Reba Parkinson, owner of Custom Pins & Buckles, had a hard time finding a bookkeeper who understood how her ecommerce business worked. She wanted someone who could keep her books clean and help her create a financial plan for her business. That’s when she found bookskeep, and her business has been operating smoothly ever since!
We asked Reba to share with us what it’s like to work with the bookskeep team, and here’s what she had to say!
What stands out about bookskeep?
I would say I call bookskeep my life preserver that saved me from drowning in the ocean of bookkeeping. As the business grew, I reached out to different bookkeepers and QuickBooks experts, and I soon found out that ecommerce businesses that utilize multiple platforms like QuickBooks Online, Shopify, PayPal, and the apps used to connect them are really unfamiliar terrain to most bookkeepers. So, after hiring and firing multiple bookkeepers that were not the right fit, my daughter introduced me to bookskeep owner Cyndi Thomason, author of Profit First For Ecommerce Sellers. After reading the book, I was excited because I found someone who understands the specific needs of an ecommerce business.
What was your biggest challenge?
The biggest challenge that I dealt with was not having a plan for the funds that were flowing through my business. When you don’t know where all the money’s going or where all the money coming into your business should be allocated, you can end up short on money to pay taxes, buy inventory, or pay yourself. I was working long hours and didn’t know if the finances of the business could sustain hiring people so I could stop working seven days a week.
How did bookskeep help with that challenge?
I now have a specific procedure for every dollar that comes into my business. So, I know exactly how the income should be divided up. I can look at my bank accounts easily and know exactly where I am financially. This gives me the ability to make decisions about the future of my company. With confidence. Since working with bookskeep, I’ve been able to hire two part-time employees and a much-needed graphics artist.
How has your confidences improved?
Do I feel more confident about my initial business concerns since working with Jeremy? Absolutely! Working with Jeremy has taken my understanding about the financials needed to have a healthy business to a new level, and I now have two fabulous, fabulous Excel spreadsheets that Jeremy customized to my specific business needs.
How helpful are the spreadsheets?
One is for evaluating each custom order, so that know I’m reaching my target of a 30% minimum gross margin on each order. The second spreadsheet Jeremy created is to evaluate the profits of the items I currently have in my inventory. So, when they come up for reordering, I can decide to reorder them or drop the item. That same spreadsheet also helps me decide on new items for my website and their projected profitability.
What is a noticeable difference?
He is a number cruncher, extraordinaire. He digs into my financials, and he provides statistics about my business. That gives me valuable insights and on moments that changed the direction of the company for the better.
Someone considering working with bookskeep?
Having bookskeep as a partner with your business will give you solid ground to work from in running your business. I feel more confident, relaxed, knowledgeable, and happier running my business since I’ve partnered with them.
Want to book an appointment? Contact us now!
Interested in Profit First?
If your ecommerce business isn’t where you’d like it to be in terms of profitability, check out my book, Profit First for Ecommerce Sellers. It answers important questions about how to implement Profit First in an ecommerce business. Take control of your money and your business, and put Profit First to work for you!
You can also sign up for the Profit First for Ecommerce Sellers Online Course. As a Mastery Level, Certified Profit First Professional, I will teach you why Profit First works so well for ecommerce businesses and the particular challenges for businesses that have physical products requiring inventory management. You will learn how your behavior drives your money management habits for your business and how you can set up your business bank accounts to work with your habits. Contact bookskeep today to learn more about ecommerce accounting.