Know Your Numbers
and Reclaim Your
Peace of Mind

BOOKKEEPING BASICS FOR RESELLERS

Time to Get the Books in Order!

I’m guessing there’s a voice inside your head (that maybe you’ve supressed) that has told you this at one time or another. You know that it would help you to stop leaving money on the table and give you some peace of mind, but you might not know exactly where to start.

Getting on Top of Your Numbers is Foundational

You think you’re afraid of taxes… 

But taxes are easy if your numbers are in order.

You probably already KNOW that getting on top of your bookkeeping is a key tipping point that will allow you to not only feel good about being ready for taxes but also to have the peace of mind that comes from knowing exactly how profitable you are. 

If you are like most resellers, you are likely acquainted with the feeling of uncertainty that comes from wondering whether or not your business is profitable.  Not knowing your numbers is an emotional drain that holds your business back. You KNOW that if you could just make that problem go away, that you would feel an immense burden lifted off your shoulders. Your ability to focus on the money-making activities of your business would be significantly enhanced.

You probably agree that bookkeeping or things like reconciling the books can be immensely beneficial. But do you know where to start?

Here’s What You Might Not Know

Cleaning up your bookkeeping will often produce a direct positive impact on your time, your business profitability, and even your health.

7

Derive PROFITABILity insights

Effective bookkeeping gives you visibility into what’s going on in your business. Those insights are invaluable because they reveal what decisions you should be making to drive your business forward.

7

Free up TIME

Any CPA or bookkeeper will tell you it’s just easier to start over than it is to clean up neglected books. Learning the process and getting on a routine will free up so much time that is otherwise spent stressing and scrambling at the end of the year.

7

BOOST YOUR CONFIDENCE

No more wondering if you’re making or losing money. You’ll know exactly where your business stands. And you’ll have a much better idea of what will take you to the next level.

7

sleep better at night

I’m not exaggerating when I say that just knowing your books are in order can work wonders for your sleep schedule, and in turn will have a significantly positive effect on your business.

7

SAVE MORE MONEY

The increased confidence and extra time you’ll find will allow you to focus on what you’re good at, which will encourage positive growth and more dollars in your wallet.

Get on Top of Your Reselling Numbers Once and For All

Even though the reasons to get your bookkeeping in order are obvious, the path to doing it successfully is anything but.

Perhaps in your most resolute moments, you’ve made the commitment to figure out how to dominate your bookkeeping.

You did some online research, started a system for keeping receipts, and maybe even started a spreadsheet to track expenses.

Maybe you even started a monthly subscription to bookkeeping software, assuring yourself that you’d learn how to use it and get caught up “someday.”

But even with the best intentions, many business owners attempting to learn the accounting & tax essentials on their own end up abandoning the noble quest before they see the results they want.

You’ve looked at bookkeeping software, done some internet research on best practices, and maybe you’ve even started categorizing transactions into a program. It doesn’t take long before you have even more questions than you started out with.

With everything you need to do to keep the business running, most online sellers find that figuring out how to manage their books falls to the bottom of the to-do list, and the nagging doubt in the back of the mind remains.

And even if they do manage to find time to catch up once and for all, without a super clear step-by-step plan, most reseller business owners get lost in the details or even fall victim to confusing, contradictory, and just plain bad internet advice.

You just aren’t clear on what exactly you need to do to optimize your books.

And here’s why this can be so crippling. As an already busy entrepreneur with sourcing to do, products to list, and likely even a day job to get to, (not to mention kids & family!), you literally cannot afford to veer off course.

Once you get lost in the endless void of taxes, you are possibly missing out on huge savings opportunities or even creating red flags for the IRS. Therefore, optimizing your bookkeeping correctly is one of the key actions for your business that you’ll want to get in order starting today.

Luckily for you, this is the perfect time! Wherever you are in your business, you can begin to reap the benefits of getting on top of your bookkeeping situation. Whether you feel like you are early or late, this is a golden opportunity for you to jump in, set up valuable systems, and turn this whole bookkeeping thing into one of your biggest strengths and savings opportunities.

The 4 Reasons Most Resellers Fail at Bookkeeping

(and how to guarantee you won’t!)

1.

You Don’t Know Where To Start

Maintaining a clean set of books is not always particularly complicated. But there are MANY moving pieces and potential failure points along the way.

What type of software do I need? How do I record personal payments? How do I treat Sales and Cost of Goods Sold? What kind of bookkeeping routine do I need?

