I know many business owners get overwhelmed when they look at their financial statements. What do the numbers really mean? What SPECIFICALLY should you be looking at? Today’s post is going to cover a couple quick financial tips on exactly WHAT you should be looking at on your Income Statement each month to help review if you’re as profitable as you could be in your boutique business.
One of the biggest, and most common, mistakes I see retailers making when doing their own bookkeeping, is marking all of their Shopify deposits as “Sales/Revenue” in their bookkeeping software or spreadsheets. Today’s post is going to take a deeper dive to help you understand how you SHOULD be recording those Shopify deposits in your bookkeeping.
Bookkeeping 101, the Balance Sheet is one of the primary financial statements for a business but, what’s the purpose, and why does it matter? Let’s dive in and take a look!
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.
If you are currently managing your own retail bookkeeping, but have NO idea if you’re really doing it right. You may just need a bookkeeping coach.
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…
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.
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.
As a retail boutique owner, you’re juggling a lot—inventory, customer service, marketing, and the daily hustle of running your shop. One big decision you’ll face is whether to handle your own bookkeeping or hire a professional. Let’s break down the pros and cons of DIY bookkeeping to help you make the best choice for your business.
How to record inventory when you want to keep something for yourself.
