Financial Tracking

With operating any business, you will need to keep track of income and expenses.

 

How do I keep track of income?

This should be done by your company if you are working under them.  If you are completely independent and are using a payment processor such as square or paypal, they record any payments made to you.  If you are cash/check only, you will need to record all of your transactions on paper or some sort of computer program.

 

How do I keep track of expenses?

You can use a physical ledger notebook.  You can easily move the book with you and keep it with you when you pay bills or buy supplies and keep records.

You can use a computer program such as Quicken.  This is most costly, but if you use it consistently, you can get most accurate and up to date reports.

You can use an app for your phone.  These are not always as functional as quicken, but can often provide reports in pdf or excel formats.

 

What Expenses should I keep track of? (Contact a CPA to determine as these are not all inclusive and some may not be applicable.)

Home office use

-Mortgage

-Upkeep such as roof repair, lawn mowing, snow blowing

-Heat

-Electric

-Phone

-Internet

-Trash

-Sewage

-Water

 

Vehicle Use

-Mileage (to post office, to pick up supplies, to customer location)(Mileage from home to your boutique location is typically not deductible)

-If you don’t use mileage, you might need to do other expenses such as car payment, insurance, gas, repairs.

 

Supplies

-Shipping (tape, mailers)

-Racks/Hangers/etc

-Printer/paper

 

Subscriptions

-Stamps.com

-Shipping Easy

 

Fees

-Square or Paypal credit card fees

-Postage

 

Other

-Converting home space for in Home business

-Cost relating to making a Mobile Boutique