A&E Show

[dragonfly princess]

It is called Big Spender, never seen it before. Apparently there are business partners that have a lip gloss company and it has hit rock bottom. The main problem?? They still spend like the biz is kickin butt. There is a man that comes to the rescue, he is tryin to help them figure out how much money they have put into their business and how much money they have made. Neither one of them has any idea about the money! Ok I am scared! I am spending money left and right and I couldn't tell you if I have even made any kind of profit! WOW!!!

 

[Guest]

Do you keep any of your receipts? Go back and add up all of your receipts... Do you keep track of what you spent at your shows, on the way to your shows?

How much did you make at the shows?

I have an bookkeepper for all of that..

 

[dragonfly princess]

My husband takes care of all our bills, he keeps all the reciepts and has recently started keeping info in our budget. I need an official bookeeper I think. that just was a serious wake up call. seems like all I do is spend.

 

[Tabitha]

I would recomend you set up a seperate checking account just for your soap biz. Everything you make goes in, everything you spend comes out of it.

It is easier said than done. I do not keep books on my soap biz.

I do try & use paypal as much as possible. If I make all of my purchases w/ paypal I can at the very least keep track of what is going out. 3/4 of my sales are online & 90% of those people pay w/ payal so I have a pretty good idea.

 

[dragonfly princess]

I have mentioned the separate checking account, he keeps saying that we can do that "if" the business gets bigger. Not sure what he is thinkin! He says the same thing about insurance, altho I work in an insurance company so I am getting quotes!! I can have it taken out of my paycheck every month.

 

[Tabitha]

Well then, maybe just get a jouirnal or notebook & write down everything you buy & everything you sell. Then you will have an acurate view of your profit/loss margin.

 

[pepperi27]

I just use paypal account for that and nothing else. when someone orders the shipping money comes out of the paypal acct. I do not use my paypal card for anything else.

 

[WhiteLyeSoapCo]

In writing

Get a home / small business budget book from Office Max or Wal-mart and keep track in it. There is a place for receipts and it has sections to help categorize your spend and income. It is simple and as long as you keep track of recording, it is an organized and cheap way of record your spend.

 

[dragonfly princess]

Thanks I will look into that!