Hello! In last week’s bi-weekly newsletter, we talked about building out new listings, testing new ideas, and giving those listings time to settle in and start gathering data. This week, I wanted to talk specifically to my Etsy sellers about one of the strategies I’ve been experimenting with as I build out my own Etsy shop. I actually have another Etsy shop besides Small Business Sarah. It’s my little testing ground where I can have fun experimenting with products, designs, pricing,...
about 1 month ago • 2 min read
Hi Reader, January is a terrible time to discover that your bookkeeping system isn’t working. That’s when many business owners are already trying to: Gather tax documents Answer questions from their tax preparer Piece together an entire year of transactions Starting now gives you time to set up QuickBooks, learn a simple monthly routine, and fix problems before year-end. Save 90% on QuickBooks Online From August 3 through August 31, QuickBooks Online is offering 90% off for the first three...
2 months ago • 1 min read
What gets included in your eCommerce deposit This email contains referral links. See my disclosures. Hi Reader, I received a great reader question the other day: If I use cash basis accounting, do I still need to record all the sales, fees, refunds, shipping, and sales tax breakdowns? The answer is yes. Cash basis accounting means you generally record income when you receive the money and expenses when you pay them. But it does not mean your bookkeeping should only show the lump-sum deposit...
3 months ago • 4 min read
What you need to know about use tax. This email contains referral links. See my disclosures. Hi Reader, Today, we are going to talk about one of the least understood tax concepts: Use tax. Exciting, right? Okay, maybe not. But it is one of those sneaky little topics that many business owners either don’t know about or don’t fully understand. What is use tax? Most people understand sales tax. If I walk into a local office supply store here in Pennsylvania and buy a cute desk organizer set for...
4 months ago • 4 min read
A Quick Bookkeeping Check-In This email contains referral links. See my disclosures. 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...
7 months ago • 4 min read
Not all business checking accounts are created equal... This email contains referral links. See my disclosures. Hi Reader, If you’ve been on my list for any length of time, you’ve probably heard me harp on having a separate business checking account. And yes, I’m going to remind you why that matters in a minute. But first, let me say something that doesn’t get talked about enough: Not all business checking accounts are created equal. Many small business owners are still using a checking...
7 months ago • 3 min read
What Qualifies as a Legitimate Tax Deduction? This email contains referral links. See my disclosures. Hi Reader, Although I’m not a tax preparer or tax attorney, I am quite familiar with the IRS tax rules for small business owners, thanks to years of running a bookkeeping business and filing my own small business taxes. Everywhere I look, I see internet “tax hacks” dishing out bad advice—advice they often want you to pay for! Do you think these hack-gurus will reimburse you for penalties and...
8 months ago • 4 min read
Before busy season, do a 15-minute margin check This email contains referral links. See my disclosures. We’re heading into the busiest selling season. I want you to sell a ton—but also keep the profit. It would be disappointing to crush it in December and see no change in your bottom line. Here’s a quick method (and example) you can use to confirm your real margin. This looks a bit technical, but don’t worry, I have an easy-to-follow example. You can do this, it’s important! But if you need a...
12 months ago • 4 min read
The Results Are In... This email contains referral links. See my disclosures. Recently, many of you filled out a short survey about your business. Thank you for participating! If you're curious about how your results compare with other sellers, here's a peek behind the curtain. I received the most responses from Etsy sellers, followed by Amazon, and then Shopify. Each platform had a few standout sellers earning well above the rest, but for the averages below, I’ve removed those outliers to...
over 1 year ago • 2 min read