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How To Be Your Own Bookkeeper: Master Your Business Finances [Ep 19]
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Join us for an enlightening interview with bookkeeping expert Erika Millard, who's here to demystify the world of business finances and show you how to take control of your books!
Be Your Own Bookkeeper
As your business grows, understanding your financial health becomes increasingly crucial. Whether you're just starting out or looking to take better control of your finances, mastering basic bookkeeping skills can save you money and give you deeper insights into your business's performance.
Is Bookkeeping Hard?
The short answer? Not as hard as you might think! While managing your business finances might seem daunting at first, it's actually quite manageable with the right tools and systems in place. Here are some tips to make it easier:
- Start with good bookkeeping software to automate many tasks
- Separate your personal and business finances with a dedicated business bank account
- Set aside regular time for financial tasks
- Keep detailed records of all business expenses
- Maintain organized files for your tax return documentation
- Track both accounts receivable and accounts payable consistently
Remember, you don't have to be a math wizard to handle your books effectively. Modern tools make day-to-day bookkeeping much more accessible for small business owners.
Bookkeeping Services List
Understanding what services are involved in bookkeeping can help you decide what to handle yourself and what to potentially outsource as your business grows:
1. Transaction Recording
- Daily sales and purchase tracking
- Invoice management
- Receipt organization
- Bank reconciliation
2. Financial Report Generation
- Income statements
- Balance sheet preparation
- Cash flow reports
- Budget vs. actual analysis
3. Account Management
- Accounts receivable tracking
- Accounts payable management
- Bank account reconciliation
- Credit card statement reconciliation
4. Tax Preparation Support
- Organizing documentation
- Tracking deductible expenses
- Preparing financial statements
- Coordinating with tax professionals
5. Financial Analysis
- Profit margin calculation
- Expense tracking
- Revenue trend analysis
- Budget planning
How To Learn Bookkeeping For Free
Ready to dive into bookkeeping? Here are some excellent free resources to get you started:
1. Online Learning Platforms:
- Wave Accounting's Free Tutorials
- QuickBooks' Learning Center
- FreshBooks' Resource Library
- YouTube channels dedicated to small business finance
2. Government Resources:
- SBA.gov financial management guides
- IRS small business workshops
- Local SCORE workshops
3. Professional Organization Resources:
- American Institute of Professional Bookkeepers (AIPB) free resources
- National Association of Tax Professionals (NATP) educational materials
New Tips for Mastering Your Bookkeeping
Since our original interview with Erika, here are some additional strategies for maintaining healthy business finances:
1. Automate Everything Possible
- Use automatic bank feeds
- Set up recurring invoice scheduling
- Implement receipt scanning apps
- Use integrated payment systems
2. Implement Regular Review Cycles
- Daily transaction review
- Weekly cash flow check
- Monthly financial statement analysis
- Quarterly goal assessment
3. Create a Financial Dashboard
- Track key metrics
- Monitor business loan payments
- Review profit margins
- Analyze revenue streams
4. Develop Risk Management Strategies
- Maintain emergency funds
- Monitor credit scores
- Track industry trends
- Plan for seasonal fluctuations
Meet Our Expert: Erika Millard
Erika Millard is a passionate Bookkeeping Coach who specializes in teaching female business owners how to master their financial management. Based in East Tennessee, she balances her thriving bookkeeping service with family life, including her husband and three children. Her approach makes complex financial concepts accessible and actionable for entrepreneurs.
Whether you're just starting your business or looking to improve your financial management skills, implementing these bookkeeping practices will help ensure your business's long-term success. Remember, good bookkeeping isn't just about maintaining records – it's about understanding your business's story through numbers and using that information to make better decisions.
Resources to Get Started:
Be sure to subscribe to The Grace-Filled CEO podcast wherever you listen to podcasts or at www.jilliandolberry.com/podcast. Continue the conversation with me on Instagram @jilliandolberry.
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