If you ask any small business owner or self-employed person what their least favorite task is, what would they say? Unless you have an accounting background, bookkeeping is probably on the top of the list. Well, I have good news! There are some awesome online tools and services available to automate bookkeeping for your business.
QuickBooks Self-Employed Online
My most used bookkeeping service is QuickBooks online. QuickBooks Self-Employed has tools like transaction tracking, invoicing, mileage tracking, reporting, and tax help (for an extra fee).
- Profit & Loss: Connect the bank accounts you use for your business to track every transaction. You can manually sort each transaction or create rules to automate it! Don’t worry if you made a personal transaction, you can categorize as personal or business.
- Invoicing: For reselling, you might not need this tool, but don’t overlook it! If you have a second business or provide a service you can easily create an invoice and get paid through QuickBooks.
- Mileage tracking: This one is major! You might not realize it, but you drive around a lot for sourcing or even post office runs. All you have to do is download the QuickBooks Self-Employed app on your phone and it will automatically start tracking your miles when you get in your car (you do need to have a Bluetooth connection, however). You can deduct $0.575 per mile on your taxes.
- Reporting: This is key for your yearly taxes! If you have everything up to date, come tax time all you’ll have to do is run a few reports. Reporting available: mileage, profit & loss, receipts, tax summary, tax details.
QuickBooks is also beta testing a time clock so you can track your daily tasks or client work!
How I use QuickBooks for Reselling
- Profit & Loss: I connect the bank account that I use for expenses and my PayPal account for eBay income. My Poshmark income is reported when I deposit anything into my bank account (along with Mercari). I create rules so that frequent transactions get automatically sorted into categories. My sourcing transactions are auto sorted as “materials & supplies” in business expenses.
- Invoicing: I have a graphic design business that I use invoicing for! You probably won’t use this as a reseller, but it’s nice to have.
- Mileage tracking: Make sure you are logged into your app or the tracking won’t start! You can also add mileage manually if you missed a trip. Last year I was able to deduct $2,950.
- Reporting: For taxes, I just downloaded the documents I needed and filed online!
The second most hated task for a reseller? Inventory! Airtable is a website and app that lets you create “bases” for anything you need. It is basically a better version of a spreadsheet that won’t make you cry 🙂
I have one base for all of my inventory. You do have to set it up yourself, but just think through what your needs are! For me, I have the following in my inventory base for each listing: title (that I use in my listing), category (shoes, tops, bottoms, etc), inventory number, measurements, status (photograph, listed, sold), sold date, COGS, net earnings (income after fee), net profit (this is a formula).
I also have a base for my monthly stats! I record the following each month: Poshmark, eBay & Mercari sales ($$ and quantity), social media stats, active listings, and total listings created each day.
Let me know if you have any questions or if there’s something I didn’t cover in the comments!
**I am not an accountant and I always will suggest meeting with or hiring one just to check that you are doing everything right.