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March 8, 2021

Bookkeeping 101: What is Bookkeeping?

Bookkeeping 101: What is Bookkeeping?

Bookkeeping 101 Class is now in session…

Oftentimes I hear from people that they don’t know what bookkeeping is or why they need it. There’s no shame in being confused by it, but I promise it’s not hard to understand. Welcome to Bookkeeping 101, with me, your friendly neighborhood number nerd! 

In this blog post, I am going through what bookkeeping is, why you need it, common misconceptions people have around it and why having solid bookkeeping systems in place gives you a clear understanding of your business. 

So let’s dig in.

What is bookkeeping and why do you need it as a small business owner?

Simply put, bookkeeping is the daily recording of your financial transactions. Money in, and money out. 

Basically, bookkeeping gives you a snapshot of your business so you can see the financial health of your business. Sound easier than you originally thought? I thought so. 

And why do you need to do your books?

Well…you need to know your financial situation so you’re making smart, informed decisions that will benefit your business. You wouldn’t go out and buy a house without going to the bank, knowing how much you can afford and making sure your dollar ducks are in a row before throwing down your down payment. 

Your business needs that same kind of attention to the numbers so you don’t make choices that you might not be able to afford.

At the end of the day, when you understand your bookkeeping, you will know how much you can afford to pay yourself, how much to save for things like taxes and other expenses and what parts of the business your money is coming from. All pretty important things to know as a business owner, if you ask me. 

What are the essential elements of Bookkeeping 101?

I have to laugh sometimes when I think about this question because it really is so simple. It is recording your money that is coming in and your money that is going out. 

That’s it. One sentence sums it up and yet people overthink it constantly. Once you understand that basic concept you can start to take it further and analyze your revenue streams and where you are spending money to operate your company…but in a nutshell, it is money in and money out. 

Time for some myth-busting…

There are lots of myths and misconceptions about bookkeeping that float around the business world like…

  • Bookkeeping is hard and totally overwhelming (false)
  • Setting up bookkeeping systems that are easy to use is a ton of work and damn near impossible (also false)
  • I am not a math or numbers person so I literally can’t do this (also a big fat nope on that one)

Most people don’t understand that they are already doing the majority of their bookkeeping….doing things like recording income and expenses and keeping track of receipts.

The thing that leads to these misconceptions is overthinking. People get caught up in the worry of doing everything perfectly and get stressed out by thinking things are harder than they need to be. I love it when I work with clients and they have that lightbulb ah-ha moment where they realize bookkeeping REALLY is as simple as I tell them. 

So in closing…

Bookkeeping. Is. Achievable. 

Don’t overthink it. You are a successful business owner, you have the smarts to handle the books. Chances are you’re already doing a ton of your bookkeeping work yourself and not even realizing it. 

But whether you’re making $10 grand a year or $10 million a year, if you don’t know your numbers you are not making the money you deserve and leaving cash on the table. 

If you’re feeling like you need some help figuring them out then that’s ok! I’ve got this great academy called the Number Nerd Bookkeeping Academy. 

When you sign up, you’ll learn how to…

  • Stay caught up on your bookkeeping each month with solid systems and workflows 
  • Understand where your money is coming from and where it’s going—and use that knowledge to make empowered business decisions
  • Feel confident handling bookkeeping on your own

And tons more. 

You can learn more about joining it here.

I hope you enjoyed this post, thanks so much for reading!

Join the Number Nerd Bookkeeping Academy

Filed Under: Bookkeeping

February 22, 2021

5 Reasons Why You Should Be Your Own Bookkeeper

5 Reasons Why You Should Be Your Own Bookkeeper

I know bookkeeping isn’t everyone’s jam, but it sure is mine, and what I’ve learned from my clients over the years is how important it is for small business owners to know how to do their own bookkeeping. It not only keeps your costs down but also helps you really understand your business finances so you can make the right decisions.

In this post, I am going over five reasons why you should be your own bookkeeper and the consequences of ignoring those reasons. 

Ready to learn more? Then keep on reading. 

Be Your Own Bookkeeper Reason 1: Cost

It costs a lot to have someone else do your numbers for you…and as small business owners, I don’t need to tell you that every dollar counts. 

It seems tempting to hire someone because you might not feel confident in doing the books yourself, but trust me, those dollars spent on bookkeeping add up.

I know some bookkeepers charge really low rates so you think it’s a justifiable expense, but remember, just because it’s cheap, it doesn’t mean it’s the best. You get what you pay for…and even sometimes when you pay the premium price you still don’t get the quality you need. 

