Do you wish you knew if your reselling business was profitable or not? Is keeping up with inventory and sales a struggle? You’re not alone! It has always been for me too, until I was introduced to My Reseller Genie. If you need an easy, affordable bookkeeping solution for your reselling business, I’ll share all the details in this blog post.
My Reseller Genie At A Glance
My Reseller Genie Pros
My Reseller Genie Cons
If you’re looking for an accounting software that is designed specifically for reselling, and that also makes tax time super easy, this is the ebay accounting software for you. Track your inventory and sales on multiple platforms with ease.
Why should you listen to me?
Most people that know me know how much I loathe numbers, math or anything associated with it. It’s just not my thing! And it’s ok if it’s not your thing either. You don’t need to be a math whiz with My Reseller Genie.
If you don’t know your numbers, you could be losing money month after month, and be super stressed out at tax time. Quickbooks is great, but it’s not set up specifically for resellers. Yes, you can use it, and I have, but it takes a more advanced knowledge of accounting than I currently have. And seriously, who wants to use an accounting program that you have to “modify” to work for you.
GoDaddy Bookkeeping was my go-to for years, but the word on the street is that they’re going to do away with it this year.
My Reseller Genie was created by Faith & Paul, a reseller and an accountant. They saw a need in the reselling community, and created a product to fulfill that need. It’s brilliant! I’ve been using their software, and it’s awesome. It’s easy to use, and reports are easy to print and give your accountant at tax time.
Manage All Inventory in Once Place
My Reseller Genie makes it easy to:
- record inventory cost as you purchase it
- keep track of your inventory bin number or location
- initially upload existing inventory in bulk
- know how much inventory you currently have in each category
Analyze Sales & Expenses
Tracking sales and expenses can be tedious, depending on how you track them. Before committing to a new system, I always want to see what it actually looks like and how it functions.
I’ve included some screenshots below to show you all the features, and let you get a feel for how My Reseller Genie works.
Get an overview of the health of your business with the management dashboard.
Track your sales with the detailed sales dashboard.
All sales and returns are listed below the profit and sales detail. You can go back and edit them if necessary.
Add inventory when you buy it. The more details you add, the more you can track.
Easily report sales and add as much detail as you would like.
Generate a profit and loss statement for tax time or any time!
My Reseller Genie Pricing
- Two pricing options, a basic and premium plan.
- Basic does not include sales analytics (which is worth the cost of the premium plan)
My Reseller Genie Competitors
There aren’t really any true competitors for My Reseller Genie, not that I’ve found anyway. The only one that comes close is Thrifter’s Scorecard. For what it is good for (analytics and sales goal tracking) it’s great, but it has one major flaw. It does not track shipping expenses. It only tracks the profitability of your shipping expenses. If you can’t generate a report for shipping costs at tax time, what good does that really do you?
You can also track the same data in an ebay bookkeeping spreadsheet like the Flippd Spreadsheet Pro Edition, which I recommend if you like spreadsheets. I use them for some things, but I’m not a math person or a spreadsheet person. Ok? Ok. They’re too tedious for me, but if that’s your thing, go for it!
For the record, I have used the Flippd Spreadsheet Basic Edition, Thrifter’s Scorecard, and My Reseller Genie for several months at a time so that I could give you an accurate opinion. My Reseller Genie wins every time! You’ll get a great product, specifically designed for reselling, plus excellent customer service. It’s a great software for not only ebay sellers, but any who resells on other or multiple platforms.
In past years I used GoDaddy Bookkeeping, and it was great because it would pull your sales from multiple platforms. This was especially helpful when ebay’s payments were through Paypal. From what I understand though, they are going to discontinue it at some point this year. It also doesn’t track individual items and their locations. You’ll get reports for tax time, but you can’t track individual items before they sell.
Who is My Reseller Genie right for?
My Reseller Genie is right for you if you:
- hate using spreadsheets
- want an easy way to keep track of your numbers
- are interested in tracking your profitability month to month or category to category
- would love to print a profit and loss statement at the end of the year and simply hand it to your accountant
- know you need to track your numbers but have no idea how to get started
Who should avoid My Reseller Genie?
My Reseller Genie is not right for you if you:
- don’t want to track every single item
- don’t want to manually enter expenses
- would rather use something that is app based
If you want to keep your finger on the pulse of your reselling business with an easy to use ebay accounting software, My Reseller Genie is what you need! Keep track of your inventory, its location, sales, profit margins, expenses and more! Bulk upload your existing inventory to get started today.
When tax time comes around, all you need to do print your profit and loss and give to your accountant. Take the stress out of tax time with this easy to use software.