Payability Entrepreneurship is changing, especially in eCommerce. Small businesses increasingly rely on marketplaces run by huge companies like Amazon, Walmart, and Jet.com to sell their products. But getting paid out in full by those companies for sales can take weeks, even months. Receivables are coming in later and later, but payables are due weekly, daily, or even hourly for some sellers. And that's just to stay afloat. Marketplace sellers don't have time to wait if they want to expand quickly. They need cash flow to buy more inventory, launch new products, and get the best possible deals from suppliers. That's where Payability comes in. We provide capital based on eCommerce sales with our Instant Access and Instant Advance products. Our goal is fast, friction-free funding for every eCommerce entrepreneur, no matter what marketplace they're selling on. The Payability team is headquartered in New York City and focused on empowering growing eCommerce entrepreneurs with flexible funding. Our world-class customer service and sales teams are here to help! Reachable by email or phone, you'll always get a prompt and friendly response. About FeedbackWhiz - https://www.feedbackwhiz.com FeedbackWhiz helps Amazon sellers monitor, manage, and automate emails, product reviews, orders, and feedback. Build professional email templates with gifs, emojis, buttons, and attachments. A/B test subject lines and view open rate analytics. Send or exclude emails based on triggers such as refunds, shipment, delivery, feedback, and repeat buyers. Track and manage all product reviews. Instant notifications whenever a review is posted. Monitor all product listings and get alerts when critical events such as hijackers, buy-box loss, and listing changes occur.

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Growing and Getting Support During A Worldwide Pandemic with Alex Sklar, Payability - Keyword: the Extras Podcast Episode 42

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Play Episode Listen Later Apr 15, 2020 15:57

Now more than ever it’s important to keep your focus on growing your e-commerce business. E-Commerce is the lifeblood of the economy right now and it’s important to be able to have the support you need so customers can find and purchase your products. Alex Sklar, head of business development at Payability, joins us to discuss how COVID-19 is impacting their customers and what they’re doing to help support them. Plus he gives some great advice for how you can continue to grow during this uncertain time. --- This episode's sponsor: Payability. Check out Payability's new Shopify tool. ---

Coronavirus Contingency Planning with Chris McCabe, eCommerceChris.com – Keyword: the Amazon Insider Podcast Episode 104

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Play Episode Listen Later Mar 15, 2020 8:50

The Coronavirus is wreaking havoc across the world. If it hasn’t impacted your supply chain in some form, consider yourself lucky. Regardless of whether or not you’ve been impacted, all sellers should be creating contingency plans to help resolve any supply or inventory issues quickly. Chris McCabe, eCommerce.com, shares his steps towards creating plans when dealing with emergencies and disasters. --- This episode's sponsor: Payability. ---

Increase Your Profit by Implementing These Guaranteed Accounting Practices with Tyler Jeffcoat

