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Bookkeeping 101

Is Medusa Creating the Paralyzing Fear You Have About Money?

By | Accounting 101, Bookkeeping 101, Business 101, Cash Flow, CEO Mindset, Profit First | No Comments

A good tool makes every journey a little easier. That is the same for our heroine’s money journey. As we will learn, planning is an important stage for our heroine and is the key to slaying the paralytic fear often created by the black and white of our numbers and their Medusa stare. The Story As our fable continues from last week, our heroine extends her money journey into the land of cash planning. A land that our heroine has been told is ruled by a creature known as Medusa. Greek Legend tells us that by looking straight into the…

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Stop the Money Leaks in Your Business to Create More Profit

By | Accounting 101, AskConnie, Bookkeeping 101, Cash Flow, CEO Mindset, Profit First | No Comments

This month’s “Ask Connie series” question about Profit First even stopped ME in my tracks. Hint: this is often where a third party, one that isn’t emotionally attached to your business, makes for a helpful profit ally.. The Question: But I can’t even see how to cut my expenses – what’s your advice? Review your expenses In my last blog post we focused on how to increase our owner’s pay. As I mentioned, one of the fastest way to increase funds to pay yourself is going to come directly from the expenses your business is paying. Here are some items…

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Time to Celebrate and Take in the View at 500′

By | Accounting 101, Bookkeeping 101, Business 101, Profit First | No Comments

As we celebrate the end of 2nd quarter and get ready to calculate our Profit Distributions, it also signals time to pause and relook at our plans for the rest of the year. A chance to review our annual goals, our TAPs (intentional money use target allocations), and to give our plan that 500 foot level review. A mid-year review can be empowering and here is how I walk myself and my clients through the process. Profit First Celebration & Review Before we celebrate just a little administrative housekeeping. So let’s make sure everything has been accounted for: Close out…

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Q&A Time: How to Maximize Owner’s Pay using Profit First

By | Accounting 101, Bookkeeping 101, Business 101, Cash Flow, Profit First | No Comments

For our Ask Connie series, this month our question involves using the Profit First system and paying ourselves from the Owner’s Pay account. How to maximize the amount; address how/when to pay; and why we might “steal” during the month. The Question If I am transferring money to my personal account more than twice a month, should I up my owner pay percent instead until the business is bringing in more? I admit that I am much more disciplined in my business spending than personal. I feel like “cheating” between “pay days” actually keeps me taking less than I would…

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How to Make Your Receivables Process Insanely Easy

By | Accounting 101, Bookkeeping 101, Outsourcing | No Comments

Today it is my great pleasure to introduce to you a tool that automates your receivables process by adding a magical collections team member. This new team member is called  InvoiceSherpa, and here are a few of the items I appreciate with this great bookkeeping add-on. Custom Templates, Scripting, & Reminder Schedule It doesn’t matter if you’re a little snarky or an uber professional, you choose the script- so you can be you, even in your collections. Not to mention that if you want to send reminders the day after invoices are due, or five days before they are due, you get…

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Creating an Intentional Payroll Will Save Your Profit

By | Accounting 101, Bookkeeping 101, Business 101, CEO Mindset | No Comments

Payroll, it can be confusing, especially when the question of the day seems to be around owner’s pay: what is the appropriate amount, and am I paying myself enough? When is payroll not payroll? That is a super good question and one where many business owners get stuck. When accounting professionals talk payroll, they mean setting your business up to process payroll as an employee, with employer taxes and processing fees. Which for some tax entities, is a requirement – yes I’m talking to all you S-Corporations out there. For those of you who are Partnerships, there is no payroll,…

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Unexpected Tax Bill? Survival Tips and Advice for This Year

By | Accounting 101, Bookkeeping 101, Business 101, Taxes | No Comments

This episode of Ask Connie is a question that comes up often when I talk to business owners, especially this time of year – tax season: I was shocked about my tax liability and am struggling on how to pay for that and not have that same situation happen next year. Perhaps I need to relook at my tax entity. Perhaps the tax professional made a mistake. Perhaps I should move. What do I do next? I have even had this question come up for myself in prior years, so I felt it was important to explore the question a…

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Profit First!

It’s Profit Time! Proof That Your Business Supports You

By | Accounting 101, Bookkeeping 101, Business 101, CEO Mindset, Profit First | No Comments

As the calendar pages flip, it signals the Profit First quarterly distribution moment – the first one for the year. I wanted to take a moment to explore these and discuss why they happen and more importantly, why I recommend to consistently take them even if your negative mindset gets in the way. It is also a fabulous time to celebrate and recognize that your business is actually supporting you with a pure profit distribution. Definition As Mike Michalowicz indicated in the book, Profit First, a quarterly distribution is the representation that “Your business is serving you.” So every calendar…

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Naked Look at the Budgeting Mistake I’m Embarrassed To Share

By | Accounting 101, Bookkeeping 101, Business 101, CEO Mindset, Outsourcing, Team Building | No Comments

There are some lessons you learn that you can’t wait to share with anyone that will listen. Then there are lessons that open up your possibilities and are slightly, well embarrassing. Embarrassing for yourself mostly because it was right there and you didn’t see it – even if it is part of your education and knowledge background. Sometimes those lessons hurt. This is one of those lessons. Problem Identified: My Plan didn’t support both me AND a larger team. When creating a budget for start-up or a plan for growth, it is important to have a clear understanding of the…

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5 Useful Ways to Avoid Drowning in the Bookkeeping

By | Accounting 101, Bookkeeping 101, Business 101, CEO Mindset, Outsourcing, Recordkeeping 101 | No Comments

This episode of Ask Connie is a question that comes up often when I talk to business owners: I need advice on implementing my bookkeeping and recordkeeping. How do I manage to really sit down and update records; close out the month; really make my accounting tool work for me; etc. I need ideas on how to make this process smoother, less painful, and get it done without tearing my hair out. This is probably the most common question, because the acts of bookkeeping – data entry and record keeping – are not super fun for most of us. The truth…

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