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

Hey Bookkeeping Besties, 'tis the season to be thankful. Today I'm sharing my favorite money-saving and time-saving tools just in case you're needing to bring in a little more efficiency and peace of mind in your business.

I'm talking about how FloDesk has made email marketing less intimidating and more manageable. CODE: https://flodesk.com/c/YYA73L

I'm sharing how ClickUp kept things from falling through the cracks.

QuickBooks is my go-to for organizing finances, tracking income and expenses, and creating clear financial reports.

Voxer is a voice messaging tool that's faster than typing and more personal than an email.

And, ChatGPT - Hear me out! Let this form of AI help you in the beginning stages of your writing.

OK your turn. Did I miss anything? What tools are you grateful for in your own business?

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

Using AI in QB Video Tutorial

https://erikamillard.com/aiinqb

Happy Bookkeeping!

Nagging feeling that something is off? Today I'll give you a motivational push you need to clean up your books in your business!

Why is it important for your books to be accurate? Whether it's for decision making, tax preparation or financial planning purposes you want to base your actions on the truth.

Even one small mistake can lead to hours of confusion later so let me help you:

• Reconcile your books
• Fix categorization eerros
• Review open invoices and bills
• Check for duplicate entries
• Ensure all reports are accurate and up-to-date

If you think, Erika "ain't nobody got time for all that!" - I'm here to help! A clean-up can transform the way you view your business—and take away that bookkeeping stress for good.

LINKS

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

Using AI in QB Video Tutorial

https://erikamillard.com/aiinqb

Happy Bookkeeping!

Ditch the doubt and Embrace Your Inner CFO.

Understanding business finances doesn't require complex math. It's more about understanding your story in numbers. Think of how you might check ingredients in a recipe; it's just details that show what's happening.

Here are the Basics of What You Need to Know:

• Revenue & Expenses: In plain terms, we're talking money in and money out.
• Profit: The reward and growth fuel for their business, which makes tracking it worthwhile.
• Cash Flow: This is just about knowing you'll have funds when you need them.

Practical Tips to Start Building Confidence in Your Numbers

• Set a Regular 'Money Date' with yourself.
• Use Friendly Tools like QuickBooks or other easy accounting platforms designed to make numbers less intimidating.
• Ask for Help, someone like you helping them get "comfy" with their numbers.

You've Got This! You are more than capable of understanding their numbers and thriving financially. Remind them that every small step they take to know their finances better is a win!

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

Using AI in QB Video Tutorial

https://erikamillard.com/aiinqb

Happy Bookkeeping!

Want to make the most of Black Friday deals? Make sure you follow this strategy for your purchases. Let me show you what I mean!

I want you to start out by making a wishlist. Whether it's a software, a tool, a new hire, a template or a mastermind, write it down.

Then, go research what the average price of each of your wishlist items is. Sometimes Black Friday sales aren't really discounts at all so double check!

Next, prioritize your list. You can even do this with a friend so you can talk things out.

Would this purchase buy back some of your time?

Would this purchase lower your stress?

Is this purchase a good fit for you in your business now?

Do you have the cash it might take to skip the payment plans and take advantage of the better deals you're seeing?

Expect lots of emails the week of Thanksgiving that feel very urgent. You're prepared for that because you already prioritized your wishlist.

Then, once you buy make sure you maximize the savings that you're qualifying for on the purchases that you make, for things like: email newsletters, promos, affiliate codes to stack, cash back?

There you go. With this strategy you'll feel confident that you are being smart with your money this Black Friday!

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!

1. Unexpected Tax Bills - Receiving a tax bill that's much higher than expected.

• Why It Happens:
• Miscalculating quarterly taxes.
• Not setting aside enough for taxes throughout the year.
• How to Prepare:
• Regularly estimate your tax liability.
• Set aside a portion of your income for taxes each month.
• Work with an accountant to ensure you're paying the correct estimated taxes quarterly.

2. Tax Penalties for Misclassifying Workers - Penalties for treating employees as independent contractors.

• Why It Happens:
• Misunderstanding the difference between employees and contractors, or intentionally misclassifying to avoid taxes.
• How to Prepare:
• Learn the differences between contractors and employees.
• When in doubt, consult a tax professional to ensure proper classification.
• Use IRS guidelines to help clarify the classification rules.

3. Failure to File or Pay Penalties - Penalties that pile up when taxes aren't filed or paid on time.

• Why It Happens:
• Forgetting the filing deadline, not having the money to pay, or simply procrastinating.
• How to Prepare:
• Set reminders for important tax deadlines.
• File your taxes even if you can't pay the full amount—partial payments help reduce penalties.
• Work out a payment plan with the IRS if needed.