There are just some of the MANY questions you’ll have to answer along the way.

Most resellers approach their accounting & taxes as just another “thing to do.” But the thing is, you can’t treat the financial piece of your business as something to check off the list. Doing it right is immensely valuable and will yield significant savings and peace of mind throughout the rest of your business journey.

Time to respect it for what it is – a critical component and OPPORTUNITY for your business – and approach it accordingly.

2.

You read conflicting information

Some information can be easily found online – such as how to make chocolate chip cookies or how to jump start a car. If you’ve ever tried searching for answers to your reseller bookkeeping questions, however, you may have had a different experience.

Even if you can find a few pieces of the puzzle, you might not be able to put them together. And you might second guess yourself about the pieces you do find. Or you might find some pieces that appear to be the perfect fit, but that in reality belong to a totally separate puzzle!

You can always go to YouTube or the QuickBooks website. Most of the answers are there. The problem is that there’s a massive amount of information to sift through, and most of it seems like it’s in a foreign language.

You may start to feel like comprehending your numbers situation is beyond your reach. The good news is that it’s not!

If you had a step-by-step guide that explained what to do, in normal language, by someone familiar with YOUR business, the result would be night and day.

3.

You Get Overwhelmed and Procrastinate

I have personally surveyed thousands of business owners, and the pain point that is consistently at the top of the list of things they dread about their businesses is…you guessed it…taxes.

And guess what ensures your success with taxes…proper bookkeeping!

It’s only natural to gravitate toward the business activities we’re good at and enjoy. I know some resellers who LOVE shopping and sourcing inventory, so that’s all they do, and the numbers side of the business is neglected.

They might subconsciously believe that accounting, tax planning, and tax preparation are too complicated to even attempt, so they start to feel overwhelmed and ignore those aspects of the business.

The overwhelm isn’t inevitable. It comes from not being armed with the necessary knowledge. It comes from not having the appropriate tools.

Acquiring that knowledge and those tools is well within your ability, and once you do it, you’ll wonder why you didn’t do it sooner.

4.

“Bookkeeping is Complicated”

This is a common sentiment. With words like debits, credits, journal entries, accrual, etc., bookkeeping & accounting can seem like a foreign language. It’s no wonder that we get glazed eyes and walk away. Is bookkeeping unique? Yes. Complicated? No! 

Believe it or not, it is possible to break all that information down into relevant, understandable nuggets of wisdom that will help you run your business better.

Here’s the good news…

Even though bookkeeping and knowing your numbers is so crucial, most small business owners don’t properly take advantage of the opportunity to propel their businesses forward.

A few resellers buckle down and make it happen, while many others continue to struggle financially and even emotionally from not having a good visibility to their profitability.

And the main reason for this, as you’ve likely seen by now, is that while the barriers to getting started are relatively LOW…

…the barriers towards EFFECTIVE EXECUTION are fairly high.

But as long as you can avoid the biggest blunders that sink most would-be effective DIY bookkeepers, the path is paved for you toward your new and improved bookkeeping mindset.

Taking action consistent with that mindset will allow you to achieve more freedom, create more income, and make an impact while scaling your reselling business to true profitability.

The key ingredient to all of this is optimizing your bookkeeping situation.

And with your permission, that’s what I’d LOVE to show you how to do.

INTRODUCING…

Beginning Bookkeeping for Resellers

The Complete Plan for Confidently Getting on Top of Your Books and Reclaiming Your Peace of Mind

Beginning Bookkeeping for Resellers is a crash course in bookkeeping specifically for resellers who don’t necessarily want to be bookkeeping experts.

I’ve taken the basics of what I’ve learned, both as an online reseller and e-commerce CPA, and channeled it into an understandable, step-by-step program that not only teaches you the high level accounting fundamentals, but also how you can take that and apply it to your reselling business for maximum results. Yes, you’ll learn the basics of reseller bookkeeping, but more importantly, you’ll have access to my step-by-step plan with no unnecessary over-complications.

The end result: An incredibly efficient bookkeeping process that allows you to know your numbers and enables you to make the decisions that will drive your business toward success.

Bookkeeping Basics for Resellers

is the only program of its kind that…

… has a dedicated support group and won’t leave you hanging.

The course covers the basics, but this is real life. You will always have questions. And that’s why we have a dedicated Facebook support group only for members of Bookkeeping Basics for Resellers (for less than $1/week and the first 6 months are free). 

