how to track finances with shopify

yo what's up guys it's your boy jordan,back with another ecommerce video and i,got some awesome stuff to talk to you,guys about in this video in this video,we're gonna actually be talking about,how to track your profits and stay on,top of your bookkeeping this is one of,the most important parts of your,business and a lot of people barely talk,about this probably because it's not,sexy is boring and it's not something,that is enjoyable to do but if you don't,manage your books properly it could be,so easy for you to end up losing money,and I know that's happened to me,firsthand so I figured this video was,essential to bring to you guys so look,anyways we're gonna get right into it,but if you'd like to quality my content,give me a thumbs up and hit that,subscribe button down below also join my,facebook group there's over 5,000 people,in there so you can network and meet up,with other ecommerce entrepreneurs but,hey enough of that let's get right into,the video,all right so like I said bookkeeping is,literally one of the most important,aspects of your business it's not,something that is going to make you more,money right it's not something that you,do and immediately see a result out of,but it's one of those things that if you,don't do it your entire business could,crumble and fall beneath you and the,thing is there's a ton of ways out there,to manage your bookkeeping and do it and,that's kind of what I wanted to make,this video about what has worked best,for me and what I would suggest to you,in your position as an ecommerce,entrepreneur so what I was first,starting I had taken my business and we,were just testing products and spending,money on ads and spending money on,Aliexpress and it was just money money,money going everywhere losing money each,day making money a little bit on one day,and the thing is I wasn't tracking it at,all,there was nothing where I could look and,see hey we made this much profit today,hey we lost this much money so all that,I was looking out was the number of my,bet count and if it was good there was,money in there I gave it a thumbs up if,I was like negative or starting to lose,money that was a bad sign and the thing,is while sure this may be an OK way to,manage your finances if you do it like,this especially at scale you're going to,fill your business is not going to be,successful you're going to make no,profits and it's not going to be,something that is sustainable so I,highly suggest even if you're not making,profits yet even if you're not making,good money yet that you stay on top of,your bookkeeping from day one of,starting your business I'm talking that,first ad that first campaign you launch,you need to write down hey we spent $40,on this specific day and we got one sale,so we spent $7 on out of the Express and,that way you can look back on your whole,entire month and say look this is the,profits that we've made and it makes it,so much easier for yourself and for your,state of mind that you can scale your,business heavier or you need to know,when to kind of pull back and make some,adjustments to what you're doing so what,are the best ways to manage your,bookkeeping so in the past year,been kind of going through a ton of,different options and I have two huge,suggestions for you guys trying to,figure this out,so the first one is for the people who,are just getting started out the people,who are just making a little bit of,money maybe not making any money at all,just spending money on ads and spending,money for filling orders what I suggest,to you is to set up and Excel or Google,spreadsheet now on this spreadsheet,you're gonna want to include all of the,expenses of your business and all of the,revenue streams of your business so for,example the way that mine looks I'm,gonna pull it up right now and I'm gonna,read out two columns I'm not gonna show,you guys my books because I don't really,want to do that but I'm gonna read to,you the columns that I'm using on my,specific documents alright so on my,document I've put in the date the gross,revenue the discounts so when somebody,comes to your store in charges with a,discount I put that on there because you,want to account for everything I put the,returns for that specific day and then I,do a net revenue column so it's all,those values added up and subtracted to,equal the net revenue from there I do,the cost of goods sold,I do the ad spent and I do the,transactional fees and then right after,that that's gonna put an equation to,where I can fill in my net profit and I,can see the exact profit margin of how,I'm doing so this isn't an exact one,that is mine but this is like a template,that I've set up so I'll pop that up on,the screen right there you guys can see,exactly what I'm talking about and you,will be good to go but that's what I,suggested that people just getting,started out and you can take that and,you can input that manually each and,every day just to stay on top of,everything and be good to go now for,those who are starting to grow and scale,their businesses I have a better,suggestion for you guys I found this,awesome service that I've been using a,ton recently it's called bench and,essentially what it is is it's not that,expensive each month you have a whole,entire team of bookkeepers come and,manage your books every single month,they log in to your PayPal your bank,accounts your Shopify accounts and they,track everything individually and they,input it into,a bunch of different reports that you,can view each day and each month to stay,on top of your finances and this has,been a game changer for me I've been,using the service for the past month and,a half now and it really allowed me to,give some more insight into how my,business is actually performing month,over month,which is something that I had before,with the document but it wasn't as,organized and delivered to me in such a,good fashion so I'm a huge advocate for,bench now I think it's an awesome,service and it's something that I really,suggest that you guys look into if you,are starting to scale your store maybe,if you're doing about 500 to 1k plus a,day this is when I would start looking,to get into a software like this because,they make the process hands-off for you,so you don't have to focus on it at all,you don't have to spend any time at all,each month bookkeeping you just need to,look at the documents every month and,stay on top of it also another big plus,for them I kind of got screwed over,doing taxes last year this is the first,time my doing it myself with bench,they'll actually take your documents and,they'll present it for you so you can,take it and just hand it over to an,accountant for tax season so honestly,guys I think it's an awesome service I,think it's something that you could look,into so if you're interested in like,figuring out more about bench I've put a,link like down below to check it out and,maybe you guys could sign up see if you,like it and I think they also give you,like a free month of service if you sign,up so highly suggest that you guys give,bench a go I've just started using it,recently but I have friends that also do,big numbers that use it and they stand,by it heavily so it's kind of a newer,service I figured I would make this,video now I kind of put you guys on and,tell you what's working best for me yeah,guys so that pretty much wraps up how,I'm doing my bookkeeping I use bench now,bench like I said has been great for me,but prior to using bench I used to input,everything manually and stay on top of,that and me personally I'm kind of a,lazy person from time to time I can get,a little unorganized with various points,in my life so having a team of people,dedicated to doing this has made,everything easier so if you're just,getting started get your spreadsheet,do it yourself that's going to be the,best value for you but once you start,scaling just get a team get people doing,it for you so you don't to focus on that,and,to focus on the income-producing,activities that are gonna make you more,money hope you guys got some value from,this one just kind of a quick video it's,not a lengthy topic to go into but if,you like this video just give me a,thumbs up and also join the family hit,that subscribe button down below I,appreciate every one of you who does,that and I'll be seeing you guys in the,next video I'm really going to try to,stay consistent on a upload schedule so,Monday Wednesday Friday that is going to,be the goal and I'm gonna try my best to,provide that to you guys I'm really busy,at this point in my life but you guys,matter a lot to me and I want to keep,dropping value as often as I possibly,can so thanks for sticking around to the,end of the video I will see you guys in,the next one peace

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