September 08, 2025

002. What is a Chart of Accounts? Understanding the Chart of Accounts for Retail Boutiques

13 minutes

The key to having easy to read & understand financial statements is having a clean & organized chart of accounts. Today's episode is going to dive in to what that is, why it matters, and how it's organized.

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Need some guidance on how to do you own bookkeeping in Quickbook Online? Then check out Bookkeeping Made Simple for Boutiques, our signature course that walks you through the exact setup & process you need to implement for accurate and EASY bookkeeping all year long - no more tax time scramble! Enroll at www.findingfreedomfinancial.com/bookkeeping-basics-course

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/income-expense-spreadsheet

Prefer to learn while you read? Check out the blog post for this episode:

https://findingfreedomfinancial.com/chart-of-accounts-for-retail/

Related Episodes & Resources Mentioned:

Boutique Specific Chart of Accounts Template:

https://findingfreedomfinancial.com/coa-template

Tax Deduction Examples for Your Retail Boutique

https://www.findingfreedomfinancial.com/20

Understanding Inventory vs Cost of Goods Sold in Retail

https://www.findingfreedomfinancial.com/28

...more