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August 2020 Finance Report

Everything I earned and spent in my business

These are my online business finances for August 2020.

I spent the whole month in Tbilisi, Georgia.

💵 Summary

August 2020 finance graph

Total Business Income € 11,360 $ 13,578
Total Business Expenses € 2,413 $ 2,884
Profit € 8,947 $ 10,694

🤑 Business Income

August 2020 business income

Affiliate income (see below) € 11,116 $ 13,287
Patreon 1 € 222 $ 265
eBiz Weekly coffee fund 2 € 4 $ 5
Book sales (via Amazon) € 18 $ 21
Total Income € 11,360
$ 13,578
Previous Month € 15,705 $ 18,562

I was expecting my income to be a little more than $10k, so August turned out better than expected.

👍 Affiliate Income

Affiliate payments in August came from…

Affiliate Related Content
The Affiliate Lab Best Affiliate Marketing Courses
Amazon Best Business Books For Online Entrepreneurs
Authority Hacker Authority Hacker Review
Commission Hero Commission Hero Review
Consulting.com Sam Ovens Consulting Accelerator Review
ConvertKit ConvertKit Pricing vs. Popular Alternatives
Income School Income School Project 24 Review
SafetyWing Digital Nomad Travel Insurance
Savage Affiliates Franklin Hatchett Savage Affiliates Review
Survey Junkie Survey Junkie Review
Udemy Best Udemy Courses

(Btw, I don’t necessarily recommend everything I earn affiliate income from. Sometimes I’ll write a bad review of something and people will still sign up to it via my link. Humans are weird like that.)

Here’s a progress chart for affiliate income since starting eBiz Facts…

eBiz Facts affiliate income progress – August 2020

Note that, to keep things simple for myself on a day-to-day basis, I practice cash accounting rather than accrual accounting.

“Under the cash method of accounting, sales are recorded when cash is received, and expenses are recorded when cash is sent out. It’s straightforward and intuitive. The problem with the cash method, however, is that it doesn’t always reflect the economic reality of a situation.” – Accounting Made Simple

The economic reality of affiliate marketing is that some companies pay their affiliates every month, while others have irregular payment schedules. As a result, my affiliate income can look more inconsistent month-to-month than it actually is.

💸 Business Expenses

August 2020 expenses

🤝 Hired Help

Hired Help 3 € 921 $ 1,101
Total € 921 $ 1,101
Previous Month € 317 $ 375

📆 Monthly Subscriptions

Surfer 4 € 49 $ 59
Ahrefs 5 € 23 $ 27
Zoom 6 € 12 $ 15
YouTube Premium 7 € 10 $ 12
Adobe Photoshop € 9 $ 11
Google Drive storage (1TB) 8 € 8 $ 10
Virtual Post Mail 9 € 8 $ 10
Copycall 10 € 5 $ 6
Total € 124 $ 149
Previous Month € 127 $ 151

🤓 Hosting & Domains

Dreamhost domains 11 € 13 $ 16
Kinsta 12 € 4 $ 5
Total € 17 $ 20
Previous Month € 0 $ 0

📚 Books

Everybody Writes € 11 $ 13
Play Bigger € 9 $ 11
Total € 20 $ 24
Previous Month € 4 $ 5

🏦 Transaction Fees

PayPal fees € 427 $ 510
ClickBank fees € 188 $ 225
Patreon fees 13 € 28 $ 34
Transferwise fees € 23 $ 27
Upwork fees € 8 $ 9
Fiverr fees € 3 $ 4
ATM fees € 1 $ 1
Total € 678 $ 810
Previous Month € 617 $ 729

💻 Home Office Expenses

Office chair € 130 $ 156
Internet € 19 $ 23
Phone credit € 7 $ 8
Power extension € 6 $ 7
Total € 162 $ 194
Previous Month € 18 $ 21

📋 Admin Expenses

Admin expenses € 12 $ 15
Total € 12 $ 15
Previous Month € 0 $ 0

🤷‍♂️ Miscellaneous Expenses

Trends Trial + Trends 1 year subscription 14 € 251 $ 300
Income School’s Project 24 15 € 166 $ 199
LastPass 16 € 40 $ 48
Neuro Prime Brain Booster Supplement (30 day supply) € 13 $ 16
Amazon Web Services (storage) 17 € 7 $ 8
Sendy 18 € 0 $ 0
SocialBee 19 € 0 $ 0
Teamwork project management software 20 € 0 $ 0
Total € 477 $ 571
Previous Month € 34 $ 40

💸 Expense Summary

Hired Help € 921 $ 1,101
Transaction Fees € 678 $ 810
Miscellaneous € 477 $ 571
Home Office Expenses € 162 $ 194
Monthly Subscriptions € 124 $ 149
Books € 20 $ 24
Hosting & Domains € 17 $ 20
Admin Expenses € 12 $ 15
Total Expenses € 2,413
$ 2,884
Previous Month € 1,117 $ 1,320

😢 Biggest Regret?

Nothing significant.

🗓 2020 So Far

Here’s how my business is doing this year in terms of profit and loss:

January € 84 $ 94
February € 3.424 $ 3,776
March € 3,366 $ 3,710
April € 3,240 $ 3,542
May € 4,246 $ 4,717
June € 6,037 $ 6,782
July € 14,588 $ 17,242
August € 8,947 $ 10,694
Total € 43,932 $ 50,557

🔮 Outlook For September

I’m looking to buy a few more things for my home office in the coming weeks, and I might be signing up for some new courses to review. Expenses should be in the $2k to $3k range for the month.

Income should be similar to August, probably around $12,000.

📲 How I Track All This

Curious as to how I track everything I earn and spend? Check this video…

💬 Feedback Welcome

Thoughts? Questions? Speak up in the comments below.

🗂 Archived Finance Reports

I’ve been posting these monthly finance reports since January, 2011. You can view all my old reports via this page.

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