Using Venmo or PayPal for Business? Here’s How to Keep Your Books Clean | Know Your Worth E24

March 12, 2024

Do you use PayPal or Venmo for business? 

Maybe you’re at a trade show or working with a contractor on a one-off project, so the easiest thing that comes to mind is to pull out your phone, scan the QR code and you have an easy way to give or receive payment. 

But using PayPal or Venmo can create a few challenges when it comes to your bookkeeping, like not accurately reporting your income.

If you’re like Kristen, you might be thinking, “jail time!”

And although you won’t necessarily go to jail or get hit with a large fine, there can be implications and you do want to make sure you know how to best report this income. 

Tune in to hear some of the common Venmo and PayPal mistakes you might be making and what you need to do to fix it so you don’t end up in trouble with the IRS.

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  • Understand why using PayPal and Venmo have their benefits
  • Uncover the potential pitfalls that can turn your record-keeping into a mess, from undeposited funds to handling invoices
  • Discover the 1 simple action you can take to never miss recording a PayPal or Venmo transaction

When you become a bookkeeping client at Know Your Worth, we help you clean up all of your transactions so you know your books are accurate

When your books are accurate, we are able to provide you with the financial statements for your business every month and also show you how to use them to make the decisions you need to in order to scale your business. 

You’ll confidently know what you can afford to invest in to grow your business, how to plan for low-income or high-expense months, and pay yourself consistently, even with inconsistent revenue. 

Plus you’ll be able to provide your accountant the most accurate numbers about your business which will allow them to help you save on taxes. 

The investment starts at $400 per month. 

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