Hey! Thanks for inviting me to your party! I'm super excited to be here!
My name is Tracy, and I own a bookkeeping business by the name of Ledger Harmony.
I work with small business owners, freelancers, and entrepreneurs, to help them gain
a better understanding of their finances, to increase their profits and to reach their goals.
Now, I realize that even though I am totally geeked out about bookkeeping,
it's probably safe to assume that most of you are not.
But one thing that we can all be excited about is making 2018 the best year yet!
There comes a point in every business where you want to grow, you want to scale,
you want to do great things. You have got to know your numbers.
You have got to have a bookkeeping system in place.
So that's what we're gonna talk about tonight
Right now, I'm gonna give you my top four bookkeeping tips
If I could only tell you one thing,
it would be: Have a dedicated bank account for your business.
If you take nothing else from what I say, this is a single most important tip:
Do not mix personal and business transactions.
If you don't do anything else for bookkeeping,
at least you know that everything flowing through this account
is going to be business related. Business income, business expense,
it's going to make keeping track so much easier and it's gonna save you a lot of time.
Now, you might think starting out, just a few transactions here and there
that you don't need a separate bank account.
That could not be further from the truth.
This is especially true if you're running a product based business,
because a lot of your initial expenses are going to be towards new product,
and it's very difficult to keep track of that if it's coming out of the same
account as your car payments or your mortgage.
Keeping it in its own separate account makes it very easy to see,
at a glance, how much money you're spending.
And really, that's what makes a killer bookkeeping system.
Something that's easy to use.
So, that brings me to tip number two.
Choose a bookkeeping system that is easy for you to use, and then do it consistently.
You can have a fanciest thing out there, but if it's not easy to use,
you're not going to stick with it, and if you don't stick with it...
what's the point?
Now, I always recommend a cloud-based bookkeeping system, like Quickbooks Online
so, there's no losing the information if your computer crashes, or if you forget to back it up.
It's automatically backed up and it's kept securely in the cloud.
Another reason I like a system like this is because you can connect your bank accounts directly
to the bookkeeping software. So, that's going to pull in all of your
transactions for your bank account and it's going to save you a lot of data entry.
Quickbooks online is the gold standard when it comes to bookkeeping software,
and that's because it's easy to use and it has the most features available
But, for someone that doesn't have a lot of inventory and doesn't need
a lot of advanced reports, there are other options out there.
One I recommend quite a bit is Wave. Wave also connects to your bank account,
so it's still going to save you the data entry, and, the best part, it's completely free.
So, a good bookkeeping system doesn't have to be expensive.
Tip number three: Set aside a specific time each week to review your books.
Even if you already have a bookkeeper
you're still gonna have to set aside a few minutes every week
just to upload your receipts. That way you don't find them at the bottom of your purse
six months later with all ink worn off.
And if you are doing your own bookkeeping,
it's even more important. Because you're going to need to go through your receipts,
enter those, and match them to your bank feed.
It's much easier to enter a week worth of transactions than to go back and enter 12 months.
And honestly it might save you some money too
because if you do end up in a situation where you have to hire help,
it's gonna cost you a lot more to have someone help you clean that up.
and that brings me to tip number four.
Know when it's time to bring in a professional.
I think there are really three good signs that it's time to hire a bookkeeper.
If you're making a lot of errors,
if you're behind on your bookkeeping,
or if it's costing you more money to do it yourself than to hire somebody to do it for you.
If you are more than a month behind on your bookkeeping
not only is it gonna make getting caught up difficult
but you're also running your business looking backwards.
You are relying on old numbers to tell your profits,
your cash flow, and you may not even know if you have outstanding invoices.
Outstanding invoices is money left on the table.
If you're missing bill payments or have an overdraft fee's. If you're overspending
If you're relying on old numbers and you don't really know how profitable you are,
or not, or to what extent.
All of these are signs that you might need to bring someone in to help you.
And there are probably more options than you think when it comes to hiring a bookkeeper.
I know many bookkeepers, myself included, offer quarterly services.
Another option is a one-time setup or consultation,
where you can get help starting a bookkeeping system and learning how to use it.
Having things set up right from the beginning, and a good place to get started,
may be all you need to get going.
In conclusion I just really want to encourage you to be proactive with your bookkeeping.
Do something, get started. Even if it's just a pencil and paper.
Have something in place to track your business income, and your business expenses,
and save all your receipts!!
Thank you so much for listening!
I know that I crammed a ton of information into just a few minutes,
if you have any questions, please let me know.
I'm gonna be around here for a while and I would be more than happy to answer your questions.
Again, thank you so much for having me!
Merry Christmas and Happy New Year!
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