Also…when we hire bookkeepers, we need to find people who can really explain and break down the reports on our finances so we understand them completely. A lot of times that doesn’t end up being something that is included in bookkeeping services, leaving business owners in the dark on their numbers. 

In my opinion, it’s worth it to spend the money to educate yourself on your books instead of passing it off to someone else when you’re only hitting a certain income threshold. 

Be Your Own Bookkeeper Reason 2: Understanding

Plain and simple – you have to understand what you’re looking at when you go over your numbers, not just trusting that someone else is handling everything for you. 

Having a solid understanding of the money coming in and the money going out allows you to make the best decisions possible for your business today, avoid bad ones (I cannot stress that enough)  and also plan for the future. 

More understanding = greater success. 

That is why I offer things like the Number Nerd Bookkeeping Academy. It helps business owners get that solid understanding of their numbers, so when they look at the books they know EXACTLY what is going on. 

Be Your Own Bookkeeper Reason 3: Awareness

This one is closely tied to Reason 2…because understanding creates awareness. 

Do you ever wonder if maybe there is a chance that you’re missing out on money you could be making or spending too much on something? Well, being aware of your numbers and what they mean can help prevent situations like that. 

Giving your numbers a quick once-over every month doesn’t give you enough awareness to… 

  • See if there are ways things can be adjusted so you’re making more and spending less
  • Identify problems and fix them quickly
  • Find new opportunities to create more income 

And ultimately, that’s what we want you to do….make money! 

Be Your Own Bookkeeper Reason 4: Planning 

The more you know about bookkeeping, the better positioned you are to make good decisions. When you know your numbers inside and out you can determine if your marketing is working, whether you’re charging enough money or spending too much time on business activities not contributing to your bottom line.

Say if you want to invest in a product or service, or you want to focus more on one aspect of your business, planning is the only way to make those things happen successfully. 

When you do your own books, you’re getting down and dirty with your numbers. You know your analytics and that makes it SO much easier to plan and strategize for how you want to move forward, invest in your business and spend your time. 

You didn’t start your business willy nilly, without a plan. You know how important it is to have solid plans in place rather than making knee-jerk decisions without all the information. Knowing your books will ensure you make solid, informed decisions that set you up for success.   

Be Your Own Bookkeeper Reason 5: Ditching The Fear

When you fear your books, you’re not going to dive in and really commit to getting to know them the way you need to in order to make the best decisions possible.

Plus, nobody likes being afraid! It’s not a fun feeling and it holds you back from up-leveling your business! 

Let’s end the guessing game on your numbers too! No more guessing on whether or not you are doing things the right way.

The more you know, the less fear you will have and you’ll become empowered to make solid, confident choices or ask for help when you need it! Fear has no place in your business and by kicking it to the curb, you will become a better, more successful CEO. 

Ready to Become Your Own Bookkeeper?

Most businesses that fail do so because they don’t have a handle on their numbers. I have made it my mission to try and prevent that from happening. Everyone needs education around their numbers so they’re able to notice problems and clean up any trouble spots or dig into things that don’t look right. 

And there’s no shame in needing a little help! None of us are born with all the bookkeeping knowledge pre-programmed into our brains. We all learn it at some point. 

I created the Number Nerd Bookkeeping Academy for business owners just like you, who need that guidance and to empower you to know how to do your own bookkeeping. It’s an online academy that gives you the education, know-how, on a weekly, monthly, quarterly and annual basis to get and keep your bookkeeping in tip-top shape. 

Your business is your livelihood. You owe it to yourself to understand it completely so you can take charge of it and grow. Learn more about the academy now.

Filed Under: Bookkeeping, Business Management, Training

February 8, 2021

Behind-the-Scenes of the Number Nerd Bookkeeping Academy

Behind-the-Scenes of the Number Nerd Bookkeeping Academy

The Number Nerd Bookkeeping Academy is Opening…

As a self-proclaimed number nerd, I have a passion for business and helping business owners master their books, which is why I started the Number Nerd Bookkeeping Academy. I believe that business owners who have a solid understanding and awareness of their numbers and what they mean have a WAY better chance of succeeding.

In this blog post, I am giving you a behind-the-scenes look at everything I’m including in the academy in order to set you the CEO up for success. 

I’m talking….

