All businesses need bookkeeping. It’s part of doing business and it’s part of being a business owner.

First you have to decide if you are going to DIY it or hire someone.

But most business owners don’t have an accounting background and don’t know much about bookkeeping (and don’t really have the time to do it right). And if they decide to hire it out, they often don’t know what to look for to find a good bookkeeper (it’s an unregulated field and anyone can hang out a shingle).

This often leads to mistakes and those mistakes can lead to:

• frustration and overwhelm
• missed tax deductions
• ignoring business finances
• bad business decisions from a lack of good data
• underearning
• costly bills down the road for accounting cleanup

When clients come to me with profit and cash flow issues, I often see a direct link with the quality of their bookkeeping. After all, you can't manage profit and cash flow effectively if you don't have books you can trust and don’t know where your money is going.

In this week's episode of Purposeful Profit, I'm sharing the 5 bookkeeping mistakes I most often see businesses owners make, so you can avoid them.

You'll learn

• Questions you should be asking when you hire a bookkeeper
• What you’re really paying for when you hire a bookkeeper (and it’s not their time)
• Reasons your books may not be accurate

Mentioned in this episode:

• Ready for bookkeeping help? Or want a financial mentor to help you get your finances organized? I invite you to book a call to continue the conversation.

Other resources:

• S Corp Tax Savings Calculator
• Get your Simple Financials Bookkeeping template
• Get Your 30 Days of Money Mindset Prompts

DISCLAIMER: The information in this podcast is for informational purposes only and does not constitute an accountant-client relationship. While we use reasonable efforts to furnish accurate and up-to-date information, we assume no liability or responsibility for any errors, omissions or regulatory updates.

Recently, I was talking to someone, and they asked me why profit mattered.

I'll admit, was taken aback a bit. I felt like they were asking me why I needed to breath. It seemed so obvious to me.

Businesses need profit to survive over the long-term. And business owners need profit if they want financial freedom or just to support their lifestyle.

But profit is actually discussed very little in marketing you will see aimed at your business. Most strategists, business coaches, and consultants are focused on revenue. Very few are discussing profit.

And profit, more than revenue, is what really matters in determining if your business is financially healthy.

So it's no wonder the question gets asked. If no one is really talking about, does it really matter?

Hell yeah!

Profit funds investments that help you scale your business.

Profit creates generational wealth.

Profit provides money to invest in real estate.

Profit pays for college educations.

For private school for your special needs child.

It allows your spouse to retire.

To pay off your parents' mortgage.

To take that 1 month trip to Europe you've dreamed of.

Profit helps create that life you dreamed of when you started your business.

🎧 Tune into this week's episode and learn:

• Why revenue isn’t the best measure of your business’s financial health and what to use instead
• What entrepreneurial poverty is
• 3 actionable steps you can take to improve your profitability

Mentioned in this episode:

• Want to create more profit in your business. This is what I help clients do in my Purposeful Profit financial coaching and mentoring program. Book a call to continue the conversation.

Other resources:

• S Corp Tax Savings Calculator
• Get your Simple Financials Bookkeeping template
• Get Your 30 Days of Money Mindset Prompts

DISCLAIMER: The information in this podcast is for informational purposes only and does not constitute an accountant-client relationship. While we use reasonable efforts to furnish accurate and up-to-date information, we assume no liability or responsibility for any errors, omissions or regulatory updates.

Sometimes what we mistake for fear or avoidance of our business finances, is really money trauma, which is a deeper issue than just being overwhelmed or confused or fearful of your finances. Join me for a conversation with Hailee, a trauma coach, as we talk about and try to normalize money trauma.

We talk about how money trauma is different from fear or anxiety, how to recognize the signs of money trauma and how Hailee used Simple Financials to slowly start getting control of her finances.

Mentioned in this episode:

Ready to be like Hailee and get started with your business finances? Get your Simple Financials Bookkeeping template

Ready for get your finances in order? Book a call to continue the conversation.

Other resources:

• S Corp Tax Savings Calculator
• Get Your 30 Days of Money Mindset Prompts

Connect with Hailee:

Hailee is a Certified Professional Life Coach who specializes in treating teens and adults experiencing a variety of issues including mental health (primarily mood, trauma, anxiety, body focused repetitive behaviors and neurodevelopmental disorders), relational/attachment issues, and life transition challenges). As a healing companion, she brings hope, understanding, direction, and support to those who feel stuck or broken by debilitating stress, anxiety and past trauma.

Instagram: www.instagram.com/haileemaecoaching
Website: www.haileemae.com

DISCLAIMER: The information in this podcast is for informational purposes only and does not constitute an accountant-client relationship. While we use reasonable efforts to furnish accurate and up-to-date information, we assume no liability or responsibility for any errors, omissions or regulatory updates.