31. The Role of Bookkeeping for Online Sellers with Nathan Hirsch

This episode we’re joined by Nathan Hirsch, the owner of two bookkeeping businesses. Nathan dives into the often overlooked topic of bookkeeping and its importance for Etsy sellers. Nathan shares his entrepreneurial journey, starting from selling secondhand books to owning successful e-commerce businesses. He emphasizes the significance of bookkeeping in making informed business decisions and highlights the benefits of having clean financials for potential investors or selling your business. The episode is packed with valuable tips and information on how Etsy and Shopify sellers can effectively manage their bookkeeping and finances.The Etsy Seller Podcast is hosted by Cody McGuffie, CEO and founder of EverBee. In each weekly episode of this podcast, you’ll hear from experienced Etsy Sellers on how they run their Etsy business, how they got their first sales on Etsy, how they market their Etsy shops and so much more.EverBee is a Etsy product analytics tool that helps Etsy sellers find best selling products and keywords so they can sell more on Etsy. It helps Etsy sellers speed up product research and product discovery so they can get their first Etsy sales and grow their business.Sign up for EverBee for free at the link - https://everbee.ioGuest BIO:Nathan Hirsch is an experienced entrepreneur and business owner. He began his entrepreneurial journey at a young age, selling secondhand books and textbooks. Over time, he transitioned into the e-commerce space, specifically focusing on selling baby products on Amazon. Nathan's success in the e-commerce industry led him to co-found FreeUp, a marketplace for pre-vetted virtual assistants and freelancers. After scaling FreeUp to $12 million in annual revenue, the company was acquired in 2019.Following the acquisition, Nathan launched Outsource School, a platform that teaches entrepreneurs how to hire and manage virtual assistants effectively. In addition to his ventures in the e-commerce and outsourcing space, Nathan also owns two monthly bookkeeping businesses, Ecomm Balance and Accounts Balance. These businesses provide bookkeeping services to e-commerce sellers and online businesses, helping them make informed financial decisions and maintain clean and accurate records.Nathan's expertise in entrepreneurship, e-commerce, and bookkeeping has made him a valuable resource for business owners looking to navigate the financial aspects of their businesses. He emphasizes the importance of having a CPA and bookkeeper from the start, as well as the benefits of having clean and accurate financial records. Nathan's journey and experiences serve as a valuable guide for entrepreneurs looking to build successful businesses while effectively managing their finances.Timestamps with key takeaways:[03:15] The importance of bookkeeping.Bookkeeping is a crucial aspect of any business, including those on Etsy. This timestamp likely emphasizes the significance of maintaining accurate financial records for Etsy sellers to effectively manage their business.[11:33] Taking action and listening.This timestamp suggests the importance of being proactive and responsive in the business. Listening to customer feedback, market trends, and taking appropriate actions can greatly impact the success of an Etsy business.[18:07] Hiring a bookkeeper from day one.This timestamp highlights the recommendation to hire a bookkeeper early on in the business journey. Having a professional handle financial matters can lead to better financial management and decision-making.[24:08] Choosing the right bookkeeping software.Selecting suitable bookkeeping software is critical for Etsy sellers to efficiently manage their financial transactions, track expenses, and generate reports.[28:26] Separate business and personal finances.Keeping personal and business finances separate is essential for Etsy sellers. This timestamp likely emphasizes the importance of maintaining distinct financial accounts to avoid confusion and facilitate accurate record-keeping.Entities mentioned:Etsy seller podcastNathan HirschBookkeepingFinancesBusinessEntrepreneurial journeySecondhand booksTextbooksBookkeeping businessValueTipsInformationBetter decisionsBusiness financesPillars of businessEverbeeE-commerceWinning productsSalesGrowthEtsy suspensionTrademark infringementRank trackerTrademark monitorEverbee.ioCody McGuffeyCPALLCsVirtual assistantFreeUpOutsource SchoolCFOMinimum viable productMarket researchEntrepreneurshipFinancialsBusiness expensesPersonal and business accountsLiabilityBusiness bank accountsBusiness credit cardsQuickBooks OnlineXeroConnecting toolsA2XSimple setupSeparating personal and businessBusiness checking accountBusiness savings accountBusiness credit cards