Helping You with Your Amazon FBA Business

InventoryLab: Why I Joined and What it Offers

After 14 months as an Amazon Seller, I finally signed up for an InventoryLab subscription.  Not only that, I bought an annual subscription to save a little bit of money off the subscription fee.

Why I Signed Up
Because I’ve finally outgrown my Excel spreadsheet system.  As my volume has increased, so has the amount of time that it takes to enter my data.  Right now, I have a lot going on and need to improve my time and efficiency.  Plus, I’ve been making data entry errors which isn’t good.

From what I’ve seen posted in the Amazon FBA Facebook groups, InventoryLab speeds up the list/label/ship process and it’s easy to track your cost of goods sold.  Plus, I’m interested in seeing my per-shipment and individual sku profitability.

Please note: I signed up for InventoryLab’s free trial one year ago, but didn’t spend too much time using it as I couldn’t justify the monthly fee back then.  What’s great is that all of data from one year ago is still in my account today.   If you haven’t tried out InventoryLab, be sure to sign up for their free trial!

What Does InventoryLab Offer?
In this post, I’m just going to give a brief overview of InventoryLab.  Once I get going with it, then I’ll go over the program in more detail.  To get started, here are the main subject areas of InventoryLab:

InventoryLab 1


Research: This brings up the Scout program which is used for online sourcing.  Just like your phone scouting app, it’ll give you real-time data such as selling price, number of sellers and net profit.


Scout Screen – I’m not selling that printer, just needed a product to use as an example.

To take your sourcing to the stores, InventoryLab also has a phone scouting app called Scoutify.   I used it with my Scanfob 2006 for a few hours last Sunday and it was easy to figure out.  However, it seems to drain my iPhone 5c battery down to 20% charge after two hours of scanning.

** Use Coupon Code 2NDHALFDREAMS~SCANFOB2006~M28E79Q to save $20.00 off a Scanfob 2006! **

List:  This is where you list your products and print your labels (requires compatible printer).  From what I understand, it should eliminate a few steps of my current process:

  • Enter receipt information into Excel
  • List products in Amazon Seller Central, go to Amazon’s website to do product research and use the FBA calculator to check profit
  • Copy my MISKU number from my Inventory Page and paste it into Scan & Label so I can print my label
  • Every night, go to Seller Central and copy the current day’s transactions into Excel
  • Then for every item sold, find the buy cost in the Inventory spreadsheet and enter it into the Sales spreadsheet

Don’t get me wrong, my Excel system works and isn’t too bad for a small number of transactions.  Plus, it’s free. I have a couple of posts that explains my system in more detail:

Tracking Amazon FBA Inventory and COGS in Excel

Setting up Your DYMO 450 to Work with Amazon’s Scan & Label

According to InventoryLab’s User Guide, InventoryLab has a DYMO printer option. If you’re using a laser printer, you’ll print your 30-up labels in Seller Central.

Once I do a few shipments with InventoryLab, I’ll let you know how it compares to my Excel system.

Inventory: This is where you view your inventory and it’s pretty much what you’ll expect – a listing of your inventory items.  It’s nice that you can sort by the different column headings.


I’ve been spending most of my time here as I’ve been going through each inventory item and adding in the buy cost, store name and purchase date.  Kind of tedious, but it’s easy.

On the bottom of the screen, you’ll see your total buy cost and sales value.  This data should give you an idea of the average ROI to expect for your items.  For example, if you follow the 3X Rule, you’ll want the “Total in-Stock Sales Value” to be 3 times higher than the “Total in-Stock Buy Cost.”

IL InStock 750B

The next two sections are Accounting and Analyze.  Here are the main topic areas of each of them:

IL Menus Border

If you plan on using InventoryLab for your Profit and Loss, then this is where you’ll do it.  You don’t need to enter your Amazon FBA fees (inbound shipping, pro membership, selling fees), but you’ll need to enter your “outside” expenses.

