Does math give you the heebie-jeebies? Does budgeting make your palms sweat? Does the thought of filing taxes make you want to run away to the woods and live off the land?
If so, you're not alone! Tons of people feel like they're "bad with numbers," and because of that, they tend to neglect their finances. As a business owner, though, you can't just close your eyes and hope your books stay organized. (Trust me. I've seen people try!) Even if you think you're "bad with numbers," you can learn how to manage your business finances with ease and confidence. Here's how!
The Myth of Being "Bad With Numbers"
So many of us graduate high school convinced we hate math. And why wouldn't we?! It's a tough subject in school, and it's rarely fun. In terms of money, most of us leave school knowing next to nothing. Sure, you might know how to write a check, but did you learn how to pay taxes? How to create (and stick to) a budget? I didn't!
Then, when we actually start making money and paying bills, numbers get even scarier. Money is a huge stressor in our adult lives, especially when we don't feel confident managing it. When you think about it, it totally makes sense that we'd be intimidated.
So if you're an adult who's convinced numbers just aren't for you, you aren't alone. Managing your finances feels really high-stakes, especially when you run your own business. Anyone - and I mean anyone - can learn to be "good with numbers." It just takes practice!
How to Learn Business Finance Management
Educate Yourself
Just because your high school days are over doesn't mean you can't keep learning about personal finance! There are tons of free resources online for learning how to budget, how to file business taxes and everything in between.
If you're looking for a more all-inclusive resource, check out Be Your Own Bookkeeper. It'll teach you how to manage your business finances and maximize your profit.
Whichever resources you choose to use, be sure they're from a trusted financial professional.
Keep It Simple
The more streamlined your financial systems, the easier it will be to learn and stick to your bookkeeping routine. I suggest an all-in-one program like Quickbooks so you can track your expenses, send invoices, and file taxes from the same software. Plus, their support team is top-notch, so you always have someone available to answer your questions.
I also recommend using a daily, weekly, and monthly bookkeeping checklist to keep yourself on track. (You can find one in my course Be Your Own Bookkeeper!)
Outsource the Big Stuff
At a certain point, it just makes more sense to outsource parts of your financial management. Most of my accounting clients come to me after they've been DIYing their finances for a while and either 1.) have grown to the point where outsourcing is more efficient or 2.) no longer feel confident managing their taxes or bookkeeping. Whatever your reasons, it's better to outsource your financial management than neglect it.
Accept the Slip-Ups
You're bound to make some mistakes along the way (just hopefully not super expensive ones!). Accept that it's part of the learning process, and don't be afraid to ask for help. We're all learning, all the time!
Don't let being "bad with numbers" keep you from running a successful business.
Even if you never love managing your money, you can learn to do it confidently with the right resources, a little guidance, and tons of practice.
If you want to get yourself started on the right foot and ditch the "bad at numbers" label, join the waitlist for Be Your Own Bookkeeper. In it, you'll learn exactly how to track expenses, maximize your profit, and manage your business finances with confidence.
Want more tips like these? Be sure to subscribe to the newsletter! (and don't forget to follow along on IG @prettypennyaccounting)
Feeling unsure or worried about the accounting side of your business? Download this free guide with 3 steps to financial confidence in your business.
Ready to hand over your accounting? Download my services guide and let's work together!
Σχόλια