How to Get Your Accounting Ducks in a Row as an Entrepreneur
- October 1, 2020
- by Chelsea
Why You've Got to Listen to This Episode...
Moments You Don't Want to Miss
- [6:46] How the new tax code is built to benefit businesses like yours
- [13:15] Why you can't wait to figure out all this “accounting stuff”
- [16:02] Find out why that shoebox-full-of-receipts accounting method needs to go
- [19:44] How to spot the signs that it’s time to invest in your business
- [31:05] Discover what business forecasting is and how it can help you with goal-setting in your biz
- [54:20] Chelsea’s Top Takeaways
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Key Takeaways to Get Your Accounting Ducks in a Row
As always, we’ve rounded up our top three takeaways to summarize what we believe are the core points to remember from Sheneya.
1 - There Are Financial Benefits to Being a Business Owner
Sheneya pointed out how accounting as a business owner and accounting as an employee are different and how our tax code actually benefits business owners!
There is a reason Amazon and Apple pay so little in taxes—the system is set up to let them do it!
Whether you have a full-time or part-time business, working to understand at least the basics of business finances and tax rules (or hiring an accountant to help you) can let you keep more money in your pocket to put towards growing your business or reaching your financial goals.
2 - Track Your Revenue & Expenses From the Very Beginning
Sheneya said this so many times during our discussion, but I’m going to mention it once more. When you start a business, a side hustle, a passion project—no matter how small—keep track of your revenue and expenses.
You don’t need fancy tracking tools yet. But just having a simple spreadsheet where you jot things down will let you keep an eye on what is working and what isn’t. And when you’re growing and ready for that next stage- to invest in Quickbooks, Freshbooks or a CPA, you’ll have what you need to get set up.
Not to mention that tracking in the early stages makes you that much more likely to keep treating your business like a business. Honoring the time and effort you put into your work so that you can make the most profit.
3 - Focus on Your Craft
This may have been my favorite thing Sheneya mentioned today. When you’re starting a business, don’t worry about the fancy tools and newest, flashiest marketing strategies. Don’t get caught up in social media follower counts and what everyone else is doing.
Focus on your craft. Get really, incredibly good at what you do. So that your first clients will refer you to new clients. So that when a big break comes or an opportunity to work on a big project or be featured in the media or by another business, you have a quality product to share.
Social media comments and numbers mean nothing if you can’t show up for your people. So keep developing your craft.
Links & Resources Mentioned
Connect with Sheneya
The People’s CPA, Sheneya Wilson, is a Serial Entrepreneur, Certified Public Accountant, and Real Estate Investor. She is the Founder and CEO of Fola Financial LLC, a firm dedicated to assisting clients with navigating their financial journey. As a CPA for the people, she prides herself on educating and providing exceptional financial services to Millennials, Creatives, Entrepreneurs, and Travel Nurses.
She is also the CFO of Wilson & Thomas Enterprises Inc., a real estate investment company, and My Successful Sistah Inc., a not-for-profit dedicated to empowering women through the use of education, networking, and sisterhood.
Additionally, Sheneya is pursuing a PhD in Accounting Information Systems at Rutgers University. Committed to using her accumulated skills and knowledge to impact the lives of those who seek financial guidance, she truly believes that “Education is the most powerful tool which you could use to change the world” – Nelson Mandella.
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