Using QuickFile for an eBay Dropshipping business

[Kerry7303]

Hi. I’ve been using kashflow.com for my accounting needs and while this pretty much takes care of everything regarding my business, it comes at a cost and is not totally accessible for someone with no sight. I’ve been looking at quickfile for a while and wondering how/when to set things up. Here’s my business model in a nutshell.

I run an eBay drop shipping business. for those of you who may not know what this is, it means I look at items on suppliers’ websites, list them on eBay with a mark-up and when they sell and I get paid via Paypal, I go back to the supplier’s website and send the item directly to the customer. This means no stock for me to hold and I could start up with very little capital investment. When you’re on benefits that’s very important. I sell both in the UK and in the US and all my payments and purchases are handled either via paypal itself or my paypal business card. I trade with multiple suppliers and in US Dollars and GBP.

I also have a very small residual income from another home business I did for a while but stopped because from a practical point of view it was not viable. The monthly commissions I get for this go into a separate UK bank account which is specifically used for this money, paying my National Insurance and transferring any incomes I make from my eBay business.

How can i set up quickfile to deal with this? Should I wait until the end of this financial year? Can I set it up so that it can take my financial accounts between 2016 and 2017 just so I can get all my ducks in a row and make sure everything is working properly before the next financial year begins?

Any help greatly appreciated.

Kerry Fielding

[QFMathew]

Hi @Kerry7303

We have quite a few users who sell via eBay and other similar channels, so I’d definitely say QuickFile is suitable. I’ll give you some guidance on some of our features that could help, but you may find that other users would be better at this than what I am

@Kerry7303

I run an eBay drop shipping business

This can be done in a pretty straight forward set up - recording the purchase invoices on QuickFile. You’ll probably find it easier to add your eBay sales in bulk (e.g. recording your sales on a daily or weekly basis). As eBay themselves produce the invoices and confirmations for your purchasers, this should be sufficient backing evidence of where the money came from, should HMRC ever query anything.

@Kerry7303

I trade with multiple suppliers and in US Dollars and GBP.

We support multi-currency, so you can create your invoices in GBP or USD.

@Kerry7303

all my payments and purchases are handled either via paypal itself or my paypal business card

We have a feed with PayPal, so you can link your PayPal account and we’ll pull in your transactions from the previous day. This can actually automate the bulk invoicing mentioned above too.

@Kerry7303

Should I wait until the end of this financial year?

You may find it easier to start fresh, but it’s not impossible to start from now. I’d recommend taking a look at our getting started tool which will give you some pointers is getting your accounts up and running.

I hope this helps, but please let me know if you have any further queries