Fix Your Income Streams List: How to Stay Profitable with QuickBooks Online
As a small business owner, you wear a lot of hats—and if you're not tracking how your business makes money, you might be missing hidden profits or wasting time on unprofitable services. That’s why one of the smartest, budget-friendly things you can do is fix your income streams list using QuickBooks Online.
Here’s how to clean up your income streams to get clarity and boost profitability:
Step 1: Write Down Every Way You Make Money
Start by listing all of your income sources. This could include:
Primary services (like coaching or cleaning)
Product sales (digital or physical)
Affiliate commissions
Subscription income
Speaking fees or consulting gigs
Even if it’s small, write it down. Clarity is your first step toward control.
Step 2: Identify What’s Profitable (and What’s Not)
Now review each stream:
Which ones bring in consistent revenue?
Which ones take up too much time with little return?
Which ones could grow with some attention?
Focus on maximizing what works and trimming what doesn’t.
Step 3: Separate Income Streams in QuickBooks Online
In QuickBooks Online, you can assign products/services or classes to each income type. This lets you run custom reports that show exactly where your revenue is coming from.
💡 Example:
A photographer might separate income as:
Wedding Photography
Portrait Sessions
Stock Photo Sales
By setting these as distinct services in QBO, they can generate a Profit and Loss by Service Item report to instantly see what’s profitable.
🧾 FAQ: Tracking Income Streams in QBO
Q: Do I need QuickBooks Online Plus to use classes?
A: Yes, class tracking is available in Plus and Advanced. But you can still separate income using service items in Simple Start or Essentials.
Q: Will this help with taxes?
A: Absolutely. Clean, categorized income helps your bookkeeper (that’s me!) prepare accurate reports for tax season and can identify areas for growth.
Q: How often should I review my income streams?
A: At least quarterly. Business shifts fast—so should your strategy.
Ready to get clear on your money and grow smarter?
Let’s start Doing Business Right.
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