The Quiet Light Podcast

Play Episode Listen Later Jan 14, 2020 31:52

Cash-flow forecasting can be the key to running, building, and eventually selling your e-commerce business. Today's guest is an accountant and successful business builder who helps owners run their businesses with successful financial results. Aside from traditional accounting, his firm offers fractional CFO services to his clients. As we have said many times here on the podcast, bookkeeping is not something business owners should do without an expert. Today we are talking to accounting expert Tyler Jeffcoat. Tyler built and sold a healthcare company and has experienced the acquisition process firsthand. In building his current business, Seller Accountant, he made sure that his focus was razor sharp on what he could offer to clients in order to deliver top results. Episode Highlights: How Tyler's fractional services work for the clients. How his service cost is offset by the value why it's less expensive than inhouse. Cash-flow forecasting and how it helps owners with profitability Ways operation data plays into the full forecast. The impact of not forecasting. Refinancing and SBA lending as an option in a moment of need. The importance of SKU grading to keep on top of product performance. The difference between cash and accrual accounting Tools that can help the layman forecast on his own. Why you need to track your numbers on an inventory value. The benefit of outsourcing while focusing on core expertise. Transcription: Mark: So Joe I'm normally not a big advocate of business but I'm becoming more and more of one and in the entrepreneurial community people always ask what book are you reading now and I'm usually thinking well it was actually on World War II or some other kind of obscure topic. Because when I'm off of work I like to be off of work. But this past year I picked up a few different business books based on some recommendations. And one that I read that I would recommend to anybody is Shoe Dog by Phil Knight; the founder of Nike. And I don't want to give away a lot of secrets with this book because honestly, it's a great read; it reads more of like just a novel or story of how he started Nike but one of the things that really resonated with me specifically because we deal with so many people that have Amazon businesses was how long Nike had problems with cash flow and how long that they were living on the float. And they were living on a very large float where they were writing checks that weren't in the bank account yet and they were counting on that money being in there. It's the nature of any growing business especially a physical product business is that the cash flow comes in, you reinvest in the product, you keep growing at a rapid rate. It can be really hard to manage that cash flow. And I know that we talked to Scott Dietz a few weeks ago on forecasting but forecasting doesn't really matter if you don't have any cash in the bank and you're closing the loop on this or kind of continuing this conversation today with Tyler Jefcoat about cash flow forecasting. Joe: Yeah Tyler and I have been working together off and on with a variety of different clients. Tyler owns Seller Accountant and he's just a smart guy. He's built his own company, sold it, and then started any commerce bookkeeping company specifically focused for the most part on his own businesses. Mark: Is that a phone I hear in the background? Joe: No, that was not a phone at all. No. Mark: I figured that you're so busy people are calling you all the time. Joe: No, that's my wife actually. Sorry folks. Sorry. Tyler, yes but the really cool thing about what Tyler does is cash flow forecasting, right? So he does fractional CFO services on top of is bookkeeping services and only for his own clients. And he does in the different levels. He does monthly reviews with some, quarterly reviews of some, and then gets into deeper reviews with others. But the cash flow forecasting model that he went over and shared with me I saw it on another video in a webinar that he did and then I had him show it to me and then he's sharing it in the show notes of this podcast. It's a cash flow model along with the video that talks about it and I know going back to my e-commerce days before I sold I did that; I did the float just like Phil Knight, a little smaller level of course. Mark: But just like Phil Knight. Joe: Just like Phil Knight, but it was the same thing. You are paying for that inventory with a credit card or you're just playing the flow and it's ridiculous. Fortunately for me, I didn't have a big staff but those that are growing beyond that solopreneur aspect and they have to worry about payroll and things of that nature I think it's really, really important to focus on cash flow. So Tyler goes over that quite a bit here and the links in the show notes will help anybody that's having issues in that area. Mark: These are fantastic tools to put in our war chest of things that we can use as business owners to be able to plan the growth of our businesses. So forecasting is something I've been skeptical in the past. Again the conversation with Scott Dietz and my experience with forecasting through his company has really turned me around to this and now I'm super excited to see this because again cash flow forecasting might be one of the most important things in a business as it's growing. Joe: It's important but what else is important? I've got to call my wife back so let's go to the podcast. Joe: Hey folks Joe Valley here from Quiet Light Brokerage and today well I ranted in the intro with Mark about bookkeeping. I've talked to at least 5,000 entrepreneurs over the last seven years and the vast majority of those when it comes to bookkeeping they say I got this and the reality is they don't. So we've got an expert on the podcast here, Tyler Jefcoat from the Seller Accountant. Tyler, welcome to the Quiet Light Podcast. Tyler: Thanks, Joe. Thanks for having me. Joe: I could rant and rave for hours on time about this because it's the number one reason people don't sell their businesses or sell them for a heck of a lot less. Somebody said to me the other day Tyler that when they think about their P&Ls they bleed from their eyeballs and I think that sums it up for how a lot of people feel. Alright so as you know on this podcast we don't do fancy intros, we want to hear from you so tell us about yourself and your business. Tyler: Yeah, well thanks again for having me. My company is Seller Accountant. I'm coming at this as a guy who sold a health care company about two years ago. We had a good run; zero to a hundred employees in about four years and I was a minority guy and I went through the M&A process and it was interesting. So as we built this accounting firm; I'm an accountant, we really built it around two ideas, Joe. One was we wanted to have a very vertical focus so we only do e-commerce and the second thing is that we want to focus on not just the price of admission of just having clean books but having the ability to use data to drive profitability. So I think that's why you and I have resonated with each other so well was I want to partner with brokers that really have the best interest of clients at heart and your clients all have the same issues which is we got to have investor great books so we can go to market and so yeah man it's great to be here. Joe: Cool. Everybody that's listening knows how I do feel about the books but I want to go beyond what you do at Seller Accountant. You manage people's books, you do an incredible job with that, do you streamline it? It's not expensive. It's much better for their bottom line than if they had an in-house bookkeeper. There's no question that that math works but let's talk about some of the additional services you do. I saw a video where you talked about your fractional CFO services, where you talked about cash flow analysis, Cost of Goods Sold analysis and some of those things. What are the top two or three things that you focus on with clients on I guess is your fractional CFO services that you do that for? Tyler: It is and is still part of Seller Accountant but in addition to just doing the bookkeeping each month for a bunch of Amazon and other e-commerce sellers we provide a fractional CFO service. And so I think what makes it powerful Joe is that we're just crazy focused; again we're crazy focused, my eyes don't blink when I look at a P&L for e-commerce but I do it all day long. And so our ability to step into somebody's business and see things differently because we look at it kind of like you do Joe honestly; you're looking at P&Ls constantly also but then focus on kind of the big things on a macro level. How does a seller really understand how their sales channels are performing over time? So that kind of goes back to the visibility of the book but it's more important than that, it's understanding okay, is Amazon the right channel for me to focus on versus Shopify? That's kind of one of the big discussions. And then we tend to the other kind of macro discussion as you allude to is around cash flow. This is a cash hungry business that we run; this e-commerce retail and a lot of the sellers tend to be undercapitalized meaning they're not coming to the table with 2 million dollars in free cash to just dump in inventory. And so our ability to understand not just what we think our sales are going to be next year but what we think our actual cost are going to be related to inventory when we're going to have to spend that money, that's critical. And so that's a discussion we have with our clients and then honestly just understand the profitability of our different product lines and SKUs. Those are areas where we can really help our clients not just know what the bottom line is for a given month but help them get the data they need to make better decisions as a CEO. Joe: And you do this as part of the fractional CFO services. You meet with these clients once a month after you review their P&Ls and you do a deeper dive. Are there other different levels of fractional CFO services where you're spending more time with some than others; how does it work? Tyler: Yeah there are and at this point, most of our CFO clients are bookkeeping clients that have chosen to layer on the CFO service. The reason for that is it is very challenging for me to add a lot of value efficiently for you if I don't understand your books and you just have a really nice way of doing the books. So yes they can choose to have quarterly calls. We have some that will meet even less frequently but it's basically normally quarterly or monthly. And we have some things in the pipeline that may allow us to just generate some value and it'd be a little bit less can you get on Tyler's calendar because I think that can be something that can be prohibitive. But at this point, we've got a great monthly service, a great quarterly service, and I think maybe it'll be somewhere around the neighborhood of 70 million dollars in e-commerce sales that I'm responsible for; me and my team for just the CFO side of it this year. And so it gives us an update that we can speak intelligently about what's happening in the business. Joe: You must be very expensive then, yes? Tyler: Oh man we're so expensive, yeah. No, you know what I mean. I would say we provide extreme value to our clients. And I would just say this we're not cheap; I don't want to be cheap, you want the provider that you can partner with us providing superior value. But I will say this we are way less expensive than actually trying to hire somebody. And if we can generate the kind of value that makes your business grow or allows you to get maybe a better multiple when you go to market in a year I don't think we're charging nearly enough for that to be honest with you and I love it, man. This is the fun part of the business; it's really understanding how to help business owners make money. How do we actually turn this pile of work into a profitable business? And so for me, this is kind of what gets me out of bed. So it's really I'm an accountant, of course, it's about money; we want to make a living but this is a part of the business I'm passionate about. Joe: Well let's talk about some of those individual things you do as the fractional CFO provider. I saw a cash flow forecasting video that you did. This is an enormous problem for e-commerce business owners and a lot of will just go the way of an Amazon loan at 14, 15%. I guess it's lower when you do the math. But talk to us about the cash flow forecasting that you do for these clients and how that helps them in terms of profitability. Tyler: Yeah. So when it comes to cash flow forecasting I think where most entrepreneurs stop is they take the time to open a spreadsheet and say what do I think my sales are going to be in the next six months? By the way, I would caution you there, if you ever run a forecast in the future of your business and every month in the future is way more profitable than your last six months of them, there's a good chance that you are kind of suffering from optimism that happens. All of us entrepreneurs we love running our businesses and we're like just tomorrow we're going to make money, now next month that's going to be wildly profitable. Joe: You're delusional. We know that after doing this for so long that there is great years and bad years. Tyler: You may run into a P&L and somebody hasn't made money in a year and they're like but guess what Joe tomorrow we're going to make money. And so my encouragement is to go ahead and be honest with yourself about how your business is performing and take a minute to say okay based on our seasonality, based on the products we're going to launch; as the actual owner of these e-commerce businesses you guys are in the best position to guess what your sales are going to be next year and put them in a spreadsheet Expected Sales, ding, ding, ding, ding, ding. And then if you look at your historical data you can say okay our cost of goods sold, our margins have tended to be at a certain level. And so most entrepreneurs are pretty good at building a forecast around what their operation is going to generate. We kind of know what our overhead is. We kind of know what our advertising budget is going to be. We know if our rent's going to go up next year. And so you got to do that work but a lot of entrepreneurs stop there and you can't stop there. Because of the impact of debt and the impact of inventory and the impact frankly of taxes you need to take that operational data and then work it into a full cash flow forecast for maybe the next year or the next six months. And so the way we do it is we take that baseline info that I just mentioned; how much profit are you expecting your operation to generate each month over the next six months or a year. Okay, great, now tell us what your loan payments are going to be, what's the cash coming out of your business for; for that Amazon loan or for your SBA loan or for your line of credit. Okay great, let's take that into account each month and then inventory forecasting can be kind of tricky. The more I thought about this I think it just needs to be simple. You have an average amount of days that it takes you to; you're going to issue a PO and you're going to get your container sent from China or wherever you're getting your goods. And so if I have forecasted that in April I'm going to have $30,000 in cost of goods sold then I'm going to have to pay for that $30,000 in inventory probably about 90 days before that. And so if you know what the waiting times are in your inventory you can use your forecast that you just did for your quote-unquote P&L; your profit and loss to basically guess okay I'm going to need to have that 30 grand in the bank in January so that it's ready to sell in April. And I mean they're going to have to fund that inventory purchase with some kind of great terms with the supplier or I'm going to have to have a loan, I'm going to have cash in the bank. And so what I advise the clients to do is to kind of what are my inventory purchases going to be? This is not a surprise. It's going to take a few months to fulfill it. Let's get that on this cash flow picture and then the other thing that you might consider is if there's going to be any owner distributions including your CPA may have you take a tax distribution once a quarter to keep Uncle Sam happy. And so this all goes together; your operations, your financing activities, your inventory, and then lastly the investing kind of from your owners and it's going to give you; it's not uncommon to have a picture where you expected to make money in the month of January, on paper you have profit but because of your debt payments or because of your purchases of future inventory your cash flow is actually negative for that same month. And so we just blew a spreadsheet; in fact, I'm glad to share it with you. I just have it in a Google Sheet here where we try to understand the impact of all of those factors on cash flow. So if there's going to be a negative on the sheet I knew it now instead of it being an emergency. Joe: We'll link that up so people can use it and try it themselves and then reach out to you for help if they need it. But what's the impact? You talked about good money at good rates versus bad money at bad rates. So what's the negative impact