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

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

By Megan Schmitke | Bookkeeper & Bookkeeping Coach for Boutique RetailersBusinessEntrepreneurshipEducationHow ToManagement
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The Boutique Bookkeeper Show | Know Your Numbers & Prepare For Taxes episodes

  • 051. What Quickbooks Features Should Boutique Owners Use?

    Logging into QuickBooks for the first time can feel like a LOT. Menus, tabs, apps, dashboards... but here's the truth: as a boutique owner, you only need a handful of QuickBooks features to keep your books clean and accurate. In this episode, I'm sharing the features I'd stop using tomorrow (like the Shopify and PayPal syncs that are quietly making a mess of your sales), the short list of screens that make up 90 to 95 percent of what I actually use for my clients, and which QuickBooks plan most boutiques really need. Plus, I'm sharing a lower-cost QuickBooks option I'm considering adding to my membership, and I want to hear from you if it sounds like a fit!

    In this episode, we cover:

    • Why connecting Shopify or PayPal to QuickBooks causes duplicated and missing sales, and the 2-minute monthly alternative
    • The QuickBooks features to skip: inventory tracking, auto-add bank rules, the sales tax center, invoicing, and dashboards
    • The features to use instead: bank feeds, bank rules, recurring transactions, reconciliation, and your 3 core reports
    • Why your P&L can show $5,000 in profit while your bank account shows $5
    • Simple Start vs. Essentials vs. Plus, and when it's actually worth upgrading
    • QuickBooks Ledger: a lower-cost option for new QuickBooks users
    • Interested in the QuickBooks Ledger + membership bundle for about $54/month? Email me at [email protected] and let me know!

       

      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

       

      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 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 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 findingfreedomfinancial.com/spreadsheet
      •  

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

        https://www.findingfreedomfinancial.com/what-quickbooks-features-should-boutique-owners-use

         

        Related Episodes & Resources Mentioned:

        • Ep 18: 3 QuickBooks Online Features That Will Save You HOURS Each Month (PLUS 1 Feature to Avoid)
        • Ep 30: QuickBooks Subscription Comparison: Which Is Best for You?
        • Ep 34: How to Record Your Shopify Deposits in QuickBooks Online
        • Ep 17: How a Bookkeeping Reconciliation Can Find Your Missing Money
        • Ep 11: How the 3 Retail Financial Reports Work Together
        • Ep 3: How to Get Started with QuickBooks Online
        • 18 min
        • 050. Stop Doing Business Alone: Lessons From My First Mastermind

          I just spent three days at my very first mastermind, and I walked in convinced I'd be the dumbest person in the room. The sessions were amazing, but the conversations in the hallways, over supper, and in the hotel lobby taught me just as much. In this episode, I'm sharing the three biggest lessons I brought home: why you need to get in the right room (even when it scares you), why you should grow into your next step instead of jumping into it, and how to stop letting worry steal your peace today. There's no QuickBooks talk this week, just a few lessons for the business owner BEHIND the books.

           

          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

           

          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 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
          • 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
          •  

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

            www.findingfreedomfinancial.com/stop-doing-business-alone 

             

            Related Episodes & Resources Mentioned:

            Join the waitlist for the membership here: www.findingfreedomfinancial.com/membership 

            13 min
          • 049. How to Learn Bookkeeping (for Boutique Owners)

            Wondering how to learn bookkeeping without feeling completely lost? In this episode, I'm walking you through the exact 5-stage Success Path every member of Bookkeeping Made Simple for Boutiques follows, from setting up QuickBooks the right way to finally being able to read your own financial reports with confidence.

             

            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

             

            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 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
            • 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
            •  

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

              www.findingfreedomfinancial.com/how-to-learn-bookkeeping-for-boutique-owners

               

              Related Episodes & Resources Mentioned:

              • 029. Knowing the Numbers with Lesly Birkland: One Boutique Owner's Bookkeeping Transformation
              • 007. What Does "Doing Your Bookkeeping" Really Mean? Your Daily, Weekly & Monthly Bookkeeping Task List
              • 14 min
              • 048. Common Bookkeeping Mistakes You Don't Know You're Making

                There are two common bookkeeping mistakes I see boutique owners make over and over when it comes to recording their sales data, and both of them can quietly throw off your entire financial picture. In this episode, I'm breaking down exactly what each mistake looks like, how to check if you're making one of them yourself, and I'm sharing the story of how fixing this exact issue helped one of my clients uncover $21,453.08 she didn't even know was missing.

                 

                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

                 

                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 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
                • 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
                •  

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

                  https://findingfreedomfinancial.com/common-bookkeeping-mistakes-you-dont-know-youre-making 

                   

                  Related Episodes & Resources Mentioned:

                  Boutique Bookkeeping Bootcamp (Sept 14-17): www.findingfreedomfinancial.com/bootcamp

                  Episode 047 | QuickBooks vs Excel Spreadsheet: Which Should You Use? Episode mentioned in this episode, listen if you're still deciding between a spreadsheet and QuickBooks

                  Ready to sign up for QuickBooks Online? Use my link: www.findingfreedomfinancial.com/qbo (I may earn a small commission, at no extra cost to you.)

                  15 min
                • 047. QuickBooks vs Excel Spreadsheet: Which Should You Use?

