1 Year 1 Day: How to Catch Up On Your Bookkeeping

You promised yourself you wouldn't wait until last minute to do your bookkeeping...but, here we are!

The tax due date is looming and you haven't even touched your bookkeeping.

To be quite honest, you don't even know where to start!

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Epic Guide to Wave Accounting for Your Online Business

When you're just starting out, you don't need to outsource your bookkeeping.

You need to bootstrap and do it yourself!

But when it comes to figuring out how to DIY bookkeeping, the internet is pretty bare 😕

Which is why I've decided to step up and create the most epic guides for you to actually learn how to do your bookkeeping on your own...in an easy way!

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Am I Supposed to File a 1099-MISC Form?

1099-MISC forms are shrouded in confusion in the online world...or rather the whole US among business owners with contractors.

With so many different boxes, having to figure out who gets one, and calculating out how much you paid out, it can all seem like a super scary undertaking!

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Why are clients asking for a W-9 and what the heck is it?

What is a W-9?

A W-9 is a form from the IRS that let's people know what type of business you have (sole proprietor, LLC, S Corp, C Corp, etc) and other important info like your business name, address, and EIN (Employer Identification Number).

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Why Xero Bookkeeping Software is the F*ing Bomb!

Do I love Xero?

Oh let me count the ways!

I didn't want to give my position away until the end, but hey, why not?!

5 Stars

Xero is my FAVORITE bookkeeping software! So let's jump to it, what do I love so much about Xero?

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How to Find a Kickass Bookkeeper

Where to look & Pricing

Finding a bookkeeper can be tough if you don't know where to look, but I'm going to give you some tips and tricks to find the perfect bookkeeper for you.

The first thing to keep in mind is that bookkeepers are much like any other service-based businesses in regards to pricing.

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What Bookkeeping Tasks Need to be Done + When

Weekly

Check Bank Balances

It's a good idea to always be aware of your bank balances. You'll know if you are getting low or sitting ok. Looking weekly also helps you see trends in your monthly finances. When do you have the most money in the bank? When do you get paid by most clients? When do most of your bills go out?

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Are Client Gifts Deductible? + Gift Guide!
Use Your Eyes to Break Through Tough Money Mindsets in One Week

I feel like no one wants to admit they go to therapy. Or maybe that’s changing lately?

We all want to pretend we’re perfect, so that’s exactly what we show the world. But the truth is, we’ve all got baggage; in particular money baggage.

Many ladies in business are having their eyes opened to the fact that their money mindset stinks. Everyone’s talking about ‘working on it’ and you might be wondering if that just means writing 100 times on a chalk board:

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Procrastination Repels Money

The pressure was on. My 10 page lab paper was due the next day and there I was with only an outline, not even one page finished.

But I thrived under that pressure…with a looming due date.

I was unstoppable.

I sat on my tiny dorm bed with my laptop on my lap and I powered through that paper. I think it actually only took me an hour or two - which is funny considering the level of stress I’d allowed this paper to create for me. 

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What is Bookkeeping?

I hear people say they're afraid of their bookkeeping and finances and that makes me sad.

With the right knowledge, understanding your books and finances can make a huge difference in how you do business and help you make more informed money decisions.

But if I'm being honest, there was a time, just a few years ago, that I didn't have a clue what bookkeeping was either.

I didn't care what its advantages were. Hell, I wouldn't have cared even if someone told me it would make me more money.

All I cared about was the fact that it was confusing and everywhere I turned for answers I found boring ass answers with explanations that didn't make much sense.

I don't want you to suffer that same fate, so here goes...my simplest explanation of what bookkeeping is.

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How to know when you're ready for a bookkeeper

Bookkeeping has a rap for being one of those nightmare tasks on an entrepreneur's to do list.

In fact, I just did a poll and found that the vast majority of those who answered were actually just ignoring the whole issue. Pretending it isn't a necessary part of business.

Unfortunately bookkeeping is much like dirty laundry. The longer we ignore it the more it piles up. #NoCleanUndies=LaundryTime

But in all seriousness, maybe you've been putting this off, or maybe you've been half-assing it, or maybe you've been giving it your all and you're just getting tired of it.

You're not alone. All of these are totally normal.

But it's also a sign you're ready to get a bookkeeper!

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Wave Accounting Review: Free Bookkeeping Software for your online business

When brand new online entrepreneurs come my way asking which software is best for them, I used to point them in the direction of Xero because I thought having a system that would grow infinitely with them was the best option.

