EP 60: Easy Bookkeeping Practices to Set You Up for Longterm Success with Mark Butler
One of the toughest parts about being “young and broke” is not having the money to do some of the responsible things you know you should be doing. Stuff like:
- buying (and eating) healthy food
- regular maintenance on your car
- extra insurance
- regular dental exams
- hiring a bookkeeper for your business
I hope you’re in a place right now where you can afford most of these things… because I know how tough it is to do without them. Both because they’re helpful basics, but also because you know you should be doing them, and it’s stressful to be “letting things slide” — even when you don’t have much choice.
But if your business is still in its infancy, you might still be cutting a few corners, sticking to a tight budget, and DIY’ing, well… everything.
Kudos to you. Seriously.
The early stages of building a business are tough, but if you can stick them out (and I know you can!!) they will eventually be worth it.
But what’s to be done in the meantime??
Especially when it comes to managing your finances, you can’t just ignore that aspect of your biz until you’re earning enough to hire a pro.
Because let’s face it… if you do that, you might never get to that point at all.
Fortunately, you have options.
On this week’s podcast episode, I interview Mark Butler, CPA and the founder of Let’s Do the Books, a bookkeeping service for brand new companies.
In the episode, Mark shares exactly how to DIY your bookkeeping — and how to do it right. So that when you eventually are ready to work with a pro, you’ll be PROUD to show them your books and there won’t be any awkward conversations.
Listen to the full episode to hear:
- The biggest mistake new business owners make with their business finances
- Mark’s advice for opening your FIRST business checking account
- How to set up a SUPER simple spreadsheet to track income and expenses in your business
- The basics of bookkeeping and accounting that EVERY entrepreneur should understand—especially when you’re in a growth phase
- The difference between the business profit and the money you take from the business to pay yourself (and how it impacts your books)