Tag: Accounting

Temptation – Can I Borrow from My Own Accounts for Inventory?

Guest Post by Cyndi Thomason of bookskeep Recently, I was contacted by an ecommerce seller who had read my book and implemented Profit First. They wanted my opinion about using their Sales Tax and/or Profit Account for purchasing inventory in preparation for Q4. They pointed out that it is cheaper to use this money that […]

Know Your Numbers: Gross Profit Margin

Guest Post by Cyndi Thomason of bookskeep As business owners, we often concentrate on our top line sales number. We use this number as a measuring stick of sorts for how well our business is doing; how successful we are. As a member of several seller Facebook groups, I see it is a point of […]

Paying Down Debt with Profit First

The transition to Profit First can seem like a big adjustment when you’re paying down debt. Often, clients are so motivated as they start cutting costs that they apply all those savings to reducing debt. They are so excited about the progress that they bypass the profit account and apply all extra monies towards debt […]

Managing Your Inventory Cash Flow

Guest Post by Cyndi Thomason of bookskeep How much of your Amazon payout do you need to set aside to purchase your next round of inventory? When will you have to make that next payment to your wholesale supplier, and isn’t your credit card payment coming due? If the answers to these questions don’t just roll off […]

Do I Really Need InventoryLab and an Accounting Software?

Guest Post by Cyndi Thomason of bookskeep This past week I had the opportunity to visit with 30 hard-working ecommerce sellers at an Amazon Seller Retreat. I had a blast reviewing their accounting books and giving them suggestions. One question that came up several times was “Do I need InventoryLab and Quickbooks or Xero?” It’s […]

6 Things to Know Before Issuing 1099s

Guest Post by Cyndi Thomason of bookskeep As the year comes to a close, in addition to the busy selling season, it’s time to ensure you are ready for January and the IRS deadlines for 1099’s.  The IRS requires 1099s to be issued to vendors and filed with the IRS by January 31st.  There is […]

The Data Point That ALONE Makes InventoryLab Worth The Cost

Robyn Johnson from Best From The Nest hosted a webinar, along with IL’s Kim McCaffery, that explained the 10 ways she uses InventoryLab to save over 20 hours a month. They shared a lot of great ideas during their time together, and this series will highlight some of those ideas and provide you with additional resources and […]

Show Me the Money!

Guest Post by Cyndi Thomason of bookskeep “Show me the money!” Can’t you hear Cuba Gooding, Jr. saying that line? The line I hear from my clients is similar, “My P&L shows I made a profit, so where’s my money?!” It’s a common question we get from clients, and it’s a common misconception that all profits […]