… was created by CPA specifically for resellers.

As a CPA with hundreds of reselling clients who I work with directly AND as someone with a reselling business of my own, I KNOW the biggest bookkeeping challenges facing resellers, and I teach you how to overcome each of them within the program.

… teaches the “Why” behind the “What.”

This course isn’t just about telling you which numbers to put where. It teaches not only the “What” but also the “Why” behind it, which empowers you to steer your business throughout the year in a direction that will optimize, and not damage, your numbers situation.

… is built with focused, rapid implementation in mind.

No filler. No unnecessary modules, and no extraneous or premature strategies that look sexy on the surface, but do nothing but overwhelm you and sabotage your progress.

Ready to finally avoid those major bookkeeping pitfalls?

Bookkeeping Basics for Resellers Course Overview

What’s Inside Bookkeeping Basics for Resellers

PART 1 – Accounting Overview

A Reseller Accounting Crash Course

Now that you are ready to turn this thing around, it’s important to be exposed to general accounting basics so we can then layer on the reseller components in the later lessons.

Here, you’ll more fully understand how the daily, weekly, or monthly bookkeeping activities eventually culminate into valuable financial statements that you’ll use both for tax planning and assessing your business profitability.

Whether you work with a professional or are more of a do-it-yourself type, Part 1 will help you learn to speak the language of accounting, which will help your business attain maximum results.

Module Highlights

Understand what bookkeeping is, how it leads to beautiful financial statements, and how it relates directly to your ultimate goals.

Learn about the accounting backend of debits and credits, journal entries, and other accounting "mysteries."

Download my Accounting Tree of Life cheat sheet to ensure you are recording things correctly.

PART 2 – Categorizing Transactions

Master how to “do” the bookkeeping

Now that you know what bookkeeping is and have seen how valuable the information is that it can yield, we continue to lay the foundation with the basic bookkeeping building blocks that include different ways of categorizing transactions in the books.

You’ll gain an understanding of how to account for the bulk of your transactions and the most common mistakes to avoid.

Where most resellers give up and let the books deteriorate, this is the module that will give you the practical know-how to do your bookkeeping correctly.

Module Highlights

Understand the different account types such as sales, expenses, assets, liabilities, & equity, and know when and where to classify them.

Learn how categorized transactions flow through the bookkeeping process to eventually transform into financial statements.

Reinforce the critical concept of "matching" with various examples in order to avoid the most common bookkeeping mistake.

PART 3 – Recording Sales

Learn how to Properly Record Sales

Once you get an online bookkeeping program, you’ll link your bank accounts, and transactions will start to import. The trouble is that the cash received you see is usually only the payout after platform fees are taken out, so you’re not seeing the whole picture.

There are 3 different methods of recording that we’ll  discuss. One is simple but shows less detail. One is more complete but perhaps more costly. And one is more time consuming but is something you can learn how to do yourself. The method you ultimately choose depends on your comfort level and on what level of detail you want to see in your books.

Once you have a solid grasp on where your business is, you’ll have a clearer vision of what you need to do to get to where you need to be.

Module Highlights

Learn the pros and cons of "the simple method" of recording sales.

See various options you have to implement a more automated method.

Walk through an example of how to get the full picture through what I call "the manual method" of accounting for sales.

PART 4 – Cost of Goods Sold

Discover how to Track & Record Cost of Goods Sold

There’s no getting around having to account for your inventory in this business. Where there’s inventory, you’ll find the cost of goods sold deduction.

You’ll become familiar with how to deduct inventory, how to track inventory, and we’ll tackle the misconceptions surrounding inventory. You’ll come of out of it feeling confident about (rather than feeling like running away from) accounting for your inventory.

Module Highlights

Account for cost of goods sold correctly in the books and consistently with the taxes.

Differentiate between cash vs. accrual for inventory and for the overall business.

Discover various different options for assigning cost values to your cost of goods sold.

Part 5 – Reconciling & Wrap Up

Reconcile the books for ultimate peace

Did you know there is something you can do as part of the bookkeeping process that will ensure 100% accuracy?

I love teaching business owners about reconciling the books. It’s the best way to make sure that what’s in the books reflects reality, and yet this is one of the most overlooked steps by new bookkeepers. In this module I’ll show you how easy it is!

Module Highlights

Understand how to reconcile and how reconciliation can make ALL the difference in your process.

Track and review your numbers for maximum insight into what's driving your business.

Analyze your business trends, make decisions based on that information, and then follow through by taking action.

