- Self-care is not a luxury but a necessity, especially for entrepreneurs seeking expert bookkeeping services. Regular breaks, exercise, and a balanced diet are essential for your overall well-being and business success. A healthier you leads to a more efficient financial management.
- Managing work-life boundaries is crucial for business owners. Saying "no" when necessary ensures a balanced life, allowing you to focus on your business while our bookkeeping experts handle the numbers.
- You don't have to do everything on your own. Delegate tasks or consider outsourcing to reduce your workload and focus on your core business activities, knowing your finances are in capable hands.
- Efficient time management is critical for entrepreneurs in need of bookkeeping services. Plan your day, prioritize tasks, and use time-blocking techniques to stay organized and ensure your financial matters are well taken care of.
- Reignite your passion for your business and the financial success you desire. Remember why you started and the impact you aim to make, and rely on professional bookkeepers to help you realize your financial goals.
- Connect with fellow entrepreneurs, join business groups, or find a mentor who can guide you through financial challenges. Utilize professional bookkeeping services to ensure your financial decisions are sound.
- Don't neglect vacations and downtime. They are vital for recharging your energy and gaining fresh perspectives, all while our bookkeepers ensure your financial data is in order.
- Acknowledge and celebrate your achievements, no matter how small. Recognizing your financial successes will boost your morale and keep you moving forward while our bookkeeping services take care of the rest.
- Begin by reconciling your bank statements. Make sure all transactions match between your records and the bank statement. This helps uncover any discrepancies or errors quickly.
- Take a moment to go through your accounts receivable and follow up on any outstanding invoices. This is vital for maintaining cash flow and minimizing bad debts.
- Don't forget to record any accruals or prepayments for expenses or income. This provides a more accurate picture of your financial health.
- Verify that you're up-to-date with your tax payments and obligations. Late fees and penalties can add up, so staying on top of them is a smart move.
- Generate essential financial reports, such as your profit and loss statement and balance sheet. These reports offer valuable insights into your business's financial performance.
- Take a moment to plan ahead for the next month by setting financial goals. This proactive approach ensures you're in control of your business finances.
Choosing a bookkeeping software for your Network Marketing Business
***This post may contain affiliate links, which means I may receive a commission if you make a purchase using these links, at no cost to you.***
So many options…so little time! This is true in so many areas of our lives and is no different when we talk about setting up the back end of your business. I know it can be frustrating and I am sure you are feeling it, so we are going to review the two software options that I recommend to my friends in Network Marketing and the clients that I work with directly!
In general, you want to utilize a software that allows for automation, is easy to understand, and allows for the proper output (or reports) that you need to make financial decisions. The two most important reports are the balance statement which indicates the value of your assets (what you own) and your liabilities (what you owe). And of course, the profit and loss statement, the total of your revenue and expenses for any given time period.
Let’s dive into my favorites – and trust me, you don’t have to have an accounting degree to understand these!
Wave
The best part about Wave – it is FREE. Yes, you read the right my friend, it is completely free! You cannot go wrong at this price point! They promise their software is 100% free with no trials or limitations. If you utilize the platform to invoice customers, they earn money off the processing fee of that transaction, which allows them to keep the software available for free.
Wave will integrate with most banks. I say most because there are still some small-town banks that do not allow connections to bookkeeping software. If you bank at with a small bank and determine they don’t allow for the connection, it is ok, there is a way to import your bank transactions to allow for smooth entry and reconciliation. (More on this at another time!)
Another awesome feature, even with the free version, is the ability to upload receipts to the software. No more file folders full of paper documents, they can live right within the software. And since the software is completely free – no need to worry about losing the documentation if you quit “paying”!
To check out more details on Wave and determine if this software is a good fit for you head to www.waveapps.com.
Quickbooks Online
Quickbooks online is a tad bit more advanced. It does everything Wave can do, but with the addition of many bells and whistles. Quickbooks is also one of the most widely used bookkeeping softwares among bookkeepers, tax professionals, and even CPAs.
The pricing structure and offerings can get a tad bit confusing, so here is my suggestion. Of the 4 subscriptions they offer – stick with either Simple Start or Plus. The self-employed version does not provide enough customization to properly setup your chart of accounts nor the ability to track inventory. If you want the ability to track inventory digitally within your bookkeeping software, Quickbooks Plus will give you that ability!
Starting with Quickbooks is also a good option if you plan to scale your business. While Wave is a good starter option, the bigger your business gets, the more comprehensive of a solution you will need for automation, expense tracking, reporting, etc.
Moving from one software to another can be very time consuming and cause many headaches. And, being in network marketing can lead to an inventory headache. Keeping proper track of your inventory can be done very easily inside of Quickbooks and allow for a much better financial review at any given time.
Click here to review Quickbooks offerings and determine which subscription level will best fit your business and needs!
I hope this overview helps you to make a well-educated decision in choosing a bookkeeping software for your network marketing business!
Need help on putting together your chart of accounts? Check out this blog post on determining the right accounts for your documentation - https://bit.ly/38GRyRh
Be sure you are part of our Facebook community so you can get daily tips and tricks as well as participate in our weekly Q & A’s! Join here - https://bit.ly/32JoFjt
xo - Britt
Sunday is all about setting yourself up for success in the week ahead. As our schedules get busy with the holidays on the tip of our calendars, life (and business) can get overwhelming. And I know that business as a one woman or man show can also get exhausting and lead to complete burn out!
How can you avoid that burn out? Plan, plan, and then plan some more! A lot of the stress that we feel is due to the thoughts that are racing around in our heads and sometimes it is as simple as putting them on paper. When we do this, we don’t have to “remember” every little thing anymore and we can breath again!
Here are my top 3 favorite tips for preparing yourself for an amazing week ahead!
- Do a brain dump – all the ideas that you have in your head, whether new or things you have been holding onto – write it all down. It doesn’t have to be fancy, it doesn’t have to be full sentences, just get it out on paper.
- Review your brain dump – separate into “to dos” and “ideas”.
- Prioritize your “to do” list and put them in your calendar! Make sure you have any appointments or meetings noted in your calendar, and be sure block time to prepare for those.
Do you have a favorite planner or app that you use? I have become a digital girl – calendar on my phone and I utilize Trello for keeping track of my tasks and ideas that I have for different content pieces.
If you want to give Trello a try – they offer a free subscription level, but with this link - https://bit.ly/32qiTU1 - you can get yourself a free month of their “Gold” tier and see everything Trello is capable of!
Xo, Britt
