WOAH! We’re halfway there! (yes I’m singing Bon Jovi – don’t judge, I’m a product of the 80’s)
Here we are, standing at the halfway point and I’m here to make sure you’re not living on a prayer (cue Bon Jovi singing in the background) because living on faith is not the way to deal with your money.
It might seem like the year just started since many of you just got your taxes finished and some are still working on them.
Take action on the following steps and get your books now, getting your records up to date, making sure expenses are properly categorized, and paperwork is organized. Doing this which will reduce last-minute tax season chaos. An added benefit is that once you’re done, it’s a great time for a mid-year review so you can strategize based on the findings. Do you need to adjust prices? Ramp up sales to meet your goal? This is a great opportunity to pivot and make adjustments if needed because you have another 6 months left in the year!
So, let’s cut to the chase and talk about the top three actions you can take this month to make your life easier, save you from unnecessary stress, and even keep more money in your pocket.
Here’s my list
of the TOP three actions
you can take this month to make your life easier, save you unnecessary stress, and even save you money.
Bring Your Bookkeeping Up To Date-play Catch Up Now
Start by gathering all of your bank and credit card statements. Getting the information into your accounting system is easy with an accounting app like QBO, but can be done fairly quickly with other technology as well. Don’t feel like doing it yourself or not sure how? Now is a great time to hire a bookkeeper. It’s well worth the investment, and it’s a tax deduction for your business.
Reconcile those accounts to make sure you captured all of the info and don’t have anything duplicated. Missing expenses or duplicating deposits means you’ll pay way more in taxes than you should. And here’s a little secret: using accounting apps like QBO can make this process a breeze. But hey, if you’re not tech-savvy or just not feeling it, consider hiring a bookkeeper like me. Trust me, it’s worth the investment, plus you can deduct it as a business expense on your taxes.
Review Your 1099 Subcontractors
No Slippery Slopes Here!: Now that your bookkeeping is up to date, it’s time to identify those folks who aren’t on your regular payroll, subcontractors and those pesky 1099 forms. Rule number one: always get a W9 from your vendors BEFORE you pay them. It’s like having an insurance policy against missing paperwork. Better to do it now than scrambling for them come January. Remember, if you paid someone $600 or more, you need to send them a 1099 form.. Trust me, you don’t want to be sweating it out in January, chasing after missing paperwork like a headless chicken.
Give Your Expenses a Good Hard Look & Rock Your Cash Flow
It’s My Life”” might be playing in the background, because it’s your money and you can spend it how you want to……… but, let’s be real and take a no-nonsense approach to your expenses and do an expense audit. By looking at where your money went you can see if there are subscriptions that you barely use bleeding your account dry, or if your dining-out habit might be draining your funds faster than you realized. It’s time to adjust and get your cash flow rockin’. You can then redirect that money to more worthwhile investments. My grandfather used to say “A penny saved is a penny earned”. I’ve found it’s always surprising how quickly money disappears when not tracked.
Oh yeah I’m still singing Bon Jovi’- “take my hand – we’ll make it I swear”. If you need a little extra support, join my Empowered Money Making Mamma Group. We’ve got some killer resources, lessons, guides, and tips to help you along the way. I also offer training sessions for small business owners who wants to take control of their finances. You can totally do it yourself, or if you prefer, hire an expert like me to keep things in check with regular reports.
I also offer training for small business owners and even people who want to understand and better control of their finances. If you have not, read my story. I learned how to better control my finances, books and I love training people to DIY their finances. You really can do it yourself, or you can hire expert bookkeepers, like me, to get it done for you and stay on top of it with monthly, quarterly reports to keep you informed.
Last piece of advice:
One last piece of advice: don’t bury your head in the sand and hope it all magically sorts itself out. Plan your work and work your plan, my friend. Let’s rock the second half of this year and make it a financial triumph!
Stay awesome and keep sining!
Krista
As always, if you have any questions or need further guidance, feel free to reach out. Here’s to your success in mindful money management!
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