The Bookkeeping Basics for Resellers 30-Day CPA Guarantee

Upon enrollment, you’ll have immediate access to all five modules. Meaning you’ll have opportunity jump in and instantly start making improvements in your business.

If you don’t feel totally confident and motivated to take your reselling business to the next level, simply reach out, show us you’ve put in the work, and we’ll refund your investment. Full details here.

Investment

Here’s what you’re getting when you enroll today...

FINANCIAL INSIDERS MEMBERSHIP OPTIONAL BONUS 2 MONTHS FREE ACCESS

$17/mo thereafter

9

Course Lifetime Access

You will have access to all modules and lesson resources for the lifetime of the course. The course will continue to be updated and enhanced with resources and updates, all of which you will have access to.

 $1,500 Value

FINANCIAL INSIDERS MEMBERSHIP OPTIONAL BONUS 2 MONTHS FREE ACCESS

$17/mo thereafter

9

Live Expert MonthLy Q&A

One of the biggest benefits of the program is the live interaction component. I will host a monthly Zoom call to discuss and answer all questions regarding the lesson material and YOUR books. 

$3,000 Value

9

Financial Insiders facebook Group

In addition to the live Q&A sessions, you'll also have access to me and my team who will be there to support you with both written and video responses to your questions as you work through your own bookkeeping. No more waiting on hold!

 $1,500 Value

Total Value: $6,000

But when you enroll today, you’ll get access to everything for just:

Pay Monthly

3 Monthly Payments of

$99

Pay Upfront

1 Payment of

$249

Frequently Asked Questions

What online sellers asked before signing up for Bookkeeping Basics for Resellers.

What if I don't know where to start?

Then you’ve come to the right place! This is where you start. The program walks you through the basics of how bookkeeping fits into the big picture, how to categorize transactions, how to understand and create journal entries, different methods of accounting for sales, how to track cost of goods sold, and how reconcile the books, to name a few.

How much time does the program take?

The total running time is nearly 3 hours. It is broken up into 5 separate modules, each with its own lessons. You also have the option of attending the monthly live Q&A sessions and tutorials. If you dedicated just 15 minutes every day, you could finish the course in less than two weeks. Relative to the positive financial results you will achieve from putting the course principles into practice that will compound year after year, the time commitment is a no-brainer.

Do I need QuickBooks to do this course?

Not necessarily! QuickBooks is the most well known bookkeeping program out there for small businesses, and I use it for all of my examples and tutorials in the course, but the concepts will be similar when implemented in any other double entry accounting software program.

What if I don't do my own bookkeeping?

This course is a must whether or not you do your own bookkeeping. Even if you don’t do your own books, it’s empowering to understand how to read the reports that the bookkeeping yields and to be able to have productive conversations with your bookkeeper about your numbers.

Should I take this course if I already have a CPA?

Absolutely! You need to know how to communicate with them and how to understand what they are trying to communicate to you. This course will help you do that effectively whether or not you work regularly with a professional. The most effective types of CPA-reseller relationships are those where BOTH are working together to optimize the taxes and accounting.

What if I haven't started selling yet?

Even better! You have the advantage of learning right from the start about how to set up your taxes and your business in an optimal way that will save you countless hours and dollars down the road.

What if I only sell online part time?

Yes 🙂 A business is a business, whether you are doing it full time or part time. Most online sellers start out on a part time basis, and there’s no better time to make sure you have a good bookkeeping system in place. Nearly every full-time reseller started out as part time. Most of them wish they wouldn’t have waited to get their taxes and books in order.

What if I'm not making a profit?

How would you even know that if your books aren’t in order 🙂 Yes, this program is for you! It will give you insights into WHY you aren’t profitable. That is the massive benefit of clean bookkeeping – the visibility into your numbers that translates to action that drives your business forward.

What makes this course better than other tax or bookkeeping courses out there?

This course was specifically designed BY a CPA reseller FOR other resellers. You will have lifetime access to all course enhancements and upgrades that will reflect tax changes you need to be aware of.

When will I receive access to the modules after purchasing?

Immediately. There is no module “drip” schedule (making modules available over time). You’ll be able to get started right away with nothing holding you back.

So what exactly do I get when I sign up today?

You will receive immediate, unlimited access to all module lessons (see descriptions above) AND 6 months free access to the private Facebook support group & monthly live Q&A sessions ($49/year afterward).

Investment

Here’s what you’re getting when you enroll today...

