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Hello,
I just found this forum by way of Google, while I was searching for some help on accounting for sole-proprietorships.
I have just recently started a sole-proprietorship specializing in the sale of promotional items. We primarily work as independent contractors of a firm called Kaeser & Blair. They take care of all the invoicing, collecting payment, etc. Simply what we do is show a potential client different promotional items in catalogs that we can order from through Kaeser & Blair. Let's say they find an item they like. We simply input the order to Kaeser & Blair and the middle work is taken care of by Kaeser. We don't receive the items or anything. We simply just receive a comission based off the profit of what we sold.
In addition to being independent contractors, we sometimes deal directly with our customers where we order the actual product, have it shipped to our customer, and then invoice and collect payment from the customer once they actually receive the product.
This has nothing to do with Kaeser and Blair...we do this on our own.
As for a bank account, we do have a seperate business checking account for having our commissions directly deposited into as well as receiving payments from customers when we invoice.
As for expenses, we do purchase sample items to show our customers. We also have to pay for shipping charges on these samples, office supplies, buying a new computer for business use, etc.
For the sales we go through Kaeser on, they provide us with all the information we need. The actual sale amount, our commission paid on it, etc.
However, we don't have anything to keep track of our direct sales when we don't use Kaeser. Or, for example if we purchased a sample for a customer that went through Kaeser and Blair, we don't have anyway to keep track of that besides seeing it in our bank transactions.
I was thinking an excel spreadsheet would be best for keeping track of direct sales, but I'm not sure.
Can you guys provide some feedback based off our situation to help us figure out how to properly keep track of our income and expenses?
Thanks,
Brady Boese
Boese Image Builders
I just found this forum by way of Google, while I was searching for some help on accounting for sole-proprietorships.
I have just recently started a sole-proprietorship specializing in the sale of promotional items. We primarily work as independent contractors of a firm called Kaeser & Blair. They take care of all the invoicing, collecting payment, etc. Simply what we do is show a potential client different promotional items in catalogs that we can order from through Kaeser & Blair. Let's say they find an item they like. We simply input the order to Kaeser & Blair and the middle work is taken care of by Kaeser. We don't receive the items or anything. We simply just receive a comission based off the profit of what we sold.
In addition to being independent contractors, we sometimes deal directly with our customers where we order the actual product, have it shipped to our customer, and then invoice and collect payment from the customer once they actually receive the product.
This has nothing to do with Kaeser and Blair...we do this on our own.
As for a bank account, we do have a seperate business checking account for having our commissions directly deposited into as well as receiving payments from customers when we invoice.
As for expenses, we do purchase sample items to show our customers. We also have to pay for shipping charges on these samples, office supplies, buying a new computer for business use, etc.
For the sales we go through Kaeser on, they provide us with all the information we need. The actual sale amount, our commission paid on it, etc.
However, we don't have anything to keep track of our direct sales when we don't use Kaeser. Or, for example if we purchased a sample for a customer that went through Kaeser and Blair, we don't have anyway to keep track of that besides seeing it in our bank transactions.
I was thinking an excel spreadsheet would be best for keeping track of direct sales, but I'm not sure.
Can you guys provide some feedback based off our situation to help us figure out how to properly keep track of our income and expenses?
Thanks,
Brady Boese
Boese Image Builders