191: Financial Basics For Business Whether You Are Starting A Business Or Side Hustle, A Solopreneur, Entrepreneur, Mompreneur, Freelancer, Bookkeeper, Virtual Assistant, Business Owner
191: Financial Basics For Business Whether You Are Starting A Business Or Side Hustle, A Solopreneur, Entrepreneur, Mompreneur, Freelancer, Bookkeeper, Virtual Assistant, Business Owner, Or Self-Employed
Keeping up with your bookkeeping will not only help you with your compliance tasks, such as filing your tax return at the end of the year, but having this financial data will also help you make smart business decisions. In today’s podcast episode, you’ll learn about the most common financial mistakes and how you can prevent them in your business. Understanding your financial information is vital to the success of your business, whether you are a self-employed individual, a solopreneur, entrepreneur, mompreneur, freelancer, small business owner, a remote, virtual, online, or in-house bookkeeper, or a virtual assistant or VA. There is a lot to learn when it comes to your business finances. It may seem overwhelming at first, but once you have a system in place and understand how your business is doing, you’ll be surprised at just how simple it can be. These tips are essential whether you are using a computerized software system like QuickBooks, Xero, Wave, or FreshBooks for your business finances; or doing your bookkeeping manually with an Excel spreadsheet or even a Google Document…
Find out how you can work with me by either scheduling a free consultation or signing up for the BALANCE Life Coaching program, where you can get private one-on-one coaching every week. Find out where you’d like to see yourself and your business in the future. We’ll create a laser-focused plan, including which action steps you need to take to get started on the path to success:
Accountants, CPAs, Bookkeepers, Tax Preparers & Financial Professionals, sign up here to get updates on upcoming opportunities & grab the Audit Of Your Well-Being & Balance Guide here:
Ready to set up your business? I have a program to help you get your business set up so that you can start making money. Sign up for this program here:
Are you ready to try coaching? Schedule an Introductory Coaching Session today. You’ll have the opportunity to dip your toes in and see how you like coaching with an Introductory Coaching Session. I’ll spend the whole time coaching you on anything you’d like coaching on in your business or your personal life:
Join us in the Mastering Your Small Business Finances PROFIT LAB if you are ready to take control of your business finances and create the profitable business you are striving for. Are you ready to generate revenues and increase the profit in your business:
If You Are Ready To Choose, Start Or Grow Your Side Hustle, Get Your Free Checklist And Assessment Here:
Grab Your FREE guide: 5 Essential Strategies For Stress-Free Bookkeeping:
Your FREE Online Virtual Bookkeeping Business Starter Guide & Success Path Is Waiting For You:
Join Our Facebook Community: https://www.facebook.com/groups/womenbusinessownersultimatediybookkeepingboutique
The Strategic Bookkeeping Academy, including Bookkeeping Basics, is open for registration! You can learn more and sign up here:
Looking for a payroll solution for your business? You can get an exclusive 15% discount on your payroll services when you sign up here:
QuickBooks Online - Save 30% Your First 6 Months:
Sign up for a virtual coffee chat to see if starting a Bookkeeping Business is right for you:
Show Notes:
Keeping up with your bookkeeping will not only help you with your compliance tasks, such as filing your tax return at the end of the year, but having this financial data will also help you make smart business decisions. In today’s podcast episode, you’ll learn about the most common financial mistakes and how you can prevent them in your business. Understanding your financial information is vital to the success of your business, whether you are a self-employed individual, a solopreneur, entrepreneur, mompreneur, freelancer, small business owner, a remote, virtual, online, or in-house bookkeeper, or a virtual assistant or VA. There is a lot to learn when it comes to your business finances. It may seem overwhelming at first, but once you have a system in place and understand how your business is doing, you’ll be surprised at just how simple it can be. These tips are essential whether you are using a computerized software system like QuickBooks, Xero, Wave, or FreshBooks for your business finances; or doing your bookkeeping manually with an Excel spreadsheet or even a Google Document…
Welcome Back…Today, we’re going to focus on financial mistakes. There are many areas within the financial realm where business owners make mistakes. The first I want you to be aware of is making sure your bookkeeping is up to date. When you are able to keep up with your bookkeeping on at least a monthly basis, you’ll find yourself experiencing less stress and anxiety from being behind on your books. This will allow you to make sound business decisions with the financial data you have regarding your business, and you’ll be able to file any required compliance documents for your business on time. This would include filing your business tax returns, and when you are able to file your returns on time, you should also make sure that you are paying any taxes on time as well. Penalties and interest can add up quickly.
Open business bank and credit card accounts so that you can keep your personal and business funds separate. When you are doing your bookkeeping and only have your business transactions to account for, you will spend much less time on your bookkeeping than if you mix your business and personal funds together.
Control your costs. Whether you need to monitor how much you are overspending or underspending in your business. You may find that you need to increase the amount you are spending in accounts like marketing and advertising to increase your sales, but other accounts like rent or payroll may need to have you take a second look to see where you can save some extra money. By creating a budget, you will be able to decide proactively how you would like to spend your hard-earned business funds as well as creating a plan for how much you will be paying yourself as the business owner.
