Introduction of Inventory Lab To List Items On Amazon FBA and Accounting
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Introduction of Inventory Lab To List Items On Amazon FBA and Accounting


so let’s say you’re moving along in your business things are going great but how do you keep track of all the expenses how do you do account management how do you keep track over the prophet and the sales and the income and expenses how do you keep track of all that stuff well in this video I’m going to show you a program called inventory labs that i personally use to keep track of all of that stuff so you have a better idea what’s going on in your business so let’s get started hey it’s Lenny from Simon Says risa or go ahead and share some videos about my experience selling on amazon FBA he also creates some how-to videos and some other videos to help you guys out to kind of get either started or maybe refresher on some of the Amazon processes and workflows and things like that but in this video I’m going to share with you a program called inventory labs inventory labs is a account management / listing software that you can use to list and keep track of your Amazon business and list items I’ve been using it for a few months now and again it’s mainly for listing and for accounting purposes others use QuickBooks and some other you know software like that to do accounting which works great as well this one your kind of paying for everything in a single pane of glass so I got both of those features and functionality within one application its cloud-based you don’t have to download anything to your computer which is great it’s all online and kind of ready to go whenever you’re ready to go the price is about 50 hours a month or so you can do a trial there’s a link below to sign-up for a trial account if you want to go ahead and do that doesn’t hurt hook it up to your Amazon store start doing things with it start listening things start looking at some of the sales you have made and it does a pretty pretty good job yeah so I’m going to go ahead and do a deep dive or starting on a deep dive a shallow dive because I don’t want these videos to be too long because I know some of them are pretty long if you want a deeper dive just you know shout out in the comments but I’m going to kind of keep a very high level I’m probably gonna skip around a few things because I don’t want you to see certain parts of my business because some of its personal information like an address or something like that so I’ll skip over those parts but kind of give you a kind of good breakdown of what to expect with the program now this isn’t the only program i feel like i said before for listing you can use scan Lister’s another great one it’s it’s all it does is list items for you there’s two pricing plans for that one is twenty dollars a month or the other option is 250 hours up front and that’s just a one-time fee so again I’m actually started using that I’m paying 20 hours a month right now to kind of test it out to see if that’s something I want to go with because I do love inventory labs but I also trying to want to cut costs as much as I can because you know what the Amazon fee changes and stuff in the US I’m trying to cut costs as much as possible so I could still still stick with inventory labs for several more months but I’m just kind of see what my options are and you know as a business that’s something you should continue to do is kind of see what you can do to save money save time and things like that so again this video is mainly about inventory labs any questions about it obviously go ahead and shoot some in the comment section and let me know what you think those of you that have used it before maybe use it maybe there’s a different way to use it you know i’m not i’m not a pro of this at all i’ve been using it for you know right now it’s april 25th or 24th or so i’ve been using it since early december last year so i’m using it for several months now and it’s it’s been doing pretty well for me so without any further ado let’s go ahead and pivot over to the inventory labs a quick little demo shallow dive alright see you there ok so here we are is inventory labs inventory lab calm I jumped to the pricing page is to show you guys really quick the different pricing plans I currently have the monthly plan for forty nine dollars a month and had that same plan since I started a few months ago and again there’s a free trial as you can see I’ll have a link in my description for a link or to the actual trial as well so you guys can sign up for that it’s a full full free trial so you can pretty much use it until the trial runs out no features are restricted so it’s a full free trial which is great to kind of give it a shot once you connect it to your Amazon story everything will start sinking and you can use it just like you if you paid for it so i would highly recommend that so when you first log into inventory labs you will see a dashboard for the most part I think you can change and what happens when you log in but you’ll see a dashboard it kind of gives you based on the time frame so for example starting in January of the year it gives you a breakdown very nice and neat and clean you know the sales and profit for each week if you want to do it weekly like that as you can see the sales the profit there and kind of chops it up into there you have a nice little pile graph to show you the cost of goods sold the selling fees FBA transactions inbound shipping to Amazon and any other expenses like supplies and things like that because automatically it takes things out that are kind of automated or part of the sale anything outside of that like I said like boxes and tape and other things aren’t part of the sale the order you can put in is another expense you can really keep track of everything which is great you can change it to you know based on month based on year based on quarter stuff like that so I just chose January cuz that was my best week sorry my best month now if you watch some of my other videos I first started in November of 2016 December was more of the month getting everything that I could possibly to Amazon and then January is my first kind of really really good month I think I kind of I started off on a really hot month probably one of the best month of the year so I got really excited and things were awesome and then as you see is the the year moves on in February I didn’t do as well you know one week I mean 171 dollars and then negative 65 and then 142 and then negative 45 and 32 so what I was also doing is I was also experimenting with things so it wasn’t like I didn’t touch anything for this month here I always continue to experiment until I kind of find the best kind of landing spot but also what’s happening is I’m getting away from you know one of the hottest months the year which is January so sales have gone down I think also during either februari or so you know Amazon was having issues with their site I noticed some people are having problems ordering but that’s not the main reason it’s just kind of how it is once you start getting further in the year so here’s April sorry March teeny bit better had a couple good weeks there and now I’m in April now and probably not one of my best months yeah only save 30 40 50 probably 50 hours in profit so