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Smart Finance Management Tool for Online Businesses

Published on: December 2 2022 by Tatiana James

Smart Finance Management Tool for Online Businesses

Smart Finance Management Tool for Online Businesses

startTime durationTime text
00:00:00 00:00:04 hey everyone i'm tatiana and if you are
00:00:03 00:00:06 a longtime subscriber
00:00:04 00:00:09 then you may know that i have built a
00:00:06 00:00:12 seven-figure business and one of my most
00:00:09 00:00:15 frustrating challenges was
00:00:12 00:00:16 the bookkeeping and i know who would
00:00:15 00:00:18 have thought that that would be such an
00:00:16 00:00:19 issue but it was
00:00:18 00:00:21 when i first started my business i
00:00:19 00:00:22 thought that i could manage the books
00:00:21 00:00:24 myself
00:00:22 00:00:26 you know save money why not do it that
00:00:24 00:00:27 way i soon realized that that wasn't the
00:00:26 00:00:30 case
00:00:27 00:00:31 and many years later i realized you know
00:00:30 00:00:33 if you're building a business you need
00:00:31 00:00:35 to prioritize making sure that your
00:00:33 00:00:38 bookkeeping is organized and clean
00:00:35 00:00:39 the last thing you want are questionable
00:00:38 00:00:42 books
00:00:39 00:00:44 simply due to your negligence
00:00:42 00:00:45 so in the past people would do the
00:00:44 00:00:48 bookkeeping kind of manually
00:00:45 00:00:50 i know my mom she had her own uh home
00:00:48 00:00:52 business and she had
00:00:50 00:00:53 a document and she would pencil in her
00:00:52 00:00:55 bookkeeping and make sure it's pencils
00:00:53 00:00:57 that she can erase the mistakes
00:00:55 00:00:58 it's not that different than using a
00:00:57 00:01:00 spreadsheet on your computer and that's
00:00:58 00:01:01 what i was doing when i first started my
00:01:00 00:01:05 business
00:01:01 00:01:06 but nowadays there are softwares to help
00:01:05 00:01:07 you with your bookkeeping and most
00:01:06 00:01:09 people do use them
00:01:07 00:01:11 most small business owners use
00:01:09 00:01:14 quickbooks quickbooks desktop
00:01:11 00:01:16 quickbooks online xero is another one
00:01:14 00:01:17 and they're fabulous they can seriously
00:01:16 00:01:19 help you
00:01:17 00:01:20 to continue to manage your books
00:01:19 00:01:23 yourself
00:01:20 00:01:26 but do it in a professional fashion but
00:01:23 00:01:28 they do have their limitations
00:01:26 00:01:29 especially if you have an e-commerce
00:01:28 00:01:31 business you'll notike
00:01:29 00:01:33 that it's not going to solve all your
00:01:31 00:01:35 problems just using quickbooks
00:01:33 00:01:37 because with an e-commerce business you
00:01:35 00:01:40 have a ton
00:01:37 00:01:41 of customer orders online transactions
00:01:40 00:01:45 and you're going to be spending a great
00:01:41 00:01:47 deal of time doing manual data entry
00:01:45 00:01:48 and reconciliation now if you're not
00:01:47 00:01:51 already aware
00:01:48 00:01:53 in an e-commerce business everything
00:01:51 00:01:57 needs to be tracked metikulously
00:01:53 00:02:00 every single order every single customer
00:01:57 00:02:02 every single sales tax collected every
00:02:00 00:02:02 piece of inventory it all needs to be
00:02:02 00:02:04 tracked
00:02:02 00:02:06 but not only does it need to be tracked
00:02:04 00:02:09 it also needs to be reconcilable
00:02:06 00:02:12 so all of your orders need to match up
00:02:09 00:02:13 and be congruent with the deposits made
00:02:12 00:02:15 in your bank account
00:02:13 00:02:17 all of the sales taxes that you
00:02:15 00:02:19 collected on behalf of your customers
00:02:17 00:02:20 need to match up with the sales taxes
00:02:19 00:02:23 that you're going to be paying
00:02:20 00:02:24 the appropriate states so everything