But I've since changed my stance.

Now I recommend Wave for service entrepreneurs just starting out.

Wave has really come a long way over the past year. They've worked out some bugs and speed issues that used to exist.

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Bookkeeper vs. Accountant: What's the difference?

Do you ever have those brain dead moments where you think everyone knows you and what you do and then someone asks, "So what does a/an [insert your profession here] do anyway?"

BAM! You come back to reality and realize you aren't the center of the universe and in fact most people are confused by what you do to make money...am I right coaches/marketers/social media managers/brand designers/basically every online business ever?

Well this happened to me recently. Except for me it's a little different. People know bookkeepers do the books, but they're often confused about where the line between books and taxes is drawn.

"So what does a bookkeeper do exactly? Or I mean, what's the difference between a bookkeeper and accountant?"

I'm going to break it down for you here so you never have to wonder again ;)

The simple answer is bookkeepers do your bookkeeping, accountants do your taxes.

And while that seems like an easy answer...there's a lot of blur in between those lines!

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Why Profit is a Better Marker of Success than Revenue

Today we are going to be talking about why profit is queen and revenue is irrelevant. 

(Okay so I lied.)

Revenue is relevant but only in terms of how much profit it can produce. For instance, you cannot have $2,000 in profit, if you aren’t making more than $2,000 in revenue and that is the only reason why revenue would matter.

I see a lot of coaches on social media, especially on Facebook, who are always talking about hitting a $5,000 month and how you can too (or a $10,00 or a $15,000, whatever it is)! They’re so excited and they get so pumped up about hitting that big milestone or revenue but they never even talk about the expenses or the profitability of their business-

Profitability

Profitability is huge! It’s just never even mentioned! I think that by just going off of revenue and never seeing what their profit is, they're missing part of the story. There’s no way to possibly know if your business is healthy or if it’s something you even want to emulate without knowing if it’s actually profitable.

You don't know if they actually get to have the financial lifestyle they want to have, if they’re saving for taxes, paying for taxes, what tax bill they have at the end of the year (overpaying, not paying enough) 

It's too many things you don't know just by looking at their revenue.

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How to make steady income with repeat clients who love your business

Do you ever find yourself in the feast or famine game of entrepreneurship?

I'm sure it doesn't feel like a game, but I hear this problem all the time! Entrepreneurs, especially freelancers still selling time for money, not knowing if they will make enough to cover expenses this month.

There are a couple different ways of coping with this, but the one we will be talking about today is having a continuous stream of income through return clients.

You likely started your business because you wanted freedom - freedom from the 9 to 5, freedom from a small paycheck, freedom to do a job you love, and freedom to pick which jobs you take and which ones you deny. The sad truth is, many entrepreneurs jump in without a plan or simply a plan to get all the clients they can and charge what they're worth!

There are some problems with this.

A client base takes time to build. You can't just jump in and expect to have a full-time continuous stream of clients all at once. Even within 6 months is difficult, especially if what you do is a one & done offering.

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Business Photoshoot: Deductions

There is nothing quite like a grainy, unprofessional photo of a business owner on their website to turn you off in a big way! For this reason, one of my first investments in my business was a photoshoot. 

I think this is an incredibly smart investment for your business! Good photos of you displayed proudly on your website instills trust in your potential clients that you are legit and not some faceless scammer behind a pretty website.

With that said, I don't think you need to go out and book a $2,000 shoot if you only have $200 in the bank. Yes, the photos will be amazing, but you have to trust the process and not jump for big ticket items before they make sense for you business. If you don't have enough to afford a high-end photographer, try looking instead for a smaller studio that does head shots. You'll at least have a clear image on your website that shows your pretty smile and warms the hearts of your potentials ;)

A question I've been asked and see around social is..

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TaxesCallie SitekComment
Business Receipts: Why and how you need to file them for your creative business

There is the long running joke about the business owner who "files" their receipts in a shoebox. We laugh about it, but while technology is continuing to automate business some entrepreneurs still stash receipts to worry about later.

What I find far more common among online entrepreneurs is not gathering receipts at all.

Why is this the case? Online entrepreneurs have a lot of online expenses and some of these online providers don't send receipts out. That means the already swamped entrepreneur has to go sign into all of their accounts and manually pull these receipts and save them or in most cases they just don't do it all.

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