Understanding your Finances as an Entrepreneur

I know that a lot of the time, we can feel like we don't know what we're doing. We don't know how we're doing things and when I've worked with my clients previously, they've always just taken all of their receipts and just handed it off to their accountant and their accountant would do all of the work for them in order to prepare them as well as doing their taxes.

And there's a couple of different things with that. There's segregation of duties, which is an important thing because the person who's doing your taxes, shouldn't be the same person doing your bookkeeping because then they can play around with the numbers and stuff and there's a lot of other things on that end. 

So I wanted to come and talk about how you can save money during the tax season by implementing some small changes right now and to help you understand your finances a bit more.  And to make sure that you are profitable in your business and that you don't just not feel like what's going on. 

Are you the type of owner where If you have your own business and finances, you do everything you can to avoid your business finances? due. You don't want to look at them and they just kind of just sit there for months on end and then you'll do them like once every six months. Or And then if you're spending extra for your accountant to do your bookkeeping. And that is a big thing, because an accountant will charge you at an accountant's rate, like a CPA rate versus a bookkeeper rate. As business, youhe wanted to make profit. Right?. And you don't want to have to pay out more than you  want. You have to. Knowing your finances, provides an,  it's all about ease of mind and you know what's going on.

 Organization of finances, these are some of the things that I do when I implement for my clients, as well as for myself. It just helpsed provide that documentation in case you get an audit from CRA and you've got that document. It's like that backup and then reading financial reports. So this is like really important and there's ways that if you've got a really good bookkeeper, they can help you understand if you have a profit, prove it sent it to you, even if finances are not your big thing. But if I'm going to go through some of the very basic ideas on how to know if your business is making money by looking at a couple quick little reports, so that you've got an idea of what's going on.

You can organize your finances in multiple ways including:

• Google Drive
• Spreadsheets
• Accounting software

For more information, I have a free training available that touches on these above ways to organize your finances. 

Please note, if you want to leave your finances until tax season like if you just don't care, you want to spend the extra money and you want your accountant to do all of it. Then this is not the training for you.

If you aren't a business owner or an entrepreneur, we will not be going through personal finances today. We will just be focusing solely on your business finances.

If you're a pro at understanding your business, finances, and QuickBooks, this is not the training for you. I am going to not go into things like your high depth, detail, and items. I am just going to do more of your basics and how to get started with QuickBooks and a couple of other items.

And if you’d like to learn and hear more about this training, kindly go to my Facebook page - https://www.facebook.com/KathleenCurrieCoach

 - Kathleen Currie Coach