A lot of the questions and comments you don’t see. But, I get personal messaged often asking me about my financial management process and questions like:
- How long before I’ll be able to pay myself?
- How much should I pay myself?
- How do I post a variety of transactions like when they give $5 for every product sold to charity?
What accounting system should I use?
Here’s the thing, it’s just a numbers game. What makes it easy is using an accounting system to do most of the brain work for you.
Must you be in QuickBooks Online? It’s a stellar system than Wave and Freshbooks, but no they all work. It really just depends on what you need and want to track.
The main thing is to get your finances inside an accounting system sooner rather than later.
An accounting system will make what you need to do next an easier process to…
TRACKING YOUR MONEY – The only way to know the financial fitness of your business and take control of your finances.
Taking control of your finances can be tough, especially when you’re already running your business with the basic bare bones and still you’re not able to pay yourself. The only thing left to do is…
MAKE MORE MONEY – That may mean increasing your pricing, adding a new product or program, or simply making more offers. It’s really hard to say without knowing your numbers. Any decision made without knowing the numbers is just a best guess estimate.
The biggest pain that have you feeling that your finances are not under control is when you have to PAY YOURSELF the SLOPPY SECONDS if anything is left, which is probably rare.
Yes, I know many coaches may share their story of how it took them 18-24 months before they started paying themselves and you can expect the same.
HOLD UP – their experience doesn’t have to be yours and WHY WOULD YOU sign on for that?
DON’T DO IT!
I get it…
- You need to get your finances under control
- You want to keep more of the money you make
- You need to better track your money flow: what’s coming in and what’s going out
Remember my story about that month I’d spent $19,856 in 1-month and couldn’t figure out on what – I shared? I dIgress.
Are you ready to start paying your consistently – no more guessing when you’ll be able to pay yourself, right?
- Want to take control of your finances?
- Want to keep more of the money you make?
- Want to pay yourself consistently?
Then GET INTO AN ACCOUNTING SYSTEM.
Which will you give a try? Wave, QuickBooks Online (my weapon of choice), or Freshbooks? Let us know below.