Get Comfy with Numbers | Making Bookkeeping & QuickBooks Easy for Female Entrepreneurs, Bookkeeping for Small Business, Business Finance 101

Time to push past your fear of bookkeeping reports! Let’s do this together. OK, want to learn about balance sheets and income statements? Reviewing both reports gives a complete financial picture — one shows what you have and owe (Balance Sheet), and the other shows how you’re earning and spending (Income Statement). Your balance sheet tells what you own, owe, what’s left. Key sections of the balance sheet will tell you: * Assets: Cash, accounts receivable, inventory, etc. * Liabilities: Loans, unpaid bills, etc. * Equity: Owner’s equity, retained earnings. Why review your balance sheet? We’re looking for how liquid you are and your debt to assets ratio. OK on to the income statement. This report shows your revenue, expenses, and profits or losses over a period of time. Key sections of the income statement will tell you: * Revenue: Income from sales or services. * Expenses: Costs like rent, payroll, and utilities. * Net Income: Profit or loss after expenses. Why review your income statement? We want insight into the profitability and operational efficiency of your business so you can understand where money is coming from and where it’s going. Listen to the end for more smart tips on how to evaluate profit margins, control expenses, and identify trends (e.g., comparing month-over-month revenue). My challenge to you: Go run these 2 reports. What do you notice in your business? * Is there something wrong that needs to be fixed?  Reach out here! [https://erikamillard.com/] * Did you gain any new insights into your business? I’d love to hear from you so let me know!      Learn more about bookkeeping help from Erika here: https://erikamillard.com/ [https://erikamillard.com/]    Mini Course- Get Comfy with Budgeting https://erikamillard.com/budget [https://erikamillard.com/budget]   Get Comfy with QuickBooks https://erikamillard.com/get-comfy-with-quickbooks [https://erikamillard.com/get-comfy-with-quickbooks]   Don’t forget to download the free Monthly Bookkeeping Checklist: https://erikamillard.com/bookkeeping-checklist [https://erikamillard.com/bookkeeping-checklist]    Using AI in QB Video Tutorial https://erikamillard.com/aiinqb [https://erikamillard.com/aiinqb]    Happy Bookkeeping!

Not making much money in your business right now? That's okay, we've all been there! But today I want to give you several key areas to focus on in your business finances when business is slow. In this episode, we discuss the importance of money mindset, prioritizing spending, boosting cash & more! You'll also want to use this time to make sure you have a good bookkeeping routine & a simple & easy system in place.  This episode on money mindset is mentioned, so check it out if you haven't already! https://podcasts.apple.com/us/podcast/005-money-mindset-makeover-reframing-limiting-beliefs/id1707561040?i=1000631579021   Here are the ways we can connect: Reach me: https://erikamillard.com/contact [https://erikamillard.com/contact] Learn: www.erikamillard.com [http://www.erikamillard.com/] Email: connect@erikamillard.com [connect@erikamillard.com] Instagram: @erika_millard [https://www.instagram.com/erika_millard/]   Mini Course- Get Comfy with Budgeting https://erikamillard.com/budget [https://erikamillard.com/budget]   Get Comfy with QuickBooks https://erikamillard.com/get-comfy-with-quickbooks [https://erikamillard.com/get-comfy-with-quickbooks]   Don’t forget to download the free Monthly Bookkeeping Checklist: https://erikamillard.com/bookkeeping-checklist [https://erikamillard.com/bookkeeping-checklist]      Happy Bookkeeping!

Congratulations on starting your very own business! Today I’m going to explain the basics of bookkeeping so you can keep things clean and simple right from the start.   Business Structure: Identify your business structure. OK, your business is either going to be a sole proprietor, an LLC or an S Corporation. Know this from the beginning so you can pay yourself correctly.   Separate Business Accounts: You definitely want to have a checking account that is separate from your personal checking account. And then you might also want to have a business savings account, too.   Profit First Method: Check into the Profit First method to see if you’re interested in that.   Do You Need a Credit Card: You don’t need to have a credit card. That’s up to you. It depends on what your beliefs are around debt.   Bookkeeping System: Set up a system for your bookkeeping. You can use a spreadsheet at first, but the decide what kind of software might make your life easier.   Tracking Your Cashflow: You need to keep the actual receipts. I bank statement isn’t enough. Set up a routine so you are regularly attending to your bookkeeping and looking at your finances. Understand your cashflow. When is money coming in? When is money going out? What is your budget? And of course, please pay yourself. Make sure that your business supports you!   Here are the ways we can connect: Reach me: https://erikamillard.com/contact [https://erikamillard.com/contact] Learn: www.erikamillard.com [http://www.erikamillard.com/] Email: connect@erikamillard.com [connect@erikamillard.com] Instagram: @erika_millard [https://www.instagram.com/erika_millard/]   Mini Course- Get Comfy with Budgeting https://erikamillard.com/budget [https://erikamillard.com/budget]   Get Comfy with QuickBooks https://erikamillard.com/get-comfy-with-quickbooks [https://erikamillard.com/get-comfy-with-quickbooks]   Don’t forget to download the free Monthly Bookkeeping Checklist: https://erikamillard.com/bookkeeping-checklist [https://erikamillard.com/bookkeeping-checklist]      Happy Bookkeeping!