if they didn't do the forecasts and they come up against the month of January and they need to get a loan somewhere; what do you see people do and what's the drawback of having little to no notice of it? Tyler: Yeah. So there's two major impacts. One is if I know that I'm going to run out of cash in six months I can make two important adjustments that I don't have the luxury of making if I'm right on top of that shortfall. So if I've got six months I can cut expenses. If I need to actually lower some overhead if I need to renegotiate my rent if I need to do anything if I need to slow down if I need to go to my suppliers and renegotiate those payment terms. I've got some internal leverage. In other words, I know how important it is to me because I know I'm out of money say in April if I don't figure this out now. The second thing is if I know I'm going to run out of cash in four to six months I've bought myself a bunch of time to go find the right kind of loan if I have to pick up some debt on the balance sheet. And just as you alluded to I've got six months and have a pretty good business I might be able to get through SBA underwriting, I might be able to get all sorts of favorable lending options but if I wake up and realize oh crud tomorrow I'm out of money I don't have a lot of options. I'm going to take whatever money is going to fund me in the next week. And I would say that's where a lot of sellers get in trouble. They haven't forecasted effectively and so now they're out of money. They've got to fulfill that PO tomorrow and so now they're in a bind where how are they going to get stuff on the shelves to be able to sell it. And so yeah that's what I would say to that. Joe: So on the SBA underwriting, if somebody owns an e-commerce business and they've got good financials, they've owned it for a while and they use services like yours you're seeing them able to go out and get SBA financing to help with cash flow of their current business. Tyler: Yeah I think there's; I don't know that I've seen; I've seen more SBA lending when the deals come together for an actual exit but I will say this if you have a couple of years of good financials and you're carrying some debt I've definitely seen some of our clients refinance other lines of credit using SBA lending once they have a couple of years of good financial history. Joe: That makes sense. Tyler: You can go through the underwriting and what ends up happening is the bank has a much lower risk profile because the SBA; the government is going to back a certain percentage of that loan. And so it's always going to be your best terms, your best interest rate; the underwriting is a bit of a pain but again if you have six months you can get through that process and explore that as an option instead of having to take whatever emergency lending process. Joe: Yeah for those that don't understand the terms on the SBA lending it's generally 10 years and the interest rate is somewhere between 5 ½ to 8 ½%. Compare that to an Amazon loan where the term is somewhere between 14 and 15%; I'm sorry the interest rate and the term is generally 12 months. They take it out of your account as they make deposits. Tyler: And I've seen Amazon be as high as 19, 20 percent and they will underwrite it down to 11 but it never gets anywhere close to touching the SBA. Joe: Yeah, it's incredibly convenient. There's no question about it but there's a pretty steep cost that comes along with it. Tyler: The only one that steeper is when you have to get more of what's called like a payday funding option maybe like a Payability; nothing wrong. It's a good service in the right context but those cost capital numbers end up getting up in the 25, 30% range if you're not careful and that can really crush your business. Joe: Okay, cash flow taking, money off the table, these things are what keep entrepreneurs up at night so I love the fact that you help them with that and we'll share that in the show notes. Let's jump on to something that I think is incredibly important when we talk to people about selling their business. Well ultimately we're going to help them when they're ready but we'd prefer to talk to them 12 to 18 months in advance so that they're working with someone like you in order to prepare the best exit possible. And we often talk to them about renegotiating their cost of goods sold, focusing in on those inventories that are hero SKUs and those that are just okay. We always say you can break even doing nothing so why bother but often when it looks like they're breaking even they lose money. You help them focus in through your fractional CFO services on hero SKUs, cost of goods sold, things of that nature; yes? Tyler: Yeah I think something that's really important whether you have a fractional CFO or you do it yourself, it's extremely important to do a SKU grading. So I don't even care if you have a thousand skews you have to have some kind of a system for understanding which product lines are successful and which ones are losers. Which ones are the heroes like you said Joe, which ones are duds? And I have been shocked; I've been continually shocked as we do these analyses for clients to see that a guy's favorite SKU is taking them like an 80% advertising budget to move the SKU. Joe: That doesn't sound profitable. Yeah. Tyler: No, that's bad. Yeah. And just in case you're wondering, an 80% advertising budget is terrible. But they didn't know that because it's buried in this entire pile of SKUs and so it's extremely important to understand at least occasionally how each of your products is performing so that you can support the good ones, renegotiate the bad ones, or kill them. Joe: Yeah. So revenue insanity profit; no revenue is vanity, profit is sanity. So it gets down to understanding your profit and loss statements, digging into revenue by SKU, profit by SKU. I get most people don't get this. A lot of people that I work with that come across like I did early on I tell people openly I fell asleep in accounting class in college. I've since had to adapt and learn and now I understand it very, very well. But most people don't understand the simple difference between cash and accrual accounting and that when you're selling a business the books need to be presented on an accrual basis. Can you describe the difference between the two in layman's terms? That's the challenge; layman's terms. Tyler: Sure. So simply put if you have cash going out of your business, say you're buying inventory to actually stroke the check and you have a deposit coming into your business say the deposit from Amazon and you book that sale when the cash hits your account and you book that expense when you pay the money that's called cash basis accounting. And from a compliance tax standpoint, for most small businesses that is acceptable. But here's the problem and you got anyone who's looked at their P&L and saw a negative gross profit for a month. When you look at there and say why did I sell $100,00 this month but all of a sudden had $200,000 of inventory expenses? That doesn't make any rational sense. The reason is that you book the entire inventory the day you stroke the check instead of having the inventory asset and expensing it slowly as you sell the goods. And so in an accrual accounting method, you are on a quest to attach the sales dollar to the expenses that are associated with that dollar. So if I sold; let's just use that same number, if I sold $100,000 on Amazon in November I want to know how much it actually cost me; what the actual inventory expense for those units were that I sold in that month. And so you can kind of tell me and hear me say it's a little more difficult. Getting good accrual books takes a little bit more work. You have to deal with receivables. You've got to book things a little bit more sophisticatedly but it's the only way to be able to answer the question Joe did I make money last month? Because if you're doing it on a cash basis you really have no idea. You know when you've made your investments but you don't actually know whether your business is profitable unless you have an accrual system. Joe: And is that something that; I know it's hard to set up in Quick Books online but what do people have to have? Their landed cost of goods sold or their cost of goods sold the freight might be separate in your P&Ls; is it something that a layman could set up and figure out and flip to or does it really take a tremendous amount of experience like you have? Tyler: Well it could. I mean I don't want to; let me just say it's worth the effort. I will say this for everyone who's listening to this to this podcast if you haven't explored a tool called A2A accounting; literally the letter A, the number 2, the letter A. So A2A Accounting, I think it's A2Aaccounting.com that is a tool that lets you kind of pre map Amazon journal entries and it makes doing the accruals a lot easier. Well, what makes e-commerce so challenging is that Amazon pays us every 14 days normally and some of those sales might have happened in one month but I'm getting the entire paycheck from Amazon in the next month. And so I would say Joe yes normally having somebody that really understands e-commerce accounting is very helpful but for smaller sellers or sellers who don't have the budget to hire a team like mine it's worth learning how to do it and it's worth trying to understand; you mentioned the term landed cost of goods sold if I spend $100,000 on inventory, I've stroke the check, I've sent the wire, I have that inventory now, it's really important that I try to understand what that fully landed value is per unit. So let's say I bought a thousand of a particular SKU I can't just say I spent $100,000 divided by 1,000 so I've got basically was that a dollar SKU, right? It doesn't work that way. Joe: Because you pay the extra 10 cents to ship each individual unit; yeah. Tyler: Yeah you got shipping, tariffs, duties, everything else you need to just do the math. Make sure you have a spreadsheet; call it kind of a Master SKU Spreadsheet and understand what it really costs you per unit to get your product to the customer. And that's probably one of the biggest keys to understand. Joe: And let me just put some reality to this in terms of the why. Look anybody out there listening is like why the hell do I need to do that? The reason is because eventually, you're going to sell your business. You're going to get bought out. You're going to sell it to a partner. You and your partner are going to get in a fight and you're going to want to move in different directions. Or you own it with your wife or husband and you're going to get a divorce or at least half of you are. Or you're going to die. It's all going to happen eventually so you need to have your numbers on an accrual basis because when you sell your physical products e-commerce business you're going to get paid a multiple of your seller's discretionary earnings plus the landed cost of good sellable inventory on hand at the time of closing. Landed. If you're not tracking that landed figure and you're paying an extra 50 cents per unit you could be losing tens of thousands of dollars in inventory value at the sale. The other thing in terms of cash versus accrual and doing it yourself versus hiring somebody like Tyler is that if you're off by a couple of percentage points; let's just say that you're spending a million dollars a year in revenue. It's not a small business, it's a sizable one. And I've talked to these people that do this and have in-house bookkeepers and I'll give you some math on why you shouldn't admit it but if you're off by 2% on a million bucks that's $2,000 right? That's not right; that's $20,000 that you're off by. Your business is probably sizable selling it 4, 4 ½ times that would mean that your numbers; your profit, your discretionary earnings are off by $20,000. The value of your business is $80,000 off if you're a four-time multiple. So you're either overpricing the business by 80,000 because you overestimated or underestimated your cost of goods sold or worse yet you're undervaluing your business because you're off by 2% and your business is worth $80,000 more than you've got it listed for. These things matter. You worked so damn hard on driving more revenue and looking at your bottom line. But if you don't get the details right like this you're just wasting a whole bunch of money. Okay, that's my momentary rant now I'm going to go into another one. The services that you provide Tyler and there are others out there like you that's just like there's other brokers out there besides Quiet Light; it is what it is but I talked to somebody last week, they spent $24,000 a year on an in-house bookkeeper just out of college that does everything the CPA tells her to do. The numbers are all wrong. They're recording deposits; it was on a cash basis, it was completely and utterly incorrect. And this person thought they were doing something like 1.2 million in discretionary earnings, it really was about 800,000. If they fired the bookkeeper; we'll do the quick math for everybody, fire your bookkeeper is my message, $24,000 a year, hire somebody that does the e-commerce bookkeeping like Tyler and Seller Accountant, even if it's let's call it 600 bucks a month and you're doing an all-encompassing service it's only $7,200 a year, right? So 24,000 minus the 7,200, it's $16,800 in annual savings to the bottom line numbers of your business. If your business is worth four times that adds $67,000 to the list price of your business when you eventually sell it. It's simple and logical math and you don't have an HR problem anymore; you don't have that bookkeeper in-house, you've got somebody like Tyler helping you who's a Bulldogs fan by the way. For those watching the video, stand up just a little bit; what's that logo on your shirt say? Tyler: Man I'm a University of Georgia guy. I'm across the street from the campus here in Athens and Double Dog. I have my MBA and accounting degree here. Joe, I will say this it really is it's not even so much what you could pay per hour because, to be honest with you the client that's doing a million in discretionary earnings is unlikely to be 600 bucks a month for any service even me if we're getting it done right. But the reality is that if you're paying someone your full-time salary; I know this when I had a company with 100 employees. We always had somebody sitting around. If you're going to carry someone you're always having to get them at a rate where you can't use their full capacity or frankly if you're using your full capacity you got to hire somebody else. And so it's inefficient because; and there are some businesses that need to have a full-time controller. I think if you're doing 15 million a year in revenue you probably need to have a high-end controller on your staff. At that point, that's a six-figure job you're looking to hire for. I think the issue that the seller may be that you're describing would come across is not only are they spending the 24,000; even if they paid me the same amount to do it it's actually going to be done correct and when I go to market those books are going to be stated in accrual basis and they're going to have everything the way they want it. And we can scale with them without them having to hire an entire new employee. So I think that really is a big benefit unless you are; this is what I've learned in general. And this is every business I've worked in or own, I want to make sure that I inhouse my core competency; whatever my competitive advantage is I'm going to make sure that I have teammates that allow me to perpetuate that competitive advantage. Anything that isn't my strength I want to find someone that that is their strength; someone that can do it more efficiently and can do it better than I can. I'm not a broker if I need a broker I want to go to someone like Joe that gets the broker business and can do it more efficiently I'm going to pay Joe but I'm going to make a lot of mistakes and lose a lot more money if I try to do it myself. It's really the same with accounting or PPC or anything else. I'm a big believer. That's what my dad always told me. It's just spend your time where you're making your money. I want to get so focused that I can be the best in the world at something and then I want to outsource as much as I can so that I can be better at my core rather than trying to fix my errors all the time and fix my screw-ups and that kind of thing. Joe: I think that's incredibly well said. I don't have a whole lot to add to that. I think it's just brilliant. I think it's a great business methodology and mindset and it's what everybody should be adopting. Tyler, how do the audience members learn more about your services? Tyler: Yeah so thanks again for having me, Joe. So SellerAccountant.com is our website. You can learn more about our services there. Feel free to reach out to us. We'd love to have a discussion with you. And yes it's been a pleasure to being on the show. Joe: And you're going to share that cash flow forecasting spreadsheet. We'll put that in the show notes so everybody can do their own numbers and if it's confusing reach out to Tyler he'd be there to help you. Thanks for the honor man, I appreciate it. Tyler: You got it. Links and Resources: Tyler's Wedsite A2X Accounting Cash flow forecasting spreadsheet

