033. Your Shopify Payouts Are Not What They Seem

Your Shopify payouts aren’t just one number - they’re actually made up of 6 separate components. In this episode, I’m breaking down exactly what’s inside every Shopify payout, why recording them correctly gives you a much clearer picture of your boutique finances, and how one simple habit could be causing you to overstate your income and pay more in taxes than you actually owe.

 

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:

• If you’re ready to just hand the numbers off to someone so you can stay in your own zone of genius, apply for one of our open client spots so we can take it off your hands. Don’t worry, we’ll send you your financial reports each month so you can feel confident in your numbers without doing the work yourself. Apply now by booking a coffee chat consultation at www.findingfreedomfinancial.com/contact
• Need some support as you do your 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 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:

http://findingfreedomfinancial.com/how-to-record-shopify-payouts/

 

Related Episodes & Resources Mentioned:

• Episode 31: The Inventory and COGS Mistake That’s Hiding Your Real Profit
• 5 Mistakes to Avoid in Your Boutique Bookkeeping: https://findingfreedomfinancial.com/mistakes