What is a Bookkeeping Coach for Retail Boutique Owners?
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.
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.
If you’ve been in business for any length of time, you may have heard about quarterly estimated tax payments, and maybe even thought to yourself, “What are quarterly estimated tax payments? And do I need to pay them?”
I’ve put together this Quickbooks subscription comparison post today to help you determine what features you need, and which ones you don’t, so you don’t end up paying for more than you need.
One of the most important strategies a retailer needs to develop is how they are going to price their products. In order to make sure you’re accurately marking up your products, it’s important for you to know what your inventory costs include.
One of the best ways to protect yourself in the event of an audit is to save receipts & bills that show proof of what you’re spending money on.