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Episode 279 Keith Smith from Payability

Bank On It

Play Episode Listen Later Jan 7, 2020 24:29

Every week the show host John Siracusa talks with impressive fintech leaders and entrepreneurs, through conversation uncovers the remarkable stories behind them, their creations and the most important topics in fintech. You can subscribe to this podcast and stay up to date on all the stories here on iTunes, Google Play, Stitcher, Spotify and iHeartRadio. In this episode the host John Siracusa chats with Keith Smith, Co-founder and CEO of Payability. Payability provides cash flow and working capital for Amazon and ecommerce sellers. They’ve lent of $2 billion in funding thousands of ecommerce sellers. Astonishingly, in order to manage inventory financing and cash flow management 4 out of 5 of their customers go into Payability every single day. Tune in and Listen. Subscribe now on iTunes, Google , Stitcher, Spotify and iHeartRadio to hear Thursday’s episode with Igor Telyatnikov from Alphapoint. About the host: John, is the host of the ‘Bank On It’ podcast recorded onsite in Wall Street at Carpenter Group, and 'Before the A' podcast recorded onsite in Flat Iron at Barclays/Techstars Rise NYC. He’s a highly sought after fintech, VC and financial services industry enthusiast and connector. He’s in the center of the fintech ecosystem, keeping current with the ever-innovating industry. Stay in the fintech know by subscribing to ‘Bank On It’, ‘Before the A’ Follow John on LinkedIn, Twitter, Medium

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Episode 278 David Magerman from Differential Ventures

Bank On It

Play Episode Listen Later Jan 2, 2020 45:12

Every week the show host John Siracusa talks with impressive fintech leaders and entrepreneurs, through conversation uncovers the remarkable stories behind them, their creations and the most important topics in fintech. You can subscribe to this podcast and stay up to date on all the stories here on iTunes, Google Play, Stitcher, Spotify and iHeartRadio. In this episode the host John Siracusa chats with David Magerman, Managing Partner of Differential Ventures. Differential Ventures invests in early stage high-tech startups. We’ve interviewed two founders within their portfolio, Sam Bobley from Ocrolus and Christina Qi from Elisify. Prior to Differential Ventures he spent the entirety of his career at Renaissance Technologies, widely recognized as the world’s most successful quantitative hedge fund management company. He helped found the equities trading group at Renaissance, joining the group in its earliest days, playing a lead role in designing and building the trading, simulation, and estimation software. During this interview David and John talk about data, AI and the responsibility of VC backed founders in utilizing the data available to benefit their companies today and in the long run. Tune in and Listen. Subscribe now on iTunes, Google , Stitcher, Spotify and iHeartRadio to hear next Tuesday’’s episode with Keith Smith from Payability. About the host: John, is the host of the ‘Bank On It’ podcast recorded onsite in Wall Street at Carpenter Group, and 'Before the A' podcast recorded onsite in Flat Iron at Barclays/Techstars Rise NYC. He’s a highly sought after fintech, VC and financial services industry enthusiast and connector. He’s in the center of the fintech ecosystem, keeping current with the ever-innovating industry. Stay in the fintech know by subscribing to ‘Bank On It’, ‘Before the A’ Follow John on LinkedIn, Twitter, Medium

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Expand your Business | Warehouses

The Smartest Amazon Seller

Play Episode Listen Later Nov 26, 2019 26:46

In this episode of The Best Amazon Seller, we talk about when to get your own warehouse, what this might require, and what type of warehouse you would best benefit from. - Meet-Ups 1:03- When Should you get Your own Warehouse 7:25 - What Warehouses Allow you to do 13:05- Black stocking 16:53- Payability https://www.instagram.com/smartestseller/https://www.buyboxer.com/

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Keyword: the Extras Podcast Episode 034 - Removing Risk from Your Amazon Business with Alex Sklar, Payability

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Play Episode Listen Later Nov 19, 2019 34:59

Building a business is never completely risk-free but there are ways you can mitigate risk in your Amazon business. Alex Sklar, with Payability, joins us to discuss the ways sellers can prevent risky situations. --- This episode's sponsor: Payability. ---

Keyword: the Extras Podcast Episode 033 – Amazon Unavailable Balances – What are they and how to deal with them? With Alex Sklar, Payability

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Play Episode Listen Later Nov 18, 2019 15:52

Amazon pays sellers every two weeks based on when they started selling, but these payments are rarely the full amount that the seller sold in the last two weeks. Amazon actually holds onto some of the money. They call it, “unavailable balances.” Alex Sklar with Payability is joining us again to discuss unavailable balances, what they are, how to deal with them, and how to avoid them. --- This episode's sponsor: Payability. --- Disclaimer: Payability does not claim to have any insider information on the processes Amazon uses to decide when to release or not to release a payment. This is proprietary information unique to Amazon. The following is based on publicly available information and trends we have observed.

Episode 103 - Ask Me Anything Webinar with Peter Kearns

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Play Episode Listen Later Nov 11, 2019 67:54

Peter Kearns, Former Amazonian and VP at 180Commerce, tackled a lot of seller questions and issues covering everything from running out of stock issues to dealing with non-authorized sellers. --- This episode's sponsor: Payability. ---

Keyword: the Extras Podcast Episode 032 - Understanding how Amazon Payouts Work with Alex Sklar, Payability

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Play Episode Listen Later Nov 5, 2019 19:15

Getting paid is one of the most essential parts of an Amazon business. Money fuels everything from ordering inventory to improving discoverability to shipping products. Understanding how Amazon pays sellers provides the knowledge needed to know when you can place your next inventory order or increase PPC spend. Alex Sklar, Head of Business Development and Strategic Partnerships with Payability, joins us to talk about Amazon Payouts and share how Payability can help. --- This episode's sponsor: Payability. --- Disclaimer: Payability does not claim to have any insider information on the processes Amazon uses to decide when to release or not to release a payment. This is proprietary information unique to Amazon. The following is based on publicly available information and trends we have observed.

Episode 102 - Amazon’s newest tool, IP Accelerator and should you use it_ with Peter Kearns, 180Commerce

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Play Episode Listen Later Nov 4, 2019 12:08

Amazon has launched a new tool for Sellers called IP Accelerator. It’s advertised as a free tool that connects you with law firms that specialize in Intellectual Property. Sellers then pay the law firm to file for a trademark application and Amazon will give those sellers access to Brand Registry, before the United States Trademark and Patent Office approves the trademark. Former Amazonian, Peter Kearns, 180Commerce, gives us his take on the program and if he thinks it’s worth it. This episode's sponsor: Payability.

Financial Products with Alex Sklar from Payability

The Smartest Amazon Seller

Play Episode Listen Later Sep 24, 2019 35:51

In this episode of the Smartest Amazon Seller, Scott interviews Alex representing Payability. They talk about when it is appropriate to take out a loan or an advance, how to work in the ecommerce world with advertising, and financial products for ecommerce based companies. They also discuss the difference between a loan and an advance. Alex- When is it worth the risk of taking an advance or loan? 4:28- financial products for ecommerce based companies. 9:20- differences between a loan and an advance 16:43- Payability’s work 23:17- Coupon with Payability 32:37“The shorter that you can create that time of when you made a sale to when you have money in your pocket, the smoothing you can kind of do over the rest of your expenses in your cash flow.”

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Finals Party in a Box with Amanda Wittenborn

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Play Episode Listen Later Jul 2, 2019 12:04

Amanda Wittenborn is the creator of Amanda Creation and Party in a Box! Amanda has a passion for parties, and after never being satisfied with off-the-shelf party decorations, she decided to create her own. That idea has grown and she has designed an all-in-one solution to provide on-the-go moms with everything they need to create a customized Pinterest-worthy party right out of the box Website: https://www.AmandaCreation.com This episode is sponsored by Payability. Have you ever found yourself in a situation where you have the right product, the perfect Amazon strategy, but all you need is cash? Payability is a financing company on a mission to give ecommerce sellers fast, flexible access to capital. They’re unique because approval is based on your seller account health and sales performance instead of your credit AND you can get your money in less than 24 hours. If you’re tired of banks not taking you seriously because you’re a small business selling online and want to get your inventory to Amazon before the competition, visit “go.payability.com/pitch” to get a $200 sign on bonus and discounted fees. Website: http://go.payability.com/Pitch IG: @getpayability FB:@getpayability Twitter: @getpayability **5 Minute Pitch** 5 Minute Pitch is the competition that gives entrepreneurs from around the globe the opportunity to virtually pitch their business or product idea for the chance to win a grand prize of $50,000.00. This season, more than thirty entrepreneurs will pitch their ideas via Zoom conference call to our panel of five experts, for the chance to advance to the finals and pitch to the judges LIVE in Miami, FL. Our panel of expert judges includes: **Greg Mercer: eight figure Amazon Seller, and the founder and CEO of Jungle Scout **Michael Jackness, a serial entrepreneur who has spent the past few years building a high 7-figure eCommerce conglomerate while blogging & podcasting about all of it along the way at EcomCrew. ** Steve Chou: The son of 2 tiger parents, Steve Chou started (2) 7 figure businesses while working full time as an engineering director. He now runs Bumblebee Linens and MyWifeQuitHerJob.com **Scott Voelker: 7 Figure Business Owner and Host of The Amazing Seller podcast a top rated business podcast that has helped thousands worldwide start and grow their own eCommerce businesses.