far what i have done though these few few weeks is i have taken out a lot of costs so I what I have left is I didn’t remove some of the expenses from inventory labs so it still thinks I’m paying for that so what’s still taking out of my overall profit loss kind of balance sheet so I’ve kind of stopped and made adjustments towards the beginning of the month because again I’m trying to try to save money as best I can as part of Elvis you’re running a business is trying to reduce your costs and increase your efficiency so again I’m new to this for the last couple months i’m not an expert amato pro I haven’t been doing this for ten plus years i also have been paying as much attention to it because you know I had a kid a third kid so things were a little busy there i also have I was focusing on private label and also another business venture that I have so this is really more of turning into you know it’s a business you know I’m very serious about this and I can will continue to be and I’ll let you guys know if I don’t but I’m still kind of moving forward but all my attention Lee is an honest so much but I’m really starting to cut costs noun kind of really cleaning it’s in my inventory out for example there were some calendars from 2016 that I sent in in December 2016 who the hell buys a calendar the last month of the year I heard there was a bit of a market for it heavens old one I put about I send about 20 and Amazon none of them sold i have about 500 at my house that I got from a palette that of course I don’t know what’s in the palette until you buy it so I’m throwing all that away I send a disposal request just to dispose of those 20 calendars for me didn’t cost me that much actually I it’s probably maybe under five dollars or so it was pretty cheap but that’s what I’m kind of doing now isn’t going through my inventory you’ll see how many things I have in my inventory right now but this is ash board kind of shows you a very high level of what’s going on you can adjust it by a time range and stuff so under the research tab this is your main navigation up here you have a scout scout is like a place to go ahead and kind of search for things before you actually list them because when you start listening things on here that’s we can kind of do some homework which is what makes this extremely powerful this program those who’ve used FB a scan and other apps like that part of them allows you to you know look at all the different offers with all the different prices make your best judgment and kind of use some extra tools like camel camel camel we can do all this in this app which which which is what makes this app pretty cool but research is more just doing your research so I have an ISBN that I searched for before you pop in the ISBN you kind of get this window here you get you know the title of the book the rank sales rank the estimated commission closing fee FBA free shipping estimated sales tax whatever and on the right here you have some other features as well let me move his window over here you have how many offers there are the original retail price the new and used merchant prices with the conditions next to them the FBA prices with the priced condition and also this o is x box and a means amazon so amazon sign is booked for 52 1959 there doesn’t seem too many other FBI offers but just like within the other API you don’t see all the FBI offers so what I usually do is I go down to here to this prime button and I open that up and it allows me to look at all the prime so right now they’re I’m going to click on prime usually a default at any and that anyway so there’s only one offer an FBA which is prime 419 59 so if i had this book selling FBA i would price it under that and that would work out pretty well it’s going back here and look these are all the tools you have the book scatter which is a great little app that have ebay google camel camel camel kippah and amazon product search you also have let me just shrink this here really quick you also have cost per unit so maybe this cost me two dollars automatically adjust the price of net profit for example as you can see it adjusted and then the list price that’s kind of how much someone’s listening it for so if I was competing against them might undercut them maybe a little bit and this would be my net profit this takes into account the cost of goods sold and also here on the left how much you bought the book four plus the cut taxes and the Commission and the shipping so it calculates everything for you and gives you a pretty decent net profit and also the ROI so this is one window to get very familiar with if you start listing with inventory lab because when you list this is exactly what you use to list the same kind of interface you just have to play around with the list price and just do your homework so if you guys remember before it and when I did a few videos I told you I it takes me well no longer than two minutes to list a book when I do this and this is what I’m doing is I’m going here typing in the IR scanning the ISBN with my scanner into here and close that and I click on the prime button to see what the offers are and I kind of do a kind of average pricing and set that as my list price so that’s what that’s all about the other one is history this just shows you the history of the scans I guess the search as i did nothing there not a surprise open batches so this is like the default page you get to when you first login so list here is how you create batches you can create a new batch think of a batch is think of a batch as a collection of items that you want to list so you click that you set your parameters and you pretty much start scanning or listing and it gives you that same window where it gives you the breakdown the columns so that’s kind of the work if I’m not to go through it now because it just took a lot longer to do that so again this is more of a shallow dive inventory so I go to inventory FBA this shows you all my items in my inventory so i have about 1,900 items mostly books they’re not all active so let me change the status to active so i have about the loan or 15 items that are active on amazon right now shows you the title the msq which is minus q that the customers don’t see the status the quantity list price cost yeah cost per by cost supplier date purchased and that’s about it merchant so if I was selling merchandise also look the same information up as merchant so the inventory lab shows both F being in merchant information if you’re doing both or one the other accounting so f bacl so i’ll show you guys some of my sales that have i’ve done what’s cool about this is it shows you the date the profit status you’ll see estimated because until it becomes the reconciled it kind of does an estimated price as far as the cost that the FBA fees and you’ll see that in a second so auto details you get the order number straight from amazon the quantity the sales price the by cost the profit blah blah blah so when i list my items i always put a bad cost if they don’t have a blast that means it was probably from my personal collection of books and i don’t remember how much I paid for it so I just put 0 for now but most of my items as you can see oh no some of my personal ones just recently sold which is interesting but as I scroll down you can see the black ops been