Growing Your Business, Lesson 4: Tracking Your Growth
Section 2: Bookkeeping in HoneyBook
HoneyBook’s Bookkeeping tool allows you to easily manage your individual HoneyBook payments, business expenses, profit and loss, and more, helping you keep all your financial books simple and organized!
To find your Bookkeeping tool, click the Tools menu on your HoneyBook home page, then select Bookkeeping from the menu.
Your Payments tab will give you an overview of where all your Project payments stand. You can review which payments are overdue, which are coming up, and which have been paid.
You can also click into any individual payment for more details, allowing you to quickly access the relevant file for the payment, send an email reminder to a client about a payment that’s overdue or upcoming, or refund a payment that’s been made.
Your Expenses tab allows you to easily add and track your business expenses. Whatever you track here will help you get a full breakdown of your net profit and loss, which you can see in your profit and loss tab.
To add an expense:
1. Once you’re in your Bookkeeping section, click the Expenses tab.
2. Click New Expense.
3. Enter the details: date of the expense, description of the expense (eg: gas money; materials; etc.), the expense category, the Project that the expense is associated with (if relevant), and the amount.
Your changes will save automatically when you click out of the expenses field!
If you need, you can also click the trash can icon to delete an expense, or download a CSV with all your expenses!
Profit & Loss tab
Your Profit & Loss tab is great place to get a pulse on how your business is doing. Within your selected date range, you can review your total income against your cost of goods sold and total expenses, and calculate your net profit or loss!
The numbers you see here are:
Total Income: total payments paid within selected date range. Amount shown does include any gratuity added, but does not include any tax added.
Cost of Goods Sold: Cost of Goods Sold is a subcategory that’s available when categorizing expenses. This line tallies the total amount of the expenses categorized as one of the Cost of Goods Sold options.
Gross Profit: amount listed in Total Income minus amount listed in Cost of Goods Sold.
Total Expenses: Expenses is the other subcategory that’s available when categorizing expenses (vs. Cost of Goods Sold). This line tallies the total amount of the expenses categorized as an Expenses option.
Net Profit/Loss: amount listed in Gross Profit minus amount listed in Total Expenses.
In your QuickBooks tab, you can integrate your two accounts to ensure that all HoneyBook payments are also synced to QuickBooks, allowing you to easily manage all of your accounting. We’ll go deeper into your QuickBooks integration in the next section!
In the next section, Integrating with QuickBooks, we'll review how to connect the two platforms to automatically sync your payments from HoneyBook into your QuickBooks account.
Have questions? Feel free to send us a message by clicking the Question Mark icon on any HoneyBook page. Our team is always happy to help!