Friday, June 27, 2008

Do You Make Money?

Bookkeeping is not my strength. In fact, I am really quite hopeless at it. One of my New years resolutions was to track my expenses and my income more rigorously. Here it is almost the end of June.... (Sigh!)

Last night I went onto the CBC to collect my income statements. Did you know that you can see your income statements on the CBC? Just look under Consultant Reports and then click on View Electronic Documents. Then click on the PROFITAU link and pdfs of your statements will magically appear. I had 5 pages of them! I've decided to do this every week from now on. I printed them, checked them for accuracy (they were), and then thought about calling some of the hosts from last year (I'll do that this weekend).

Whether you work this business as a hobby or start to build a real income stream out of it like I have, it is really good practice to know how much you are bringing in and how much it is costing you. You really should get into the habit of tracking your income and expenses. If you start now, you'll be ahead of the game. If you have a simple system and keep up with it, it won't take nearly as long.

Eliana has sent me an Excel spreadsheet that she fills out with her expenses over the course of the year. At tax time, she simply hands this over to her accountant and her taxes are done (she, of course, keeps her receipts). Want to see it? Email me and I'll send it to you. My email address is wendy [at] wlcenterprises [dot] com.

Happy bookkeeping! WLC.

P.S. Feel free to click on the image above and see what one of my income statements looks like. This is one week. It shows income from two standard shows, one starter show, and my Unit Leader Bonus. It also shows my Stash for Cash deductions. For some reason it was missing the $10 Bonus Voucher deductions for each show. They took them out in the next statement.

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