Tammy, thank you for sharing your knowledge. The way you broke down the information was easy to follow, and the side-by-side comparison was very helpful. Understanding the finances of my business has always been a weak point for me. I'm so thankful that I found your channel. Thank you again, and God bless.
After listening to the podcast for a couple of years now this is the first TH-cam video I have watched and it definitely won’t be the last! So helpful having the numbers in front of you, thanks so much for all your help growing our Business 😊
That is great to hear!! I realized that numbers can be so hard to "get" audio only so I want to keep creating videos here that can help. So you validate that it does help! Thanks! Oh, and definitely thanks for being a listener to the podcast too!!! - Tammy
Excellent video Tammy, you do a great job with the whole production. My bank has Finware which is tracking every cent in and out. I’ve setup Sub cats and really can get granular with things. Combined with my knowledge with spreadsheets, I let my bookkeeper go last year. She over stated my income by 18k and didn’t have an answer for me when I brought it to her attention 😳. Now I realize my labor should be calculated into my COGS, another oversight that likely cost me thousands in extra taxes paid since it inflated my net profit. Thanks again, you’re AWESOME 🎉
Hey there. Thanks for sharing. Keep in mind that any money you take (whether as an employee or business owner draw) will be subject to taxes. Depends on how you have your taxes set up. The main reason you want this under COGS is so you know your true costs per job, especially as you replace yourself in the business. It is the only way to know if you are priced correctly. I'm surprised she couldn't explain the income difference. Keep diving in! I always say, you don't have to be an expert but be dangerous enough to know what questions to ask! - Tammy
If you have a party rental business I’m assuming the cleaning supplies to clean the items being rented out would be in the expense column not the COGS? Right ?
@@BadassBusinessOwners hi, I work for a corporation. In the storage industry. They have like 9 tabs and I really enjoyed your tutorial, because it helps me understand better. But there are so many breakdowns
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Tammy, thank you for sharing your knowledge. The way you broke down the information was easy to follow, and the side-by-side comparison was very helpful. Understanding the finances of my business has always been a weak point for me. I'm so thankful that I found your channel. Thank you again, and God bless.
I'm so glad you are finding it helpful! You will be amazed at how much you start making once you learn those numbers. You got this! - Tammy
*So do these types of reviews help you understand your P&L better? - Tammy*
You have no idea!!!!!
Your channel is so top notch, I love to get your channel notifications when you dropped a vid
@@jermonecarter6027 Ah, thanks!!! - Tammy
Omg!!! Very helpful videos
After listening to the podcast for a couple of years now this is the first TH-cam video I have watched and it definitely won’t be the last! So helpful having the numbers in front of you, thanks so much for all your help growing our Business 😊
That is great to hear!! I realized that numbers can be so hard to "get" audio only so I want to keep creating videos here that can help. So you validate that it does help! Thanks! Oh, and definitely thanks for being a listener to the podcast too!!! - Tammy
Very educational especially for me a beginner. Tnx so much
Glad it was helpful! - Tammy
Excellent video Tammy, you do a great job with the whole production. My bank has Finware which is tracking every cent in and out. I’ve setup Sub cats and really can get granular with things. Combined with my knowledge with spreadsheets, I let my bookkeeper go last year. She over stated my income by 18k and didn’t have an answer for me when I brought it to her attention 😳. Now I realize my labor should be calculated into my COGS, another oversight that likely cost me thousands in extra taxes paid since it inflated my net profit. Thanks again, you’re AWESOME 🎉
Hey there. Thanks for sharing. Keep in mind that any money you take (whether as an employee or business owner draw) will be subject to taxes. Depends on how you have your taxes set up. The main reason you want this under COGS is so you know your true costs per job, especially as you replace yourself in the business. It is the only way to know if you are priced correctly. I'm surprised she couldn't explain the income difference. Keep diving in! I always say, you don't have to be an expert but be dangerous enough to know what questions to ask! - Tammy
Really loved this analysis, Tammy. Thank you for this!
Thanks! Gald it was helpful. I hope to do more. 😃 Tammy
Please made a video on CAC
Thank you so much you are so amazing!
One and last suggestion I have if you have a suggestion templates link, it would be just perfect thank you !
Are you looking to use Excel or something? that type of template?
If you have a party rental business I’m assuming the cleaning supplies to clean the items being rented out would be in the expense column not the COGS? Right ?
Correct. I'd put that under expenses. - Tammy
I really appreciate your video. My financials are lengthy and different and would love if you could help me dissect it to better understand
Hey there. What type of business do you have? I have a work with me page over on BABOLearning.com.
@@BadassBusinessOwners hi, I work for a corporation. In the storage industry. They have like 9 tabs and I really enjoyed your tutorial, because it helps me understand better. But there are so many breakdowns
Gotcha. Here is that link if you want to hop on a call at any point. There is a survey towards the bottom to fill in. babolearning.com/work-with-me/
@@BadassBusinessOwners Did the survey! Thanks 😊
thanks for the heads up. I'll take a look and be in touch...