How to do bookkeeping faster and save 10+ hours a month
Many seemingly successful coaches and consultants are struggling with their cash flow. I’ve seen this over the years especially around the tax season, why is that and how could you avoid it? That’s why episode 60 of 𝑳𝒊𝒇𝒆 𝑩𝒐𝒔𝒔: 𝑩𝒆𝒄𝒐𝒎𝒊𝒏𝒈 𝑼𝒏𝒔𝒕𝒐𝒑𝒑𝒂𝒃𝒍𝒆 Podcast is about the two simple systems that when put in place can easily save you 10+ hours per month plus put you in control of your cash flow!
In this episode of Life Boss Podcast, I’m sharing the importance of addressing your cash flow head-on and actionable steps you can take right now to start taking charge of your business money matters. Some of the talking points I go over in this episode include:
- How to track your expenses
- How to be on top of your billing
- How to be in control of your cash flow
Are you ready to start setting the systems you need—to successfully run your business without becoming overwhelmed and overworked?
Then, be sure to tune in to all the episodes to receive tons of practical tips on how to hack your body and mind to squash the overwhelm, stop glorifying stress, and design a business that brings you joy, and to hear even more about the points outlined above.
Thank you for listening!
Money Matters: How to Systematize Everything from Invoicing To Tax Preparation
Follow these three tips to do the bookkeeping faster especially if you are a coach or consultant. You will be able to track your expenses and be on top of your billing so that you are in control of your cash flow.
Here’s an all-too-common scenario: A seemingly successful coach (or service provider) is hard at work growing her business. She’s working lots of hours, and her hourly rate is respectable. But her cash flow is dismal.
Because she’s working so hard that finding the time to actually take control of her money is impossible.
Invoices don’t get sent on time. Past due balances are ignored. Taxes aren’t done. And maybe worst of all, she’s got dozens of recurring payments that go out automatically each and every month, and she has no idea what they are or if she’s even using the programs she’s paying for.
Sound familiar? Sadly, that’s exactly what a lot of “successful” businesses look like. When you work at home, and you’re accountable to no one but yourself, it’s far too easy to let these little things slide until, like an avalanche, they have a devastating effect on your business.
The good news is, cleaning it up is easy, when you take the time to put some trusted systems in place.
Start with your billing.
Sign up for (and use) a system such as Freshbooks or Harvest, which will automate your timekeeping and produce an invoice with a single click of a button. Then put your billing day on your calendar as an unbreakable appointment.
Log into your timekeeping app, generate your invoices, and click send. You’ll be done in a jiffy. Not only that, but most billing systems automatically send follow-up messages for unpaid invoices, so you don’t have to worry about tracking down those slow pays.
For your expenses, use a single system.
That might be PayPal or a dedicated credit card or even your business checking account. Whatever it is, be sure it has a reporting feature that will allow you to send monthly statements to your accountant. At the end of every month, bundle that up with your sales report and your receipts, and send it off. When tax time rolls around, you’ll be sitting back with your feet up while everyone else scrambles to find documents and update their accounting system.
If you do your own taxes (kudos to you!) then look for tools that will talk to each other easily. For example, you can download a Quickbooks file right from PayPal for super-fast reconciliation at the end of every month. That alone will save you hours of “doing the books.”
Just putting these two simple systems in place can easily save you 10+ hours per month, but the even larger benefit is that the money work will get done. And what that will do for your cash flow is priceless.
Now if you want to create a master plan for your business, I highly recommend that you go to the lifebosscafe.com and grab my Cash Calendar planner this Your 12 Month Marketing and Profit Plan!
Once you have a profit plan with clear steps to make it happen, you will be able to decide on the right tools and services that you will need to achieve your monthly quarterly, and yearly plans.
FREE Punch List to start up your business right and avoid frustrations later. https://bit.ly/2HWvGG7 Take the FREE BUSINESS STAGE QUIZ to get the list of tasks that you should be focusing on now: https://karemmieses.com/the-quiz