  • Why entrepreneurs should join the bookkeeping academy
  • What’s in the bookkeeping academy
  • What you’ll do in the first few weeks in the academy 
  • What you’ll do monthly  
  • How it will help you grow your business and master your books 

Want to learn more? Then keep reading, biz whiz.

Why Join the Number Nerd Bookkeeping Academy?

Well for starters, if you want to have the confidence to make informed financial decisions that help you grow your business and ditch your number fear, then you should join. 

I set up the academy to help business owners like you do just that, and more. It will help you set up and manage your bookkeeping system so you know where your money is coming from, going to, how to identify problems and seize new opportunities. 

What Will You Do in the Number Nerd Bookkeeping Academy?

In your first few weeks, you’ll start by going through the videos I’ve put together for the academy. You can do it at your own pace but it will give you a solid base of knowledge for when you start diving into the rest of the content. 

After you get through the videos, then it’s on to the real work (don’t worry, it’s not as scary as it sounds). Again, this program is totally self-paced but there are live working groups every month that you can join to ask questions if you get stuck, and have a solid routine to keep your bookkeeping up-to-date. 

These working groups will bring academy members together to get through their bookkeeping so that you have a set time to do your bookkeeping each month. Plus, you get support from me ‘cause I’m in the group too!

There’ll also be breakout sessions during the live sessions with me, so you can ask me anything that you might not feel like sharing with the group. 

Monthly working groups like this are so helpful because they keep you up-to-date on your books, build good habits and let you learn from other business owners. Triple win!

Sounds Good…But What’s Included?

This one-year membership includes everything you need to set up an easy-to-use, sustainable bookkeeping system for your business. 

When you sign up for the academy, you’ll start off doing a quiz so we can see just where you’re at in terms of knowledge and what your bookkeeping needs are. 

After that, you’re getting access to a series of QuickBooks®️ Online tutorial(s) so you can get set up right from the beginning.

Then, you’ll go over bookkeeping fundamentals that set the foundation for your bookkeeping success.  

Attend the live working sessions to get your bookkeeping maintenance on point and get any questions answered. These sessions will also include how to read and understand your financial reports. The additional support inside the academy includes the ability to answer questions at any time, easy-to-follow video tutorial(s), weekly, monthly, quarterly and annual checklists, quarterly workshops….and tons more. 

There’s also things like Q+A sessions with me and the quarterly workshops will cover things from budgets to pricing for profit. Whew! 

How Will It Grow Your Business?

When you sign up for the academy, you’re going to quit waiting until the end of the year to do your bookkeeping! No more mad dash at the end of the year to get it all done, which often leads to things getting missed. You’ll be all caught up on your bookkeeping each month—and you have the systems and workflows in place to stay caught up. 

You’re going to learn to understand where your money is coming from and where it’s going so you can make the right decisions for your business and confidently plan for the future. Knowing your books will empower you as a CEO to up-level your business – plain and simple. The transformation you go through will be eye-opening and amazing!

So in closing….

You might have no clue about what your numbers are or what they mean right now. Maybe numbers and money evoke feelings like angst, overwhelm, fear, frustration, and shame. 

I get it, but there is help out there. When you have a solid system for doing your bookkeeping correctly, you also gain powerful data to help make strategic business decisions in your business, such as: 

  • How much you need to work to reach your financial goals
  • Understanding your budget and being able to plan for your business investments 
  • Pricing your offers to support your personal and business goals
  • And so much more!

Knowledge is power, and knowing your numbers is an important part of running a successful and fulfilling business. 

The Number Nerd Bookkeeping Academy will have you mastering your books and help guide you to having a solid foundation of financial knowledge. Learn more about the Academy here!

Filed Under: Bookkeeping, Training

February 1, 2021

How To Give Yourself A Raise This Year

Ready For A Raise? I Thought So. 

We all want a raise – and after the last year, I think we all deserve one! But figuring out how to give yourself one isn’t always easy.  

So why is it important for entrepreneurs to think about how to give themselves a raise? Well…you gotta pay your bills somehow and the only way to do that is pay yourself. 

But giving yourself a raise is something that is often neglected because it can be an overwhelming thing to think about. People don’t understand that unless you’re going to cut expenses or have the confidence to increase your rates, a raise is off the table. 

I get it – you want to get your pricing right so you’re not missing out on clients, but you also don’t want to be pricing yourself too low so that you’re not making money, or spending too much time on certain projects for no reward. 

This all goes back to my previous blog post about number fear and getting a clear picture of where your money is coming from and going to, so you can price yourself in order to get paid.

