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

Alright, over the last 3 weeks we’ve looked at each of the 3 primary financial statements, but they are not totally separate & independent reports meant to stand alone. They all work together to give you the big picture of your business, and that’s what we’re gonna look at 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:

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

www.findingfreedomfinancial.com/retail-financial-reports-work-together

Related Episodes & Resources Mentioned:

Want to see how these 3 reports in action? Register for my free masterclass to see a real-life example of these reports: www.findingfreedomfinancial.com/masterclass

Have you ever gotten to the end of a great sales month, but you look at your bank account and wonder where all that money went? Maybe you look at your prior month Income Statement and it shows you had a $10,000 profit, but you only have a couple hundred in your bank account. If you’ve ever found yourself in a similar scenario, then the answer to your question can be found in your Statement of Cash Flows. This is the 3rd and final of the primary financial statements that we are covering in this mini-series, and is the best report to help you understand how the actual money is flowing through your accounts.

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:

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

https://www.findingfreedomfinancial.com/a-statement-of-cash-flows

Related Episodes & Resources Mentioned:

Most business owners are at least somewhat familiar with an Income Statement, but the Balance Sheet is often ignored. This report is still important for you to review so you can see how your boutique is (hopefully) getting stronger over time. Today, we’re going to talk through the general layout of the Balance Sheet so you can begin to read & understand what this report is saying for yourself.

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:

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

https://www.findingfreedomfinancial.com/balance-sheet-101

Related Episodes & Resources Mentioned:

Previous blog/podcast episode on Understanding the Chart of Accounts: www.findingfreedomfinancial.com/2

The Income Statement is probably the most well-known financial statement, but it’s important that you know how to read & understand what this report is telling you about your business. This episode is going to explain the purpose of the Income Statement, walk through the general layout so you know how to read & understand it, and then wrap it up with a few specific numbers & calculations you should be reviewing on a regular basis.

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:

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

https://www.findingfreedomfinancial.com/income-statement

Related Episodes & Resources Mentioned:

I’m guessing there are at least a few of you listening here where your bookkeeping routine consists of a year-end scramble where you’re just trying to pull all your numbers from your Shopify reports, Bank statements, and receipts. But, I also know that that routine often comes with some stress & worry that you’re doing things right, and you’re actually getting all the numbers that you need.

Instead of tackling a years worth of “bookkeeping” at once, today we’re going to be talking about what you should actually be doing on a daily, weekly & monthly basis to keep it from piling up and becoming this massive project that you actively avoid.

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:

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

https://www.findingfreedomfinancial.com/bookkeeping-task-list

Related Episodes & Resources Mentioned:

Bookkeeping Made Simple for Boutiques: www.findingfreedomfinancial.com/membership

Hey boutique owner! If you use Shopify for your boutique, you are not gonna wanna miss this episode, because we are talking about the 3 reports you need inside Shopify when it comes to your bookkeeping & taxes. These are the only 3 reports I look at on a regular basis for all of my clients, and I also talk about the best way to get the numbers from these reports INTO your bookkeeping so your bookkeeping is accurate.

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:

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

http://findingfreedomfinancial.com/reports-in-shopify/

Related Episodes & Resources Mentioned:

Prior blog post article on Sales Tax for Boutiques: www.findingfreedomfinancial.com/33

As a business owner, it is your responsibility to report all income you’ve earned in your business when tax time comes around. You also have the OPPORTUNITY to report any and all business-related expenses that reduce that income, to reduce the amount of taxes you owe. These expenses are often referred to as tax deductions, or write-offs.

Generally speaking, you will be able to write off any expense that is ordinary & necessary in your type of business, with some exceptions and limits.

I’ve put together this list of 25 specific tax deductions examples you can write off in your retail boutique. While this is not an exhaustive list by any means, it gives a great place to start for what you should be tracking 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

Other Ways to Work With Me:

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

https://findingfreedomfinancial.com/tax-deduction-examples/

Related Episodes & Resources Mentioned:

Printable Tax Deduction Guide: https://findingfreedomfinancial.com/deductions

Understand your 1099 Requirements as a Business Owner:https://findingfreedomfinancial.com/12

Understand how to account for your Inventory vs Cost of Goods Sold: https://findingfreedomfinancial.com/28

It’s always fun to focus on the “fun” parts of starting a business - creating the logo & branding, buying the fresh, new inventory….but there are some “not so fun” steps to make sure you do when starting a retail boutique business. From insurance to financial planning, this episode covers the 10 things you need to do when starting your boutique 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

Other Ways to Work With Me:

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

https://www.findingfreedomfinancial.com/start-a-boutique

Related Episodes & Resources Mentioned:

Tax Benefits of an S Corp Structure for Your Retail Business: https://www.findingfreedomfinancial.com/19

Apply for your EIN on the IRS website for FREE here: https://www.irs.gov/businesses/small-businesses-self-employed/get-an-employer-identification-number

Sales Tax Questions I Hear ALL the Time - Answered for you! https://www.findingfreedomfinancial.com/33

Free masterclass to help you “Make Your Money Make Sense”: https://www.findingfreedomfinancial.com/masterclass

Understanding the Profit First System for Retail Businesses: https://www.findingfreedomfinancial.com/29

Get the book “Profit First” on Amazon here: https://a.co/d/aF9BkuM

Get the book How to “Grow Your Small Business” on Amazon here: https://a.co/d/dw2kzUe

Interested in Getting Additional Help With Your Bookkeeping? See the ways we can help you here:

https://findingfreedomfinancial.com/work-with-me

Quickbooks Online is my absolute favorite bookkeeping software because of it’s ability to save you valuable time on your bookkeeping. This episode is going to help you decide which subscription level is right for your business, and then we’ll walk through the steps you need to do BEFORE you actually start USING Quickbooks to make your bookkeeping easier & faster.

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:

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

https://findingfreedomfinancial.com/how-to-get-started-with-quickbooks-online/

Related Episodes & Resources Mentioned:

Quickbooks Provided Subscription Level Comparison:

https://quickbooks.partnerlinks.io/r7z78hg01286 (affiliate link)

Boutique Specific Chart of Accounts Template:

https://findingfreedomfinancial.com/coa-template

Blog/Podcast Episode on Understanding the Chart of Accounts:

https://findingfreedomfinancial.com/4

Bookkeeping Made Simple for Boutiques:

https://findingfreedomfinancial.com/membership

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.

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:

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