Semi-Final MMA Bobblehead with Dave Manley

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Play Episode Listen Later Jun 25, 2019 22:47

Dave Manley of MMA Bobbblehead joins us for his Semi-Final pitch in today's episode. IG: @mmabobblehead Website: https://MMABobblehead.com This episode is sponsored by Payability. Have you ever found yourself in a situation where you have the right product, the perfect Amazon strategy, but all you need is cash? Payability is a financing company on a mission to give ecommerce sellers fast, flexible access to capital. They’re unique because approval is based on your seller account health and sales performance instead of your credit AND you can get your money in less than 24 hours. If you’re tired of banks not taking you seriously because you’re a small business selling online and want to get your inventory to Amazon before the competition, visit “go.payability.com/pitch” to get a $200 sign on bonus and discounted fees. Website: http://go.payability.com/Pitch IG: @getpayability FB:@getpayability Twitter: @getpayability **5 Minute Pitch** 5 Minute Pitch is the competition that gives entrepreneurs from around the globe the opportunity to virtually pitch their business or product idea for the chance to win a grand prize of $50,000.00. This season, more than thirty entrepreneurs will pitch their ideas via Zoom conference call to our panel of five experts, for the chance to advance to the finals and pitch to the judges LIVE in Miami, FL. Our panel of expert judges includes: **Greg Mercer: eight figure Amazon Seller, and the founder and CEO of Jungle Scout **Michael Jackness, a serial entrepreneur who has spent the past few years building a high 7-figure eCommerce conglomerate while blogging & podcasting about all of it along the way at EcomCrew. ** Steve Chou: The son of 2 tiger parents, Steve Chou started (2) 7 figure businesses while working full time as an engineering director. He now runs Bumblebee Linens and MyWifeQuitHerJob.com **Scott Voelker: 7 Figure Business Owner and Host of The Amazing Seller podcast a top rated business podcast that has helped thousands worldwide start and grow their own eCommerce businesses.

Semi-Finals Deliberation, Part 2

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Play Episode Listen Later Jun 25, 2019 17:40

The judges deliberate on the second bracket of semi-finalists to choose the finalists who will pitch in Miami. This episode is sponsored by Payability. Have you ever found yourself in a situation where you have the right product, the perfect Amazon strategy, but all you need is cash? Payability is a financing company on a mission to give ecommerce sellers fast, flexible access to capital. They’re unique because approval is based on your seller account health and sales performance instead of your credit AND you can get your money in less than 24 hours. If you’re tired of banks not taking you seriously because you’re a small business selling online and want to get your inventory to Amazon before the competition, visit “go.payability.com/pitch” to get a $200 sign on bonus and discounted fees. Website: http://go.payability.com/Pitch IG: @getpayability FB:@getpayability Twitter: @getpayability **5 Minute Pitch** 5 Minute Pitch is the competition that gives entrepreneurs from around the globe the opportunity to virtually pitch their business or product idea for the chance to win a grand prize of $50,000.00. This season, more than thirty entrepreneurs will pitch their ideas via Zoom conference call to our panel of five experts, for the chance to advance to the finals and pitch to the judges LIVE in Miami, FL. Our panel of expert judges includes: **Greg Mercer: eight figure Amazon Seller, and the founder and CEO of Jungle Scout **Michael Jackness, a serial entrepreneur who has spent the past few years building a high 7-figure eCommerce conglomerate while blogging & podcasting about all of it along the way at EcomCrew. ** Steve Chou: The son of 2 tiger parents, Steve Chou started (2) 7 figure businesses while working full time as an engineering director. He now runs Bumblebee Linens and MyWifeQuitHerJob.com **Scott Voelker: 7 Figure Business Owner and Host of The Amazing Seller podcast a top rated business podcast that has helped thousands worldwide start and grow their own eCommerce businesses.

Playing Card Decks with Will Roya

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Play Episode Listen Later Jun 18, 2019 13:47

Will Roya is the CEO of PlayingCardDecks.com. Will has a successful business selling playing card decks currently, and has created a box-subscription service which he will be pitching to the judges today. He is passionate about his collectible playing cards, and hopes to win the grand prize to take his business to the next level. **Sponsored by Payability** Have you ever found yourself in a situation where you have the right product, the perfect Amazon strategy, but all you need is cash? Payability is a financing company on a mission to give ecommerce sellers fast, flexible access to capital. They’re unique because approval is based on your seller account health and sales performance instead of your credit AND you can get your money in less than 24 hours. If you’re tired of banks not taking you seriously because you’re a small business selling online and want to get your inventory to Amazon before the competition, visit “go.payability.com/pitch” to get a $200 sign on bonus and discounted fees. Website: http://go.payability.com/Pitch IG: @getpayability FB:@getpayability Twitter: @getpayability **5 Minute Pitch** 5 Minute Pitch is the competition that gives entrepreneurs from around the globe the opportunity to virtually pitch their business or product idea for the chance to win a grand prize of $50,000.00. This season, more than thirty entrepreneurs will pitch their ideas via Zoom conference call to our panel of five experts, for the chance to advance to the finals and pitch to the judges LIVE in Miami, FL. Our panel of expert judges includes: **Greg Mercer: eight figure Amazon Seller, and the founder and CEO of Jungle Scout **Michael Jackness, a serial entrepreneur who has spent the past few years building a high 7-figure eCommerce conglomerate while blogging & podcasting about all of it along the way at EcomCrew. ** Steve Chou: The son of 2 tiger parents, Steve Chou started (2) 7 figure businesses while working full time as an engineering director. He now runs Bumblebee Linens and MyWifeQuitHerJob.com **Scott Voelker: 7 Figure Business Owner and Host of The Amazing Seller podcast a top rated business podcast that has helped thousands worldwide start and grow their own eCommerce businesses.

Mayboo Clothing with Maylee Robbins

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Play Episode Listen Later Jun 18, 2019 17:53

Maylee Robbins is a poised 12 year old entrepreneur launching her 2nd e-commerce business. MayBoo Clothing focuses on comfortable, feminine dresses for girls. She is drawing inspiration from different cultures and designing meaningful dresses. The judges are impressed with her plan, and desire to serve humble pie to her dad, Richard. Does she make it to the next round? **Sponsored by Payability** **This episode is sponsored by Payability.** Have you ever found yourself in a situation where you have the right product, the perfect Amazon strategy, but all you need is cash? Payability is a financing company on a mission to give ecommerce sellers fast, flexible access to capital. They’re unique because approval is based on your seller account health and sales performance instead of your credit AND you can get your money in less than 24 hours. If you’re tired of banks not taking you seriously because you’re a small business selling online and want to get your inventory to Amazon before the competition, visit “go.payability.com/pitch” to get a $200 sign on bonus and discounted fees. Website: http://go.payability.com/Pitch IG: @getpayability FB:@getpayability Twitter: @getpayability **5 Minute Pitch** 5 Minute Pitch is the competition that gives entrepreneurs from around the globe the opportunity to virtually pitch their business or product idea for the chance to win a grand prize of $50,000.00. This season, more than thirty entrepreneurs will pitch their ideas via Zoom conference call to our panel of five experts, for the chance to advance to the finals and pitch to the judges LIVE in Miami, FL. -- Our panel of expert judges includes: -- **Greg Mercer: eight figure Amazon Seller, and the founder and CEO of Jungle Scout **Michael Jackness, a serial entrepreneur who has spent the past few years building a high 7-figure eCommerce conglomerate while blogging & podcasting about all of it along the way at EcomCrew. ** Steve Chou: The son of 2 tiger parents, Steve Chou started (2) 7 figure businesses while working full time as an engineering director. He now runs Bumblebee Linens and MyWifeQuitHerJob.com **Scott Voelker: 7 Figure Business Owner and Host of The Amazing Seller podcast a top rated business podcast that has helped thousands worldwide start and grow their own eCommerce businesses.

MMA Bobblehead with Dave Manley

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Play Episode Listen Later Jun 18, 2019 17:11

Dave Manley's passion for sports and mixed martial arts (MMA), and a desire to display MMA memorabilia in his office led him to develop a premiere collectible product, the MMA Bobblehead. Today we'll find out if he's got the product and business model to get the nod from the judges to advance to the next round. IG: @mmabobblehead Website: https://MMABobblehead.com This episode is sponsored by Payability. Have you ever found yourself in a situation where you have the right product, the perfect Amazon strategy, but all you need is cash? Payability is a financing company on a mission to give ecommerce sellers fast, flexible access to capital. They’re unique because approval is based on your seller account health and sales performance instead of your credit AND you can get your money in less than 24 hours. If you’re tired of banks not taking you seriously because you’re a small business selling online and want to get your inventory to Amazon before the competition, visit “go.payability.com/pitch” to get a $200 sign on bonus and discounted fees. Website: http://go.payability.com/Pitch IG: @getpayability FB:@getpayability Twitter: @getpayability **5 Minute Pitch** 5 Minute Pitch is the competition that gives entrepreneurs from around the globe the opportunity to virtually pitch their business or product idea for the chance to win a grand prize of $50,000.00. This season, more than thirty entrepreneurs will pitch their ideas via Zoom conference call to our panel of five experts, for the chance to advance to the finals and pitch to the judges LIVE in Miami, FL. Our panel of expert judges includes: **Greg Mercer: eight figure Amazon Seller, and the founder and CEO of Jungle Scout **Michael Jackness, a serial entrepreneur who has spent the past few years building a high 7-figure eCommerce conglomerate while blogging & podcasting about all of it along the way at EcomCrew. ** Steve Chou: The son of 2 tiger parents, Steve Chou started (2) 7 figure businesses while working full time as an engineering director. He now runs Bumblebee Linens and MyWifeQuitHerJob.com **Scott Voelker: 7 Figure Business Owner and Host of The Amazing Seller podcast a top rated business podcast that has helped thousands worldwide start and grow their own eCommerce businesses.