So What Do You Need To Figure Out How To Make It Happen?

To get going, you need to know how much you’re REALLY making right now and how much you want to make in the future. 

This goes back to that concept I keep driving home of getting the clear picture of all your numbers, because without it you won’t be leveling up to pay yourself more. (Side note – these steps are geared towards service-based business owners.) 

The nice thing about numbers is they are black and white – so once you have all the information, you can make clear, calculated, informed decisions about where you can go to get the money from in order to pay yourself more. 

How Much Are You Really Making And Where Is Your Time Going?

I always tell clients they need to figure out how much they’re really making when going through the process of giving yourself a raise. 

When I talk about figuring out how much you’re really making, I don’t just mean your hourly rate. I’m talking about how much time you’re really spending to bring home that hourly rate and if you’re being compensated enough for the real amount of time you’re spending on each client. 

A lot of the time when I meet with clients, they tell me that they don’t account for the time that they spend doing things like initial call and research, preparing the quote and contract, follow-up emails, or onboarding in their pricing structure. Let alone the administrative time they spend running their business above and beyond client work.

Those things all take time and need to be factored into your hourly rate – otherwise, you’re undercharging for your services. Most of the time, this is when clients realize they are not making as much money as they thought because all of that time wasn’t factored into their pricing.

Make sense? 

There are tons of apps out there that can help you track your time, and even doing it for 7 days can give you a really solid idea of where your hours are really going. 

Next, you’re going to divide your time into your service offerings and see where you’re bringing in the bucks and which revenue streams are time sucks. 

You also want to understand where your revenue streams are coming from, what your overhead expenses REALLY are (I’m talking every dollar you’re spending to keep the lights on) who your big-ticket clients are and what you have in terms of upcoming projects. 

All of this seems like a lot, right? Don’t worry. Number Nerd can help. Keep reading; there is something special to help you.

Raising Your Rates To Get The Raise You Want

Next, you want to consider how much of a raise you want to give yourself too. Think about your personal life outside of your business; are there any expenses you need to account for in the new year (i.e.: a new car, buying a home, after care, vacation)? Reviewing your revenue and time, and expenses, are only part of the equation. Once these components are all factored together you will be confident in knowing and understanding the true meaning of your numbers. Then, you can clearly and easily raise your prices accordingly and focus on the money-making streams of your business to make that happen. 

Clients often tell me that they are worried about losing clients if they raise their rates. I get it and it’s a valid and big fear for a lot of people. And I’ll be honest, you might lose a few clients if you raise your rates…which is scary right off the bat. 

But it’s not the end of the world and remember you bring enough value with the services that you provide to still keep clients and attract new ones with prices that really reflect what you’re worth. 

Trust me, clients will pay for services they find value in, so don’t be afraid. 

I know you have services that you pay a premium for because you can’t live without them. They add value to your life. The services you provide your clients are no different, so shifting the mindset to own the value you’re bringing to the table will help you feel confident in raising your prices. Analyzing your numbers and actual time spent are key here. Once you see, how much money you are really making or lack thereof, can help you feel confident in raising your rates.

And if you’re really worried about pulling the trigger when it comes to raising your rates, you have options! You can start small, raise rates for new clients and keep your existing pricing for the clients you already have, or go in steps. 

Remember – you are an entrepreneur now with business expenses and your own personal bills to look after. You need to be paid like a business, not paid like an employee. Really think about what your time is worth when you go into this process. 

I know you’re probably still asking if there are ways to give yourself a raise that don’t involve raising your rates at all. 

You can. It means cutting your expenses because the money has to come from somewhere. So that’s going to mean maybe cutting back on subscriptions, staffing or any other overhead costs. 

You can also revamp your service offerings so you’re giving clients smaller offerings for the same price. 

Finally, I want you to remember that giving yourself a raise isn’t a 20-minute exercise. It’s going to take time but you can do it! Let this analysis be your catalyst for change. 

I know this is a lot to digest, so bookmark this post, come back and read it again in a few days. My best wishes to you. Be sure to sign up for the challenge below to help you work through your future price increase. It will  help you pull all of the details together.

Clarity Kickstart To a Financial Fresh Start Challenge

I know all of this is challenging (and sometimes frustrating). I want to lend a hand when it comes to giving you some help getting some of that number clarity I’ve been talking about in this post. 