                  QuickBooks vs Excel spreadsheet, which one should you actually be using for your boutique's bookkeeping? In this episode I'm breaking down the real pros and cons of both, so you can stop guessing and start making an informed decision about how you track your numbers.

                   

                  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

                   

                  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 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
                  • 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
                  •  

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

                    www.findingfreedomfinancial.com/quickbooks-vs-excel-spreadsheet

                     

                    Related Episodes & Resources Mentioned:

                    Boutique Bookkeeping Bootcamp (Sept 14-17): www.findingfreedomfinancial.com/bootcamp

                    Ready to sign up for QuickBooks Online? Use my link: www.findingfreedomfinancial.com/qbo (I may earn a small commission, at no extra cost to you.)

                    16 min
                  • 046. Shift Your Mindset: 3 Bookkeeping Excuses to Drop

                    Ready to shift your mindset about your bookkeeping? In this episode I'm breaking down 3 common beliefs I hear from boutique owners right before they finally get started: not knowing where to begin, having tried QuickBooks before and had it not click, and worrying a real system will mean more work. We're tackling all three, and I'm giving you a real, tactical starting point to begin today.

                     

                    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

                     

                    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 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
                    • 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
                    •  

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

                      www.findingfreedomfinancial.com/shift-your-mindset-3-bookkeeping-excuses-to-drop

                       

                      Related Episodes & Resources Mentioned:

                      Boutique Bookkeeping Bootcamp (Sept 14-17): www.findingfreedomfinancial.com/bootcamp

                      Sign up for Quickbooks Here (affiliate link): www.findingfreedomfinancial.com/qbo 

                      Free Chart of Accounts Template (mentioned in this episode): www.findingfreedomfinancial.com/coa-template

                      Episode 029 | Knowing the Numbers with Lesly Birkland: One Boutique Owner's Bookkeeping Transformation, hear more about a real bookkeeping transformation over time

                      14 min
                    • 045. The 3 Words That Help You Finally Know Your Numbers

                      Feeling behind on your bookkeeping and not sure how to get out of that cycle? In this episode I'm recapping a conversation from the Inventory Genius podcast between my friend Ciara Stockeland and Rebecca, a former student of mine, where Rebecca shares the exact framework that can help you finally know your numbers and break free from the shame and avoidance that comes with running a business. We're breaking down her 3 words: courage, consistency, and confidence, and what each one actually looks like in practice.

                       

                      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

                       

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

                        https://www.findingfreedomfinancial.com/3-words-that-help-you-know-your-numbers 

                         

                        Related Episodes & Resources Mentioned:

                        Ciara and Rebecca's full episode: “297 Pt 1: Courage, Clarity, and Confidence with Your Money”

                        The Inventory Genius Podcast (full show)

                        15 min
                      • 044. Why Your CPA Can't Help With Your Shopify Accounting (But It's Not Their Fault)

                        This week, I'm digging into why Shopify accounting isn't something most CPAs are trained for, and why that's not actually a knock on them. I share some of my own accounting background (including a confession about my own tax returns), and walk through why you don't need your CPA to explain your numbers to you. You can understand them yourself, and even be the one answering THEIR questions at tax time.

                         

                        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

                         

                        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 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
                        • 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
                        •  

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

                          https://www.findingfreedomfinancial.com/cpa-cant-help-with-shopify-accounting

                           

                          Related Episodes & Resources Mentioned:

                          Episode 16: Why You Shouldn't Use Your 1099-K to File Your Taxes

                          12 min
                        • 043. Why You Started Your Business (And What Your Numbers Have to Do With It)

                          This week, I'm getting personal about why you started your business in the first place, and how that ties into the real mission behind Finding Freedom Financial. I share my own story, from the name I picked back in 2017 to the Bible verse this business is built on, and reframe bookkeeping as the tool that protects your freedom, not a test you have to pass perfectly.

                           

                          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

                           

                          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 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
                          • 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
                          •  

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

                            https://www.findingfreedomfinancial.com/why-you-started-your-business 

                             

                            Related Episodes & Resources Mentioned:

                            • Free “Make Your Money Make Sense” Masterclass: Register for one of the upcoming sessions here: https://www.findingfreedomfinancial.com/masterclass
                            • 11 min
                            • 042. What Actually Helped Me Make a Scary Business Decision

                              This week, Megan shares the real story behind a scary business decision she sat on for months this year, scaling back her client list and letting go of her employees. More than the decision itself, she walks through what actually helped her move forward with clarity instead of fear: knowing her numbers.

                               

                              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

                               

                              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 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
                              • 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
                              •  

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

                                www.findingfreedomfinancial.com/business-decision

                                 

                                Related Episodes & Resources Mentioned:

                                • Episode 040 | 5 Business Lessons for Boutique Owners (From My First 5 Years), last week's episode if you want more of my story
                                • Episode 029 | Knowing the Numbers with Lesly Birkland: One Boutique Owner's Bookkeeping Transformation, hear more about how finally knowing her numbers helped Lesly run her boutique better
                                • Want to reach out? Send me a DM on Instagram
                                • 9 min

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

                                From the publisher's feed

                                Are you making sales in your boutique but still wondering where all your money is going?

                                Do you panic at tax time because your books are a mess—or worse, nonexistent?

                                Are you tired of…