021. Common Bookkeeping Mistakes in the Retail Industry

Bookkeeping in the retail industry has some unique complexities that do make it a little more complicated than other businesses. Since I opened my business in 2021, I have worked with dozens of small businesses, and I often see a lot of small business owners make similar mistakes when they manage their own bookkeeping. Unfortunately, mistakes like these can lead to inaccurate financial reports, which lead to inaccurate tax returns, which leads to either over or under paying in taxes.

In this episode I’ll be sharing what these common bookkeeping mistakes are and help you avoid these mistakes to make sure your bookkeeping is helpful and accurate in helping you operate your business and prepare for taxes.

 

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:

• Need to get your bookkeeping caught up or cleaned up? Sometimes you just need a clean starting point so you can take it over yourself. Apply to work with us at www.findingfreedomfinancial.com/contact and we'll get your books up to date and ready to hand off.
• Need some support as you do you own bookkeeping? Then I wanna invite you to join me inside of the Bookkeeping Made Simple for Boutiques Membership, where you can get trainings & support to help you feel confident as you manage the money-stuff yourself. Using Quickbooks Online, I walk you through through the exact setup & process you need to implement everything for accurate and EASY bookkeeping all year long - no more tax time scramble! Join us at www.findingfreedomfinancial.com/membership
• Are you a Shopify seller who’s not quite ready to invest in a bookkeeping software like Quickbooks? Don’t worry - I got you! I’ve created a custom Shopify Seller Income & Expense Tracker that you can use to easily enter each transaction coming in and out of your business, along with your sales data coming directly from Shopify to put together a standard P&L (Income Statement) that you can hand over to your tax preparer. Download your copy at www.findingfreedomfinancial.com/spreadsheet

 

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

https://www.findingfreedomfinancial.com/common-bookkeeping-mistakes

 

Related Episodes & Resources Mentioned:

Quickbooks Online is my favorite bookkeeping software. You can try it here and get 30% off your first 6 months: www.findingfreedomfinancial.com/qbo (psst…you can probably get by with the Simple Start level)

Learn more about my favorite time-saving features of Quickbooks Online here: https://findingfreedomfinancial.com/quickbooks-online-features/

Xero is another popular bookkeeping software you can learn about here: https://www.xero.com/us/pricing-plans/

Wave is another bookkeeping software option that does have a free plan if you’re looking to really keep costs low. Just know that there are going to be limitations on available features if you go with a free plan (but it will be a small step up from a spreadsheet. https://www.waveapps.com/pricing