The Boutique Bookkeeper Show | Know Your Numbers & Prepare For Taxes

035. Not All Spending Is an Expense: The 7 Types of Transactions in Your Boutique and How to Record Each One

In this episode, we’re breaking down the 7 types of transactions in your boutique and why not all of them are expenses. If you’ve ever recorded everything that leaves your bank account as an expense, this episode will show you exactly why that’s a problem, and how to get each type of transaction categorized correctly in QuickBooks Online so your books actually reflect what’s happening in your business.   Ready to take your learning a step further? Register for my Free Masterclass, Make Your Money Make Sense! Where you’ll learn how to understand where your money is going, avoid costly bookkeeping mistakes, and set up an easy to follow bookkeeping system. Sign up now: www.findingfreedomfinancial.com/masterclass [http://www.findingfreedomfinancial.com/masterclass]   Other Ways to Work With Me: * Need to get your bookkeeping caught up or cleaned up? Sometimes you just need a clean starting point so you can take it over yourself. Apply to work with us at www.findingfreedomfinancial.com/contact [https://www.findingfreedomfinancial.com/contact] and we’ll get your books up to date and ready to hand off. * Need some support as you do your own bookkeeping? Then I wanna invite you to join me inside of the Bookkeeping Made Simple for Boutiques Membership, where you can get trainings & support to help you feel confident as you manage the money-stuff yourself. Using Quickbooks Online, I walk you through the exact setup & process you need to implement everything for accurate and EASY bookkeeping all year long - no more tax time scramble! Join us at www.findingfreedomfinancial.com/membership [https://www.findingfreedomfinancial.com/membership] * Are you a Shopify seller who’s not quite ready to invest in a bookkeeping software like Quickbooks? Don’t worry - I got you! I’ve created a custom Shopify Seller Income & Expense Tracker that you can use to easily enter each transaction coming in and out of your business, along with your sales data coming directly from Shopify to put together a standard P&L (Income Statement) that you can hand over to your tax preparer. Download your copy at www.findingfreedomfinancial.com/spreadsheet [https://www.findingfreedomfinancial.com/spreadsheet]   Prefer to learn while you read? Check out the blog post for this episode: https://www.findingfreedomfinancial.com/7-types-of-spending [https://www.findingfreedomfinancial.com/7-types-of-spending]   Related Episodes & Resources Mentioned: * Episode 2: What is a Chart of Accounts? Understanding the Chart of Accounts for Your Retail Boutique [https://pod.link/1831830735/episode/Ym91dGlxdWVib29ra2VlcGVyc2hvdy5wb2RiZWFuLmNvbS84NjdmOWUxYi0zYjZlLTM5YTItYWYwMy0zYWIyYjUxZDExODI?view=apps&sort=popularity] * Episode 22: How Do You Pay Yourself as a Small Business Boutique Owners? [https://pod.link/1831830735/episode/Ym91dGlxdWVib29ra2VlcGVyc2hvdy5wb2RiZWFuLmNvbS9mNjMyNTZkZS0wNDY3LTMwMmYtYTY1Mi1iNGQ4OTM3NjdlMmU?view=apps&sort=popularity] * Episode 31: The Inventory and COGS Mistake That's Hiding Your Real Profit [https://pod.link/1831830735/episode/Ym91dGlxdWVib29ra2VlcGVyc2hvdy5wb2RiZWFuLmNvbS81MDgzYWEyZS03OGJkLTNkYTUtODE0MC1mNzVlZWY3ZDFjZTM?view=apps&sort=popularity] * Free Chart of Accounts Template for Boutique Owners: www.findingfreedomfinancial.com/COA-template [https://www.findingfreedomfinancial.com/COA-template]

