Managing your finances is arguably one of the most stressful aspects of running a business. Well-established companies are not immune to this, but start-ups find money management particularly challenging, with no true run rate to refer to and depend on.
Getting the right financial processes in place early on in the life of your business, including defining the finance responsibilities for people you depend on, is critical for your business’ health today and its growth into the future.
Peace of Mind with Better Bookkeeping
Given what we do here at Moxie Bookkeeping, you won’t be surprised to know we have strong opinions on what it means to successfully manage your business finances.
When we talk with our clients and prospective partners about Moxie’s services, we tell them we’re all about Breathe Easy Bookkeeping … and that’s really just our way of describing how we want business owners to feel when we help them with their company’s books.
Our goal is to take the stress out of bookkeeping. (Think: a big ahhhhhh exhale.) We make sure our business owner clients understand both their role and ours, and we want our collective efforts to be as thoughtful and stress-free as possible.
And we’re good at what we do! Because we often hear clients say, “This really is something I can manage.” That’s how we know they’re on their way to being comfortable and confident about their business books. And once they are, they can get on with other aspects that they enjoy, whether that’s managing and developing their team, making the products they sell, interacting with customers, meeting with strategic partners or being seen in their industry as an innovator.
Breathe Easy Bookkeeping Defined
Here are four ways you can take the stress out of managing your business books, based on our deep experience working with companies from many industries, including creative firms and nonprofits:
- Decide how much bookkeeping work can be done in-house and what it makes sense to outsource. When people call Moxie and say they want us to handle every aspect of their bookkeeping, I often respond with, “Are you sure?” Because by doing that, they’ll be paying for one of our bookkeepers to ask, “What’s this expense?” 100 times over. Most of the clients we work with choose to keep day-to-day data entry in-house, and we act as an objective, experienced reviewer of the information on a monthly basis. This works well.
- Set up rules and automation to streamline data entry. One way to take the stress out of bookkeeping is to define processes and simplify repetitive tasks, which helps keep exceptions to a minimum. We advise clients on the recurring data entry tasks to automate, so they can save most of their attention and energy for specific bookkeeping questions and exceptions.
- Hire a smart, dependable CPA. I’ve talked a lot about the importance of having both a CPA and a bookkeeper here and here on our blog. Enough said, I think.
- Identify gaps where you can grow your knowledge. If your lack of experience managing finances keeps you up at night, stop waiting to take action. Go the self-directed route and sign up for training you need. (LinkedIn offers financial course and so does the Small Business Administration.) Or invest in a coach who specializes in business finances. Moxie offers coaching and education using the cash-management approach Profit First. It’s a proven framework that helps you maximize profit and simplify cash flow.
Take Ownership of Business Books Today
If you’re a business owner reading this, my directive to take ownership might seem like a Duh! to you. Because it’s your business, after all. But I want to urge you to get control of and on top of your business finances, so you can feel empowered and less stressed. Not in a few months or next year. Now. Identify the business finance help you need, who should be doing what and address areas where you personally need to level up.
When you take the right set of actions with a “we can do this better” mindset, you’ll soon be able to rely on your company’s financial data to make informed business decisions … and you’ll begin sleeping better at night!
Want a Bookkeeping Power Partner?
Are you interested in finding a bookkeeping partner who can help identify the level of support you need? Book a free consultation with us.
If our Profit First consulting and and coaching piqued your interest, download two chapters of the book Profit First or watch our Profit First Basics digital course. (Hint: It’s free if you’re a regular client of Moxie’s.)
To paraphrase Ralph Waldo Emerson: To know even one business owner breathed easier because we lived, this is to have succeeded.
