Business Management Archives | Number Nerd Bookkeeping Solutions

May 31, 2021

My Work Schedule as Bookkeeper and CEO

Real talk – having an effective work schedule lets you be efficient, organized, and not lose sight of things. It’s an important thing to do.

But I know a lot of the time, as business owners, it seems easier to fly by the seat of our pants. We deal with everything as it comes up rather than creating schedules and boundaries that need to be honored.

After all, we never want to tell someone no or miss an opportunity because of a schedule.

But I have to tell you that taking the time to make a schedule will make your life SO much more manageable, which is why I wrote this post.

Before we dive in, remember – developing a schedule is also a process and a constant work in process. It evolves with you as you grow as a business owner.

So let’s get into it!

So Why a Work Schedule?

I want to tell you how I realized the importance of creating a schedule that you can stick to.

Vacation.

When I realized I didn’t want to work a zillion hours a week and craved some time off, I gave my clients a 6-week heads up that I would be out of the office and unavailable. It was SO freeing!!

Yes, I am in accounting, so there are certain times of the year I need to work more. But I realized that if I can organize, be intentional about what I can and can’t do, and make sure my work is good to go, I can take that glorious vacation time and, for the most part, have a schedule that doesn’t have me working 25 hours a day, eight days a week.

It came down to being in tune with the time I needed to get my work done – because some clients only need me for a few hours a month, while others need me for 10 hours a week.

I learned that I had to be mindful of how much time each client needed and schedule accordingly to avoid taking on too many clients and getting myself stuck working way more than I wanted to.

So How Do You Make a CEO-Level Work Schedule?

Step 1: Track Your Time

We track time at Number Nerd. I have a master spreadsheet where I know how much time it takes to do things for each client. At the end of each month, I review the hours spent versus budgeted. Then, I can see if I’m over or under and assess and adjust accordingly.

It doesn’t need to be a complicated system, just an organized, methodical one that keeps you accountable and on track.

Step 2: Batch Your Tasks

I’m talking about figuring out how much client time you need while also laying out other time for all your tasks. It’s critical to figure out how to make those pieces come together, so you create the schedule that lets you work as much as you want to.

The key here is dedicated time to dedicated tasks.

For example, at Number Nerd, I have dedicated time for client calls—every other week. I don’t do client calls on the off weeks, which gives me the time to actually complete my work for those clients!

But even further than that, I schedule time for things like checking my emails, so I’m not living in my inbox all day. I am done drowning in messages!

Step 3: Review Your Schedule Weekly

Every week, usually on Sunday (though I am REALLY trying to get away from working on the weekend), I look at my schedule to see everything I have to do and schedule out work from there.

A quick weekly review saves you from any nasty eleventh-hour surprises and means you won’t overpromise what you can deliver for clients.

Step 4: Tweak as Needed

I will adjust my schedule every quarter or every six months and see if there are any patterns that I can identify to create efficiencies. Your schedule is going to evolve and change along with your business. Make time regularly to look it over and make adjustments.

So What’s My Work Schedule Like?

Well, Number Nerd’s work schedule is Monday through Thursday, typically 7:00 am to 2:30 pm. I have a lot of East Coast clients, so I tend to work earlier. I usually try to not work on Fridays. If I do work on Fridays, it’s 100% specifically CEO time or project work.

So why this schedule?

I put this in place a few months ago because I wanted to…

Focus on marketing and admin tasks when I needed to
Give all my attention to client work when the time is right
Create new products and courses
Have some time for myself, so I didn’t feel like life was passing me by, and I spent all my family time thinking about work. NO, THANK YOU.

Now, I live by this mantra. IF IT’S NOT ON MY CALENDAR, IT DOESN’T EXIST.

If you feel stuck in the schedule struggle, I implore you to start carving out your time into blocks of dedicated time. You don’t have to do it all in a day, but damn, does it make a difference.

In Closing…

I’m a firm believer that if people have their schedules in check and are in tune with the actual time and space for their personal life and business life, we won’t over-promise things.

We won’t be working like crazy. We can still be efficient and maximize our productivity to get the work done. Running a business does not need to mean you live in a constant state of overwhelm and stress. Remember that it’s okay to say no, set boundaries, and take time for yourself.

As business owners, we have our own business to do what we want to do when we want to do it. A schedule is your ticket to that.

If you need help scheduling or creating systems to make your schedule work more effectively for you, I want to introduce you to the Number Nerd Template Lab. It’s got all the templates and systems to help you look at your schedule to see where you can create efficiencies.

