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Should I be doing my own bookkeeping and accounting? Is QuickBooks the best software for me to use in my business, or is there another accounting software I should be using? What’s the best way for me to process my payroll? How can I track my money and cash flow? How do I prepare for my business taxes? What do my financial statements really mean? How can I bring my business to the next level? How can I grow my business? What is the best way to create my business strategy? Should I start a side hustle? How can I add bookkeeping as an additional service as a Virtual Assistant? How can I start an online virtual bookkeeping business? And most importantly, how do I manage my small business finances? Welcome to Mastering Your Small Business Finances where we get straight to the point and answer all these questions and more. Each episode is designed for you to take IMMEDIATE ACTION in your business so that you, as a busy entrepreneur, can gain the CONFIDENCE and CLARITY you need to make a successful impact on your business and GROW YOUR BOTTOM LINE. Each week, host Chris Panek, Certified Public Accountant, Business Strategist and Business Coach, breaks down topics like finances, entrepreneurship, money management, leadership, bookkeeping, tax deductions, growth, side hustle, marketing, mindset and motivation into simple JARGON-FREE episodes. One of her strengths is helping small business owners navigate and really understand these complicated topics for over 25 years. Whether you are just starting your business or have an established business, you are in the right place. If you are a bookkeeper or virtual assistant who wants to learn more about business finances to start, grow or scale your bookkeeping business, you too will benefit from this podcast. Ready to Master Your Small Business Finances? Listen in ~ your time will be well spent here! This podcast is sponsored by Financial Adventure. Visit www.FinancialAdventure.com for additional information and free resources.
Episodes
Wednesday Mar 24, 2021
Wednesday Mar 24, 2021
If making more money in your business is one of your goals this year and you believe the only way to achieve this goal is by getting more sales, you might be wrong, but I understand where you are coming from. Everywhere we go we are told to increase our sales to make more money. You may have already decided the only way for you to increase your profits is to increase your marketing and sell, sell, sell. You have limited time to run your business and you find yourself putting all your time into getting new sales and yet, you still see your net profit numbers going down each month. Well, I’m here to tell you that getting more sales is not exactly the best way to increase your profits. We have been led to believe that the only way to make more money is to increase our sales or revenues, but that isn’t totally true. We all want to see our business succeed and grow our sales, but if you don’t watch all your other numbers carefully, you could be in for a huge surprise. It doesn’t matter if you are using a computerized software system like QuickBooks or a manual spreadsheet like Excel, this episode is for you. Today I am talking about why sales shouldn’t always be your main concern when you are looking to grow your profits, so if you are self-employed, a solopreneur, an entrepreneur, a small business owner, you own a virtual online bookkeeping business or are a virtual assistant or VA, listen in and I’ll walk you through understanding how you can increase your profits without feeling the need to increase your sales. I want to help you ensure your small business is able to keep more of the sales you are bringing in and maintain higher profits…
Grab Your FREE guide: 5 Essential Strategies For Stress-Free Bookkeeping:
www.FinancialAdventure.com/5Essentials
Your FREE Online Virtual Bookkeeping Business Starter Guide is waiting for you:
www.FinancialAdventure.com/StarterGuide
If You Have Or Would Like To Start A Bookkeeping Business, Join My Founding Members:
https://financialadventure.ck.page/62c2a3a963
Sign up for a quick chat to see if starting a Virtual Online Bookkeeping Business is right for you:
www.FinancialAdventure.com/Discovery
Join Our Facebook Community: www.facebook.com/groups/WomenBusinessOwnersUltimateDIYBookkeepingBoutique
QuickBooks Online - Save 50% Your First 3 Months:
www.FinancialAdventure.com/QuickBooks
Show Notes: www.FinancialAdventure.com
This podcast is sponsored by Financial Adventure, LLC ~ visit www.FinancialAdventure.com for additional information and free resources
Wednesday Mar 17, 2021
Wednesday Mar 17, 2021
With more and more people becoming self-employed on the rise, it’s so important to understand how to file your taxes and take advantage of the write-off’s that are available to your business. If you are a self-employed solopreneur, entrepreneur, small business owner, virtual online bookkeeper, virtual assistant or VA, you need to ensure you are knowledgeable about these 10 tax tips. Today, I am diving into these top 10 tax tips to reduce taxable income that every self-employed individual needs to consider and I’ll help you understand how they make an impact on your taxable income. If you are using a computerized software system like QuickBooks or keeping your books manually, make sure you are planning ahead for your tax filing deadline. Don’t wait until the last minute to start looking into these tips. Start early and be prepared for your upcoming tax appointment. I know thinking about doing your taxes isn’t the sexiest topic, but I promise, you’ll want to listen in today to increase the success of your business, and having a successful business…well, that sounds sexy!
