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How do e-commerce businesses track their income & expenses?

Asked 2 years ago

Help! I've got no idea where or how to begin tracking the money that comes in and goes out as quickly as it came with this online business. It gets paid directly into my account, and I struggle my butt off not to spend it. Any tips would be super welcome!

Albert Bowen

Thursday, February 10, 2022

First, open a business bank account to separate your personal and business cash. Next, is to categorize the business expenses to know where you're spending your money. A great tip is to use small business accounting software like Quickbooks, and Freshbooks that make tracking of income easier.

Jolina Regin

Sunday, April 17, 2022

Its not recommended to have both your business and personal finances in the same bank account. Separate them by opening a business bank account where all incomes are received and expenses are paid. The next step is to track your business' income and expenses. You can use apps like Quickbooks, Freshbooks and Wave or track manually in an Excel sheet.

Pay yourself a certain amount every month like a salary to avoid spending the business revenue.

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