00:02:23 00:02:25 needs to match up your books need to
00:02:24 00:02:28 balance
00:02:25 00:02:29 and if you do something wrong if you
00:02:28 00:02:31 make a mistake
00:02:29 00:02:33 that's where it becomes very time
00:02:31 00:02:35 consuming you have to
00:02:33 00:02:37 look for that penny and that can take
00:02:35 00:02:39 you hours and it can be a very
00:02:37 00:02:41 frustrating experience
00:02:39 00:02:44 most business owners estimate that
00:02:41 00:02:45 manual data entry takes about 10 hours a
00:02:44 00:02:48 week
00:02:45 00:02:51 that's 500 hours per year or
00:02:48 00:02:52 12 work weeks can you imagine that is so
00:02:51 00:02:53 much time
00:02:52 00:02:56 and i don't know if that's the best use
00:02:53 00:02:57 of your time now if you decide that hey
00:02:56 00:02:59 that is not the best use of my time let
00:02:57 00:03:00 me outsource this and hire someone else
00:02:59 00:03:02 to do it
00:03:00 00:03:04 and you hire someone for 30 an hour
00:03:02 00:03:05 that's fifteen thousand dollars a year
00:03:04 00:03:06 that you're going to be paying that
00:03:05 00:03:10 person to
00:03:06 00:03:13 to do this manual data entry for you so
00:03:10 00:03:14 now that you feel my pain let me present
00:03:13 00:03:17 you with a solution
00:03:14 00:03:18 an app yes there is an app for
00:03:17 00:03:20 everything
00:03:18 00:03:22 cinder is a smart finance management
00:03:20 00:03:24 tool for online businesses
00:03:22 00:03:27 which allows you to synchronize payment
00:03:24 00:03:28 systems or e-commerce platforms with
00:03:27 00:03:30 accounting
00:03:28 00:03:31 and automatikally manage your finances
00:03:30 00:03:33 as a result
00:03:31 00:03:35 you will have accurate data in the
00:03:33 00:03:37 accounting system correct
00:03:35 00:03:39 tax and product reports and easy
00:03:37 00:03:42 reconciliation
00:03:39 00:03:43 in other words cinder automates
00:03:42 00:03:44 bookkeeping for businesses that sell
00:03:43 00:03:46 online
00:03:44 00:03:48 with cinder you can connect to
00:03:46 00:03:50 accounting platforms such as
00:03:48 00:03:51 quickbooks online quickbooks desktop and
00:03:50 00:03:53 xero
00:03:51 00:03:55 and you can connect them with your
00:03:53 00:03:58 favorite payment processors such as
00:03:55 00:04:01 amazon stripe shopify
00:03:58 00:04:03 paypal ebay etc so my favorite features
00:04:01 00:04:05 about cinder are number one
00:04:03 00:04:06 that it's really easy to connect i'm
00:04:05 00:04:08 going to show you how in just a second
00:04:06 00:04:10 how to connect to amazon and shopify
00:04:08 00:04:12 but if you ever do have any issues then
00:04:10 00:04:13 you can reach out and get support from a
00:04:12 00:04:16 real human
00:04:13 00:04:18 number two is the income categorization
00:04:16 00:04:20 which is done automatikally by cinder
00:04:18 00:04:22 also saving you time
00:04:20 00:04:25 and it's done by the item names number
00:04:22 00:04:26 three is inventory management so that's
00:04:25 00:04:29 super helpful so you make sure that you
00:04:26 00:04:31 know exactly how many units are in stok
00:04:29 00:04:32 when you sold those units and number
00:04:31 00:04:35 four is reconciliation
00:04:32 00:04:38 so all the income fees refunds it's all
00:04:35 00:04:39 recorded properly so that reconciliation
00:04:38 00:04:40 becomes a breeze
00:04:39 00:04:43 so i'm going to hop behind the computer
00:04:40 00:04:44 now just to show you how easy it is to
00:04:43 00:04:47 connect cinder
00:04:44 00:04:50 to your accounting softwares and also
00:04:47 00:04:50 your payment processors such as amazon
00:04:50 00:04:53 and shopify
00:04:50 00:04:54 all right so i am on the cinder website
00:04:53 00:04:55 and i just wanted to show you a couple