Daily Amazon Seller Payouts with Victoria Sullivan (Part 2)

Play Episode Listen Later Jun 6, 2019 1582:34

Clip 1 Victoria Sullivan’s Introduction Clip 2 Payability Clip 3 Payability Programs Clip 4 Pay for FBA and FBM Clip 5 Funding New Sellers on Payability Clip 6 Leveraging Payability for Best Deals Clip 7 Requirement for Funding Clip 8 Sellers Sources of Funding Clip 9 Tracking Money for Funding Clip 10 Barriers for Receiving Funding Clip 11 Cases for Alternative Funding Clip 12 Amazon Sellers Loans Criteria Clip 13 Additional Funding Clip 14 Terms of Working with Payability Clip 15 Account Protection Clip 16 Feeds on Daily Payouts Clip 17 Struggle in Funding Clip 18 Outside Funding Clip 19 Payability Trial Clip 20 Amy’s Old Amazon Account Clip 21 Conflicts in Payability Daily Payouts Clip 22 Signing up on Payability Clip 23 Training with Andy and Amy Clip 25 What is Mentor Box? Clip 26 What is Blinkist? Clip 27 Andy’s Favorite Podcasts Clip 28 Amy’s Favorite Podcasts Things we mention in episode 12 of SRT: Blinkist: https://www.blinkist.com/ Conversion Marketing Radio: https://www.conversionmarketingradio.com/ Gary Vaynerchuk: https://www.garyvaynerchuk.com/ Kabbage: https://www.kabbage.com/ Kiva: https://www.kiva.org/ LiftFund: https://www.liftfund.com/ Marketing School: https://marketingschool.io/ Mentor Box: https://www.mentorbox.com/ On the Shelf: http://ontheshelfnow.com/podcasts/ Payability: https://www.payability.com/ PayPal: https://www.paypal.com/ph/home Perpetual Traffic: https://podcasts.apple.com/us/podcast/perpetual-traffic/id1022441491 Product Hunt: https://www.producthunt.com/ Prosper: https://www.prosper.com/ Social Media Examiner:

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Daily Amazon Seller Payouts with Victoria Sullivan (Part 1)

Play Episode Listen Later Jun 6, 2019 1478:34

The 100 Book Challenge | Matt Osborne - Reezy Talks #059

Play Episode Listen Later May 20, 2019 92:44

Get a $200 Bonus when you sign up with Payability at http://go.payability.com/reezy Matt Osborne is a super smart dude, so smart that he works with Caleb Roth in all his operations; ScoutIQ, Eflip etc - Ive had the honor of meeting him several times, and its always a great knowledge exchange. In this episode he talks about the 100 book challenge and how that helped him grow his baby book business. The best part is he shares all kinds of numbers and data, which is to be expected for someone who rolls with Caleb Roth, ammiright? Follow Matt on IG http://www.instagram.com/matthewosborne Make sure to grab a copy of my free amazon course at my website http://www.reezyresells.com

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$235K PROFIT Year 1 - Local Merch - Mike Gual | Reezy Talks #058

Play Episode Listen Later May 13, 2019 91:21

Get a $200 Bonus when you sign up with Payability at http://go.payability.com/reezy Mike Gual has pioneered the local merch game. This is selling shirts to local businesses using the merch by amazon (or other) platform. He has seriously built an empire out of it. Follow Mike on Facebook, where hes most active If youre new to amazon, make sure to grab a copy of my free Amazon course at my website http://www.reezyresells.com

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Creator of Jungle Scout - Greg Mercer | Reezy Talks #057

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Play Episode Listen Later May 6, 2019 103:06

Get a $200 Bonus when you sign up with Payability at http://go.payability.com/reezy Greg Mercer is the creator of Jungle Scout software for amazon sellers. This is primarily a private label software and its widely accepted as the best and original private label software in the game. If you want to learn more about private label check this episode I did w Matt Loberstein https://www.youtube.com/watch?v=Qdc8-9BnfyI If youre totally new to Amazon, make sure to grab a copy of my free amazon course here http://www.reezyresells.com

Lost Luggage Auctions - Mark Meyer | Baggage Battles - Reezy Talks 056

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Play Episode Listen Later Apr 29, 2019 122:32

Get a $200 Bonus when you sign up with Payability at http://go.payability.com/reezy Mark Meyer is an awesome dude, a reseller who is an expert in Auctions and actually starred in a reselling series the Travel Channel did called "Baggage Battles" Follow Mark on Youtube https://www.youtube.com/channel/UClLEMdKoYiLE88iPaVHFF8Q Follow Mark on Insta https://www.instagram.com/markmeyerhere/?hl=en Grab a copy of my free Intro to Amazon Course at my website http://www.reezyresells.com

249: How To Manage Cashflow Issues With Your Ecommerce Business With Victoria Sullivan Of Payability

The My Wife Quit Her Job Podcast With Steve Chou

Play Episode Listen Later Mar 28, 2019 31:49

Every physical products business requires capital in order to grow. And cash flow can often be a problem because you need to invest a large amount of cash upfront to pay for inventory. In today’s episode, Victoria and I are going to discuss different methods of raising money along with the pros and cons of each. Victoria Sullivan is a marketing manager over at Payability and she’s an expert when it comes to raising funds for your ecommerce business. What You’ll Learn Why financing is so important for an ecommerce business Why it’s hard to get a loan from a […] The post 249: How To Manage Cashflow Issues With Your Ecommerce Business With Victoria Sullivan Of Payability appeared first on MyWifeQuitHerJob.com.

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E226: Convenient Financing Solutions for Ecommerce Sellers

The Ecomcrew Ecommerce Podcast

Play Episode Listen Later Feb 25, 2019 28:51

Hey there! We've had 5 Minute Pitch videos available online for a few weeks now. The entire process has been tiring yet fulfilling and we couldn't have done it without the help of great companies. One of which is Payability, a financing company exclusive for ecommerce sellers. On today's show, we have Vicky Sullivan to talk more about their products - Instant Access and Instant Advance. Here are some specifics that we covered in this interview. The high cost of a missed opportunity in ecommerce Why banks don't understand the needs of ecommerce sellers The difference between business financing and personal debt What is Payability and how is it different? Payability success stories Cash flow is key to growing that ecommerce business. But when it takes Amazon two weeks to pay, this can be quite difficult. This is where Payability's services can be of assistance. Get discounts ($200 sign-on Bonus + 1.5% Instant Access fee!) when you sign up using this link. Tune in to the 5 Minute Pitch. New episodes published weekly until the final round in May at the Sellers Summit 2019. Registration to EcomCrew Premium is now closed. But, you can join this month's giveaway and get the chance to win an annual Premium subscription for free. Need onsite and personalized advice for your struggling ecommerce business? Sign up for the EcomCrew Roadshow. Read more about it here. Finally, if you enjoyed listening and think this episode has been useful to you, please take a moment to leave us a review on iTunes. If you have any questions or comments, feel free to leave them below. Happy selling!

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TAS 638: How to ACCESS Your Amazon Cash Faster to Help Grow Your Business

The Amazing Seller Podcast

Play Episode Listen Later Feb 25, 2019 33:48

Have you ever had a moment in your business when getting your pay just a few days earlier could have made a significant difference to your bottom line? If you have, you aren’t alone! Many ecommerce sellers like you have struggled with the way Amazon’s payout system works. What is the solution? On this episode of The Amazing Seller, you’ll hear from Vicky Sullivan from Payability. Payability is a fast-growing fintech company founded and headquartered in New York City. They provide flexible financing solutions to small businesses in the digital economy. Payability has financed over $1 billion in growth capital to thousands of small businesses. In her conversation with Scott, Vicky talks about how she got started with Payability, what options are available through Payability, how most sellers use Payability, why some sellers are hesitant to use the service and much more. If you’d like to have more options when it comes to getting your funds into your account, this is the episode for you! The advantage that Payability gives sellers. Have you ever seen that number that Amazon will send your way showing you the sales figures you missed out on because your product was out of stock? Isn’t seeing that number the worst? What if there was a way to make sure your ecommerce business never missed those critical sales numbers again? According to Scott, one of the best advantages that Payability can offer sellers is the ability to avoid ever going out of stock again. Can you imagine that? If you’d like to learn more about how Payability and service like it can help sellers like you, make sure to listen to this helpful episode of The Amazing Seller! Several options you should consider. Are you ready to take a serious look at what services like Payability have to offer? What do you have to lose? Vicky Sullivan was kind enough to talk about two options they provide at Payability, instant access, and instant advance. Instant access - Instead of waiting weeks to receive your marketplace sales revenue, Payability Instant Access makes your sales available the next day, every day. Consistent cash flow you can use to reinvest in your business today. Instant advance - Payability purchases your future marketplace receivables, and gives you that capital today. Leverage your account health and sales performance to make an investment in your business. If you think it is time to incorporate Payability into your ecommerce success strategy, make sure to listen to this episode as Scott and Vicky expand on this important topic! Reservations sellers have with services like Payability. Wait, doesn’t all this early access to funds sound too good to be true? What are some of the drawbacks and reservations that people have when it comes to services like Payability? The good folks over at Payability aren’t providing this service for free; it’s a business model! They do charge a small percentage of the money they advance you. While that may scare some sellers off, consider this, you pay for other services like PPC, why not this one? If it fits into your larger strategy of growing and scaling your business, you should consider if the benefit is greater than what it would cost you. Make sure to listen to this episode of The Amazing Seller as Scott and Vicky go deeper with this subject! OUTLINE OF THIS EPISODE OF THE AMAZING SELLER [0:03] Scott’s introduction to this episode of the podcast! [4:15] Vicky Sullivan joins the podcast to talk about Payability. [8:20] What options are available through Payability? [11:20] How sellers use Payability. How Payability decides the amount to give sellers. [18:30] Why are people cautious about using services like Payability? [22:10] Vicky shares some success stories from sellers who used Payability. [24:00] Scott talks about the advantage that Payability can give sellers. [26:00] What is Instant Advance? [28:30] How to connect with Vicky and Payability. [32:00] Closing thoughts from Scott. RESOURCES MENTIONED IN THIS EPISODE Payability's Special offer for TAS Vicky on LinkedIn

