I know the overwhelm of sitting at the dining table or desk with receipts, and notes of all kinds- sticky notes, ones jotted down last week in your car, and even the notes app about the financial side of this business you never thought about before. The fear of doing it wrong, the mental block to numbers or not knowing what you need to keep up with is enough to make you doubt your decisions to start a business.
BUT, I want you to know right here- You’re not the only one and it does not mean you are not cut out to be a business owner. You took brave steps to begin a business and I am clapping for you.
Listen, after 37 years in bookkeeping with my husband being self-employed for 25 years and me working in small family owned businesses to large, diversified businesses, I know I am the weird one that sees numbers like a big puzzle to solve. And I oddly enjoy that somehow. Although, I realize that the majority of people see all the numbers as a big waste of their time and a necessary evil that gets put off until the tax accountant demands something.
Bookkeeping can feel like a foreign language to most business owners because it is not taught anywhere. Bookkeeping is organizing your income & your costs of doing your business. This is for you to know if you are making money or not. The IRS also makes bookkeeping that ‘necessary evil’ because we certainly do not care to give away our hard earned profit in taxes.
It can be complex and complicated, BUT IT DOES NOT HAVE TO BE! That is what I want you to hear today, okay?
EASY 3-part system for beginners:
- One place for money (separate bank account)- nothing fancy, just a separate checking account. Normally there is no need for a ‘business’ account that requires more balance, just a separate account for all of your business related costs and income to stay away from your personal checking.
- One place for receipts (digital or physical)- you pick what works best for you. It can be a decorative box, a gallon ziploc, a monthly budget organizer. If you prefer digital, it can be as simple as a specified album in your phone to keep pictures of your receipts, a label set up in your emails or a fancy app just for this.
- One weekly rhythm (10–15 minutes)- booking an appointment with yourself to do your bookkeeping. This 15 minute rhythm takes away those hours at the table come tax time!
This proves that you can simplify, systemize and get your time back for doing more of what you love! After you set up your personalized system, you go from guessing to knowing. You go from fear of missing something to clarity and confidence. As you create your bookkeeping and business routines, you will find yourself sailing right through what you once avoided like the plague. The sense of accomplishment and peace that comes with knowing your business numbers takes a load off of your shoulders that you may not know you are even carrying.
ACTION STEPS to begin today:
1- set up your separate checking account only for business costs and sales
2- decide how you will store your receipts. Buy the box, set up the album, download the app.
3- book an appointment with yourself and write it in your calendar.
Businesses don’t fail because the person isn’t skilled or talented at what they do, but where the numbers are ignored. You can be a genius at what you do, but if the numbers are not handled, the business nor your life will be all it could be.
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