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PODCAST

The Boutique Bookkeeper Show | Know Your Numbers & Prepare For Taxes

Megan Schmitke | Bookkeeper & Bookkeeping Coach for Boutique Retailers

Are you making sales in your boutique but still wondering where all your money is going?Do you panic at tax time because your books are a mess—or worse, nonexistent?Are you tired of feeling like you should understand your numbers, but no one ever taught you how?If you’ve ever felt confused, overwhelmed, or straight-up anxious about the money side of your boutique business, you are not alone. Running a retail business—especially online through platforms like Shopify—is no small feat. You’re juggling

business entrepreneurship

All Episodes

13:12

026. Best Practices Around the Cash & Coins in Your...

The Boutique Bookkeeper Show | Know Your Numbers &... ·

2026/04/06

As a virtual bookkeeper, one of the hardest things for us to accurately track is the physical cash that is being used in our clients’ stores. That’s because there’s no statements for us to review, or account for us to connect to. It 100% relies on the internal processes that our clients have set up. Because of that, these internal processes are SUPER important (whether you’ve hired a bookkeeper or you ARE the bookkeeper), so in today’s episode, I’m going to share my recommended process with you, and

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19:18

025. How to Use the Profit First Method in Your...

The Boutique Bookkeeper Show | Know Your Numbers &... ·

2026/03/30

One of the first “money” books I read when I started my business was Profit First by Mike Michalowicz, and let me say that it was a game changer in how I manage the cash flow in my business. But, if you have read the book, you probably noticed that it doesn’t QUITE work the same if you have an inventory-based business.In this episode, I’m here to tell you the basics of how the Profit First system works, and how you can use it to help manage the cash flow in your retail business to guarantee you

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15:08

024. Got Sales Tax Questions? Listen to this Episode.

The Boutique Bookkeeper Show | Know Your Numbers &... ·

2026/03/23

Let's talk about sales tax…This is probably one of the most confusing aspects of running a retail business, I’m just gonna be up front about that. It’s even slightly more complicated if you do any online selling. And let's be real…it's 2026. Chances are, you’re selling stuff online.Every state is different, so I’m going to preface this episode by saying that you should always look at the resources that your state department of revenue, or equivalent, has available for you. But, today’s episode, I’m

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6:26

023. How to Record Inventory You Decide to Keep for...

The Boutique Bookkeeper Show | Know Your Numbers &... ·

2026/03/16

Have you ever been unboxing the latest inventory for your business and you just HAD to keep something for yourself??I mean, it’s one of the benefits of owning your own business – getting first dibs on everything! But, from a bookkeeping & tax perspective, you want to make sure that you are handling these items appropriately. But, how exactly do you do that? In today’s episode we’re going to cover my recommended method for handling this situation so make it clean & simple for your

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16:01

022. How Do You Pay Yourself as a Small Business...

The Boutique Bookkeeper Show | Know Your Numbers &... ·

2026/03/09

One of the more challenging parts of running a small business is making sure that you are paid for all the hard work and hours that you are pouring into your business. Unlike a traditional employee where you’re presented with a regular paycheck, determining how to pay yourself as a business owner can be a little more challenging & complex. In today’s episode, we are going to take a deeper dive into the things to consider when you’re trying to decide how (and how much) to pay yourself as the one

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12:07

021. Common Bookkeeping Mistakes in the Retail Industry

The Boutique Bookkeeper Show | Know Your Numbers &... ·

2026/02/23

Bookkeeping in the retail industry has some unique complexities that do make it a little more complicated than other businesses. Since I opened my business in 2021, I have worked with dozens of small businesses, and I often see a lot of small business owners make similar mistakes when they manage their own bookkeeping. Unfortunately, mistakes like these can lead to inaccurate financial reports, which lead to inaccurate tax returns, which leads to either over or under paying in taxes.In this episode

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11:30

020. Bookkeeper vs Tax Preparer (And Why You Need...

The Boutique Bookkeeper Show | Know Your Numbers &... ·

2026/02/16

Many business owners think they need an Accountant for their business - but what does that REALLY mean? There’s a lot of confusion around that word and what an Accountant actually does, because it is such a broad term. Today, I’m getting a little more specific and explaining why you specifically need a bookkeeper and a tax preparer on your financial support team. I talk about the difference between these two roles, how they work together, and why BOTH are important (And hint…if you haven’t hired a

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15:10

019. How You Categorize Expenses Doesn't REALLY...

The Boutique Bookkeeper Show | Know Your Numbers &... ·

2026/02/02

Many business owners are so hung up on making sure they categorize expenses correctly and call them the “right” thing, when in reality…it doesn’t matter.Or, at least it doesn’t matter as much as you might think. Most of the time, anything that you spend money on that is ordinary (meaning other business owners in your industry spend money on it too) and necessary (meaning that this purchase is essential in you operating your business), it is 100% deductible – no matter what you call it. In today’s

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10:38

018. 3 Quickbooks Online Features That Will Save You...