Grab Your FREE guide: 5 Essential Strategies For Stress-Free Bookkeeping:
www.FinancialAdventure.com/5Essentials
If You Have Or Would Like To Start A Bookkeeping Business, Join My Founding Members:
https://financialadventure.ck.page/62c2a3a963
Sign up for a quick chat to see if starting a Virtual Online Bookkeeping Business is right for you:
www.FinancialAdventure.com/Discovery
Your FREE Online Virtual Bookkeeping Business Starter Guide is waiting for you:
www.FinancialAdventure.com/StarterGuide
Join Our Facebook Community: www.facebook.com/groups/WomenBusinessOwnersUltimateDIYBookkeepingBoutique
QuickBooks Online - Save 50% Your First 3 Months:
www.FinancialAdventure.com/QuickBooks
Show Notes: www.FinancialAdventure.com
This podcast is sponsored by Financial Adventure, LLC ~ visit www.FinancialAdventure.com for additional information and free resources
Wednesday Mar 10, 2021
Wednesday Mar 10, 2021
Knowing how to read and analyze your Income Statement or Profit & Loss report is not only important, but it could be critical to the success of your small business. Understanding how your business is performing financially will prompt strategic decisions and meaningful operating goals for the future of your business. It will tell you if your business is profitable or not, and where you could work on cutting costs or, maybe you need to make a shift or pivot your business to turn your business from operating in the red – or showing a loss, to operating in the black – or showing a profit. It doesn’t matter if you are doing your bookkeeping or accounting with a manual bookkeeping system such as using a spreadsheet like Excel or Google Sheets to do your bookkeeping or a computerized software system like QuickBooks or QuickBooks Online, you will still be able to generate an Income Statement for your business. Whether you are a solopreneur, entrepreneur, small business owner, a bookkeeper with an online virtual bookkeeping business or a virtual assistant looking to add bookkeeping as a service to your existing business, listen in to today’s episode and I’ll make sure that the next time you are having a conversation about income statements, profit & loss reports or P&L’s with your colleagues you won’t feel intimidated, left out or confused. You will be able to speak with confidence knowing exactly what they are talking about and most importantly, you will know exactly how your own business is doing because you will be looking at your Income Statement with confidence knowing your numbers are correct…
If You Have Or Would Like To Start A Bookkeeping Business, Join My Founding Members:
https://financialadventure.ck.page/62c2a3a963
Grab Your FREE guide: 5 Essential Strategies For Stress-Free Bookkeeping:
www.FinancialAdventure.com/5Essentials
Sign up for a quick chat to see if starting a Virtual Online Bookkeeping Business is right for you:
www.FinancialAdventure.com/Discovery
Your FREE Online Virtual Bookkeeping Business Starter Guide is waiting for you:
www.FinancialAdventure.com/StarterGuide
Join Our Facebook Community: www.facebook.com/groups/WomenBusinessOwnersUltimateDIYBookkeepingBoutique
QuickBooks Online - Save 50% Your First 3 Months:
www.FinancialAdventure.com/QuickBooks
Show Notes: www.FinancialAdventure.com
This podcast is sponsored by Financial Adventure, LLC ~ visit www.FinancialAdventure.com for additional information and free resources
Wednesday Mar 03, 2021
Wednesday Mar 03, 2021
Today we are talking about report cards. If you have a child in school…or maybe they are distance learning, you know you need to keep tabs on how they are doing, right? Well, when you own a business, it’s a lot like having a child. How many times have you heard someone refer to their business as their “baby”? I hear it a lot, and yet, when we think about how that baby is doing, there are a lot of business owners who don’t even look at their baby’s report card. Are you asking, “What report card?” If you knew your business had a report card, would you be looking at it on a consistent basis? Sure, you would. What if I told you there is a report card you can look at that gives you an enormous amount of information about how your business – or “baby” is doing. That report card…well, it’s your financial statements. There are two reports that I strongly recommend you take a look at…even if it is just once a month. If you are using a software like QuickBooks to record your bookkeeping, it is easy to pull up these reports. In today’s episode, I am going to walk you through the first of these two reports and what it is actually telling you about your business. Is your business getting straight A’s, or is it consistently getting Ds or even worse, Fs? If you are not looking at these reports, you will more than likely not know if you are in the A range or the F range, and without this information…are you able to make good business decisions? Not really. Are you a solopreneur, entrepreneur, small business owner, bookkeeper or virtual assistant? If so, listen in and find out how you can learn more about how your “baby” is doing by understanding how to read and measure your financial statements…
Grab Your FREE guide: 5 Essential Strategies For Stress-Free Bookkeeping:
www.FinancialAdventure.com/5Essentials
Sign up for a quick chat to see if starting a Virtual Online Bookkeeping Business is right for you:
www.FinancialAdventure.com/Discovery
Your FREE Online Virtual Bookkeeping Business Starter Guide is waiting for you:
www.FinancialAdventure.com/StarterGuide
Join Our Facebook Community: www.facebook.com/groups/WomenBusinessOwnersUltimateDIYBookkeepingBoutique
QuickBooks Online - Save 50% Your First 3 Months:
www.FinancialAdventure.com/QuickBooks
Show Notes: www.FinancialAdventure.com
This podcast is sponsored by Financial Adventure, LLC ~ visit www.FinancialAdventure.com for additional information and free resources
Wednesday Feb 24, 2021
Wednesday Feb 24, 2021
When you own your own business, you know how quickly the paperwork can start to pile up. It’s great to have processes in place to make sure you are handling all the day to day tasks, but once you tackle those obligations, what do you need to do with the documentation? This is where record retention policies for your small business are valuable. Once you set up these policies, you as a solopreneur, small business owner, virtual online bookkeeping business owner or virtual assistant can easily find the answers you are looking for. Should you keep a particular document, or is it okay to destroy it? How long do you need to keep documents? Are some documents more important to your small business than others? Is there a way to retain documents in QuickBooks? And, does it matter if you store your records electronically or in hard copy? In today’s episode, we are diving into each of these questions and more. If you feel like you are swimming in an ocean of paperwork and want to finally find out what you should be doing to get in control of all of it, listen in and before you know it, you’ll have your policies set up and you’ll know exactly where to put your documents so you can find them easily and how long you need to keep them.