00:04:54 00:04:57 things
00:04:55 00:04:59 before i show you how easy it is to
00:04:57 00:05:01 connect cinder
00:04:59 00:05:02 so reconciliation i touched on and the
00:05:01 00:05:05 pain of
00:05:02 00:05:07 doing that and because cinder uses a
00:05:05 00:05:10 computer to help do
00:05:07 00:05:11 all of the accounting for you you can
00:05:10 00:05:13 get 100 accuracy
00:05:11 00:05:15 at the end of your accounting period
00:05:13 00:05:16 because it's not going to be prone to
00:05:15 00:05:19 human error
00:05:16 00:05:22 so that's really important you also can
00:05:19 00:05:24 auto track product inventory locations
00:05:22 00:05:26 shipping discounts and multi-currency
00:05:24 00:05:28 transactions
00:05:26 00:05:32 and you get to have unlimited uh
00:05:28 00:05:36 historic and ongoing transactions
00:05:32 00:05:36 and over here you can see uh who cinder
00:05:36 00:05:38 is for
00:05:36 00:05:40 so if you have online transactions or
00:05:38 00:05:42 run an ecommerce business
00:05:40 00:05:44 want to simplify the way you receive
00:05:42 00:05:46 credit card payments online
00:05:44 00:05:48 have one or several online payment
00:05:46 00:05:50 systems in operation
00:05:48 00:05:52 need to sync payment systems with the
00:05:50 00:05:53 accounting software
00:05:52 00:05:55 want to have an instant overview of your
00:05:53 00:05:56 online sales that's very important
00:05:55 00:05:58 because
00:05:56 00:06:00 oftentimes we don't even know how much
00:05:58 00:06:01 we're making you got to know your
00:06:00 00:06:03 numbers
00:06:01 00:06:04 expect professional instant life support
00:06:03 00:06:06 at all times
00:06:04 00:06:08 so these are some of the features now
00:06:06 00:06:08 i'm going to show you how you can easily
00:06:08 00:06:11 connect
00:06:08 00:06:12 cinder all right so first you have to
00:06:11 00:06:15 select your accounting system
00:06:12 00:06:18 um cinder will work with quickbooks
00:06:15 00:06:20 online quickbooks desktop and xero
00:06:18 00:06:21 i'm going to do quickbooks online for
00:06:20 00:06:22 this example you're going to want to
00:06:21 00:06:24 make sure you're logged into your
00:06:22 00:06:26 quickbooks account
00:06:24 00:06:27 you're going to log into the quickbooks
00:06:26 00:06:30 app store select
00:06:27 00:06:31 the store that you want to link and then
00:06:30 00:06:33 hit connect
00:06:31 00:06:34 then on step 2 you're going to connect
00:06:33 00:06:36 your payment platform i'm going to first
00:06:34 00:06:38 show you shopify
00:06:36 00:06:41 you're going to grab your shopify store
00:06:38 00:06:45 name and copy and paste that
00:06:41 00:06:45 into the store name and then say connect
00:06:47 00:06:52 and then from shopify you're going to
00:06:49 00:06:52 install the app
00:06:55 00:06:59 and then this is a standard
00:06:57 00:07:01 configuration option used by 80 of the
00:06:59 00:07:02 users you don't have to do this but you
00:07:01 00:07:04 can
00:07:02 00:07:06 you can kind of personalize and select
00:07:04 00:07:07 what you want to do here
00:07:06 00:07:09 then you're going to see all the
00:07:07 00:07:10 transactions but i'm going to now
00:07:09 00:07:12 connect to
00:07:10 00:07:13 amazon to show you how you can connect
00:07:12 00:07:16 to your amazon account
00:07:13 00:07:17 so you want to select the marketplace in
00:07:16 00:07:19 this case the us
00:07:17 00:07:21 you're going to need to get your mws
00:07:19 00:07:27 token which you can do
00:07:21 00:07:27 here you have to select amazon's terms
00:07:28 00:07:32 and the mws token is the authorization
00:07:31 00:07:36 token
00:07:32 00:07:37 you just paste that there and then
00:07:36 00:07:40 you're going to get your seller id
00:07:37 00:07:40 and also paste that