The Boutique Bookkeeper Show | Know Your Numbers &... ·

2026/01/26

I know that bookkeeping is probably not your favorite business-related task, but it is one of the most important ones. And I’m not talking about the year-end scramble to gather all your numbers together – I mean keeping up with it each and every week so you can USE those numbers to help you make smarter business decisions.Since it’s not your favorite task, I want you to be EFFECTIVE with the time you are spending on your bookkeeping. My #1 tip to do so – use a software like Quickbooks Online. Today

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13:43

017. How a Bookkeeping Reconciliation Can Find Your...

The Boutique Bookkeeper Show | Know Your Numbers &... ·

2026/01/19

Would you notice if your payment processors weren’t paying out all your funds? The only way to make SURE that you are accurately tracking every PENNY in your business is to make sure that you are completing your bookkeeping reconciliations! That means that you should be comparing every transaction in your bookkeeping records to the statements provided by your banks, credit cards, and payment processors to make sure that everything you have entered into your bookkeeping matches those

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12:22

016. Why You Shouldn't Use Your 1099-K to File Your...

The Boutique Bookkeeper Show | Know Your Numbers &... ·

2026/01/12

A 1099-K is a tax document that is created & sent to you (and the IRS) by any payment processors you use. It reports both the number of transactions they’ve processed on your behalf, along with the total dollar amount of gross sales they’ve collected for you. While a 1099-K seems like a very “official” tax document, it should NOT be used to report your income on your tax return. To learn why it shouldn’t be trusted, and what you SHOULD be using instead, be sure to listen to today’s

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14:15

015. How to Make 2026 The Year You Become Confident...

The Boutique Bookkeeper Show | Know Your Numbers &... ·

2026/01/06

January is a true ‘fresh slate’ in a financial sense. It doesn’t matter if you completely ignored your numbers in 2025, now is the perfect time to commit to a change in 2026 and start to face the numbers head on. In today’s episode, we’re going to talk about how you can make 2026 the year you finally feel confident in the money-side of your boutique - not by doing more, but by putting simple systems and rhythms in place now while things are a little calmer, and you have this fresh slate to work

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11:07

014. Are YOU Required To Send Out Any 1099s? The...

The Boutique Bookkeeper Show | Know Your Numbers &... ·

2025/11/24

You might already be familiar with the 1099s you RECEIVE as a business, but did you know that you ALSO have a requirement to SEND any 1099 documents to individuals and businesses that meet certain criteria? It’s not just a responsibility of large corporations - ANY small business may also need to send out 1099s at the end of the year.Today’s episode is going to walk through the 4 requirements to review to determine if any of your vendors need to be sent a 1099, when these 1099s need to be sent by,

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8:09

013. My Top 3 Year-End Tax Savings Tips to Help You...

The Boutique Bookkeeper Show | Know Your Numbers &... ·

2025/11/10

Today we are doing a little thinking & strategizing on what you can do BEFORE the end of the year to help save a little money on this upcoming tax season.Generally, your bank account balances are getting a little stronger as we move through this holiday season, and I see so many business owners start spending money like crazy to “get the tax deduction”. And yes, while there may be SOME truth to that, it’s not the greatest strategy for your business & bank account. So, today, I’m going to

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11:22

012. How Income Taxes Work for Boutique Owners

The Boutique Bookkeeper Show | Know Your Numbers &... ·

2025/11/03

I truly believe that EVERY business owner’s least favorite part about running a business is taxes. But, it is a part of EVERY business, so, like it or not, you gotta have at least a very BASIC understanding of how taxes work for your business, so that’s what we’re going to be looking at today.This episode is going to explain the basics of how income taxes work for Sole Proprietors, LLCs, S-Corps, and Partnerships so you can begin to understand how you file and pay taxes for your boutique

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8:09

011. How the 3 Retail Financial Reports Work Together...

The Boutique Bookkeeper Show | Know Your Numbers &... ·

2025/10/27

Alright, over the last 3 weeks we’ve looked at each of the 3 primary financial statements, but they are not totally separate & independent reports meant to stand alone. They all work together to give you the big picture of your business, and that’s what we’re gonna look at today.Ready to take your learning a step further? Register for my Free Masterclass, Make Your Money Make Sense! Where you’ll learn how to understand where your money is going, avoid costly bookkeeping mistakes, and set up

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11:21

010. "Where Did My Money Go?" This Forgotten Report...

The Boutique Bookkeeper Show | Know Your Numbers &... ·

2025/10/20

Have you ever gotten to the end of a great sales month, but you look at your bank account and wonder where all that money went? Maybe you look at your prior month Income Statement and it shows you had a $10,000 profit, but you only have a couple hundred in your bank account. If you’ve ever found yourself in a similar scenario, then the answer to your question can be found in your Statement of Cash Flows. This is the 3rd and final of the primary financial statements that we are covering in this

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7:53

009. How to Read & Understand the Balance Sheet for...

The Boutique Bookkeeper Show | Know Your Numbers &... ·

2025/10/13

Most business owners are at least somewhat familiar with an Income Statement, but the Balance Sheet is often ignored. This report is still important for you to review so you can see how your boutique is (hopefully) getting stronger over time. Today, we’re going to talk through the general layout of the Balance Sheet so you can begin to read & understand what this report is saying for yourself.Ready to take your learning a step further? Register for my Free Masterclass, Make Your Money Make

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16:08

008. Understanding the Income Statement for Your...

The Boutique Bookkeeper Show | Know Your Numbers &... ·

2025/10/06

The Income Statement is probably the most well-known financial statement, but it’s important that you know how to read & understand what this report is telling you about your business. This episode is going to explain the purpose of the Income Statement, walk through the general layout so you know how to read & understand it, and then wrap it up with a few specific numbers & calculations you should be reviewing on a regular basis.Ready to take your learning a step further? Register

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12:16

007. What Does "Doing Your Bookkeeping" Really Mean?...

The Boutique Bookkeeper Show | Know Your Numbers &... ·

2025/09/29

I’m guessing there are at least a few of you listening here where your bookkeeping routine consists of a year-end scramble where you’re just trying to pull all your numbers from your Shopify reports, Bank statements, and receipts. But, I also know that that routine often comes with some stress & worry that you’re doing things right, and you’re actually getting all the numbers that you need.Instead of tackling a years worth of “bookkeeping” at once, today we’re going to be talking about what you

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