bookkeeping

The first 5 steps to best manage your money as an entrepreneur

The first 5 steps to best manage your money as an entrepreneur

So you’ve started your business or on the beginning steps of starting your blog. Now what?! You ask yourself. You look to your left and right. All the other ladypreneurs in their chapter 5-20 are killing it in your industry. You get succumbed by imposter syndrome and analysis paralysis and remain stagnant. Simply because you don’t have the slightest idea on what to do first.

You go into groups and email people you idol: How you should monetize your blog? What you should be investing in first? I want to give you some super easy tips on how you can better handle the money in your business. Ease up those tensions a bit.

7 Ways to Find the Perfect Price for your Service-Based Biz

7 Ways to Find the Perfect Price for your Service-Based Biz

Pricing your service-based business can be tough. Probably one of the hardest things you will have to do. If done right, it shapes how profitable your business will be. If you charge too low, you’re selling yourself short. If you overcharge your services based on feelings and unicorns, you will quickly be slapped back down to earth. 

As a bookkeeper, I love making numbers into a story for others. But I face the same problems with pricing my bookkeeping services. You have to figure out things like what is your perceived value to potential clients? Will I back down if someone who I thought was my target market thinks that I charge too much. If I accidentally charge too little for a recurring service, what will happen once I raise my prices? I gained the experience, right? 

5 Expenses You Never Knew Were Not Tax Deductions

5 Expenses You Never Knew Were Not Tax Deductions

In a previous post, I talked about 10 tax deductions entrepreneurs tend to miss. These tax deductions were common things that cause entrepreneurs to leave money on the table every single year! Leaving money on the table is never good. Documenting things incorrectly that can potentially bite you in the butt in a year…. And for sure may be worse!

When you set up your systems on the accounting process in your business, you always win. You can do your accounting on spreadsheets or cloud-based accounting systems. My favorites are Xero, QBO, Freshbooks, and Wave. You get into the groove of thorough documentation in using any one of these systems. 

When DIY’ing your own books correctly (I have training for that), you understand what valid expenses are. You also know the amount to deduct from things that are partially deductible. When it’s time to delegate your bookkeeping, your accountant/bookkeeper is the number one person to go to. They help you understand how to properly organize these write-offs. 

Today I want to talk about 5 things bloggers and entrepreneurs, unfortunately, cannot write off. Even though we all wished at some point they were tax deductible. They may or may not come at a surprise to you. They also may or may not be annoying, to say the least. 

How to Stop Commingling Business and Personal Funds Now!

How to Stop Commingling Business and Personal Funds Now!

When I first started my blog, I had no idea if I was going to make it into an actual business. Wasn’t sure if this was going to be something lucrative (Still not 100%.). And damn sure didn’t know that I will begin my entrepreneurial journey in a service-based business. I knew that once I started, it was important to keep the finances separate, but I wasn’t exactly sure how when I was not yet making money.

 

A post that has been and continues to be a hit on my personal blog was my 50/20/30 budgeting system post. This system allowed you to allot money for different aspects of your life 50% fixed expenses. 20% was saving and financial obligations. 30% flexible spending which included personal allowance. When I started blogging, I would use my money to go towards my business. I bought my camera, domain name, and hosting services and was ready to go. A couple of months into blogging, I began to get interested in design and wanted to try everything on my own, so I got a subscription with Adobe Creative Cloud.

READ ALSO: HOW TO SKYROCKET YOUR BUDGET WITH THE 50/20/30 SYSTEM!

Next thing you know I was making all sorts of small investments here and there for my blog that I started to treat like a business. I forgot the simple accounting principles of keeping everything separate. I then opened another personal checking account to drop my coins (literally since I didn’t receive much) from my Amazon Affiliate and a business PayPal account for my earnings from anything else that I did.