Smart Finance Management Tool for Online Businesses
Published on: December 2 2022 by Tatiana James
Smart Finance Management Tool for Online Businesses
Table of Contents
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 |
