one of the questions we get asked a lot is about how to keep track of your expenses, what deductions to take, you know, all those "money" questions.
Our first answer is always: find a bookkeeper or accountant who is knowedgeable in Direct Sales. Rules and regulations change all the time and you want someone in your corner who is up to date on what is going on.
With that being said, there is one easy way to make your accounting easier:
Set up a separate bank account with a debit/credit card coming from that account
use this and only this for all of your work related expenses.
It seems simple and straightforward, but I can't tell you how many direct sellers we work with who use different accounts and bank or credit cards to run their business. It makes tracking difficult and tax time a nightmare.
By using one card and account for everything, it is easy to print off your statement each month and track your expenses and earnings.
So before January 1st rolls around, stop by your bank and get yourself set up for success.
the other thing it helps with is keeping a cap on your spending. You can't order if you don't have the cash. This might sound limiting to you, but I have done this from the very beginning of my business and I have ALWAYS made money.
And isn't that what successful business do? Make money?!
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