Obviously, you’ll use the “Mileage” section to enter your mileage.   You’ll use the “Other Expenses” section to enter your monthly subscription fees (InventoryLab, TaxJar ), supplies (boxes, tape, polybags), training materials (ABC Boot Camp) and anything else that you buy to run your business.

Since I use QuickBooks Online for my Profit and Loss Statement, I won’t be entering my outside expenses.  However, I’m interested in all of the reports.  Here’s what my Reimbursement Report look like:


I really can’t do too much analyzing until I finish entering all of my buy costs.  But I did take a peek at my Category Profitability and saw that the Kitchen Category makes up over 40% of my sales revenue.

Happy Selling,


p.s. I realize that many of you may already be InventoryLab users.  If so, I would love to hear about your experience.  Do you like it?  Dislike it?  Any tips?   Please share below or on my Facebook page!

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{ 18 comments… add one }
  • Heath Armstrong August 14, 2015, 12:20 am

    Awesome post and dissection of inventory lab. It is absolutely worth the price.. hands down. I mean.. super easy to use and incredibly clean and savvy. The Scoutify iphone app is incredible too.. makes it insanely simple to scout Thanks for the post!

    • Diana August 14, 2015, 4:00 am

      Hi Heath – Yes, I agree with you that IL is easy and a great program. I’ve done a few shipments already and it does speed up the list, label, prep process. I should have signed up much earlier…

      Thanks for stopping by and good luck with Amazon!

  • Michelle Crawford February 13, 2016, 8:32 pm

    Hi Diana,
    I have not purchased Inventory Lab, but I need to. My question before getting it is, how easy is it to use? Is it pretty much self explanatory?

    Thank you

    • Diana February 13, 2016, 9:31 pm

      Hi Michelle,
      I found it pretty easy to use and didn’t have any problems learning it. I just started with following their User Guide that’s in the Help section.

      However, if you do get stuck, you can email support or ask in the InventoryLab Facebook group.


  • Lee April 21, 2016, 10:23 am


    First off, I want to let you know how useful your blogs are. As a newbie on Amazon, we are still learning the ropes. We just started using Inventory Labs. Like you, we had used Excel and had to manually enter each item sold. The bad part of about this is the amount of effort it takes to enter each order. But, the good part is that I get a peace of mind knowing that my data matches our seller central data.

    How do you reconcile your reports with Inventory Labs? I’m still exploring the system but notice that some of the numbers were off. I am curious what type of method you use to ensure the numbers match with Amazon’s transactions.


    • Diana April 21, 2016, 4:52 pm

      Hi Lee,

      First of all it’s great that you’re working on the bookkeeping early.

      I use Inventory Lab for listing my products and for getting my monthly Cost of Goods Sold amount. Since IL doesn’t give you the option to select specific dates, I go to the Accounting -> FBA Sales section and export the report to Excel. In Excel, I can select the date ranges that I’m interested in and add up the Buy Costs.

      As for the Profit & Loss Report, I use Quickbooks Online Simple Start. I use mainly the Amazon Payments Summary and Transactions reports to get my numbers and then I enter the numbers every 2 weeks at the end of each disbursement period. Sometimes though I have to split up the reports by month if the disbursement period goes from the end of one month to the beginning of the next month.

      I do glance at the Profit & Loss report in IL, but I rely on QB for my exact numbers.

      Hope that helps and let me know if you have any other questions.


  • John June 13, 2016, 3:29 am

    Why is inventorylab commission nearly double that of the fba revenue calculator

    • Diana June 13, 2016, 10:30 pm

      Hi John,
      I’m sorry, but I don’t know why. I recommend asking InventoryLab and have them check into it.


  • Michael September 22, 2016, 6:37 am

    Here is free FBA Calculator extension for Google Chrome

    • Diana September 22, 2016, 10:22 am

      Thank you Michael!


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About Diana

I am working towards creating a full-time income by selling on Amazon. It's a lot of work but very fun! If you're interested in selling on Amazon, be sure to follow my blog as I'll be providing you with lots of tips!


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