High earners with simple business finances, are you doing only the bare minimum?

High earners with simple finances,

Having uncomplicated finances doesn’t mean features in accounting softwares aren’t for you.

Yes, keeping tabs in a spreadsheet will get you through tax season.

But, UNLESS you love spreadsheets, enjoy working on them, and have a pretty neat one that fills you in with all the data you need to run your practice, you’re doing the bare minimum.

And we can’t run healthy businesses that way.

Here’s what I mean.

Running a healthy business requires a healthy cash flow.

In simple words, you, as the business owner, need to have a clear understanding of where the money is coming and where it’s going on a regular basis.

How are you getting that information?

And, if you ARE getting this information, is that method working for you, or does it feel heavy on you and complicated?

(I gotta throw this one in, if you’re using Quickbooks Self-Employed, you’re NOT in the right direction. QBSE is not a business accounting software. It’s more like an automated spreadsheet).

Here’s why using an accounting software, EVEN with simple finances will help you.

Using an accounting software built for businesses will help you find loopholes that are potentially harming your business/agency, like your invoicing method. You’ll be able house all of your accounts and automate those transactions, use “Rules” to minimize the time it takes you to categorize them, easily pull reports to either see the whole picture or break down detailed information, get help with organizing receipts, keep tabs on projects, see profit by client, etc.

One of the biggest benefits is looking at how you're managing your cash. We all know that MAKING money is not the same as OWNING that money. So, when your numbers are organized and ready to be compiled, come at them with curiosity and questions. Ask why, what, how, as often as possible. You’ll be surprised at how many answers you can get in just 15 minutes.

At the end of the day, simple or complicated finances, your business is still a business. And profit is what keeps it alive. Implement a SIMPLE tracking system for your SIMPLE finances. It’s possible. And you won’t regret it.

Actually, it’s more than possible. This is exactly what I do.

Ready to move forward and get it going? Book a call with this link.

This is for informational and educational purposes only. Please seek individual legal and tax advice.