the green here this is the profit after all the fees are taken out so a couple dollars six dollars three dollars three dollars three dollars five dollars fourteen dollars eight dollars hours three hours five dollars you kind of get the point so this obviously all adds up and that’s kind of what I’m doing is I’m I’m not really one to go out and and look for those text books that have a fifty dollar profit I’m I’m okay getting the books that give me you know a few dollars at least profit or more so that’s kind of what my business model is right now maybe that’ll change i don’t know but this kind of gives you a really good breakdown of how things are kind of laid out so i clicked on one of the orders here you can see on the right fees the Commission closing fee and fulfillment fee it gives you a breakdown yeah this is from my personal collection because I always label mais em excuse kind of my supplier underscore and then it automatically generates a number when I add it so per means personal so this book’s over 3338 these are all the costs this is the profit so I made 20 hours or so on this book so that’s not too bad I’ll take that let’s see merchant sales if I had sales refund so any refunds that happen throughout my Amazon experience will also get kind of populated here as you can see reimbursements any reimbursements that happen so basically so far what I’ve showed you this can all be seen in seller central it really isn’t anything here obviously the listing is unique to this app but you can see all this stuff in amazon central just kind of gives it to you in one place which is nice reimbursements if i have any which obviously i do you can see other income so these are this is income that you can add in that isn’t automatically taken out from a sale or an order or sorry this is income so this is income that’s coming in that isn’t part of a sale or whatever so what I did back in the day back as you can see my dates or December I was so new to this what I did and you guys probably done it before is I jumped on ebay and I look for books that I can buy on ebay through auction so again I’m really cheap and then i resell them on Amazon based on how popular they re all sales rank and all that and I did pretty well the these were all my commissions coming in for those books now the one thing that I didn’t like about this is why I stopped is a lot of the books i was getting we’re good but there were a few that weren’t legit they were copyrighted they weren’t originals and that’s when you start getting in trouble with the publisher and it’s just a mess so I stopped that immediately so all my books the almost 1,500 books you see in my store now those are all legit non-fda non ebay bought books they’re all from goodwill and garage sales and stuff like that so again I started doing that in the beginning but as you can see if you have any extra income you can add it here and it adds it to your overall income and your balance sheet inbound shipping that gets taken from your seller account as well you’ll see my inbound shipping costs in a second you go $13 2350 that mileage you can do mileage if you have that type of thing I don’t because it’s just me I don’t really keep track of mileage I don’t care other expenses so this is what I was trying to get it before if there’s any other expenses like shipping supplies or app recurring fees or feedback 5 i did a video and feedback 5 recently i’m putting that in as my expense social media i did some social media stuff with YouTube inventory labs 50 bucks right there FBA seller apt 9 95 for some of my people here storage fees automatically taken out 3620 so some of the stuff is automated some of it isn’t so anything with this app that’s what I added you can set up is our recurring fee or a one-time fee my supplies here maybe not I thought it had supplies hello anyway this is a great way to kind of add more expenses if you have them on the left here there are some additional buttons which are similar to these so it’s the same thing reports so these are very powerful I like these very much so supplier of profitability so you obviously get your book somewhere where’s the source of your books I’m going to change this to last six months because it just looks better these are the sources these you can create yourself these are all customized sources you know these are neighbors these are goodwill as you can see other people that I’ve bought books from tells you how many books have sold from that supplier so it kind of gives you the supplier profitability the revenue profit so on and so forth so this is a great way to determine kind of maybe you’re paying someone commissioned at the end of the month or some bookkeeping stuff this is a great thing to kind of have at your fingertips to export and kind of do some booking if you need to and then it goes into supplier category skew Mason profitability kind of get the idea sales tax report profit loss kind of balance sheet that’s a great thing to see as well and that’s pretty much it I haven’t walked you through the listing of books yet it has an amazing workflow which I will try to do a video on later on it’s just a longer video and that’s kind of it the one thing I do have to say about inventory lab is the support the support is phenomenal with them they are open on the weekends they answer you back extremely fast and this is just email support I’m not even talking about phones aboard I don’t know if they even have bone support I’ve been so happy with email support I just do that because it’s so much easier to kind of send a message to them and Gil the information correct instead of trying to explain to it over and over again support is phenomenal so the product is great support is great the price is kind of high but you know you get what you pay for you pay fifty dollars a month for something like this it’s kind of expected I think maybe the price could be a little cheaper but you’re getting so much here so maybe it is fair and competitive but that’s really it guys I hope you guys enjoyed this video of inventory lab again if you want to go ahead and check it out give a trial of it definitely took look for the link in my description and have an awesome day bye well alright there you go that’s inventory labs I hope it really helps you guys out to kind of get a better idea what to expect again it’s a great program has a lot of features has a lot of bells and whistles it may not be for everyone you know some of you may like the simple form like scan Lister has where it’s just listing software and then you can use QuickBooks or some other software as well there are other applications and some other tools out there to that I’ll probably do reviews on later on which I’m starting to explore right now but right now if you’ve heard about inventory labs or you haven’t heard of inventory labs and you’re wondering how to keep track of your items as far as accounting purposes and a pretty easy way to list things this is a great product as well so again if you like the video go ahead and smash that like button if you have any comments questions concerns go ahead and pop them in the comments section and if you haven’t subscribed yet please do because you’ll get notified when I come out with new videos all right I hope you enjoy this video and you guys have an awesome day bye

