I never really intended to start a business. I was a church worker, I made programs for kids. I loved it. So other than managing the budget for my ministry I really knew nothing about accounting or business finance when I started. I actually made a huge accounting mess my first year trying to “save money” and do it all myself. Once I finally did go to find an accountant, I had a really hard time articulating exactly what we needed and how our business was a little different that other businesses they might work with.
If you are just starting out and you don’t have a separate bank account for your business. Stop what you are doing- like now. Drive to the bank and get an account opened! (Unless it is after banking hours, then first thing in the morning!) This was one of the only things I did right in the beginning. You will be ending costing yourself hours and thousands of dollars if you don’t do this!
I decided I had to learn a little about accounting if I wanted my business grow. I bought about 7 books from Amazon and only one really helped me to finally “get it.” The Accounting Game: Basics From The Lemonade Stand was a great book that really breaks out all the things that accountants say- that to any normal person make no sense (sorry accountants).
We started to use this excel sheet– updating it every week and adjusting the budget to match our current expenses things immediately got better. I feel so strongly about this- I even made a video!
Consider hiring a professional!
If you are not from an accounting or bookkeeping background we recommend that you use the Profit First system of accounting. We get asked often who we use as a bookkeeper and we have been incredibly happy with Cyndi Thomason from Bookskeep.com. If you are looking for an Bookkeeper for your Amazon business I would highly recommend Cyndi!