008. Understanding the Income Statement for Your Boutique

The Income Statement is probably the most well-known financial statement, but it’s important that you know how to read & understand what this report is telling you about your business. This episode is going to explain the purpose of the Income Statement, walk through the general layout so you know how to read & understand it, and then wrap it up with a few specific numbers & calculations you should be reviewing on a regular basis.

 

Ready to take your learning a step further?

Register for my Free Masterclass, Make Your Money Make Sense! Where you’ll learn how to understand where your money is going, avoid costly bookkeeping mistakes, and set up an easy to follow bookkeeping system.

Sign up now: www.findingfreedomfinancial.com/masterclass

 

Other Ways to Work With Me:

• If you’re ready to just hand the numbers off to someone so you can stay in your own zone of genius, apply for one of our open client spots so we can take it off your hands. Don’t worry, we’ll send you your financial reports each month so you can feel confident in your numbers without doing the work yourself. Apply now by booking a coffee chat consultation at www.findingfreedomfinancial.com/contact
• Need some guidance on how to do you own bookkeeping in Quickbook Online? Then check out Bookkeeping Made Simple for Boutiques, our signature course that walks you through the exact setup & process you need to implement for accurate and EASY bookkeeping all year long - no more tax time scramble! Enroll at www.findingfreedomfinancial.com/bookkeeping-basics
• Are you a Shopify seller who’s not quite ready to invest in a bookkeeping software like Quickbooks? Don’t worry - I got you! I’ve created a custom Shopify Seller Income & Expense Tracker that you can use to easily enter each transaction coming in and out of your business, along with your sales data coming directly from Shopify to put together a standard P&L (Income Statement) that you can hand over to your tax preparer. Download your copy at www.findingfreedomfinancial.com/income-expense-spreadsheet

 

Prefer to learn while you read? Check out the blog post for this episode:

https://www.findingfreedomfinancial.com/income-statement

 

Related Episodes & Resources Mentioned:

• Grab your Chart of Accounts Template that you can import into Quickbooks Online for a boutique-specific report layout: https://findingfreedomfinancial.com/coa-template
• Register for the free Masterclass here to get a more in-depth look at the primary financial statements: https://findingfreedomfinancial.com/masterclass