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Are You Eligible for Payability? MISCONSCEPTIONS EXPLAINED - How You Get Paid Everyday on Amazon FBA

Hidden Hustler

Play Episode Listen Later Feb 12, 2019 12:41

Hey guys, thank you so much for tuning into this video & I hope that your day is going amazing! In this episode, I am going to be talking about Payability & going over what is required for you to become eligible & also I go over the misconceptions of Payability that I had, that you might as well! Payability is a 3rd party service that will allow you to get paid everyday when you’re selling on amazon fba. I hope you guys enjoy this video & I hope it brought you so much value! Thank you so much for watching! I am so grateful for your attention & support! Instagram; andrewgiorgi --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app Support this podcast: https://anchor.fm/andrew-giorgi/support

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Keyword: the Amazon Insider Podcast Episode 092 - Black Hat Issues in 2019 with Chris McCabe, eCommerceChris.com_mixdown

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Play Episode Listen Later Feb 7, 2019 12:19

If you’re feeling like all of your competitors are using black hat tactics to take you down, you’re not alone. Countless sellers are feeling negative impacts as more sellers resort to dirty ways to compete. Sellers following the rules are sending complaints to Amazon but rarely hear anything or see any action taken. We’re talking with Chris McCabe, with eCommerceChris.com, to determine what else sellers can do. Payability - go.payability.com/keyword

E-Commerce Expander Secrets - Vicky Sullivan from Payability

E-Commerce Expander Secrets

Play Episode Listen Later Dec 11, 2018 15:08

This week, we have a chat with Vicky Sullivan from Payability. Payability is a great partner we work with who provides financing for marketplace sellers.

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Delivering Excellent Customer Service with Nathan Hirsch Co-Founder of FreeeUp

INspired INsider with Dr. Jeremy Weisz

Play Episode Listen Later Jun 14, 2018 47:16

Today we have Nathan Hirsch Co-Founder of FreeeUp which is a marketplace connecting business owners with the top 1% of freelancers in ecommerce, digital marketing, web development, and much more. They have helped companies like Payability, Sharkk and many ecommerce companies with staffing needs. Over the past 15 years, Nathan has built several successful multi-million dollar businesses. In 2006, he founded his first online venture out of a college dorm room, selling and buying student textbooks and he was able to scale his ecommerce business, bootstrapping from a $20 investment to over $30 million of sales on Amazon across a 6 year period while serving over 10,000 customers. Here’s a glimpse of what you’ll learn: [1:10] Jeremy introduces his guest, Nathan Hirsch. [2:45] Nathan talks about his time at Firestone and how it impacted him. [5:10] How FreeeUp works to make clients and workers happy. [6:30] What did Nathan learn from watching his mother? [7:50] Nathan talks about his desire to become an entrepreneur. [10:40] How did Nathan get started selling on Amazon? [14:20] Nathan describes how his small business ran into significant challenges. [16:30] Why did Nathan start FreeeUp? How does it work? [19:30] Nathan’s pet peeves and tasks that he delegates. [24:00] Areas where most entrepreneurs should consider outsourcing. [25:30] Common tasks that businesses hire contractors for. [29:00] Value related interview questions. What are some red flags? [33:30] How has Nathan and his team hired such high quality workers? [34:30] Why it’s tough to hire web developers. [36:00] Nathan talks about his working relationship with his business partner. [39:00] How do you build a work culture with remote contractors. [41:30] A low point in the business so far. [44:30] A proud moment in business. [45:40] Who should use FreeeUp? In this episode… Where does the desire to deliver top-notch, excellent customer service come from? Why would a business leader zero in on this aspect of business over all others? Is it really that important? Can executing great customer service make that much of a difference to the bottom line? On this episode of Inspired Insider, you’ll hear from entrepreneur and innovator, Nathan Hirsch. In his conversation with Jeremy, Nathan opens up about his time working for Firestone, what led him to start FreeeUp, how he keeps up consistent quality among his contractors, challenges faced along the way, and so much more! Don’t miss a minute of this informative and engaging episode featuring Nathan! What aspect of your early professional career impacted you the most? Did the first job you held leave an impact on you that you still carry today? On this episode of Inspired Insider, you’ll hear from Nathan Hirsch as he shares how working for Firestone made a mark on his outlook. If it weren’t for his time at Firestone, Nathan most likely wouldn’t have as much of an emphasis on customer service as he has today. Working for Firestone gave Nathan an eye-opening look at how a good company can leave a powerful impression on its customers simply by delivering excellent customer service. To hear more about how this experience shaped Nathan and the lessons you can learn from it, make sure to listen to this episode! Let’s face it, every business leader who is worth their salt will run into challenges and difficulties at some point in their career. The real question is, how will they respond when adversity comes their way? On this episode of Inspired Insider, Nathan Hirsch shares how he responded to a particularly trying time in his career. While in college, Nathan ran a successful startup that was running so smoothly that he took a well-deserved vacation. By the time he returned, Nathan had several fires that needed to be extinguished right away or he would have to shut down the entire operation. Instead of tucking tail and running away, Nathan rolled up his sleeves and went to work. How would you respond in a similar situation? Hear the details of Nathan’s story and how this moment had far-reaching implications on his leadership style by listing to this episode! Did you know that you can take deliberate steps early on to make sure you have the right people for your organization? It’s true! While some leaders leave it up to a roll of the dice, you don’t have to! On this episode of Inspired Insider, you’ll hear from business leader and entrepreneur, Nathan Hirsch as he shares some helpful tips on how he hires the right people. For Nathan, it all starts with the interview process, he’s spent a lot of time and energy devising the right questions to ask potential contractors for his business, FreeeUp. To hear about how Nathan uses these questions to build the right team, make sure to listen to this helpful episode! What do you need to do to take your business to the next level of growth? Do you need to land that next big client? Do you need to spend time strengthening relationships with your current clients? What if you could free up some of your time to focus on the big picture? There is a way for leaders like you to free up your time and energy with the help of virtual assistants. Learn how enlisting the service of a virtual assistant works and how they can help you expand your business in ways you never thought possible! Get all the details from FreeeUp co-founder and CEO, Nathan Hirsch on this episode of Inspired Insider! Resources Mentioned on this episode FreeeUp https://freeeup.com/schedule-a-meeting/ FreeeUp's Blog UpWork Practice Perfect BaseCamp Trello Jira Asana Intro Music by Kidd Russell Sponsor for this episode Rise25 is where entrepreneurs of 6,7, and 8 figure businesses come together live and in person every few months to solve their biggest business challenges through this high-level Mastermind group. Each member leaves each week with lifelong friendships and actionable steps to take their business to the next level. Check out Rise25.com - a group run by myself and cofounder John Corcoran. Rise 25 is application only.

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How to Quickly Correct a Mistake and Get Your Business Back on Track to Success ALL-168

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Play Episode Listen Later Apr 9, 2018 10:48

Being an entrepreneur means you are going to have your ups and downs all the time within your business while you're growing and scaling! In today's episode learn about... When is it a good time to take a step back with a product or marketplace? What is the price of managing 7 VAT numbers in Europe? What is inventory turnover like in Europe compared to the US? How can you set up your business for the best success Useful Links Take control of your accounting and look at the cold hard data of your business, take control today and sign up for Fetcher Take control of your cash flows before the Q4 rush. Sign up for Payability today and get your Amazon payouts next-day, every day instead of waiting weeks for your money. Sign up here! The post How to Quickly Correct a Mistake and Get Your Business Back on Track to Success ALL-168 appeared first on FBA Allstars.

Merch By Amazon Tips W Hustler Hacks AKA Glen Zubia Reezy Talks #39

The Amazon Entrepreneur Private Label FBA Podcast

Play Episode Listen Later Apr 1, 2018 136:29

Check out this episode! This episode with Glen Zubia Hustler Hacks is based mostly around Merch by Amazon, but also touches on a lot of other Amazon topics, including retail arbitrage and Amazon FBA. We also talk a bit about his trip to visit Garyvee. checkout Glens Website http://www.hustlerhacks.com/ Checkout his Merch by Amazon Podcast w/ Yong http://merchminds.libsyn.com/ Thanks to our Sponsor; Payability Get $100 in account credits!! check them out at GO.PAYABILITY.COM/REEZY

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TAE 051: 5 Ways To Fund Your Private Label Business And Weird Things Happening With Review Placement?

Play Episode Listen Later Mar 29, 2018 23:53

Hey guys! Today I'm going to talk to you about 5 ways that you can use to fund your private label business, some you'll definitely have heard of but some may be new so check it out. I also talk about some funny business going on with reviews and their placement on product listing pages: 5 funding methods: Retail arbitrage Credit cards: Go to creditcards.com/zero-interest for the 0% interest cards Kickstarter and Indiegogo Family and friends Payability If you do decide to give Payability a test, go to: go.payability.com/Taz To get a $250 credit to your account to help offset some of those initial fees! Hope you guys loved this episode, if you like my mantras, follow me on instagram @taz_ahsan for more content! :)

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[One Question] Building a Healthy Organizational Culture with Nathan Hirsch Co-Founder of FreeeUp

INspired INsider with Dr. Jeremy Weisz

Play Episode Listen Later Mar 27, 2018 14:59

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SC62: Kevin Weeks from Payability shares how to improve margins, get funding for your business and more

Sellercast - Sell more on Amazon

Play Episode Listen Later Sep 19, 2017 28:47

Kevin Weeks is the guest today. Kevin works at Payability, a company that allows you to get next day payments from your Amazon Seller Central account. Kevin speaks to us about how to improve margins, improve relationships with your suppliers, get funding for your business and more. You can read the show notes and look at the resources mentioned in this episode by clicking here. Also, if you'd like to get more reviews for your products on Amazon check out Salesbacker.

