Get Comfy with Numbers | Making Bookkeeping & QuickBooks Easy for Female Entrepreneurs, Bookkeeping for Small Business

Congratulations on starting your very own business! Today I'm going to explain the basics of bookkeeping so you can keep things clean and simple right from the start.

Business Structure:

Identify your business structure. OK, your business is either going to be a sole proprietor, an LLC or an S Corporation. Know this from the beginning so you can pay yourself correctly.

Separate Business Accounts:

You definitely want to have a checking account that is separate from your personal checking account. And then you might also want to have a business savings account, too.

Profit First Method:

Check into the Profit First method to see if you're interested in that.

Do You Need a Credit Card:

You don't need to have a credit card. That's up to you. It depends on what your beliefs are around debt.

Bookkeeping System:

Set up a system for your bookkeeping. You can use a spreadsheet at first, but the decide what kind of software might make your life easier.

Tracking Your Cashflow:

You need to keep the actual receipts. I bank statement isn't enough. Set up a routine so you are regularly attending to your bookkeeping and looking at your finances. Understand your cashflow. When is money coming in? When is money going out? What is your budget? And of course, please pay yourself. Make sure that your business supports you!

Here are the ways we can connect:

Reach me: https://erikamillard.com/contact

Learn: www.erikamillard.com

Email: [email protected]

Instagram: @erika_millard

Mini Course- Get Comfy with Budgeting

https://erikamillard.com/budget

Get Comfy with QuickBooks

https://erikamillard.com/get-comfy-with-quickbooks

Don't forget to download the free Monthly Bookkeeping Checklist:

https://erikamillard.com/bookkeeping-checklist

Happy Bookkeeping!

I'm a big believer in getting some training on whatever accounting platform you use for bookkeeping. If you are trying to see if QuickBooks is right for you, go back and listen to these 3 episodes:

15 3 Reasons to Start Using QuickBooks This Year,

25 QuickBooks vs. Wave - Which Bookkeeping Platform is Right for You?

31 Prices are up! Is QuickBooks Still Worth the Money? It's easier to keep your books well from the beginning, but if you have things that have gotten messy, and that happens, you can clean it up. Training is so important that you need to budget for it. Oftentimes, when you use free YouTube training videos, you waste time wataching long videos when you only needed a couple of minutes of that content. When you have the skills to keep your books well, you will feel so confident and empowered. Your bookkeeping system will work for you, not against you. I can help you! Click the link for my bookkeeping program below that will give you exactly the steps that you need and will be achievabble in an hour or less a month - which will save you money you might have spent hiring a bookkeeper.

Here are the ways we can connect:

Reach me: https://erikamillard.com/contact

Learn: www.erikamillard.com

Email: [email protected]

Instagram: @erika_millard

Mini Course- Get Comfy with Budgeting

https://erikamillard.com/budget

Get Comfy with QuickBooks

https://erikamillard.com/get-comfy-with-quickbooks

Don't forget to download the free Monthly Bookkeeping Checklist:

https://erikamillard.com/bookkeeping-checklist

Happy Bookkeeping!

Do you know the BEST way to double check if you have errors or duplicates in your bookkeeping? We are going to cover that in this episode & demystify a common term that really confuses people so grab a yummy drink & tune in.

The best way to get started is to do a Bank Reconciliation. This will help you not only catch duplicates and missing items, but also catch FRAUD.

I talked with 2 clients this year who had discovered that a bookkeeper was stealing from them and this is just heartbreaking.

Once again, I'm here to educate you and walk you through it so you can do it yourself!

A Bank Recon is matching bank records to your books:

1. Gather your documents
2. Compare your transactions
3. Look for discrepancies
4. Resolve issues

I know you're thinking, "OK but do I really have to do this?"

YES

Errors in bookkeeping hurt your business. It's a disservice to you if records aren't correct. And, that's the whole point of records; you want them to be accurate so you can make smart business decisions and avoid overpaying in taxes if the errors would keep you from counting deductions.

If need help when go to do this in Quickbooks, let's hop on a call!