Ultimately, it will help you streamline your work, get things done faster, and free up that time in your calendar so you can schedule more effectively.

If you want to get your time back, then join me in the lab and schedule your way to growth and freedom!

February 22, 2021

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.

March 16, 2020

Moving Past Money Shame

Real talk time. I meet so many business owners with money shame, and I wish that weren’t the case. But I totally get it.

I hear from people all the time that their number woes come from the fact that they…

Don’t know or understand them entirely
See the business isn’t making money and they don’t want to admit that
Don’t want to share their numbers with a bookkeeper or accountant because that just makes it even more real

Bookkeeping is often seen as something that’s dry – after all, it’s financial. There’s not a lot of room for creativity or inspiration. Numbers are pretty black and white.

But there’s a lot of emotion tied up in finances and our relationship with money – from how we were raised to see money – to how we handle it now.

So it’s totally understandable that you might have these deep emotions when it comes to looking at your numbers and facing some hard truths – but understanding where those feelings come from is a great first step to moving past them and feeling more comfortable with your money truths.

It also might be time to get some professional help to get you on a path to learning how to handle your books. I wanted to help business owners who were feeling that crappy feeling of number shame do just that, which is why I – the ultimate Number Nerd – created the Number Nerd Review.

I don’t think bookkeepers or CPAs should sugarcoat anything. It’s not like we’re here to make people cry – but I think it’s the responsibility of whoever you hire to help with your books to pinpoint where you can be more efficient and where you need the most help.

I also think it’s important to learn how to troubleshoot and not only figure out when things are working well, but when things get a little funky and something isn’t working.

Think about it like this. Any expert you hire to give you a hand should be not only helping you get organized but setting you up to take off the training wheels so you can manage things on your own. Remember that age-old adage about teaching a man (or woman) to fish? The same goes for business.

When you hire someone to get your books back on track they should be teaching you to be self-sufficient, how to understand the ins and outs of your books and stay organized so you don’t end up in a numbers nightmare again.

When I do a Nerd Number Review, I get to help business owners learn to do that – manage their books and lose the shame. It’s awesome to see entrepreneurs move from this troubled mindset to really empowered CEOs who have the confidence and knowledge to make great business decisions.

Never gets old.

Look – I know sharing your info and numbers with an expert can be daunting – when you don’t want to face a hard truth yourself, the last thing you want to do is talk about it with a stranger.

So what advice do I have for people who are scared to share their numbers with an expert?

Experts are here to help you – and the ones that DO make you feel ashamed aren’t the ones you want to work with. Find someone who you’re comfortable with and who will help you learn along the way. Learning is meant to be a positive experience.

Just because someone is an expert, doesn’t mean they’re the right one for you. Be picky – but recognize when you need the help and find it.

Trust in yourself and know that you can do this.

Ready to move past your money shame? Book a free consultation call with me and we can talk more about how you can take back control of your business! Book yours now.

March 3, 2020

Business Success Starts with Knowing Your Numbers

Do you have fears around knowing your numbers? Why do you think you have those feelings of dread?

If you do, don’t worry. You’re not alone – those feelings are super common with business owners.

But there’s good news! You can overcome those feelings with a change in your mindset that will help you understand your numbers, make good business decisions and help you build a healthy relationship with your finances.

Some of the most common reasons that business owners fear their numbers are that they…

Don’t know or understand them entirely
They see the business isn’t making money so it’s easier to ignore them
They don’t want to share their information with a bookkeeper or accountant for fear of being judged
You’re terrified you’re doing all the wrong things

I want to tell you WHY knowing your numbers is so important.

I always say this – you don’t know what you don’t know, and that applies to your books and finances. When you don’t have a solid understanding of where you’re at financially, what money is coming in and going out, then you can’t possibly be making the best choices possible for your business.

Think about it like this. You wouldn’t sign off on providing a new product or service without crossing all the Ts and dotting all your Is and knowing all there is to know…so what makes your books any different?

I’ll give you a couple of examples of my clients who didn’t know their numbers or understand them, and therefore unable to make good decisions.

I had a client who, when I started working with her and her husband, told me they only made $50,000 in sales that year.

When we went through her numbers and really broke them down, she was shocked to discover that her husband had actually made well over $400,000 in sales that year.

That’s not to say she made that much in profit, but they were making WAY more than they initially thought because they didn’t understand the numbers.