034. How to Record Your Shopify Deposits in Quickbooks Online

If you’ve been recording your Shopify deposits in Quickbooks Online as straight sales, your financial reports aren’t as accurate as they could be. In this episode, we’re covering the simple system for recording Shopify deposits correctly in QBO so your books are clean, your reports are trustworthy, and you’re not overpaying in taxes.   Ready to take your learning a step further? Register for my Free Masterclass, Make Your Money Make Sense! Where you’ll learn how to understand where your money is going, avoid costly bookkeeping mistakes, and set up an easy to follow bookkeeping system. Sign up now: www.findingfreedomfinancial.com/masterclass [https://www.findingfreedomfinancial.com/masterclass]   Other Ways to Work With Me: * Need to get your bookkeeping caught up or cleaned up? Sometimes you just need a clean starting point so you can take it over yourself. Apply to work with us at www.findingfreedomfinancial.com/contact [https://www.findingfreedomfinancial.com/contact] and we’ll get your books up to date and ready to hand off. * Need some support as you do your own bookkeeping? Then I wanna invite you to join me inside of the Bookkeeping Made Simple for Boutiques Membership, where you can get trainings & support to help you feel confident as you manage the money-stuff yourself. Using Quickbooks Online, I walk you through the exact setup & process you need to implement everything for accurate and EASY bookkeeping all year long — no more tax time scramble! Join us at www.findingfreedomfinancial.com/membership [https://www.findingfreedomfinancial.com/membership] * Are you a Shopify seller who’s not quite ready to invest in a bookkeeping software like Quickbooks? Don’t worry — I got you! I’ve created a custom Shopify Seller Income & Expense Tracker that you can use to easily enter each transaction coming in and out of your business, along with your sales data coming directly from Shopify to put together a standard P&L (Income Statement) that you can hand over to your tax preparer. Download your copy at www.findingfreedomfinancial.com/spreadsheet [https://www.findingfreedomfinancial.com/spreadsheet]   Prefer to learn while you read? Check out the blog post for this episode: https://findingfreedomfinancial.com/shopify-deposits/ [https://findingfreedomfinancial.com/shopify-deposits/]   Related Episodes & Resources Mentioned: * Listen to last week's episode to learn more about the 6 components that make up your Shopify Deposits, and why it's important that they be recorded separately - Listen here [https://pod.link/1831830735/episode/Ym91dGlxdWVib29ra2VlcGVyc2hvdy5wb2RiZWFuLmNvbS9lOTRmYzVjZS01MjE1LTNiZjktYjc0Yi0yYjRjM2U1ZmYyMzA?view=apps&sort=popularity] * Worried you're making mistakes in your own bookkeeping? Check out my free resource, "5 Mistakes to Avoid in Your Boutique Bookkeeping" to learn about the most common mistakes I see boutique owners make (and what to do instead): www.findingfreedomfinancial.com/mistakes [https://findingfreedomfinancial.com/mistakes]

033. Your Shopify Payouts Are Not What They Seem

Your Shopify payouts aren’t just one number - they’re actually made up of 6 separate components. In this episode, I’m breaking down exactly what’s inside every Shopify payout, why recording them correctly gives you a much clearer picture of your boutique finances, and how one simple habit could be causing you to overstate your income and pay more in taxes than you actually owe.   Ready to take your learning a step further? Register for my Free Masterclass, Make Your Money Make Sense! Where you’ll learn how to understand where your money is going, avoid costly bookkeeping mistakes, and set up an easy to follow bookkeeping system. Sign up now: www.findingfreedomfinancial.com/masterclass [https://www.findingfreedomfinancial.com/masterclass]   Other Ways to Work With Me: * Need to get your bookkeeping caught up or cleaned up? Sometimes you just need a clean starting point so you can take it over yourself. Apply to work with us at www.findingfreedomfinancial.com/contact [http://www.findingfreedomfinancial.com/contact] and we'll get your books up to date and ready to hand off. * Need some support as you do you own bookkeeping? Then I wanna invite you to join me inside of the Bookkeeping Made Simple for Boutiques Membership, where you can get trainings & support to help you feel confident as you manage the money-stuff yourself. Using Quickbooks Online, I walk you through through the exact setup & process you need to implement everything for accurate and EASY bookkeeping all year long - no more tax time scramble! Join us at www.findingfreedomfinancial.com/membership [http://www.findingfreedomfinancial.com/membership] * Are you a Shopify seller who’s not quite ready to invest in a bookkeeping software like Quickbooks? Don’t worry - I got you! I’ve created a custom Shopify Seller Income & Expense Tracker that you can use to easily enter each transaction coming in and out of your business, along with your sales data coming directly from Shopify to put together a standard P&L (Income Statement) that you can hand over to your tax preparer. Download your copy at www.findingfreedomfinancial.com/spreadsheet [http://www.findingfreedomfinancial.com/spreadsheet]   Prefer to learn while you read? Check out the blog post for this episode: http://findingfreedomfinancial.com/how-to-record-shopify-payouts/ [http://findingfreedomfinancial.com/how-to-record-shopify-payouts/]   Related Episodes & Resources Mentioned: * Episode 31: The Inventory and COGS Mistake That’s Hiding Your Real Profit [https://pod.link/1831830735/episode/Ym91dGlxdWVib29ra2VlcGVyc2hvdy5wb2RiZWFuLmNvbS81MDgzYWEyZS03OGJkLTNkYTUtODE0MC1mNzVlZWY3ZDFjZTM?view=apps&sort=popularity] * 5 Mistakes to Avoid in Your Boutique Bookkeeping: https://findingfreedomfinancial.com/mistakes [https://findingfreedomfinancial.com/mistakes]

