Do you know where all of the money in your business bank account came from and where it’s going? How much income you’re missing from unpaid invoices? How much money you have set aside for quarterly taxes? What you can afford to invest in now and what you need to save for? When your financials are up to date, you can find the answers to these questions anytime. In this article, we’ll take a look at the nuts and bolts of some critical bookkeeping and accounting practices I recommend to most business owners.
One client came in feeling disappointed because she wasn’t making what she expected in sales this year. When Katie asked about her original intentions for the year, she said what she really wanted was to push herself to grow as a business owner and a person—which she definitely did! Once that shame was out of the way, we were able to have a great conversation about where to go from here. This perfectly illustrates why we prefer to talk about “intentions” rather than goals. There’s no need to put any more pressure on ourselves!
As a young and vivacious business owner, a personal emergency that might take you out of your role for four weeks to six months or more is probably the last thing on your mind. But as a fellow business owner, CPA and financial coach, I’m here to remind you that the unexpected does happen. And yes, it could happen to you! Think about the impact it would have on your business if you went MIA for just a week with limited access to email, without warning. What would happen? How long would it take to dig yourself out? Stay ahead of an emergency or extended leave by having game plan. Learn more in this latest article!