Get Your Small Business Finances In Order For Life: Gain Free Access To The Quickbooks Masterclass By Joining The Profit To Prosperity Membership

Jul 26

Invest in the financial future of your small business, and invest in yourself by joining us today in the Profit to Prosperity Membership.

This is your opportunity to clarify, manage, and own the financial details surrounding your small business without having to rely on a team of financial experts, endless hours of Google searching, or an accounting degree. Through the Profit to Prosperity Membership, you can unlock the limitless power that comes with truly understanding your business finances.

Now’s the time, my friend.

What do you get when you join the Profit to Prosperity Membership?

In this blog series, we’re closely examining each portion of the Profit to Prosperity Membership so that you can be confident in its value and know exactly what to expect from it before officially taking the plunge.

This is what I predict: That you’ll see how implementation of this curriculum will really work, that you’ll delight in how quickly it will pay off and how competent and savvy its understanding will make you feel, and that by joining the Profit to Prosperity Membership, you’ll ultimately fill a gap in our community that lacked your particular expertise and giftedness, all while growing in CFO strength with the support of your new girl gang of fellow badass female small business owners. Sounds pretty good to me.

Organizing your small business finances

Last month, we checked off the ‘P’ portion of the Profit to Prosperity Membership ‘POWER’ method by Planning Our Path.

This month, we’ll get into the ‘O’ portion, Organizing Our Financials, by first discussing bookkeeping and bookkeeping systems.

What is bookkeeping, and why is it important?

So, first of all, why is all this even necessary? What exactly is bookkeeping, and why is it important?

Bookkeeping is the practice of tracking transactions for the important purposes of

Tax preparation

Because you’ll be taxed on your net profit, which is your amount of income left over after expenses.

To avoid being blindsided by tax liability, you’ll need to have available the proper percentage of that net profit when tax payment time approaches. So, of course, you need an effective method for easily and accurately calculating your net profit--the first reason why bookkeeping is your friend.

Diagnosing the health of your small business in order to make wise decisions that will support its longevity of success

Did you know that a whopping 82% of small businesses fail within their first year because of poor cash management? 82%! That sounds scary, but don’t let it spook you--you can avoid this tragedy through effective bookkeeping.

Many cash management mistakes result from an incorrect assumption that the amount of cash in the bank is the only factor of importance when considering potential decisions that will impact and direct the future of your small business. But there’s so much more at play than just the dollars you have on hand right now--sustainability of income, tax liability, inventory/business expenses, licensing fees, employee salaries/contractor fees, and more.

Bookkeeping systems provide you with a descriptive picture of all the factors at play, so you can make informed decisions regarding the future of your small business that will encourage healthy growth and longevity of success, rather than that are short sighted or will over-leverage its resources. That way, you can join the 18% of small businesses that make it to the bigger and better.

But you’re not just playing defense here. Thorough and effective bookkeeping is also an offensive move. Because, by tracking all of your transactions, you’ll be able to tell which of your particular product or service income streams are earning you the largest profits, so you can focus more of your energy on targeting those well-paying opportunities.

So, you see, from both the defensive and offensive perspectives, bookkeeping helps make you richer. It does so by both helping you make more money, and helping you hang onto more of the money that you make. Through effective bookkeeping, you’re covered on both ends.

So we’re all sold on the value of effective bookkeeping now, right? It’s time to pair that effectiveness with efficiency by implementing a bookkeeping system.

How to start bookkeeping

For those just getting their feet wet, I recommend the Quickbooks Online Simple Start plan. At just $25 per month, it will support the needs of your small business without overtaking your budget.

Side note, though--as a relatively new small business owner myself, I can relate to that strong will to stay as lean and mean as possible in the early days. If you feel hesitant at all to spend that monthly fee, I get it, but I implore you--trust that this investment will pay off for all the reasons explained above, and that you’ll thank yourself later for getting started now.

If you’re ready to purchase, I congratulate you!

Once subscribed to the Quickbooks Online Simple Start plan, it’s time to get your new system for efficient and effective bookkeeping up and running toward your enjoying small business financial peace of mind.

A bit of great news if you’re feeling intimidated by the thought of setting this all up on your own--that feeling is exactly the value of the Profit to Prosperity Membership! In it, I break down every step of Quickbooks set-up (plus a million other things), visually demonstrate the process in detail, and offer you checklists for verifying that you did it all correctly. The Profit to Prosperity Membership helps eliminate intimidation and self doubt regarding business finances and corresponding tools.

Free access to the Quickbooks Masterclass by joining the Profit to Prosperity Membership

Join the Profit to Prosperity Membership now, and enjoy access to the Quickbooks Masterclass completely for free!

How the Quickbooks Masterclass will help you

Here’s a little tidbit of what the Quickbooks Masterclass will teach you:

The first thing to do when implementing the Quickbooks Online Simple Start plan is simply to decide on a starting point for your financial records.

Yes, even if you’ve been in business for years, you don’t have to log every transaction of the past in perfect detail. Instead, you’ll simply note your starting balance, one amount representing the entire bundle of your small business financial history, as a Journal Entry within Quickbooks, and then get going from there.

The most convenient time of year to establish a starting point and make this transition will be while preparing to file your tax return, since you have to gather all of the information that will contribute to your Quickbooks Journal Entry anyway.

And as you gather it all up, you can simultaneously say goodbye to uninformed financial decisions and to super time consuming tax preparation. Because bookkeeping within Quickbooks, as opposed to on a Google Sheet, gets you auto-generated financial reports, like a balance sheet and profit and loss statement, that will contain all the necessary information for both tax preparation and for diagnosing the health of your small business in order to make wise decisions that will support its longevity of success.

See it all coming together??

I’m telling you: you need this. And the materials contained within the Profit to Prosperity Membership will un-complicate the whole thing.