237: Asking For Bookkeeping Help Whether You Are Starting A Business Or Side Hustle, A Solopreneur, Entrepreneur, Mompreneur, Freelancer, Bookkeeper, Virtual Assistant, Business Owner
237: Asking For Bookkeeping Help Whether You Are Starting A Business Or Side Hustle, A Solopreneur, Entrepreneur, Mompreneur, Freelancer, Bookkeeper, Virtual Assistant, Business Owner, Or Self-Employed
Most business owners typically do their own bookkeeping when they first start their business, but a question I often receive is when should I be getting help with my bookkeeping. The help that a business owner can get from a bookkeeper, accountant, CPA, or tax preparer can vary, and the level of expertise and amount of time required varies as well. The main point here is that all business owners need to understand their business finances, whether they are doing their own bookkeeping or if they have someone else generating their financial statements for them. In today’s podcast episode, I walk through many of the main reasons business owners may want to consider getting help with their bookkeeping, as well as signs it may be time for you to start asking for help with your bookkeeping. If you are a self-employed individual, a solopreneur, side hustler, entrepreneur, mompreneur, freelancer, small business owner, a remote, virtual, online, or in-house bookkeeper, or a virtual assistant or VA, you want to make sure that you have your business financial information ready to prepare your tax return, but you also want to make sure that you are utilizing this information throughout the year so that you can make smart business decisions. Running your business in the dark without the right financial information will only hinder the success and the potential that you could see in your business. Listen in and see if or when you should be asking for help with your business finances. 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:
Most business owners typically do their own bookkeeping when they first start their business, but a question I often receive is when should I be getting help with my bookkeeping. The help that a business owner can get from a bookkeeper, accountant, CPA, or tax preparer can vary, and the level of expertise and amount of time required varies as well. The main point here is that all business owners need to understand their business finances, whether they are doing their own bookkeeping or if they have someone else generating their financial statements for them. In today’s podcast episode, I walk through many of the main reasons business owners may want to consider getting help with their bookkeeping, as well as signs it may be time for you to start asking for help with your bookkeeping. If you are a self-employed individual, a solopreneur, side hustler, entrepreneur, mompreneur, freelancer, small business owner, a remote, virtual, online, or in-house bookkeeper, or a virtual assistant or VA, you want to make sure that you have your business financial information ready to prepare your tax return, but you also want to make sure that you are utilizing this information throughout the year so that you can make smart business decisions. Running your business in the dark without the right financial information will only hinder the success and the potential that you could see in your business. Listen in and see if or when you should be asking for help with your business finances. 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…Are you doing your own bookkeeping and wondering when or if you should be asking for help with your business finances? I’m going to break this down a little further today by first talking about how and when a bookkeeper, accountant, tax preparer, or CPA can help you with your business finances, and then I’ll talk about the main reasons you might need to ask for help with your bookkeeping.
There are various stages in your business and projects where you may want to consult with an accountant for help. When you are in the beginning stages of starting your business, you may want to connect with an accountant to ensure you are setting your business up with the proper entity. There are many to choose from. Some business owners will start their business out as a sole proprietor and then move into another entity such as an LLC or S-Corporation, but knowing which entity is right for your business as well as which offers the best tax advantages is essential in the beginning stages of your business and can save you money in the long run. You also may want to utilize a tax preparer to file your business tax returns. When making this decision, you want to take into consideration how much time it would take you to prepare your own tax return and your level of knowledge. When hiring a professional to do this for you, you not only have peace of mind knowing it was done professionally, but they will also be there for you if you have a tax audit in the future. Your accountant could help you with preparing a business plan so that you know your business is feasible and help you secure financing if needed. You may also need an accountant to assist you when you are ready to sell your business. They can ensure you are providing the proper financial statements to your buyer as well as structuring the sale so that the money you receive from the sale sets you up for the best tax advantage. Most of these services can be done on a one-time or yearly basis and do not require you to hire them on a monthly basis. When you are looking at your bookkeeping process, there are many options available for you to get help. If you feel like you have a reasonable control of your business finances but just need a little help or training, you can easily get this when you need it. An example of this is when I work with my clients to provide training on the initial set up of their bookkeeping system, help them get organized, and put processes in place, so they know the exact steps they need to do their bookkeeping. When I work with business owners, they often are seeking confirmation that they have their systems set up properly and they are doing everything necessary to create accurate financial statements and reports they can review on a monthly basis. We work through the procedures they need to do on a daily, weekly, and monthly basis, and they instantly feel relief knowing they are doing exactly what needs to be done in their business. On the other hand, you may be looking for someone to take over your bookkeeping and generate financial statements on a monthly basis. When you are looking for a bookkeeper to help you with this, you don’t normally need to hire an on-site bookkeeper. These services can be done easily with a remote bookkeeper and are usually billed on a monthly basis. Regardless of how much help you need with your business finances, make sure that you fully understand and review your financial statements on a monthly basis so that you can make smart business decisions.
Now, let’s talk about the main reasons or signs you might need to ask for help with your bookkeeping. One of the first signs you may find is if you are not doing your bookkeeping at all or your business financials are not up to date. Maybe you find yourself spending weekends trying to catch up on the last three, six, nine, or even twelve months of bookkeeping. If you don’t have your bookkeeping done on at least a monthly basis, you may want to start asking for help. You might find that your bookkeeping is taking up too much of your time, and you are not able to properly focus on running your business. If you find that you don’t know how your business is doing financially, you don’t have timely and accurate financial statements to review on a monthly basis, and you’ve never done a bank reconciliation or don’t even know what a reconciliation is, it may be time to make some changes to your bookkeeping process. If you don’t do your bookkeeping all year long and bring a shoebox into your tax preparer for them to do your bookkeeping for you so that they can file your tax return…which by the way, will probably cost you more money than if you had someone do your bookkeeping monthly for you, and you could have known how your business was doing financially throughout the year, it’s time to get some processes set up for your bookkeeping system. Maybe you need to find out why your sales are up, but you are just not seeing the cash flow you think you should. When you hire a bookkeeper, they are able to help you ensure your bookkeeping is up to date, you have financial statements you can rely on to make smart business decisions, and they are able to give you advice and a different perspective on how your business is doing. When you don’t have a good idea about what you are spending your money on or where you are making the most money in your business, it is hard to make decisions that will improve your finances.
If you struggle or are overwhelmed with invoicing your customers, staying on top of your accounts receivable so that you have consistent cash flow, you are unable to pay your bills on time so that you can avoid late fees or bank service charges, you don’t have time to process your payroll or are unsure of the payroll tax deadlines you need to meet so that you don’t incur any penalties or interest, you don’t prepare a budget or need help creating one, you have a hard time separating your personal and business expenses, or you are losing track of your transactions or receipts and need a system to keep all of these business receipts, setting up some simple processes and getting your bookkeeping organized will help you tremendously.
Most business owners who get help with their bookkeeping find out that they aren’t doing as good of a job as they initially thought. Many times, you just need to ask a few questions or get the proper training so that you know you are on the right track. If you feel like you are lacking the confidence you need when doing your own bookkeeping or have a few questions about how you should handle situations specific to your business, I’d love to help you.
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? 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, You can go to www.FinancialAdventure.com and click on the work with me button. Sign up now. I help people get results and live a more joyful life. I know there is something you want in your life, and I can help you get it. Are you ready to enjoy your life now? Why would you want to wait? 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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