When I started getting good at business doing marketing and the money started coming in for my pet sitting business, it was a super stressful time because I had no money management in place.
I’m super excited to chat with you today about my two favorite ways to manage your money.
#1 Hire a professional.
An accountant can guide you by setting up budgets for your business that can help you write things off for your business, keep track of monthly numbers, tell you if you’re on point, and can do your tax returns at the end of the year.
It is hard to figure this out all by yourself. Being an entrepreneur is like a full-contact sport. You need to know so much, but this is not one of those things.
#2 Create simple money systems.
When you do this, your business will scale quicker. A simple money system I suggest doing is checking your income daily. What you track grows. It’s a universal law.
Another system you can do is do your weekly allocations. Each week you’re going to allocate a percentage to your operating expenses, your tax account or the governor’s money accounts, to your profit account, and your owner’s pay.
You already know how much money is coming in percentage-wise, what you’re allocating to each of those accounts. And then guess what?
At the end of the year when taxes are due, you’re not going to have the midnight sweats like I used to have. “Oh, am I going to be able to pay the taxman?”
Now I think it’s super fun. I love logging in. I love seeing it. I love that it’s all organized, I love that I have a great relationship with my accountant, who helps and guides me to create these systems in my business so that I can enjoy my life and all the money that I’m creating in my life.
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