203: Building Confidence In Your Bookkeeping Skills Whether You Are Starting A Business Or Side Hustle, A Solopreneur, Entrepreneur, Mompreneur, Freelancer, Bookkeeper, Virtual Assistant
203: Building Confidence In Your Bookkeeping Skills Whether You Are Starting A Business Or Side Hustle, A Solopreneur, Entrepreneur, Mompreneur, Freelancer, Bookkeeper, Virtual Assistant, Business Owner, Or Self-Employed
You want to be able to rely on your financial statements so that you can make smart business decisions, but how do you get these accurate financial statements? You need to account for all the money coming in and going out of your business. You need to ensure that you have all your entries in your business recorded. You need to make sure that you are doing your bookkeeping correctly to have those accurate financial statements you can rely on. In today’s podcast episode, I’m covering how you can be confident you are doing your bookkeeping correctly so that you can rely on your financial statements. 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, reviewing your financial statements, which include your balance sheet and income statement every month is essential to running your business. 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…
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Show Notes:
You want to be able to rely on your financial statements so that you can make smart business decisions, but how do you get these accurate financial statements? You need to account for all the money coming in and going out of your business. You need to ensure that you have all your entries in your business recorded. You need to make sure that you are doing your bookkeeping correctly to have those accurate financial statements you can rely on. In today’s podcast episode, I’m covering how you can be confident you are doing your bookkeeping correctly so that you can rely on your financial statements. 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, reviewing your financial statements, which include your balance sheet and income statement every month is essential to running your business. 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…I want to ask you if you put your bookkeeping as a low priority or if it seems like a meaningless task that needs to be done in your business. I also want to ask how much importance you put on reviewing your financial statements or utilizing them to make smart business decisions. When I ask these questions, I usually hear that bookkeeping is put off or isn’t always up to date, but I also hear that business owners want to be able to rely on their financial statements to really understand how their business is doing. So, how can you have one without the other? Well, it’s easy…you can’t, and this is exactly why you need to put a higher priority on maintaining your bookkeeping records and making sure that you have your information entered on a timely basis.
When you are just starting your business, it can be easy to get started with your bookkeeping because you are starting with a clean slate. You don’t have any transactions recorded yet; typically, your volume is down, and you have the time to make sure you have everything recorded. You are also usually pretty excited about your business, and you want to track each one of your sales as they occur. This is the best time to make sure you have a system in place to get your bookkeeping done. Everything is new to you, and you want to do everything the right way. It is also a great time to make sure that you are scheduling your bookkeeping time so that you are able to get your bookkeeping done consistently. I always say that if you want to ensure you get something done, you need to plan for it in your schedule. Actually, take your calendar and block off time so that you can get your bookkeeping done without any distractions. If you don’t do this, it will surely get missed.
But what about if you’ve had your business for a few years and you still don’t have a sound bookkeeping process? Well, there won’t be a better time to start than right now. You will first need to decide when you need to start with your bookkeeping. Are your tax returns up to date? If so, you can probably start with the current year. If not, I would recommend you start your bookkeeping with the year that you need to file your next tax return. Not only will this give you the information you need to file your tax return, but you will also be building information so that you can look back on prior years to see how your business is doing.
Maybe you have already been doing your bookkeeping, but you haven’t been the best at getting everything recorded. You have some information recorded, but you are missing other parts. You may need to do some clean-up to make sure you have everything recorded and are able to reconcile your accounts so that you know everything is accounted for, which means your financial statements will be accurate as well. Don’t drag your feet on this; the sooner you start getting everything caught up, the sooner you will be able to have a quick and efficient process set up so that you can make sure that every month your bookkeeping is up to date and you can review your financial statements.
If you know you are not at a point to outsource your bookkeeping, it is up to you to make sure you set your bookkeeping as a priority. It is up to you to make sure you have that accurate data to be able to review your financial statements. It is up to you to make sure you are recording all your deposits and invoices so that your total revenues are correct and to make sure you are consistently collecting your sales so that you don’t struggle with your cash flow. It is up to you to record any bill payments or other withdrawals so that you are able to take every tax deduction available to you.
When you have your bookkeeping up to date, what information could you be utilizing to make smart business decisions? Let’s cover just a few examples. Most businesses will set a monthly goal for sales. When you have your bookkeeping up to date, you can look from month to month to see how your monthly sales have been doing. You can determine which months fell short of your goals as well as which months performed better. You can then take this information and analyze why so that you can continue to improve your sales going forward.
When you are looking at your income statement, you can compare the current year to the previous year to see where your income and expenses are sitting. This not only gives you a picture of how each category is doing, but you can look at the overall net income or loss so that you understand where you are sitting for your upcoming tax return in comparison to your last tax return. If your net income is quite a bit greater than the previous year at this time, you can start saving for your additional tax liability. If your net income is less than the year before, you can look into why and make some changes so that you can end the year better.
There are so many ways you can utilize the bookkeeping you do in your business to lead your business to greater success, but when you don’t have this information on a timely basis, you and your business lose. My advice to you is that you need to get your bookkeeping done at some point so that you can report those figures on your tax return, so why not stay up to date and benefit now?
If you know you need to get your bookkeeping done, but you are unsure how to get started, or you just need help with understanding what you need to do next, join me, and let’s do this together!
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.
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