4. Audits & the Fear of Being Unprepared - The fear of receiving an audit notice and not having your records in order.

• Why It Happens:
• Incomplete records, claiming large deductions, or mistakes in your tax return can trigger an audit.
• How to Prepare:
• Keep organized and thorough financial records all year round.
• Double-check deductions to ensure they are accurate and justifiable.
• Don't panic if you're audited—respond promptly and provide the requested documentation.

LINKS:

Independent Contractor or Employee

Worker Classification 101

Lissa Figgins is here with us today to help us get to the heart of our issues around time, scarcity, organization and priorities.

We all have 24 hours each day and we all see ourselves as busy. We become reactive with time (and money) instead of acting in charge.

Lissa was quite anxious about time, and just life in general, until she had a little wake-up call in a doctors office one day. What shifted? She worked on finding the inner peace around time that she would need to calm her anxiety.

If you're anything like her, your busy business is not due to a disordered calendar, it's due to a disordered heart. And when we get our heart in the right place our time will organize itself.

Multitasking weakens us. It's our kryptonite. It weakens our focus. Here's the reminder you need: "You have time."

We share tips for keeping tabs on our screen time, and stewarding our time as opposed to managing out time.

What mistakes are business owners making everyday with their time? Listen to the end to hear some great tips to avoid these mistakes!

Get in touch with Lissa:

REDEEM Her Time PODCAST: https://redeemhertime.com/podcast

WEBSITE: https://redeemhertime.com

FACEBOOK: https://www.facebook.com/lissa.figgins

INSTAGRAM: https://www.instagram.com/redeemhertime

EMAIL: [email protected]

Here's the link to the REDEEM Her Time Planner Assessment Gift-

https://redeemhertime.com/planner-gift

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

Using AI in QB Video Tutorial

https://erikamillard.com/aiinqb

Happy Bookkeeping!

Quick favor… Can you please leave me a review right here? I would really appreciate it!

OK - What bank accounts do you need?

I strongly recommend that you open a business checking account that is separate from your personal checking account. Even in you don't have an LLC yet, do this.

Now, this is optional: It's a good idea to be able to put some money aside in your business so that's why I'm going to recommend that you also have a savings account for your business. You probably have goals for your business like hiring someone in the future, purchasing a course, or attend an event, etc. Transfer some money each month from your business checking account to your business savings account so your business can be building up its own safety net.

The Profit First Method would have you open 7 accounts and I can do another episode about that later if you want!

Lastly, you know the perks of a credit card so if that will benefit you in your business go ahead and take advantage of that account as well!

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

Using AI in QB Video Tutorial

https://erikamillard.com/aiinqb

Happy Bookkeeping!

Celebrating our one year anniversary at Get Comfy with Numbers! Let me give you all of the highlights from my first year of podcasting.

As an accountant I don't get a lot of time to teach about what I do and that's why I've loved sharing this podcast with you. Talking with you each week has helped me hone my signature topics, meet other entrepreneurs and create content that I can use in so many different ways.

It's been a lesson in consistency to make the time to record, but it's getting easier.

As I keep returning to the mic I feel so good about building confidence and learning by taking action.

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!

Time to push past your fear of bookkeeping reports! Let's do this together. OK, want to learn about balance sheets and income statements?

Reviewing both reports gives a complete financial picture — one shows what you have and owe (Balance Sheet), and the other shows how you're earning and spending (Income Statement).

Your balance sheet tells what you own, owe, what's left. Key sections of the balance sheet will tell you:

• Assets: Cash, accounts receivable, inventory, etc.
• Liabilities: Loans, unpaid bills, etc.
• Equity: Owner's equity, retained earnings.

Why review your balance sheet? We're looking for how liquid you are and your debt to assets ratio.

OK on to the income statement. This report shows your revenue, expenses, and profits or losses over a period of time. Key sections of the income statement will tell you:

• Revenue: Income from sales or services.
• Expenses: Costs like rent, payroll, and utilities.
• Net Income: Profit or loss after expenses.

Why review your income statement? We want insight into the profitability and operational efficiency of your business so you can understand where money is coming from and where it's going.

Listen to the end for more smart tips on how to evaluate profit margins, control expenses, and identify trends (e.g., comparing month-over-month revenue).

My challenge to you: Go run these 2 reports. What do you notice in your business?

• Is there something wrong that needs to be fixed? Reach out here!
• Did you gain any new insights into your business?

I'd love to hear from you so let me know!

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

Using AI in QB Video Tutorial

https://erikamillard.com/aiinqb

Happy Bookkeeping!

Not making much money in your business right now? That's okay, we've all been there! But today I want to give you several key areas to focus on in your business finances when business is slow. In this episode, we discuss the importance of money mindset, prioritizing spending, boosting cash & more! You'll also want to use this time to make sure you have a good bookkeeping routine & a simple & easy system in place.

This episode on money mindset is mentioned, so check it out if you haven't already!

https://podcasts.apple.com/us/podcast/005-money-mindset-makeover-reframing-limiting-beliefs/id1707561040?i=1000631579021

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!