FINANCIAL INSIDERS MEMBERSHIP OPTIONAL BONUS 2 MONTHS FREE ACCESS

$17/mo thereafter

9

Course Lifetime Access

You will have access to all modules and lesson resources for the lifetime of the course. The course will continue to be updated and enhanced with resources and updates, all of which you will have access to.

 $1,500 Value

FINANCIAL INSIDERS MEMBERSHIP OPTIONAL BONUS 2 MONTHS FREE ACCESS

$17/mo thereafter

9

Live Expert MonthLy Q&A

One of the biggest benefits of the program is the live interaction component. I will host a monthly Zoom call to discuss and answer all questions regarding the lesson material and YOUR books. 

$3,000 Value

9

Financial Insiders facebook Group

In addition to the live Q&A sessions, you'll also have access to me and my team who will be there to support you with both written and video responses to your questions as you work through your own bookkeeping. No more waiting on hold!

 $1,500 Value

Total Value: $6,000

But when you enroll today, you’ll get access to everything for just:

Pay Monthly

3 Monthly Payments of

$99

Pay Upfront

1 Payment of

$249

Beginning Bookkeeping for Resellers is Perfect for You if…

You are just getting started selling online

You want to make sure you are NAILING IT so that you yield maximum tax savings and reclaim your peace of mind.

You are already neck deep in your reselling business

(or maybe your death pile or receipts you’ve been saving), but you’re less than confident about your processes, and you are ready to finally be on top of your tax and accounting once and for all.

You already KNOW you need to get your bookkeeping situation straightened out

It’s ever present in the back of your mind, but you’ve put it off because you just don’t see a clear path forward.  

You work hard

Your business is growing as a direct result of your efforts (or you know it will when you dive in). You’re willing to put in the time to do it right.

In fact, you're ALREADY investing time and energy

You’re doing things like spending hours every week sourcing, listing, shipping, and maybe even working a full-time job.

You are scared to death of taxes

or feel constant stress about them. It could be anything from the occasional jarring thought that you’re behind to actually losing sleep because you’re so stressed about taxes.

You are excited about the idea of understanding.

Understanding what’s going on, saving time, and maximizing your tax savings.

You want to redirect all the energy spent worrying

about struggling with taxes and redirect it into the activities that can build your business.

You're ready to dive in

and take the actions necessary to help you reclaim peace of mind, feeling confident that you have 30 days to test it out. 

Did any of those sound familiar?

If you said “yes” to at least 6 of the above, I can’t wait to meet you inside Beginning Bookkeeping for Resellers .

About The Instructor

Mark Tew (that’s me) is a CPA, CFP® practitioner, and Enrolled Agent who specializes in helping online sellers become more profitable. With an online selling business of his own, he understands the unique tax and accounting challenges facing online sellers.

With an accounting degree and MBA in finance, he has worked in both public accounting and corporate finance at Fortune 500 companies. He now works almost exclusively with online sellers.

He hosts the free Facebook group Accounting for Online Sellers, a community of online sellers looking to learn about the right way to manage the tax & business side of things.

He likes to pretend that he still skateboards and plays volleyball just as well as he did in high school. He also enjoys working out, eating pizza, and spending time with the fam.

notyourdadscpa.com

@notyourdadscpa

Investment

Here’s what you’re getting when you enroll today...

FINANCIAL INSIDERS MEMBERSHIP OPTIONAL BONUS 2 MONTHS FREE ACCESS

$17/mo thereafter

9

Course Lifetime Access

You will have access to all modules and lesson resources for the lifetime of the course. The course will continue to be updated and enhanced with resources and updates, all of which you will have access to.

 $1,500 Value

FINANCIAL INSIDERS MEMBERSHIP OPTIONAL BONUS 2 MONTHS FREE ACCESS

$17/mo thereafter

9

Live Expert MonthLy Q&A

One of the biggest benefits of the program is the live interaction component. I will host a monthly Zoom call to discuss and answer all questions regarding the lesson material and YOUR books. 

$3,000 Value

9

Financial Insiders facebook Group

In addition to the live Q&A sessions, you'll also have access to me and my team who will be there to support you with both written and video responses to your questions as you work through your own bookkeeping. No more waiting on hold!

 $1,500 Value

Total Value: $6,000

But when you enroll today, you’ll get access to everything for just:

Pay Monthly

3 Monthly Payments of

$99

Pay Upfront

1 Payment of

$249