I'm a big believer in getting some training on whatever accounting platform you use for bookkeeping. If you are trying to see if QuickBooks is right for you, go back and listen to these 3 episodes: 15 3 Reasons to Start Using QuickBooks This Year [https://podcasts.apple.com/us/podcast/015-3-reasons-to-start-using-quickbooks-this-year/id1707561040?i=1000641011532],  25 QuickBooks vs. Wave - Which Bookkeeping Platform is Right for You? [https://podcasts.apple.com/us/podcast/025-quickbooks-vs-wave-which-bookkeeping-platform-is/id1707561040?i=1000654820712] 31 Prices are up! Is QuickBooks Still Worth the Money? [https://podcasts.apple.com/us/podcast/031-prices-are-up-is-quickbooks-still-worth-the-money/id1707561040?i=1000662398100]      It's easier to keep your books well from the beginning, but if you have things that have gotten messy, and that happens, you can clean it up.   Training is so important that you need to budget for it. Oftentimes, when you use free YouTube training videos, you waste time wataching long videos when you only needed a couple of minutes of that content.   When you have the skills to keep your books well, you will feel so confident and empowered. Your bookkeeping system will work for you, not against you.    I can help you! Click the link for my bookkeeping program below that will give you exactly the steps that you need and will be achievabble in an hour or less a month - which will save you money you might have spent hiring a bookkeeper.   Here are the ways we can connect: Reach me: https://erikamillard.com/contact [https://erikamillard.com/contact] Learn: www.erikamillard.com [http://www.erikamillard.com/] Email: connect@erikamillard.com [connect@erikamillard.com] Instagram: @erika_millard [https://www.instagram.com/erika_millard/]   Mini Course- Get Comfy with Budgeting https://erikamillard.com/budget [https://erikamillard.com/budget]   Get Comfy with QuickBooks https://erikamillard.com/get-comfy-with-quickbooks [https://erikamillard.com/get-comfy-with-quickbooks]   Don’t forget to download the free Monthly Bookkeeping Checklist: https://erikamillard.com/bookkeeping-checklist [https://erikamillard.com/bookkeeping-checklist]      Happy Bookkeeping!

Do you know the BEST way to double check if you have errors or duplicates in your bookkeeping? We are going to cover that in this episode & demystify a common term that really confuses people so grab a yummy drink & tune in. The best way to get started is to do a Bank Reconciliation. This will help you not only catch duplicates and missing items, but also catch FRAUD.  I talked with 2 clients this year who had discovered that a bookkeeper was stealing from them and this is just heartbreaking. Once again, I’m here to educate you and walk you through it so you can do it yourself! A Bank Recon is matching bank records to your books: 1. Gather your documents 2. Compare your transactions  3. Look for discrepancies 4. Resolve issues  I know you’re thinking, “OK but do I really have to do this?” YES Errors in bookkeeping hurt your business. It’s a disservice to you if records aren’t correct. And, that’s the whole point of records; you want them to be accurate so you can make smart business decisions and avoid overpaying in taxes if the errors would keep you from counting deductions.   If need help when go to do this in Quickbooks, let’s hop on a call!   Here are the ways we can connect: Reach me: https://erikamillard.com/contact [https://erikamillard.com/contact] Learn: www.erikamillard.com [http://www.erikamillard.com/] Email: connect@erikamillard.com [connect@erikamillard.com] Instagram: @erika_millard [https://www.instagram.com/erika_millard/]   Mini Course- Get Comfy with Budgeting https://erikamillard.com/budget [https://erikamillard.com/budget]   Get Comfy with QuickBooks https://erikamillard.com/get-comfy-with-quickbooks [https://erikamillard.com/get-comfy-with-quickbooks]   Don’t forget to download the free Monthly Bookkeeping Checklist: https://erikamillard.com/bookkeeping-checklist [https://erikamillard.com/bookkeeping-checklist]    Happy Bookkeeping!