Here are the ways we can connect:

Reach me: https://erikamillard.com/contact

Learn: www.erikamillard.com

Email: [email protected]

Instagram: @erika_millard

Mini Course- Get Comfy with Budgeting

https://erikamillard.com/budget

Get Comfy with QuickBooks

https://erikamillard.com/get-comfy-with-quickbooks

Don't forget to download the free Monthly Bookkeeping Checklist:

https://erikamillard.com/bookkeeping-checklist

Happy Bookkeeping!

We are so excited to welcome Gwen Tinsley onto the podcast today! Gwen is the CEO of Grit and Tenacity Consulting and she helps female entrepreneurs sell more confidently. With all of her amazing advice and tricks, this episode is sure to help you learn how to grow your business confidently.

Topics we cover:

• Consistency is important and trumps talent every time
• Income-producing activities: what they are and how often you should be doing them?
• How do we gain confidence in our selling and pitches without feeling icky?
• Authenticity + curiosity + the desire to help = confident selling
• You shouldn't be afraid to follow up with people

Connect with Gwen:

Instagram: https://www.instagram.com/gritandtenacityconsulting/

Website https://www.gritandtenacityconsulting.com/

Learn more about bookkeeping help from Erika here:

https://erikamillard.com/

Mini Course- Get Comfy with Budgeting

https://erikamillard.com/budget

Get Comfy with QuickBooks

https://erikamillard.com/get-comfy-with-quickbooks

Don't forget to download the free Monthly Bookkeeping Checklist:

https://erikamillard.com/bookkeeping-checklist

Here are the ways we can connect: Learn: www.erikamillard.com Email: [email protected] Instagram: @erika_millard

Happy Bookkeeping!

Do you ever just feel stuck? Especially after doing your mid-year review, it can be easy to feel discouraged or stuck in your business, but today I'm going to be your voice of encouragement to get you unstuck!

I lived in the stuck for a while, but after attending a retreat I've finally gotten out of that frustrating place. Since getting out of that stuck place myself, I've found what you need to do to get unstuck and feel passionate about what you are doing again. If you are finding yourself stuck, then I encourage you to listen up and try these tips!

• Get determined. Sometimes it's as simple as admitting that "it's just time" to get it done!
• Be ready to be uncomfortable and put yourself out there.
• Do something different.
• Find what you are passionate about and do it.

Learn more about bookkeeping help from Erika here:

https://erikamillard.com/

Mini Course- Get Comfy with Budgeting

https://erikamillard.com/budget

Get Comfy with QuickBooks

https://erikamillard.com/get-comfy-with-quickbooks

Don't forget to download the free Monthly Bookkeeping Checklist:

https://erikamillard.com/bookkeeping-checklist

Here are the ways we can connect: Learn: www.erikamillard.com Email: [email protected] Instagram: @erika_millard

Happy Bookkeeping!

We are starting to see AI everywhere, even in QuickBooks. So the question is, "Is it time to incorporate AI into our bookkeeping?"

So far in bookkeeping we are seeing AI capabilities for categorizations. There's an "Explore" button there and this can be a good way to get our feet wet with automation. Nothing revolutionary yet but give it a try!

Learn more about bookkeeping help from Erika here:

https://erikamillard.com/

Mini Course- Get Comfy with Budgeting

https://erikamillard.com/budget

Get Comfy with QuickBooks

https://erikamillard.com/get-comfy-with-quickbooks

Don't forget to download the free Monthly Bookkeeping Checklist:

https://erikamillard.com/bookkeeping-checklist

How to Use AI in QuickBooks Video Tutorial

https://erikamillard.com/aiinqb

Here are the ways we can connect: Learn: www.erikamillard.com Email: [email protected] Instagram: @erika_millard

Happy Bookkeeping!

We are now over halfway through the year, so it's the perfect time to revisit and refresh your business financial goals. You might be thinking that you are not ___ (fill in the blank) enough to do this, (ie smart enough, organized enough, etc.) but you totally are!

With today's tips, reviewing your business finances will be simple and easy.

In this episode we'll be walking through everything you need to review in your business finances. We'll be looking at how to evaluate your goals, income, expenses, and taxes to have the best outcomes possible! If you do all of this, as well as staying up-to-date on your bookkeeping, you'll be sure to make the most of your mid-year review.

