81: Financial Mistakes To Avoid Whether You Are Starting A Business, You Are Self-Employed
81: Financial Mistakes To Avoid Whether You Are Starting A Business, You Are Self-Employed, A Solopreneur, Entrepreneur, Mompreneur, Business Owner, Side Hustler, Freelancer, Bookkeeper, Virtual Assistant, Or VA
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 help you make smart business decisions. In the first episode of this week’s five-episode podcast series about common mistakes business owners make, 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…
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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 help you make smart business decisions. In the first episode of this week’s five-episode podcast series about common mistakes business owners make, 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…and welcome to the first of the five series podcast I have for you, where I am talking about some of the most common mistakes business owners have been known to make in their business. I want you to be aware of these mistakes and take action to make sure you don’t make the same mistakes.
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.
I know many of you are going to be excited to hear based on the number of people who are already on the waitlist patiently waiting for the registration to open for my Strategic Bookkeeping Academy. I am happy to announce that I’m ready to open registration, so take a second and make a note that the Strategic Bookkeeping Academy is launching on June 15th. Also, note that from June 15th through June 17th, there will be a promotion for founding members. This means that I created this new program, which includes my bookkeeping basics information, and I can’t wait for you to join and start taking control of your business, gain a deeper understanding of how to do your own bookkeeping, and master your small business finances. This program will help you understand exactly when and what you need to do when you are doing your own bookkeeping for your business. It is also helpful for bookkeepers who are still working on their processes to deliver the best bookkeeping service to their clients. Having over 25 years of experience working with business owners, I understand where they struggle, and this program is designed to help service-based businesses do their own bookkeeping with ease. One of the problems I hear from clients is that they don’t know what they don’t know when it comes to their bookkeeping and financial information. This program eliminates that fear, and you’ll learn how to utilize your finances to make intelligent business decisions. Since this program is new, I also created a special bonus and gift for you when you sign up in the first couple of days the program is open. So, if you want more information, if you can’t wait to join, or are curious to learn more about the Strategic Bookkeeping Academy for business owners, come join the waitlist. It’s very important for you to join the waitlist if you want to grab the special founding member opportunities during the promotional period. If you miss this promotional period, you can still purchase the program, but not for the promotional price. You can get on the waitlist at www.FinancialAdventure.com/SBA and click on the waitlist button, enter your email address, and I’ll send you the information to register during the promotional period. I can’t wait to see you in the program. I’ll post links to this and other valuable resources for business owners and bookkeepers where you are listening to this podcast and in the show notes.
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.
