125 Summer School Session 4: How Your 3 Reports Actually Work Together

127 Half the Year Is Gone and You Haven't Touched Your Books (You're Not Alone)

Behind on Your Bookkeeping? Here's Your Mid-Year Catch-Up Plan It's July, and if that mid-year check-in just gave you a pit in your stomach because your books are months behind... friend, you are not alone. Being behind does not mean you're bad at business! In this episode, I'm walking you through exactly how to catch up your bookkeeping now, so you can actually use your numbers for the rest of the year instead of just surviving until tax time. In this episode, you'll learn: * Why July is actually the perfect time to catch up (you've got 6 months of runway!) * How to assess how far behind you really are (months, transactions, and accounts) * How to decide if you should DIY your catch-up or get support (and why neither one is failure!) * The month-by-month batching method that makes catch-up so much easier * Simple habits to "stop the bleeding" so this month doesn't become next year's backlog Remember: avoidance is the real problem, not the backlog. One reconciled month is momentum! Ready to catch up your books? Download the free Podcast Cleanup Playlist! It walks you through the steps and red flags to look for as you clean up and catch up: https://erikamillard.com/podcast-playlist-bundles [https://erikamillard.com/podcast-playlist-bundles] Come say hi on Instagram @erika_millard Happy Bookkeeping!

126 The Boring Secret Behind 3 Clients' Best Revenue Months

Three of my clients just had their highest revenue month of 2026 (some the highest EVER)! A coach, a therapist, and an interior designer. Totally different businesses, but they all have the same boring secret in common: how they handle their bookkeeping. In this episode: * Where all three started: overwhelmed and confused by QuickBooks * Each of their stories, from setup and training to the support level that fits their season * The pattern they share: support early, a simple routine (hello, Finance Fridays!), and actually looking at their numbers * Why I believe this played a real part in their growth The magic ingredients? Get set up right, get support early, build a simple routine, and actually look at your numbers. Curious what stage YOU'RE in? Download the free podcast playlist made just for your season, whether you're setting up, catching up, or ready to outsource. https://erikamillard.com/podcast-playlist-bundles [https://erikamillard.com/podcast-playlist-bundles] If you're the confused and overwhelmed one right now, you don't have to stay there! Book a discovery call and we'll find the right support for your season. Discovery call link: https://portal.erikamillard.com/public/appointment-scheduler/6138d4116063a033a5d47857/schedule [https://portal.erikamillard.com/public/appointment-scheduler/6138d4116063a033a5d47857/schedule] Happy Bookkeeping!

125 Summer School Session 4: How Your 3 Reports Actually Work Together

Welcome to the grand finale of Summer School! We're wrapping up the series by showing you how the P&L, Balance Sheet, and Cash Flow Statement all work together to tell one big story about your business. Haven't caught the other sessions yet? Go back and listen first! Links below. In This Episode * Performance, position, and movement: what each report is actually telling you * The road trip analogy (speedometer, GPS pin, gas gauge) * How to pull all 3 reports in QuickBooks Online for the same time period * Why you can be profitable and still feel broke * What your P&L has to do with your taxes Links Mentioned * Session 1: Let's Talk P&L https://podcasts.apple.com/us/podcast/122-summer-school-session-1-lets-talk-profit-loss/id1707561040?i=1000771854013 [https://podcasts.apple.com/us/podcast/122-summer-school-session-1-lets-talk-profit-loss/id1707561040?i=1000771854013] * Session 2: Balance Sheet for Small Business https://podcasts.apple.com/us/podcast/123-summer-school-session-2-balance-sheet-for-small/id1707561040?i=1000772954114 [https://podcasts.apple.com/us/podcast/123-summer-school-session-2-balance-sheet-for-small/id1707561040?i=1000772954114] * Session 3: Cash Flow Statement for Small Business https://podcasts.apple.com/us/podcast/124-summer-school-session-3-cash-flow-statement-for/id1707561040?i=1000773875365 [https://podcasts.apple.com/us/podcast/124-summer-school-session-3-cash-flow-statement-for/id1707561040?i=1000773875365] * Grab your free podcast playlist: https://erikamillard.com/podcast-playlist-bundles [https://erikamillard.com/podcast-playlist-bundles] Happy Bookkeeping!

