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Candus Kampfer is just in time to join me in our 9th episode to talk about accounting, making sense of your numbers for fashion businesses, and ultimately . . . QuickBooks!
If you’re using Quickbooks for your Fashion Business or are planning to use it, then you’re in for a treat. We’re also talking about Quickbooks online versus Quickbooks desktop app.
Disclaimer: I am not affiliated with QuickBooks. Any suggestions, recommendations and opinions in this blog should not replace professional advice. They are our own opinions and solely aim to enlighten you on how you can kickstart using Quickbooks.
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You may have your own tax horror stories or have heard one or two. It’s a common mistake to start taking care of accounts when the tax time rolls around or when the books are not organized -- which obviously leads to a whole lot of chaos.
Soon enough, your business gets more complex and so are the accounts. If you’re using QuickBooks from the get-go, it is much easier to grow your QuickBooks along with your fashion biz.
Candus suggests that "If you start it (QuickBooks) right away, having the reports will allow you to know if you're making money and which areas in your biz you need to improve. The best time to start is soon, like, if you're hearing this and you have a business right now, there's never a better time."
You may be asking questions such as when do you set up a company profile in Quickbooks or which features to make use of. Candus suggests that your end game for using QuickBooks should be the first thing to consider. For example, what do you want to see on your report?
Is it the expenses vs profits?
Is it your manufacturing costs?
Is it the average shipping cost to certain countries?
Think about that one aspect in your financial transactions that matters the most to you and centralize your company profile to that.
A lot of your financial transactions can be streamlined within QuickBooks. To simplify your reports and make them less complicated, Candus recommends to get a separate bank account for your business. This way, your personal finances are not mixed up with your business transactions.
Reports on QuickBooks let you dig deeper and into more details of your transactions. When setting up a QuickBooks company profile for the first time, consider how you intend to use the system.
For inventories, you could start with a very basic Profit versus Expense report, which makes sense because these are the transactions that you should be tracking on regular bases.
Candus suggests to not get too technical using QuickBooks especially if you're just starting out.
Candus recommends designing your QuickBooks for you so when you're looking at the way you generate your revenue or income, you will know what a dollar means. When creating a QuickBooks profile, the system will ask you questions that will help you go in and customize your profile according to what you want to track.
A gentle reminder from Candus and I to business owners, entrepreneurs, creatives and professionals: don't just look at your reports when it's tax time. Dig into them monthly, quarterly and as much as you can to see your financial health.
Not only is QuickBooks a great tool for organizing your fashion biz finances, it can also help you understand more about your customers by letting you analyze how much money comes from a certain group of customers. This way, it’s easier to effectively reach your customers based on their buying and transactional behavior.
So I asked Candus about the honor behind reconciliation when done with QuickBooks.
She says, “What the Reconciliation allows you to do is you take your bank statement from your bank and you go in and you recognize what they call Reconcile. You are making sure that everything that passes through your bank account or your PayPal account or whatever is inside your Quickbooks. Because the reality is technology doesn't always work perfectly.
Sometimes I've had this happen where maybe you had an app at where it's accidentally synced to your bank somehow and downloaded the same transactions more than once. Every now and then that glitch happens. When you Reconcile, it's the only way to say “these are the things that cleared my bank”.
* Quickbooks online requires a monthly fee while the desktop version only needs a 1-time payment.
I’m almost certain that us creatives, fashion designers and entrepreneurs find numbers not-so-sexy -- not unless they’re 6-figure digits in a report that says SALES.
But hey, you guys, wouldn’t it be smartly sexy if you could simplify these digits and make use of your reports to improve and scale your fashion biz?
Head over to iTunes. I’d love to know your thoughts about Quickbooks and your fashion biz.
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