24: Using Venmo or PayPal for Business? Here’s How to Keep Your Books Clean

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. Understand why using PayPal and Venmo have their benefitsUncover the potential pitfalls that can turn your record-keeping into a mess, from undeposited funds to handling invoicesDiscover the 1 simple action you can take to never miss recording a Paypal or Venmo transaction📈 UNDERSTANDING YOUR PROFIT AND LOSS GUIDEGet the Profit and Loss Guide ❓TAX PLANNING QUESTIONS TO ASK YOUR ACCOUNTANTGet the Tax Planning Questions Guide 🛍 75+ TAX WRITE OFFS Get the Tax Write Offs ✅ BOOKKEEPING CHECKLISTGet the Book Keeping Checklist 💵 BOOKKEEPING AND FINANCIAL ANALYSIS SERVICES FOR BUSINESS OWNERSApply for Bookkeeping or Financial Analysis Services 👋 CONNECT WITH SYDNEY & KRISTEN Website: https://knowyourworthpgh.com/Instagram: https://www.instagram.com/knowyourworth_pgh/ YouTube: https://www.youtube.com/channel/UC3wzOVSDSC-xsmLg8JJ8MJg/