Your Financial Statements Wear Many Hats
“Know your numbers” is a common phrase when we advise our clients. No one has ever asked me which numbers and why? But I think these are good questions, so I’m going to give you a rundown on the important numbers. Let’s start by getting clear about the purposes your financial statements serve. Just like […]
Top 4 Profit First Bank Accounts and Why You Need Them
When implementing the Profit First methodology in your business, one of the first things you learn is the importance of setting up different bank accounts for different purposes. In Profit First for ecommerce, that first account should be for inventory activity. Once you have separated your inventory banking activity from your operating expenses, you’re ready […]
Profit First Tax Strategies for Ecommerce Sellers
Here we are, just a week away from April 15th. Tax Day. Hopefully by now, you have 2020 wrapped up or at least ready to file. So, what happens next? Do you close the book and not worry about taxes again until next year, hoping it all just works out? You could, but I don’t recommend it! Instead, put a plan in place that will require a minimum amount of attention throughout the year. Profit First prepares you for taxes without the stress. Now, that’s a great plan! Here’s how it works.
It’s Almost Tax Time: Are You Prepared?
As 2020 has come to an end and the flurry of Q4 and the holidays are just happy memories, we now get to turn our attention to everyone's least favorite topic: taxes. Bookskeep has you covered when it comes to what to have ready for your tax preparer! Staying Current Can Ease Tax Time Headaches [...]
Ecommerce Sellers Need to Know–Preparing 1099s Can Be Easy!
Are you preparing for the upcoming tax season? At bookskeep, we are looking ahead and planning throughout the year to make certain our clients have the reports they need as they prepare for tax time when January rolls around. There are many tasks involved in these preparations. One of them is issuing 1099s. Bookskeep has […]
Q4 and Taxes: What’s Your Strategy?
It’s August—the lull before Q4, or maybe not a lull if you’ve gotten crazy busy with COVID sales. In any case, we must look ahead to Q4 and tax time and anticipate how we’re going to handle what may be an unprecedented level (or a new precedent) of online sales. There are a few of […]
The IRS Website: A Valuable Tool for Business Owners
Tax season is here again, bringing with it a load of forms and paperwork. Despite the hassle, accessing the necessary IRS forms and instructions is relatively straightforward through their website.
Track 1099—Making Tax Time Easier for Ecommerce Sellers
The holidays are a wrap, and not only are we facing a new year, we’re entering a new decade! I can hardly believe how quickly time flies. I can’t help but get excited when I think about all the amazing things the future holds for us! Amazon Seller Tax Information Overload! Regardless of what type […]
7 Profit First Steps to Create Your 2020 Vision
So, 2019 is a wrap. I’ve seen mixed reviews about the year on Facebook; everything from best sales ever to very lackluster results. At this point, you’re probably focusing on next steps. Let me suggest a few that I’ve seen help clients successfully prepare for the upcoming next year.