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The New and Improved Way to Do Product Research and How to Find a Home Run! ALL-172

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Play Episode Listen Later Sep 11, 2017

Todays Amazon Insights What is the new jungle scout on steroids? What new data is this show? What is the importance of forecasting your Inventory? How can you pick the perfect product? Useful Links Take a hold of your Pay Per Click and lower your ACOS rates, Sign up to PPC entourage today with code fbaallstars and get 15% off per month for an entire year, sign up today! Keep track of Inventory easier than ever with AIhello, Sign up today! Start product researching products today! Take control of your cash flows before the Q4 rush. Sign up for Payability today and get your Amazon payouts next-day, every day instead of waiting weeks for your money. Sign up here! If you enjoyed today's dose of Amazon and want more, Subscribe and leave an Itunes review! www.aihello.com The post The New and Improved Way to Do Product Research and How to Find a Home Run! ALL-172 appeared first on FBA Allstars.

How to Get the Quickest Results with Amazon Seller Customer Service ALL-171

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Play Episode Listen Later Sep 6, 2017 7:17

Todays Amazon Insights What is the best way to deal with Amazon support? What are the benefits of calling the customer service line? How does fire and fury get Amazon to move faster? What is a way to reserve rankings when you stock out? Useful Links Take a hold of your Pay Per Click and lower your ACOS rates, Sign up to PPC entourage today with code fbaallstars and get 15% off, sign up today! Take control of your cash flows before the Q4 rush. Sign up for Payability today and get your Amazon payouts next-day, every day instead of waiting weeks for your money. Sign up here! Check if Amazon messes with your listings, check out amzalert, sign up today for 24-hour listing monitoring If you enjoyed today's dose of Amazon and want more, Subscribe and leave an Itunes review! The post How to Get the Quickest Results with Amazon Seller Customer Service ALL-171 appeared first on FBA Allstars.

What are the Risk and Rewards of Startups? How Can You Get Involved? ALL-170

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Play Episode Listen Later Sep 4, 2017

Todays Amazon Insights What are the best ways to make money online? What is the beauty of startups? What is the risk and reward of investing in startups? What can happen with investing in a startup? Useful Links Take a hold of your Pay Per Click and lower your ACOS rates, Sign up to PPC entourage today with code fbaallstars and get 15% off, sign up today! Take control of your cash flows before the Q4 rush. Sign up for Payability today and get your Amazon payouts next-day, every day instead of waiting weeks for your money. Sign up here! Get involved in investing with me today! If you enjoyed today's dose of Amazon and want more, Subscribe and leave an Itunes review! The post What are the Risk and Rewards of Startups? How Can You Get Involved? ALL-170 appeared first on FBA Allstars.

Dive into Amazon Europe with one of the Leading Experts Augustas Kilgys, How you Can Get Started and Build your Brands Abroad ALL-169

Play Episode Listen Later Aug 30, 2017

Todays Amazon Insights! What is the European Private Label Summit? What is Agustas's opinion on the new Amazon VAT service? What is a brilliant way to test the cost per click of a product? How have things changed since last year in Europe? Where is the best place to set up a European business with Brexit? What are the benefits of expanding off Amazon? What is the Significance of the German Market? What is the all access pass for the EU private label summit? Useful Links Expand to Europe without worry with FBA HERO, Have all 7 VAT numbers managed so you can use the PAN EU program and scale your European Business Take control of your cash flows before the Q4 rush. Sign up for Payability today and get your Amazon payouts next-day, every day instead of waiting weeks for your money. Sign up here! If you enjoyed today's dose of Amazon and want more, Subscribe and leave an Itunes review! The post Dive into Amazon Europe with one of the Leading Experts Augustas Kilgys, How you Can Get Started and Build your Brands Abroad ALL-169 appeared first on FBA Allstars.

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How to Correct a Mistake Made in your Business and Get Back on Track to Success ALL-168

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Play Episode Listen Later Aug 28, 2017

Being an Entrepreneur means you are going to have your ups and downs all the time within your business while your growing and scaling! In today's episode learn about... What is the price of managing 7 VAT numbers in Europe? When is it a good time to take a step back with a product or marketplace? What is Inventory turnover like in Europe compared to the US? How can you set up your business for the best success Useful Links Take control of your accounting and look at the cold hard data of your business, take control today and sign up for Fetcher Take control of your cash flows before the Q4 rush. Sign up for Payability today and get your Amazon payouts next-day, every day instead of waiting weeks for your money. Sign up here! Invest today in tech start-ups today with the best possible companies for returns. If you enjoyed today's dose of Amazon and want more, Subscribe and leave an Itunes review! The post How to Correct a Mistake Made in your Business and Get Back on Track to Success ALL-168 appeared first on FBA Allstars.

The Best way on How to Exit your Amazon Business and Have your Team Handle Your Responsibilities ALL-167

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Play Episode Listen Later Aug 23, 2017

Todays Amazon Insights What is the Overall goal when building and growing a business? What is the best way to manage your team? Why are we doing a question system with our team? What is it's purpose? How can having a trained team help you dominate Amazon and off Amazon? Useful Links Sign up today to AiHello for $10 per month for Limited Time! Take control of your cash flows before the Q4 rush. Sign up for Payability today and get your Amazon payouts next-day, every day instead of waiting weeks for your money. Sign up here! Amazon charges you 4% to change currency for you, that's $4k per year if your doing $100k and $40k if your doing $1m, World First will charge you 2% or less, Start savings today! Invest today in tech start-ups today with the best possible companies for returns. If you enjoyed today's dose of Amazon and want more, Subscribe and leave an Itunes review! The post The Best way on How to Exit your Amazon Business and Have your Team Handle Your Responsibilities ALL-167 appeared first on FBA Allstars.

How Can AiHello Save you at Least 10% on Shipping Costs off Amazon and AiHello can Give you the Competitive Edge over Competitors ALL-166

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Play Episode Listen Later Aug 21, 2017

Amazon lost over $8Bn on Shipping last year, Chances are if you're doing anything off Amazon you are wasting loads of shipping costs, Good news is I have a solution, Tune in to Find out! What is AiHello? What is the Benefit of AiHello? How can AiHello help you lower your shipping costs by at least 10%? How you can out price your competitors due to the margins of saving on Shipping? Useful Links Make sure to stay on top of US taxes and save countless hours with Taxjar, Sign up today! Sign up today to AiHello for $10 per month for Limited Time! Take control of your cash flows before the Q4 rush. Sign up for Payability today and get your Amazon payouts next-day, every day instead of waiting weeks for your money. Sign up here! Join the fbaallstars Facebook group to Network with over 6300 Amazon Sellers to figure out how to dominate Amazon! Need Help Growing Your Brand? Today's Sponsor GlobalAMZ helps consumer brands scale and expand on Amazon, at home and internationally to build your brand big time without the work. The post How Can AiHello Save you at Least 10% on Shipping Costs off Amazon and AiHello can Give you the Competitive Edge over Competitors ALL-166 appeared first on FBA Allstars.

Is Selling on Vendor Express worth it? What are the Benifits and Drawbacks? ALL-165

Play Episode Listen Later Aug 16, 2017

Todays Amazon Insights What is the difference between Vendor Selling and FBA? What are the benefits of using Vendor as opposed to FBA? What are the drawbacks of Vendor? How can you get the best pricing on your inventory for Vendor? What is the biggest struggle with Amazon Vendor Express! Useful Links Sign up to AIHello for $10 a month today, Start forecasting your sales and inventory today for the best price and useability! Check how your keywords are indexed and find new keywords for your listings with Helium10, Sign up today! Take control of your cash flows before the Q4 rush. Sign up for Payability today and get your Amazon payouts next-day, every day instead of waiting weeks for your money. Sign up here! Join the fbaallstars Facebook group to Network with over 6300 Amazon Sellers to figure out how to dominate Amazon! Need Help Growing Your Brand? Today's Sponsor GlobalAMZ helps consumer brands scale and expand on Amazon, at home and internationally to build your brand big time without the work. The post Is Selling on Vendor Express worth it? What are the Benifits and Drawbacks? ALL-165 appeared first on FBA Allstars.

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Interview with Brent from Payability and How it can Help you Eliminate your Cashflow Issues from your Business ALL-155

Play Episode Listen Later Jul 12, 2017

Today's Amazon Insights How did Brent Get into E-commerce? What are the biggest issues Sellers Have? What advantage does daily payouts from Amazon have on your business? How does Payability help you scale? How hard is it to get traditional finance for your business to scale? How do you sign up for Payability? What is the percentage of sales Payability charges? Useful Links Sign up for Payability today and start getting paid daily instead of fortnightly! Contact Brent - brentc@payability.com Email Sales Team - sales@payability.com Sales Team Number - (646) 494 8675 Protect your Amazon Business by getting insured so that Amazon cannot stop your income without warning If you are struggling to fund your Amazon Business, up fund is a crowdfunding site for Amazon Sellers New to the Podcast? Check out our Get Started page here to go faster growing your Amazon business! Need Help Growing Your Brand? GlobalAMZ helps consumer brands scale and expand on Amazon, at home and internationally to build your brand big time without the work - and way faster. Interested? Let's chat. The post Interview with Brent from Payability and How it can Help you Eliminate your Cashflow Issues from your Business ALL-155 appeared first on FBA Allstars.

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Interview with 6 Figure Seller Shane and How Fetcher Is Revolutionizing Accounting for FBA ALL-153