032. How to Record Business Expenses Paid With Personal Funds

Ever paid for a business expense with your personal card and had no idea how to get it into your books? Recording business expenses paid with personal funds is something almost every boutique owner runs into, and in this episode I'm walking you through exactly what to do. Whether you paid for things out of pocket before you had a business bank account, or you just accidentally swiped the wrong card, those expenses still belong in your bookkeeping. I'm covering how to record them in QuickBooks, what your reimbursement options look like, and why your business entity structure matters when it comes to paying yourself back.   Ready to take your learning a step further? Register for my Free Masterclass, Make Your Money Make Sense! Where you'll learn how to understand where your money is going, avoid costly bookkeeping mistakes, and set up an easy to follow bookkeeping system. Sign up now: www.findingfreedomfinancial.com/masterclass [https://www.findingfreedomfinancial.com/masterclass]   Other Ways to Work With Me: * Need to get your bookkeeping caught up or cleaned up? Sometimes you just need a clean starting point so you can take it over yourself. Apply to work with us at www.findingfreedomfinancial.com/contact [http://www.findingfreedomfinancial.com/contact] and we'll get your books up to date and ready to hand off. * Need some support as you do you own bookkeeping? Then I wanna invite you to join me inside of the Bookkeeping Made Simple for Boutiques Membership, where you can get trainings & support to help you feel confident as you manage the money-stuff yourself. Using Quickbooks Online, I walk you through through the exact setup & process you need to implement everything for accurate and EASY bookkeeping all year long - no more tax time scramble! Join us at www.findingfreedomfinancial.com/membership [http://www.findingfreedomfinancial.com/membership] * Are you a Shopify seller who’s not quite ready to invest in a bookkeeping software like Quickbooks? Don’t worry - I got you! I’ve created a custom Shopify Seller Income & Expense Tracker that you can use to easily enter each transaction coming in and out of your business, along with your sales data coming directly from Shopify to put together a standard P&L (Income Statement) that you can hand over to your tax preparer. Download your copy at www.findingfreedomfinancial.com/spreadsheet [http://www.findingfreedomfinancial.com/spreadsheet]   Prefer to learn while you read? Check out the blog post for this episode: http://findingfreedomfinancial.com/business-expenses-paid-with-personal/ [http://findingfreedomfinancial.com/business-expenses-paid-with-personal/]

031. The Inventory and COGS Mistake That's Hiding Your Real Profit

Are you tracking your inventory and COGS correctly in your boutique bookkeeping? If you’ve been expensing your inventory when you buy it, your profit and loss report is NOT giving you an accurate picture of your business. In this episode, we’re breaking down the difference between inventory and cost of goods sold, why it matters for your boutique finances, and exactly what to do if you’ve been doing it wrong.   Ready to take your learning a step further? Register for my Free Masterclass, Make Your Money Make Sense! Where you’ll learn how to understand where your money is going, avoid costly bookkeeping mistakes, and set up an easy to follow bookkeeping system. Sign up now: www.findingfreedomfinancial.com/masterclass [https://www.findingfreedomfinancial.com/masterclass]   Other Ways to Work With Me: * Need to get your bookkeeping caught up or cleaned up? Sometimes you just need a clean starting point so you can take it over yourself. Apply to work with us at www.findingfreedomfinancial.com/contact [http://www.findingfreedomfinancial.com/contact] and we'll get your books up to date and ready to hand off. * Need some support as you do you own bookkeeping? Then I wanna invite you to join me inside of the Bookkeeping Made Simple for Boutiques Membership, where you can get trainings & support to help you feel confident as you manage the money-stuff yourself. Using Quickbooks Online, I walk you through through the exact setup & process you need to implement everything for accurate and EASY bookkeeping all year long - no more tax time scramble! Join us at www.findingfreedomfinancial.com/membership [http://www.findingfreedomfinancial.com/membership] * Are you a Shopify seller who’s not quite ready to invest in a bookkeeping software like Quickbooks? Don’t worry - I got you! I’ve created a custom Shopify Seller Income & Expense Tracker that you can use to easily enter each transaction coming in and out of your business, along with your sales data coming directly from Shopify to put together a standard P&L (Income Statement) that you can hand over to your tax preparer. Download your copy at www.findingfreedomfinancial.com/spreadsheet [http://www.findingfreedomfinancial.com/spreadsheet]   Prefer to learn while you read? Check out the blog post for this episode: www.findingfreedomfinancial.com/inventory-vs-cost-of-goods-sold [https://www.findingfreedomfinancial.com/inventory-vs-cost-of-goods-sold]   Related Episodes & Resources Mentioned: * Understanding the Income Statement for Your Boutique: www.findingfreedomfinancial.com/income-statement [https://www.findingfreedomfinancial.com/income-statement] * How to Read & Understand the Balance Sheet for Your Boutique: www.findingfreedomfinancial.com/balance-sheet-101 [https://www.findingfreedomfinancial.com/balance-sheet-101]