I had another client who was making over $330,000 in sales each year but had no money in the bank. I had to show her where the money was going and why her business account was sitting empty. She was making money alright, and spending it too, just not keeping track of it.

So how do you change the fear mindset, beat the overwhelm and get your books handled?

Well, first and foremost, it’s time to admit you need to take control of your books and that you need some help. Since you’re already reading this post, you’ve figured this out, so you’re on the right track.

Next…

Start by breaking your tasks down into bite-sized chunks. By breaking your tasks down into small chunks, there’s way less of a chance of you getting overwhelmed, and you can celebrate your little wins each time you complete something.
Set time aside regularly to wear the CEO/CFO hat and look at your numbers. By carving out time in your schedule, there are no excuses for not doing the work and you hold yourself accountable.
Finally, reward yourself when you’re finished for a job well done! Whether it’s a glass of wine, an episode of your favorite show or a sweet treat, you’ve earned it.

Also…don’t be too hard on yourself. It’s okay to be afraid, make mistakes, but it’s important to admit you might need help rather than just keep on keepin’ on. You’ll get there.

Alright, I’ve talked enough. Are you ready to overcome your fear and start taking control of your books? I’m willing to bet you are, but probably still want a little help.

I got you.

I want to invite you now to download the monthly bookkeeping spreadsheet. It will help you get on track, stay organized and wrap your head around your books. It’s time to change your mindset when it comes to your numbers, bid your number fears adieu and set yourself up for success.

February 17, 2020

Why You Need a Pricing Strategy

In this post, we’re going to go over what a pricing strategy is, and why you need one. So let’s get to it!

Basically, a pricing strategy is a model or method that business owners use to price their products or services. Pricing strategies are critical for determining how much you should be charging, and identifying which parts of your business are most profitable and where you should be making changes.

Majorly empowering business wins, if you ask me.

Lots of different factors go into a pricing strategy – from the industry you’re in, economic conditions, how much competition is out there, how much your costs are…

Because these factors affect each business differently, each strategy is unique to that particular business. You can’t just pluck a strategy off the shelf, plunk it into your business and expect boomin’ results. The good news is that once you know how to put together a strategy that works for you, you can adjust it when conditions in your market change, so you continue to get paid.

Think of it as a roadmap to your pricing that will give you the confidence to make smart decisions about your pricing as your business evolves.

So how do you begin to put together a pricing strategy that’s going to help your business grow?

Well, first things first – it’s back to basics. Get to know your numbers.

To ensure you’re pricing your products or services appropriately, you need a solid understanding of your overhead (think service fees, advertising costs, taxes, rent… all those pesky bills you have to pay to keep the lights on) and how much you need to pay yourself. You also need a good idea of what your competition is up to so you’re not grossly over or underpricing yourself.

When you understand your overhead and baseline, it changes the perspective and allows you to clearly see what you need to be charging to keep the doors open, while feeling confident you can justify the prices that you set or change to clients.

Over the years I have come across lots of entrepreneurs who try to operate without a cohesive pricing strategy and I’ve got to tell you, they’re often underpaying themselves and overworked to the bone because they don’t understand their numbers.

I also know a lot of business owners also have some fears around raising their pricing because they think they will lose customers, don’t have the confidence to demand that higher price or are unsure of where to even start when it comes to researching competitor pricing in their market. Totally normal fears…and you can absolutely overcome them.

Start with the basics and set small, bite-sized goals for yourself. You don’t have to have all your work done by tomorrow. Take it one step at a time and build your confidence. Maybe today you figure out what you need to be making just to keep your doors open. Maybe tomorrow you identify the bills you’ve got coming up for the next six months. The next day start to figure out where you’re spending the majority of your time and if you can take any action to cut that down.

Your pricing strategy will also include looking at your competitors so you have a solid understanding of what everyone else is doing but don’t get stuck in comparison-itis. Every business is unique – yours included. Checking out your competitors is a great way to get a baseline idea of where you can think about pricing your services, but it can’t dictate your whole strategy.

At the end of the day, you’re offering a valuable service or product and should be compensated for it. Creating your pricing strategy and being able to adjust it as your business continues to grow is a great educational process that will help you get paid. Stop leaving money on the table and start working on your pricing strategy now.

Want to learn more about how to create an effective pricing strategy? My webinar 3 Secrets to Pricing for Profit is for you! Learn how to determine the right pricing for your offers and what to do when you’re afraid your audience won’t pay it—skills you’ll always need as your business grows and evolves.