Grab Your FREE guide: 5 Essential Strategies For Stress-Free Bookkeeping:
www.FinancialAdventure.com/5Essentials
Sign up for a quick chat to see if starting a Virtual Online Bookkeeping Business is right for you:
www.FinancialAdventure.com/Discovery
Your FREE Online Virtual Bookkeeping Business Starter Guide is waiting for you:
www.FinancialAdventure.com/StarterGuide
Join Our Facebook Community: www.facebook.com/groups/WomenBusinessOwnersUltimateDIYBookkeepingBoutique
QuickBooks Online - Save 50% Your First 3 Months:
www.FinancialAdventure.com/QuickBooks
Show Notes: www.FinancialAdventure.com
This podcast is sponsored by Financial Adventure, LLC ~ visit www.FinancialAdventure.com for additional information and free resources
Wednesday Feb 17, 2021
Wednesday Feb 17, 2021
Owning your own business can be stressful enough with all the tasks of running your own business, but also taking into consideration your small business finances can easily push you over the limit for keeping your cool. Even if you enjoy what you are doing, feeling overwhelmed can happen so suddenly and it isn’t good for anyone. Today we are going over a few tips to ensure you don’t slip into having feelings of overwhelm in your small business, because we know when this happens, you start to procrastinate, and those feelings just start to snowball into more and more overwhelm and it is difficult to make good business decisions. Listen in today and find out what you as a small business owner, an online virtual bookkeeper, virtual assistant or solopreneur can do as soon as you start to feel stressed or overwhelmed from managing all the roles of owning a business so that you can successfully follow through with your small business finances as well as other important areas of your small business.
Grab Your FREE guide: 5 Essential Strategies For Stress-Free Bookkeeping:
www.FinancialAdventure.com/5Essentials
Sign up for a quick chat to see if starting a Virtual Online Bookkeeping Business is right for you:
www.FinancialAdventure.com/Discovery
Your FREE Online Virtual Bookkeeping Business Starter Guide is waiting for you:
www.FinancialAdventure.com/StarterGuide
Join Our Facebook Community: www.facebook.com/groups/WomenBusinessOwnersUltimateDIYBookkeepingBoutique
QuickBooks Online - Save 50% Your First 3 Months:
www.FinancialAdventure.com/QuickBooks
Show Notes: www.FinancialAdventure.com
This podcast is sponsored by Financial Adventure, LLC ~ visit www.FinancialAdventure.com for additional information and free resources
Wednesday Feb 10, 2021
Wednesday Feb 10, 2021
If you are like most small business owners, online virtual bookkeepers or virtual assistants, you set some amazing goals at the beginning of the year. More than likely one of these goals covered your business finances and bookkeeping, that’s why you are here, right? In today’s episode, we are diving into what you need to do RIGHT NOW to make sure you stay true to your goals. Listen in as we talk about bookkeeping consistency. We’ll also be talking about why now is a great time to start using QuickBooks Online if you are looking for a computerized software solution. You don’t want to miss the one thing you can do to stay on track with your bookkeeping this year.