I’ve got a 5-day Clarity Kickstart To a Financial Fresh Start challenge that starts on February 8. It will help you… 

  • Get your numbers organized and wrap your brain around them so you have a clear picture of them
  • Analyze your finances so well that you can practically do them with one hand tied behind your back
  • Get your pricing and expenses figured out so you CAN give yourself that raise
  • Figure out how much money you’re actually making

So that’s it all I’ve got for you today….I’ll let you take that in and think it over for a bit. I hope you found this helpful and you get the confidence to give yourself a raise. And I can’t wait to see you in the challenge!

Filed Under: Uncategorized

January 18, 2021

Are You Afraid of Your Numbers? How To Create Financial Confidence

Are You Afraid of Your Numbers? How To Create Financial Confidence by Number Nerd Bookkeeping

I think it’s pretty common for people to be afraid of their numbers – in fact I know it is. When I say afraid it can be several different things – trust me, I’ve heard it all from my clients, so whatever is stressing you, you’re not alone in feeling like that. You NEED financial confidence.

But it’s possible to overcome those fears and create financial confidence so you’re making empowered money choices! That’s what this post is all about, so read on. 

Let’s Talk Fears and Creating Financial Confidence

We’ve all had that “Oh crap” feeling when we maybe haven’t made the best financial choice, either in our personal life or in our businesses…which is followed by those dreaded feelings of embarrassment, shame, guilt…all of it. Or we have put off getting things organized and by the time we get around to doing it, things have turned into a mess and the idea of trying to get back on track feels about as easy as getting blood from a stone. 

That’s what I mean when I talk about fears. 

It’s okay to feel scared, but like the fear of a monster under our bed that we have when we’re five…we can get over them! That’s what this blog post is all about – helping you tackle your fears and figure out where they come from, so you create financial confidence. Once you get that confidence, your business is going to run so much smoother.

You don’t know what you don’t know 

What that means is that when you don’t have the confidence to get that super clear overview of all your numbers, you’re being held back from up-levelling your business, pricing yourself so you’re getting paid and doing all of the things that you really WANT to do. 

I work with clients to help them better understand the whole picture of their numbers so they can move their businesses to the next level – whatever that is. And getting over your fear of numbers is easier than you might think!

In February, I’m running a 5-day challenge that helps entrepreneurs get clarity on what aspect of their numbers they need to focus on and how to get organized to do so in less than a week. 

Now Let’s Talk About Overcoming Those Fears Using Financial Confidence

Your first step is to give yourself some time and room to really go through your numbers. You don’t have to learn it all tonight. It won’t take forever but it does take time to really build that foundation of knowledge. 

Oftentimes when I talk to business owners about why they’re having issues with their numbers, the first thing that I notice is that they’re not looking at the whole picture. I know I keep coming back to this idea of getting the whole picture, but it’s true. You wouldn’t start reading a book halfway through and expect to understand it entirely by the end – same deal for your numbers. 

Gotta know ’em all to make informed choices, price yourself correctly and have confidence that you are making empowered financial choices. 

Knowledge = awareness = confidence, plain and simple. 

Step 2…check out your mindset. Now I want to encourage you to take a deep dive and start by examining your mindset. Do you think first about the money you’re making or the money you’re spending when you think about finances? 

Step 3…you’re going to start looking at those numbers, breaking them down into bite-sized manageable chunks like your revenue, expenses and even your time – so that you can get a solid handle on what’s really going on. 

When I have my clients go through this thoughtful process of really taking time to understand their numbers, I watch their fears disappear and their business confidence increase incredibly. 

And as your final step, I want to just remind you to be patient with yourself. It takes some people longer to build their financial confidence, but don’t give up! Face the fear, schedule consistent time, and just start reviewing your numbers. As your awareness and confidence grow, your fears will slip away – like taking the training wheels off a bike. 

Clarity Kickstart To A Financial Fresh Start Challenge

I know this is a lot, and you might be feeling a bit bogged down or in the weeds when it comes to your numbers. I get it. 

So I want to lend a hand when it comes to giving you some help with my Clarity Kickstart To a Financial Fresh Start challenge that I mentioned earlier so we can get you going. It’s running from February 8-12, so you’ve got some time to get excited and pumped for it.

The challenge will help you…

  • Get organized so you feel in charge of your bookkeeping (and not the other way around)
  • Get clear on expenses and pricing so you can figure out how much money you’re actually making
  • Analyze your finances so you can make well-informed business decisions to take it to the next level 

So that’s it all I’ve got for you today….I’ll let you soak that in. I hope you found it helpful and I can’t wait to see you in the challenge!

Filed Under: Expenses

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