124 Summer School Session 3: Cash Flow Statement for Small Business

You could be totally profitable on paper... and still feel like you're scraping by every single month. Sound familiar? That's exactly what we're digging into today! In this Summer School session, we're breaking down the cash flow statement (the report a lot of small business owners skip right over) and why that's a problem. By the end, you'll finally understand why your profit and your bank account don't always match, and what you can actually do about it. What We Cover What is the cash flow statement? Profit is what you've earned. Cash is what's actually sitting in your bank account. Those two numbers are often not the same, and the cash flow statement is what helps explain the difference. Why your profit and cash might not match: * You billed a client but they haven't paid yet (hello, unpaid invoices!) * You made a loan payment, but that cash is gone and it doesn't show up as an expense on your P&L * You bought a big piece of equipment or a lot of inventory all at once, and recorded it as an asset instead of an expense The three sections of the cash flow statement: * Operating activities: cash from the day-to-day running of your business * Investing activities: cash spent on bigger purchases like equipment or long-term assets * Financing activities: cash tied to loans, owner draws, contributions, and debt payments (Don't panic if you don't have an investing activities section. That's totally normal for newer or online-based businesses!) Cash basis vs. accrual basis: The gap between your profit and your cash can also depend on which method you use to record your books. If you're not sure what that means, go back to episode 67 where we break down the number one QuickBooks setting that most people miss. Do you really need this report if you already look at your P&L and balance sheet? Yes! The cash flow statement tells a story the other two can't. You can be profitable and asset-rich and still run out of cash if the timing is off. Common Questions Answered "My P&L says I made money, so why is my bank account so low?" Timing! Unpaid invoices, loan payments, and big purchases all hit your cash differently than they show up on your P&L. Profit and cash are not the same thing, and that's okay. "Is a slow cash month always a bad sign?" Not necessarily, but it is a warning sign. One slow month might not be a big deal. If it keeps happening, that's your cue to pay closer attention to your cash flow statement (and maybe even look into a cash flow management system). "Is cash flow the same thing as a budget?" Nope! Your cash flow statement shows what already happened. A budget is a prediction of what's going to happen. But they can work together and you can create cash flow forecasts to plan ahead. Resources Mentioned * Episode 67: The #1 QuickBooks setting that gets missed (cash vs. accrual basis) * Recent guest episode with Emily: How to manage cash flow and what it means for your taxes * Free curated podcast playlist [https://erikamillard.com/podcast-playlist-bundles]: Find out exactly where you are in your bookkeeping journey: https://erikamillard.com/podcast-playlist-bundles [https://erikamillard.com/podcast-playlist-bundles] Happy Bookkeeping!

123 Summer School Session 2: Balance Sheet for Small Business

Most small business owners either ignore the balance sheet or have no idea what they're looking at... and honestly? That makes total sense! The terminology is confusing, and it doesn't feel as urgent as your P&L. But in this Summer School session, we're breaking it all the way down so you actually understand what a balance sheet is, why it matters for YOUR business, and what to look at when you open it up. In this episode, you'll learn: * What a balance sheet actually is (and how it's different from your P&L) * The ALOE acronym that makes it all click: Assets = Liabilities + Owner's Equity * The most common asset types you'll see as a small business owner * What liabilities and equity really mean in plain language * How often you should actually be reviewing this report * Why the balance sheet is a sneaky great place to catch errors Key Takeaways: The balance sheet is a snapshot in time, not a summary of activity. While your P&L shows how your business performed over a period, the balance sheet shows where things stand at one specific moment. These two reports work together, and you really do need both! Everything on a balance sheet falls into one of three buckets: assets (what your business owns or is owed), liabilities (what your business owes to others), and equity (what's left over for you as the owner). Remember ALOE! Even if you're a service-based business without a lot of physical assets, you still need to review your balance sheet. It's actually one of the best places to spot miscategorized transactions before they become a bigger problem. Resources mentioned: Grab the free playlist to find the episodes that match where you are in your bookkeeping journey: https://erikamillard.com/podcast-playlist-bundles [https://erikamillard.com/podcast-playlist-bundles] Next week: Summer School Session 3 drops next week, so stay tuned!