Sign up for a quick chat to see if starting a Virtual Online Bookkeeping Business is right for you:
www.FinancialAdventure.com/Discovery
Your FREE Online Virtual Bookkeeping Business Starter Guide is waiting for you:
www.FinancialAdventure.com/StarterGuide
Grab Your FREE guide: 5 Essential Strategies For Stress-Free Bookkeeping:
www.FinancialAdventure.com/5Essentials
Join Our Facebook Community: www.facebook.com/groups/WomenBusinessOwnersUltimateDIYBookkeepingBoutique
Show Notes: www.FinancialAdventure.com
This podcast is sponsored by Financial Adventure, LLC ~ visit www.FinancialAdventure.com for additional information and free resources
Wednesday Feb 03, 2021
Wednesday Feb 03, 2021
Believe it or not, if you are doing your own bookkeeping you have a chart of accounts. If you are using an Excel spreadsheet, QuickBooks or another system to record your bookkeeping, you will have a chart of accounts. You may just have a list of accounts you use periodically, but this is your actual chart of accounts. Whether you are a small business owner, a virtual online bookkeeper or a virtual assistant doing bookkeeping, you will use a chart of accounts when doing your bookkeeping. Today we are jumping into what your chart of accounts is, how you should maintain it and why it even matters to your small business. We’re breaking down each part of your chart of accounts and discussing what each section means as well as how you should be recording your transactions. If you struggle with this in your business, I promise after this podcast you will gain more confidence and will find you have one less reason you hold off on doing your bookkeeping on a consistent basis. I want to give you all the tools to make sure you understand your business finances and that they are up to date so that you have accurate information to make smart business decisions. Listen in as we clear all the confusion around your chart of accounts and what each account really means…
Sign up for a quick chat to see if starting a Virtual Online Bookkeeping Business is right for you:
www.FinancialAdventure.com/Discovery
Your FREE Online Virtual Bookkeeping Business Starter Guide is waiting for you:
www.FinancialAdventure.com/StarterGuide
Grab Your FREE guide: 5 Essential Strategies For Stress-Free Bookkeeping:
www.FinancialAdventure.com/5Essentials
Join Our Facebook Community and View Our Sample Chart of Accounts: www.facebook.com/groups/WomenBusinessOwnersUltimateDIYBookkeepingBoutique
Show Notes: www.FinancialAdventure.com
This podcast is sponsored by Financial Adventure, LLC ~ visit www.FinancialAdventure.com for additional information and free resources
Wednesday Jan 27, 2021
Wednesday Jan 27, 2021
Understanding the difference between revenue and profit is crucial to a business’s success. They both show up on your income statement or profit and loss report, but they are very different numbers. Whether you are a small business owner or have an online virtual bookkeeping business, you’ll want to listen in today as we talk about what these differences are and why you need to know what each one represents. This is extremely important when looking at the new PPP Loan Second Draw qualifications. If you are a small business owner or if you are an online virtual bookkeeper, you need to know the difference so that you can make smart business decisions. Do not miss today’s episode especially if you are considering the PPP Loan Second Draw…
Sign up for a FREE Discovery Call to go over your unique business start-up:
www.FinancialAdventure.com/Discovery
Your FREE Online Virtual Bookkeeping Business Starter Guide is waiting for you:
www.FinancialAdventure.com/StarterGuide
Grab Your FREE guide: 5 Essential Strategies For Stress-Free Bookkeeping:
www.FinancialAdventure.com/5Essentials
Join Our Facebook Community: www.facebook.com/groups/WomenBusinessOwnersUltimateDIYBookkeepingBoutique
Show Notes: www.FinancialAdventure.com
This podcast is sponsored by Financial Adventure, LLC ~ visit www.FinancialAdventure.com for additional information and free resources
Friday Jan 22, 2021
Friday Jan 22, 2021
When you are a small business owner or bookkeeper recording transactions in QuickBooks Desktop or QuickBooks Online, it can be very easy to accidentally enter the wrong date…especially if you are recording a lot of transactions from the past or catching up on your bookkeeping. To make sure you don’t record any entries in a period that has already been closed, be sure to follow these steps to maintain the accuracy of your previously prepared financial statements. This is a tip I tell my clients about and many of them didn’t know this was available. They absolutely love it and it prevents them from entering incorrect dates. You don’t want to be entering a date in an incorrect period…especially if the tax return for that entity has already been filed for that time frame. Grab a notebook and listen in, I’m giving you all the details on setting a closing date in QuickBooks Desktop and QuickBooks Online…
Sign up for a FREE Discovery Call to go over your unique business start-up:
www.FinancialAdventure.com/Discovery
Your FREE Online Virtual Bookkeeping Business Starter Guide is waiting for you:
www.FinancialAdventure.com/StarterGuide
Grab Your FREE guide: 5 Essential Strategies For Stress-Free Bookkeeping:
www.FinancialAdventure.com/5Essentials
Join Our Facebook Community: www.facebook.com/groups/WomenBusinessOwnersUltimateDIYBookkeepingBoutique
Show Notes: www.FinancialAdventure.com
This podcast is sponsored by Financial Adventure, LLC ~ visit www.FinancialAdventure.com for additional information and free resources