How to Keep Good Bookkeeping Records for your Shopify Store
As a boutique owner, bookkeeping can be hard. But staying on top of your bookkeeping records throughout the year, will help you have a stress free tax season.
bookkeeping tips
A Statement of Cash Flows Answers “Where Did My Money Go?”
Have you ever gotten to the end of a successful business month and wondered, “Where did all that money go?!” A statement of cash flows (SOCF) can help you answer that question!
Most of the business owners I work with are familiar with the Profit & Loss statement (if you’re not, no shame! You can check out this post to get a little more familiar with it, so maybe you can see that your bottom line was KILLER last month, but your bank account simply doesn’t reflect it.
The best way to see where your money actually goes each month is to look at the Statement of Cash Flows (SOCF). Unfortunately, this is a report that many business owners are unfamiliar with, but any good bookkeeping software (like Quickbooks Online) will have this report readily available for you! So, let’s cover the highlights…
2 Money Mindset Shifts I Embraced to Grow My Business
Let me just start off by saying that I’m not all into the “woo-woo” mindset stuff out in the world today. However, earlier this year, I did spend some time REALLY focusing on the future of my business and what I wanted it to look like. Through this process, I discovered 2 different lessons, or money mindset shifts, that I truly believe have helped me take my business to the next level.
These can be applied to any industry, so I wanted to share my discoveries with you all today in case you find yourself in a similar place in your own businesses.
My Top 5 Bookkeeping Resources for Retail Boutique Owners
This week, I’m doing something a little different. Instead of going more in depth on a specific topic, I’m going to highlight a couple of my most popular bookkeeping resources that have helped boutique owners just like YOU feel more confident in managing their own bookkeeping.
What are Quarterly Estimated Tax Payments: A Retailers Guide
If you’ve been in business for any length of time, you may have heard about quarterly estimated tax payments, and maybe even thought to yourself, “What are quarterly estimated tax payments? And do I need to pay them?”
3 Ways to Save Receipts: My Good, Better, Best Approach
One of the best ways to protect yourself in the event of an audit is to save receipts & bills that show proof of what you’re spending money on.
What is a Bookkeeping Reconciliation?
A bookkeeping reconciliation, or reconciliation for short, simply means that you are comparing 2 sets of financial records to make sure that they match.
Sales Tax Questions I Hear ALL the Time – Answered for You!
I hear a lot of similar sales tax questions ALL the time. Sales tax can be complicated – ESPECIALLY if you do any selling online.
And let’s be real…it’s 2024. Almost everyone sells something online.
How to Have Excellent Cash Management in Retail Stores
Good old paper money still plays a big role in your business. Managing it properly is key to keeping your finances in check and your stress levels low. Let’s dive into why it’s important and how to master it.
Calculating Your Break-Even Point: A Guide for Retail Boutiques
As a retail boutique owner, understanding your break-even point is crucial to ensure having the sales to cover your expenses. The break-even point is where your total revenue equals your total costs, meaning you’ve neither made a profit nor incurred a loss.