A Quick Bookkeeping Check-In

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Hi Reader,

It’s a well-established fact that I’m a bit of a nerd. 🤓

I mean, for heaven’s sake, last night I had a dream that an evil entity was pressuring me to record accounting numbers incorrectly, and it turned into a life-or-death situation involving deadly biting squirrels.

I'm not even joking.

My nerdy self knows the importance of good numbers. Many of you in my audience are far more drawn to creativity than spreadsheets. You can do things with graphics, paper, fabric, wood, and products that I could never dream of.

But this email is your reminder that your business deserves your creative energy and your attention to the numbers.

If you have been avoiding your bookkeeping, this is me gently but firmly telling you:

You do not need to watch another video today. Go do your bookkeeping.

Before I tell you about something new I’m offering, let me share a simple bookkeeping check-in you can do this week.

A quick bookkeeping reset for this week

Set a timer for 30–60 minutes and work through these 4 things:

1. Update your Bank Feed
​Make sure your business bank accounts and credit cards are connected to QuickBooks, and then click the Update button on the bank feed page. It happens all the time that business owners think they are looking at all their transactions, but they are missing some.

2. Categorize your transactions
​You are now looking at all of your open transactions, so begin categorizing. Be careful about transfers, credit card payments, and tax payments.

3. Reconcile at least one account
​Even if you do nothing else, reconciling one bank or credit card account can help you catch duplicates, missing transactions, or errors.

4. Look at your Balance Sheet
​Most business owners only look at the Profit & Loss report, but the Balance Sheet reveals the true state of your bookkeeping.

Does your Balance Sheet have accounts that don’t make sense, numbers that seem way too high, or negative numbers?

The Balance Sheet is the key to financial health. What is your Balance Sheet telling you?

Those four steps alone will put many of you in a much better spot.

You’re willing to do the work yourself.
You want to learn.
You’re not ready to pay for monthly bookkeeping.

But you get stuck on the details.

You wonder:

• What account should this go to?
• Why doesn’t my reconciliation work?
• Why don’t these numbers match?
• How should I handle these Shopify deposits?
• Why is there a weird negative number on my Balance Sheet?
• What do I do with fees, transfers, payout differences, or owner transactions?

That “stuck in the details” space is exactly why I created Bookkeeping Office Hours.

This is a monthly membership for eCommerce sellers who are doing their own bookkeeping but want practical guidance from an experienced eCommerce bookkeeper. It includes three live group office hours sessions per month where you can bring your questions and get help in a supportive setting.

Bookkeeping Office Hours Details

Bookkeeping Office Hours designed for sellers using platforms like Etsy, Amazon, Shopify, Faire, Square, PayPal, and Stripe who want help with categorization, reconciliations, deposits, fees, workflows, and general QuickBooks Online questions.

Founding members can join for just $29/month. This founder's rate will only be offered for a limited time. Members can cancel anytime.

Not only will you get your questions answered, but this is a great way to stay accountable to completing your bookkeeping each month.

I also have several extra training sessions planned on topics such as reading financial statements, product pricing, ratios, increasing profitability, and more!

I created Bookkeeping Office Hours because over the years, I’ve heard from so many small business owners who do not need DFY monthly bookkeeping services, but do need a little help getting unstuck.

That's the gap Bookkeeping Office Hours fills. It's not full-service bookkeeping, but it's not total DIY confusion either. The group format also means you get to learn from other sellers’ questions, which is often surprisingly helpful.

So if you’ve been wishing you could just ask someone:

“Am I doing this right?”
“Why is this off?”
“What do I do with this payout?”

Bookkeeping Office Hours may be exactly what you need.

You can learn more about Bookkeeping Office Hours here.

For a limited time, I’m offering an introductory founding member price of $29/month.

The first session is next week! So don’t wait to join.

And whether or not you join me, let this be your reminder:

Your bookkeeping is part of taking care of your business.

Go give it some love.

QuickBooks Online

Sponsorship

If you’re doing your own bookkeeping, having the right software matters. QuickBooks Online makes it easier to keep transactions organized, review reports, and stay on top of your numbers all year long. If you’ve been meaning to get your bookkeeping into a better system, be sure to check it out here.

Small Business Updates

Sales Tax

Unfortunately, sales tax headaches for remote sellers are not going away. It behooves you as a business owner to be aware of how states identify business owners to audit, and this could be a state you don’t live in! It’s equally important that we get the word out about how state governments need to simplify sales tax regulations in an age of small business remote sellers.

Estimated Taxes Due

Reminder: Q1 estimated taxes are due April 15. To make a payment, go to IRS.gov, scroll down to the “How can we help you?” section, and click “Make a Payment.”

Not sure how much to send? That can be one of the hardest parts. A simple starting point is to look at the tax return you just filed. Take Form 1040, line 24 (total tax) and divide it by line 15 (taxable income). That gives you your effective tax rate.

In other words, after your business income was combined with your personal income and reduced by deductions and credits, this shows the percentage of your taxable income that actually went to federal tax.

On a Personal Note

My daughter just finished her junior year spring musical as a member of the orchestra pit. I can’t believe she only has one more left. Her schedule during musical season is exhausting, but the school always puts on an amazing performance.

Talk soon,
Sarah