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Fabric & Finances

Welcome to Fabric and Finances!

Here we will be posting weekly tips on how you can stay more organized in 2023!   

If you have any questions to Click Here to send us a message!

After reading and you would like to set up a FREE consultation Click Here!

Hello MLA VIP’s!  

Why the heck is a Bookkeeping firm CEO writing content for MLA’s website????

Well Vicky and I have been working together for a while and we realized that her AMAZING customers could probably use some help when it comes to the business side of things. 

While I’ve been working with Vicky & MLA I’ve had the pleasure of seeing your work in the Facebook group. It’s very clear you are all so very talented!

Let’s be real…. MANY of us go into business to do what we love and most of the time the back office part of running a business gets forgotten until it’s time to file taxes…. Then it’s a guessing game.

Our hope is that with MLA’s notoriously fabulous fabric & my savvy knowledge of running a profitable business we can help you build a business that blows your dreams out of the water.

Who am I???

My name is Samantha Laufer and I am the CEO of Bookkeeping By Samantha. 

My bookkeeping firm is 2 & 1/2 years old and we've served dozens of businesses. 

My favorite clients are always mom's with the kids in the background because I AM THAT MOM. 

 I’m a single mom of two beautiful daughters (6yr & 2yr’s old). We recently relocated from McHenry County Illinois to Alaska! It has been a dream of mine to live here since visiting in 2015 while I was co-hosting charity events around the country. My bookkeeping firm has not only made my dreams of moving, working from home and homeschooling a reality but it's also allowing me to help other Moms just like me make those dreams a reality too! 

Enough about me. Let’s talk about you! 

You started this business to have something to do that’s just for you. To make some extra cash. To pay off debt. To take the stress off of your partner. To have that second job to cover your bills without leaving your kids even more. To be home with your kids. Because the last two years shook everything and you need a business where YOU make the rules. 

You found the BEST fabric. 

You make the CUTEST boutique items.

Your sales are taking off.

And you have an email folder full of receipts, a grocery bag full of physical receipts, and your bank account is full of personal and business expenses…… 

When asked what your profit for 2022 is you get a little queasy.

This is where I come in. 

My firm has put together a special MLA VIP package for your e-commerce boutique!

We want you to make and KEEP as much of your money as you can! 

If you’ve done nothing with your businesses back end other than setting up your payouts from Shopify to your bank we’ve got you covered. 

If you’ve been doing this for a bit and need help running your business like a BOSS and maximizing your profits we can help with that too! 

For those that need the start from scratch approach we have THE….

 E-commerce Boutique set up package: 

~Set up your Quickbooks online account (this is your accounting software)

~Connect and map out Bookkeep with your Shopify/ Selling platforms & payment processors

~Set up your TaxJar account

~Set up your Payroll Mapping 

~You will get a loom video covering the basics of how to read your financial reports 

Back-work & monthly bookkeeping services with up to date monthly financial reports & monthly zoom calls to review your reports are available as well. 

If any of the above sound like something your boutique could benefit from book a free consultation call with me personally- https://calendly.com/bookkeepingbysamantha/mlavip

Now for the juicy bit on how to be a Savvy Business owner in 2023….

 

10 Tips On How To Be A Savvy Business Owner In 2023

1) Incorporate: Even a simple LLC can protect your personal assets AND allow you to qualify for more business deductions

2) Separate your business & personal finances: Your business should have its own Bank account, Credit Cards, Payment Processors (PayPal, Venmo, etc.)

3) Set goals: This may sound silly or simple but DO IT. I recommend quarterly, yearly and 5yr goals. You need to know what you’re working towards. They can be simple but the act of writing them down makes a commitment to yourself that you are taking this seriously. 

4) Work on your money mindset- If you want to make money and have a profitable business you need to understand how you think about business, money, and wealth. My DM’s are always open for a good money mindset chat if you need suggestions on books or tips on shifting your mindset.

5) Track your Nexus status to avoid penalties and additional fees: your Nexus status tells you if & when you owe sales tax. Each state and oftentimes county has different Nexus requirements. Etsy, Shopify & Tax Jar help tremendously.  

6) Schedule reminders in your calendar for tax deadlines: Quarterly Estimated Taxes, Sales Taxes & Annual Filing Deadlines are all things you do not want to miss.  

7) Update your passwords every 6 months: One of the simplest ways to prevent compromised bank accounts, Credit Cards and fraudulent charges is to update your passwords at least every 6 months. Make sure to have specialized passwords for your bank account, credit card and your email as those tend to contain the most sensitive information.

8) Keep digital copies of your receipts: The IRS likes paper, however paper receipts tend to fade. A business best practice is to keep a manilla folder for each month of the year, at the end of each month scan them into a Google Drive folder for that month. Then at the end of each year you have a physical copy and digital copy of your receipts if needed for an audit. 

9) Know your profit margin on individual products: Including the value of the time it took you to make the item. So often creators forget to calculate the time that goes into making an item. A good way to calculate this is by asking yourself how much you would need to pay someone to work for your business to do the same task. Say you’re sewing a bow- how much would you pay someone to come complete that task?

10) Keep your books up to date and review regularly: Don’t just pay someone to keep them up to date or do it yourself saying “well my receipts are in the spreadsheet the CPA will sort it out when we file our taxes”... take the time to understand your reports and review them at least quarterly if not monthly. Your bookkeeping should be able to tell you exactly what is going on in your business, if you’re on track to hit your goals or if you need to pivot. 

I hope these 10 Tips on How To Be A Savvy Business Owner In 2023 have been helpful

!!Come back weekly to see more free tips on how to stay organized in 2023!! 

If you’re excited about these weekly posts let Vicky or myself know.

If you know another Mom Boss that could use this information please share this post.

Use this link above to book your free consultation as a VIP of MLA Fabrics

 Or 

Email me at 

Sam@bookkeepingbysamantha.com

I look forward to partnering with you and helping those bank accounts grow! 

 

XX,            

Sam

 

*!* If you end up booking a service through Samantha

please send us an email with verification at

contactus@mlafabrics.com! We will get you over a free promo!