Learn more about bookkeeping help from Erika here:

https://erikamillard.com/

Mini Course- Get Comfy with Budgeting

https://erikamillard.com/budget

Get Comfy with QuickBooks

https://erikamillard.com/get-comfy-with-quickbooks

Don't forget to download the free Monthly Bookkeeping Checklist:

https://erikamillard.com/bookkeeping-checklist

Here are the ways we can connect: Learn: www.erikamillard.com Email: [email protected] Instagram: @erika_millard

Happy Bookkeeping!

Do you ever have times where you feel like something SHOULD be more complicated than it actually is? I actually see this a lot with bookkeeping and thoughts around business finances. Today's topic is about one of those tasks that seems like it should be more complicated, and it really isn't (with a few exceptions of course).

This episode is all about how you pay yourself. I'm talking about the literal steps you take to give yourself a paycheck as a business owner. It really is a simple process, that isn't usually more than just a bank transfer, but we'll be explaining and walking through any confusing aspects and making sure the process goes smoothly!

Mini Course- Get Comfy with Budgeting

https://erikamillard.com/budget

Get Comfy with QuickBooks

https://erikamillard.com/get-comfy-with-quickbooks

Learn more about bookkeeping help from Erika here:

https://erikamillard.com/

Don't forget to download the free Monthly Bookkeeping Checklist:

https://erikamillard.com/bookkeeping-checklist

Here are the ways we can connect: Learn: www.erikamillard.com Email: [email protected] Instagram: @erika_millard

Happy Bookkeeping!

When is it finally going to be time to hire a tax professional for your small business?

Well, it depends on:

How hands-on you want to be?

How strong your background is in understanding taxes in general?

And of course, what can you afford?

To help you answer these questions I'm excited to introduce you to Bethany Prignano

Today we cover:

Estimated taxes and how to know if you might need to pay quarterly taxes in advance. This is pretty hard to the average person to figure this out on their own.

When does it make sense to become an S Corp?

In becoming an S Corp owner the savings come from you getting to put yourself on payroll and deduct your wage and payroll taxes as opposed to being an LLC on a schedule C or a sole proprietor where your ending profit is essentially taxed at the individual's rate and the self employment rate. You just don't get the benefit of the expense off your wage or payroll taxes.

It's recommended to make the shift from LLC to S Corp when you hit the $45,000 net revenue mark.

Common expenses that people forget:

Home office space

Phone cost

Milage

Common expenses people aren't sure about:

Can I deduct beauty expenses?

Can I deduct my coffee if I want to work from a coffee shop?

Can I deduct childcare?

We also cover best practices to follow in case you're ever audited. Always make sure you could explain your expenses. The peace of mind this brings will be well worth it!

Reach out to Bethany Prignano:

Facebook

Instagram

Website

Get Comfy with QuickBooks

https://erikamillard.com/get-comfy-with-quickbooks

Learn more about bookkeeping help from Erika here:

https://erikamillard.com/

Learn more about the mini course Erika mentions here:

https://erikamillard.com/budget

Don't forget to download the free Monthly Bookkeeping Checklist:

https://erikamillard.com/bookkeeping-checklist

Here are the ways we can connect: Learn: www.erikamillard.com Email: [email protected] Instagram: @erika_millard

Happy Bookkeeping!

QuickBooks Raised Their Prices Again. I know; it's a bummer. But fear not! I'm going to walk you through the changes.

Prices are going up about $5 per month per subscription starting August 1st or September 1st.

The transaction fees on accepting payments is also increasing.

Even though it seems they increase their prices every 18 months or so, it shouldn't be a big surprise. Prices are increasing across the board these days. Now, does this price change mean that it's time to make a change? I'd say that you'd be better off finding another way to recoup the price difference. Listen in to hear how!

Episodes I reference:

026 Which Payment Processor is Best for Business Owners?

015 3 Reasons to Start Using QuickBooks This Year

Budgeting mini course:

https://erikamillard.com/budget

Get Comfy with QuickBooks program:

https://erikamillard.com/get-comfy-with-quickbooks