15 Comments

  • James Summerlin

    First time seller. You rock! This intro helped out so much. Lots of people on YouTube are not doing a dive like you are doing. GREAT JOB!

  • Gina F

    You have the best videos! I need a deeper dive into this! I have the free trial but I'm overwhelmed between the scoutify app and this inventory lab. It doesn't seem so easy.

  • Orly Lindsey

    Love your videos. Very thorough, helpful, and informative. However, in reviewing the Inventory Lab site, it mentions that you can print labels through Seller Central if you don't want to use a thermal printer. For someone just starting out, I don't know if I want to make an investment in a thermal printer if I can bypass it with an alternative less expensive method. Would love to see a video on how to do print out labels on a sheet from my own printer via Seller Central versus generating them to a thermal printer from Inventory Lab. Also, you may have addressed this in a previous video, but would like to know if there are any books or types of books that are restricted from being sold on Amazon FBA and what are the consequences if you send a book in that is restricted, etc. You really have the best videos on FBA, and I've watched A LOT of them. Others have tried to cover it but you have succeeded. Thanks

  • George Man

    What I really appreciate about you is that you don't sugarcoat the book selling process. I see other videos where people make it sound so easy. For someone like me who is thinking about going into the book selling business, your videos have been very helpful to me. Thank you so much. I'm just thinking aloud to myself what it will would take…. The monthly FBA merchant fee is $40 and Inventory Lab fee is $50 a month, so I need to get back $90 just to break even. If I average a profit of $5 per book, I need to sell 18 books to keep my business in the black. Let's assume that I want to make $200 per month in profit, I need to consistently sell 58 books each month. If I want to make $2,000 per month, I need to sell 418 books. In one of the Youtube videos, a guy claims that he makes $10k per week/ $200k profit a year. He's also selling a how-to course on selling books. I don't know if what to believe.

  • Ramblin Man

    The information you provide is very informative and you spend quite a bit of time explaining things. Not so much that it gets overbearing but just enough to get the point across. Much appreciated. I'm about to pull the trigger myself and get started with reselling books. However, my only concern is making a profit after expenses to really make it worth my time. I'm definitely no looking for something to replace my full time job with but rather grab some extra income. Of course with any business venture there are risks, but would you say based on the time that you have been selling that the profit you have made is worth the time and expenses put into it?

  • Jennifer Baldassari

    Great training – thank you!! I understand the value of Inventory Lab however is it possible (I'm guessing, yes?) to enter all of your books manually into Seller Central? I am just learning and see many teachers using 3rd party software, but if I'm not ready to make the 3rd party software jump and want to really learn Seller Central, can the same goal be met without Inventory Lab, etc….? pro's / con's ??

  • Gina Taschuk

    How do you track the cost of books purchased when you have a day that perhaps you have purchased 30, 40 or 50 or more on a particular day? What about yard sale & thrift store purchases that may not have a bill of sale?

  • The Loser's Guide

    Hey Lenny. Where are you. You haven't made a video in 4 months. I know you have a new baby and that takes up a lot of time but we miss you and need you. I sold $1,300 in books my first month selling FBA and i owe all of that to you and your videos. So please don't give up on this. It has really helped a lot of us.

  • Aldo Redaelli

    Hey – love the videos – I see that you are not active anymore and I read some of your reasons. Can you drop me an email? or message me somehow. I wanted to ask you something. A shame you stopped this though.

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