How do you manage your financials ?

Hey,
I am running an ebay store and I have a supplier. So Basically he manages every thing. He put the listings online. My role is just that my pp and ebay account is being used. Rest every thing is done by him. We have a profit sharing model. Right now, we are working on Excel sheet. I was just wondering, what other people do. Its tougher at times when I get high sales.I have to calculate ebay fee for each item along with paypal cut. I would like to save this part too. Any suggestions ?

My average sales are around 1500+ USD.

 

It is very good thing that you are running an ebay store and you have a supplier and if he manages all the things but there are many things which concerns it more.It is not an easy kind of task to manage your finance.

 

One thing that helps me keep on track is using Google Docs/Drive. Using all their office suite in conjunction with the email services they provide is great. It helps us to coordinate and never overlap our information. That can always be a hassle when working on a team with multiple people. I love the fact that we can edit documents at the same time and everyone knows where everyone else is at.

 

You gotta considered that most of the items sold online because of the payment method. If you don't use PayPal, your sales might drop, so you can't leave PayPal. In this case, you can either increase your price to cover the PayPal fee (it may reduce your sales too) or focus on make more sales

 

@lifeplayer makes a point but I think it's important to have the control of all transactions and the calculating part can be easily automated using the Excel file

 

I use Google Docs, but that is only for my own personal record-keeping. Since you are dealing with another person it might be worth it to use some sort of software made specially for this purpose.

 

Hi

Nice question!!!

I think that Finance Management is a subject that is not taught in many schools but it is something that we will face in our lives later. some following steps-

Start saving today. Make it a habit to save a portion of your pay check on a monthly basis.
When you can borrow/rent, don't buy.
Have good insurance coverage.
Have a good book on personal finance management.

!!!!!!!!!!!!!!!!!!!!

 

If you are new to the market, we will not know the ways to understand risk and gains. With an experienced broker, you can make smart moves without being too much worried about the results.Managing your portfolio in variety of deals and trades is extremely important, and your broker is the right person to help and suggest you on this. He can help you with risk management and can guide in making the most of your investment. can help you with every minute detail of your account and can manage the things on your behalf.