new businesses

How to Do Your Own Bookkeeping for Your Shopify Boutique

Bookkeeping Basics, How-Tos, New Boutiques

Bookkeeping is an essential part of owning & running your own business, but unfortunately, knowing how to do your own bookkeeping isn’t a skill that comes naturally the moment you decide to open for business. 

So often, bookkeeping is a task that is ignored, until you can’t ignore it anymore (i.e. it’s time to file your taxes). But, by staying on top of your bookkeeping year-round, you can use the numbers to see where your money is disappearing to each and every month. 

So, here’s a little guidance to help make your bookkeeping as simple as possible, so it can become a task that you dread a little less.

A Statement of Cash Flows Answers “Where Did My Money Go?”

Bookkeeping Basics

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…

2 Money Mindset Shifts I Embraced to Grow My Business

New Boutiques

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.