Mastering Your Small Business Finances ~ Money Management, Bookkeeping, Entrepreneurship, Side Hustle, Accounting, Cash Flow, Solopreneur, Strategy, Tax, Virtual Assistant Marketing Mindset QuickBooks

Did you have good intentions on getting your bookkeeping caught up this year?  Did you list keeping up with your bookkeeping as one of your goals for 2021?  Are you are finding yourself in a mid-year bookkeeping crisis, and you know your bookkeeping needs a little attention or possibly a great deal of attention?  If so, this episode will definitely give you some ideas about how you could get your...

When most business owner are asked what their accountant or bookkeeper helps them with, you’ll most likely hear that they do their financial statements, which includes their balance sheet and income statement or profit and loss report, and they probably file their tax returns for them.  Most accountants, bookkeepers, CPAs (Certified Public Accountant) and Virtual CFOs provide way more services tha...

Businesses have been dealing with customers not paying their invoices over the years, but the pandemic has heightened the average number of customers who are not paying their invoices on time, and this is putting additional stress on business owners like you.  As a business owner, you know that you need to receive payment on your customer’s invoices to continue to have the cash flow you need for y...

The excitement of starting a small business can fuel the flame for your business for quite a while, but when you stop taking care of yourself and let your business pull you in various directions, burnout can start to set in, and you may find the passion you once had for your business start to smolder.  You want to be proactive in this area so that you don’t find yourself with these feelings of bur...

If your business involves selling items on amazon, eBay or your business accepts payments from credit cards, debit cards, or other third-party processors, you will more than likely receive a Form 1099K.  Knowing what this form is and how it will impact your business is important to know.  The rules for the 1099K are changing in 2022 and understanding these new rules as well as the impact it will h...

Recording credit card transactions in either QuickBooks Desktop or QuickBooks Online is pretty easy to do as long as you have the correct procedures in place to do it accurately.  Over the years, I have seen many different ways businesses have recorded their transactions and how quickly their financial reports can reflect inaccurate data.  Most times when I walk them through the correct way to rec...

One of the questions I receive from clients is how to transfer funds in QuickBooks Desktop and QuickBooks Online.  Both have an extremely simple way to do this, but if you are unsure about how to do it, or you do it incorrectly, you could be causing your balance sheet and your income statement to reflect the wrong information.  Recording all your transactions is important to make sure your bank re...

The excitement of starting your very own business and the beliefs of your success are high when you are first starting your business.  You think about what you want to sell, how you will sell it, the marketing and just how much your business is needed in the marketplace.  You might have started an online business, you could be a course creator, you may have decided to be a small business coach, li...

When you think about a paperless business, does this sound like a dream come true, or do you view it more as a nightmare?  There are many businesses that don’t even offer a paper receipt anymore.  So, when you don’t have a receipt, how are you supposed to even manage it?  My clients will ask me about the best way to manage their business receipts, and unfortunately, my answer is normally:  It depe...

As a business owner, you work hard day after day and put in long hours to reach your goals and milestones, but once you have finally reached your milestones, what should you do?  Do you just push forward to reach yet another milestone, or do you actually take the time to pause, celebrate and reward yourself and your team if you have one for a job well done?  When you are just starting your busines...

Automating your transactions is one of the major ways you can save time when you are doing your bookkeeping.  By utilizing systems such as QuickBooks Online’s bank feeds, you can definitely save a lot of time rather than manually entering each and every transaction, but the only way you will ensure you have reliable financial statements ( Balance Sheet and Profit & Loss or Income Statement ) is to...

You started the year off strong, you set all your goals for how you wanted to do your bookkeeping this year and just like that, it’s June, and now is the time for you to do a mid-year bookkeeping and financial checkup to see how your small business is doing.  Time flies by so quickly, and before you know it, we will be flipping the calendar to the month of December.  Today, we are doing a checkup...

Cash flow refers to the money moving in and out of your business.  When you have a positive cash flow, it simply means that you have enough money to manage the payments of any money that goes out of your business.  If you have more money coming into your business than going out, you will have obtained a positive cash flow.  Many business owners think the only way they can increase their cash flow...

When you have your own business, it can be hard to create the work life balance many people only dream of creating.   Although having your own business sounds like you are in control of how much and how often you work, you may hear otherwise from many small business owners.  Are they working long hours, and do you need to work 24 hours a day, 7 days a week to be successful?  If not, how many hours...

You made the leap; you took the jump, or you stepped off the cliff.  No matter how you say it, you are now invested as an entrepreneur and have your very own business.  These are exciting times for you.  You are finally able to make the impact you have waited so long to make.  It is your dream come true, but now that you are there, what can you do to make sure you continue to enjoy your new ventur...

Home based and online businesses are popping up everywhere.  More and more people are looking at starting their own business now more than ever.  Whether you decide you want to be a full-time entrepreneur, you are looking for a side hustle gig, or you are a stay-at-home parent looking for some extra income, each of these can lead to an exciting time, but you want to make sure you are taking your t...

We’ve all heard how important it is to have an emergency fund for our personal finances.  There may be a time when your car needs repairs, or you lose your job, or maybe you have an unexpected expense pop up.  When you have an emergency fund set up, you are able to dip into it when you have these emergencies in your personal life, but what about in your business?  Is it necessary for your business...

How you think about money makes an impact on your small business success.  Many of these thoughts stem from beliefs you have had since you were a child.  Do you associate earning or having money as being greedy?  Do you remember hearing heated conversations as a child and it brings back memories of arguments and feelings of unhappiness, or was the subject of money private in your family and viewed...

Financial literacy is just as important when you are taking care of your personal finances as it is when you own a small business.  April is financial literacy month and since this podcast is all about Mastering Your Small Business Finances, it is only fitting that we should talk about how financial literacy makes an impact on your small business.  Studies are showing that the financial literacy s...

When you have a small business, it is easy to think you can handle all of the tasks that need to be completed and wear the many hats that come with owning a business.  This may be true or even possible when you are just starting your business, but as your business grows and each task starts to take more time, you will find you may not be able to handle everything yourself and may need help.  One o...

If you’ve been listening to my previous podcasts, you know I only include topics that you, as a small business owner need to be aware of to make impact on your business.  As a small business owner myself, I know exactly how it feels to have a list of things to do a mile long and of course never enough time in the day to get them all done.  I personally make sure I am prioritizing my list to ensure...

If making more money in your business is one of your goals this year and you believe the only way to achieve this goal is by getting more sales, you might be wrong, but I understand where you are coming from.  Everywhere we go we are told to increase our sales to make more money.  You may have already decided the only way for you to increase your profits is to increase your marketing and sell, sel...

With more and more people becoming self-employed on the rise, it’s so important to understand how to file your taxes and take advantage of the write-off’s that are available to your business.  If you are a self-employed solopreneur, entrepreneur, small business owner, virtual online bookkeeper, virtual assistant or VA, you need to ensure you are knowledgeable about these 10 tax tips.  Today, I am...

Knowing how to read and analyze your Income Statement or Profit & Loss report is not only important, but it could be critical to the success of your small business.  Understanding how your business is performing financially will prompt strategic decisions and meaningful operating goals for the future of your business.  It will tell you if your business is profitable or not, and where you could wor...

Today we are talking about report cards.  If you have a child in school…or maybe they are distance learning, you know you need to keep tabs on how they are doing, right?  Well, when you own a business, it’s a lot like having a child.  How many times have you heard someone refer to their business as their “baby”?  I hear it a lot, and yet, when we think about how that baby is doing, there are a lot...