Taking time to look over your financial statements every month will help eliminate any errors or changes you would like to make in your business so that you can be proactive in your business and achieve the success you are looking for. Understanding how your balance sheet and your income statement work together and what each report tells you about your business is critical to avoiding financial business mistakes like the ones I mentioned today.
Imagine having a system in place where you spend less time buried in paperwork and more time doing what you love. That’s where I help my clients. They are able to have proper processes in place, understand why they are following through with these processes, and they have more peace of mind when it comes to their business. Striking a balance between the demands of running a business and maintaining a fulfilling personal life is an art; it’s about creating an environment where you can thrive and support your lifestyle. By being proactive and setting up efficient processes, you can ensure a smoother, more enjoyable year-end, and you’ll be prepared to file any necessary filings with the IRS. By working with me, you’ll change more than just your bookkeeping processes. Like many of the clients I’ve worked with, you’ll go from not knowing how to get through all the stressful situations or being unprepared to being totally in control of exactly what you are choosing to get done at the time you want to have it accomplished by, all while knowing you are doing enough and you’re able to enjoy your business and your personal life. I help clients just like you with strategy, mentorship, and coaching. When you work with me, you’ll show up much more differently than you do today, and, after all, this is what you ultimately want in your life, right? You can be stress-free in both your professional and personal life. Come join me. When I work with clients throughout the year, they are able to reduce their stress and overwhelm, understand how to master their small business finances, develop solutions to grow their bottom line, and create a work-life balance they truly enjoy. I encourage you to take the next step by signing up for a free consultation where I’m going to teach you the first step in my process so that you can eliminate stress, overwhelm, or overworking in your professional or personal life while you continue to get done what matters so that you can live your life with joy, purpose and a more fulfilled life. Feel free to reach out to me with any questions you have; I’d love to help you on this journey. You can schedule your free consultation or sign up for a coaching session today at www.FinancialAdventure.com. As a Certified Public Accountant and Certified Life Coach, I can help you set goals and develop a plan that will allow you to lead a happier and more sustainable life in your business, career, or your personal life. I’m here to guide you through the financial aspects of your business as well as help you focus on the strategies you need to follow to reach the success you want to achieve in your professional or personal life and stay committed so that you can continue to keep pushing forward and relieve the stress, anxiety, or overwhelm you are currently feeling. Having an accountant and certified life coach like me can provide you with valuable insights and ideas to help you simplify your life, which enables you to go back to enjoying your professional and personal life. I work with business owners, accountants, and other financial professionals to create the actionable steps they need to take to ultimately achieve their goals while getting relief from the stress and overwhelm they feel from the pressure of owning a business, deadlines, and the workload they face every day. If you are struggling with this as well and would like some help developing a solution, help strengthen and maintain your emotional health, increase your well-being, create a more positive, happy, and joyful life, set and achieve your goals, and manage your relationships, I’d love for you to join me in my Balance Life Coaching program so that you can live a more purposeful life. Each week, we meet privately one-on-one, and you get to bring whatever is on your mind on any given week. I also have a daily coaching program where you can talk to me whenever it works best for you, 24/7, any day of the week. In either program, you get to work on your highest priority, whatever you want more of in your life, or if there is something that is weighing on you heavily that you need coaching on, and we’ll work through it together. Having a certified life coach like me helping you through all of this allows you to feel so seen and cared for, and the results are amazing. Everyone benefits when they work with a certified life coach. After every session, you feel energized, and you know exactly what to do for the day or week to come, and relief knowing we will meet again to go over anything that comes up after your session. You’ll gain self-awareness while you take each step toward your goals. The investment in either of these programs is an easy yes for you. I’ve set these programs up in the most supportive way. If you are ready to join the Balance Life Coaching program, you can go to www.FinancialAdventure.com and click on the work with me button. You’ll see the link to join as well as additional information about the programs. Sign up now. There are limited spots available for these programs due to the one-on-one aspect, and they do sell out. If the payment link is gone, you can get on my waitlist to join the programs when additional spots are available. I help people get results and live a more joyful life. I coach everybody on everything. I know there is something you want in your life, and I can help you get it. I know this is something you’ve been waiting for. I’ve been asked by many of my listeners to create these exact programs. The faster you get access to the program, the quicker you’ll see the possibilities available to you. I also have a risk-free guarantee. I believe so strongly that everyone benefits from coaching that when you sign up for the Balance Life Coaching program today, if for any reason you are not satisfied with your first session, you can send us an email, and we’ll refund you immediately. Are you ready to enjoy your life now? Why would you want to wait? Make this investment for yourself. Take the journey with me…make it happen for yourself. Ask yourself why you need this program in your life right now. Are you ready to make bigger, bolder, stronger life goals? I’m looking forward to meeting with you soon and digging deeper to see where you currently are in your business or career and start creating actionable steps so that you can reach your vision and goals for the future, not only in your business or career but also in your personal life. I’m ready to work with you, see all of your successes, and watch you thrive in your business or career while creating your best work-life balance. I’ll post links to this and other valuable resources for business owners and accountants where you are listening to this podcast.
And, you know I’m going to ask…what’s at least one thing you will take away from this episode that will help your business succeed and grow your bottom line? If you need some accountability, join our PRIVATE Facebook community and post your action item, we’d love to support you.