00:07:41 00:07:46 and then connect all right and the same
00:07:44 00:07:48 things here
00:07:46 00:07:49 okay so we can see all the transactions
00:07:48 00:07:52 here you're going to want to import
00:07:49 00:07:54 historical data from your stores you can
00:07:52 00:07:56 select how far back you want to go
00:07:54 00:07:58 i'll do from the beginning of 2020 and
00:07:56 00:08:00 then import to cinder
00:07:58 00:08:01 once you've imported to sender then you
00:08:00 00:08:04 have to sync it to
00:08:01 00:08:06 quickbooks and so this may take a couple
00:08:04 00:08:08 of few seconds a couple minutes depends
00:08:06 00:08:11 on how many transactions
00:08:08 00:08:12 you are going to be importing and then
00:08:11 00:08:14 it's going to turn green and it's going
00:08:12 00:08:17 to show synced once it's
00:08:14 00:08:17 in quickbooks and you can see here this
00:08:17 00:08:20 is a p
00:08:17 00:08:20 l profit and loss statement and you can
00:08:20 00:08:23 see all of these
00:08:20 00:08:23 categories categories which cinder helps
00:08:23 00:08:25 to
00:08:23 00:08:27 create so it keeps you organized and
00:08:25 00:08:29 really helps you understand your numbers
00:08:27 00:08:31 and where you're earning profit and
00:08:29 00:08:33 where you're at a loss
00:08:31 00:08:35 then if you go to your banking uh
00:08:33 00:08:37 section here you can see
00:08:35 00:08:39 that these are all of the deposits in
00:08:37 00:08:42 your bank accounts
00:08:39 00:08:45 the transactions and you can easily
00:08:42 00:08:46 match deposits so this is coming down to
00:08:45 00:08:48 the reconciliation part
00:08:46 00:08:49 so if you feel like cinder could help
00:08:48 00:08:52 you as an e-commerce business owner then
00:08:49 00:08:53 give it a try there is a free trial that
00:08:52 00:08:55 you can get access to by going to
00:08:53 00:08:57 tatianajames.com
00:08:55 00:08:59 cinder and you can actually extend this
00:08:57 00:09:02 free trial by using
00:08:59 00:09:04 coupon code cinder4smb
00:09:02 00:09:06 i'll also link it in the description box
00:09:04 00:09:08 below you don't need to enter your
00:09:06 00:09:10 credit card information in order
00:09:08 00:09:12 to gain access to the free trial for me
00:09:10 00:09:13 it's a no-brainer especially if you
00:09:12 00:09:15 already have quickbooks then just like
00:09:13 00:09:18 get this app and just make your life
00:09:15 00:09:21 simpler because i had so much pain
00:09:18 00:09:23 uh with my bookkeeping just it was time
00:09:21 00:09:25 after time spent tens of thousands of
00:09:23 00:09:28 dollars on bookkeepers
00:09:25 00:09:30 and getting organized and you know at
00:09:28 00:09:31 this point in my life i'm open to any
00:09:30 00:09:33 app
00:09:31 00:09:34 anything any recommendation from anyone
00:09:33 00:09:36 that i trust
00:09:34 00:09:38 that's going to make my life a little
00:09:36 00:09:39 bit easier because ultimately you know
00:09:38 00:09:40 i'm going to be spending my time on the
00:09:39 00:09:42 most
00:09:40 00:09:43 high leverage stuff like i don't want to
00:09:42 00:09:45 be spending my time on things that i
00:09:43 00:09:48 could easily delegate or outsource
00:09:45 00:09:50 or simplify because that's an important
00:09:48 00:09:51 responsibility as a business owner you
00:09:50 00:09:53 got to be focusing on the things that
00:09:51 00:09:56 will move the needle in your business
00:09:53 00:10:00 most and um and the bookkeeping wasn't
00:09:56 00:10:01 really my forte so hope you guys enjoyed
00:10:00 00:10:04 this video if you have any questions at
00:10:01 00:10:05 all feel free to comment down below
00:10:04 00:10:07 again all the links will be in the
00:10:05 00:10:08 description box otherwise i will see you
00:10:07 00:10:11 in the next
00:10:08 00:10:11 video bye