When I was running my publishing company, I used my (sadly, rather inept) accountant exactly five times: once to set me up on my accounting software — a disaster through-and-through — and once a year for the four years to do our taxes.
If I had known then what I know now (businesses that use accountants regularly grow their profits 23% faster!), I would have made an effort to find an accountant that was a much better fit, and I would have consulted them far more frequently.
Here’s a video I made recently for Xero that goes over the critical times when it’s a good idea to hire an accountant.
I hope I don’t need to explain why it’s important to do your business accounting. (How the heck can you make strategic business decisions without knowing what’s going on under the hood?!)
But if you’ve never tried using cloud accounting software, aka accounting software that lives online vs on your computer, you’re in for a treat. I recently made the video above describing all the ways that cloud accounting makes your business life That Much Easier. Check it out if you need more inspiration to make the switch!
Yes, a specific cloud accounting software company pays my bills. Yes, they charge a subscription fee. Yes, I 100% believe it’s worth it (and I wouldn’t be working there if I didn’t believe in what the company is doing). Yes, there are alternatives, both paid and free, but buyer beware; sign up for the free trials, kick the tires, talk to your biz friends and advisors to find out which software they use and what they think of it. But by all means, free yourself (and your business financials) from your desktop!
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The life of an artist is typically all or nothing and so is their taxable income. As such, many accountants don’t have the patience to guide creative clients through the motions of each financial year.
Introducing Paco, founder and director of the HellYeah Group – a boutique bookkeeping agency aimed at creative folk needing financial support. Paco joins me to discuss some of the financial holes creatives find themselves in and how she assists them in getting their finances and lives on track. “For a lot of people it’s feast or famine so a lot of times they have to come up with the patchwork of incomes or different revenues streams and at the beginning at least you either have to have a pile of cash that you can rely on or you need to hustle your ass off so you can build a pile of cash so that you have flexibility there in terms of cash flow timing,” says Paco. Listen in for more recommendations from Paco and to hear about her incredible entrepreneurial journey.
It’s brave and completely inspiring.
When you’re a startup, you only have about a billion things to think about. So it’s understandable if accounting isn’t top of mind. That’s why I worked with Liz Mason from High Rock Accounting to produce this 37 minute online course, designed to provide the accounting basics you need to know to become a successful small business. It covers:
- Why accounting is better in the cloud
- Basic accounting definitions
- Track what’s important (ie, enough to glean meaningful insights, and not so much that you get bogged down in unnecessary detail)
- Payroll concepts
- Integrations with other small business software
It’s always a pleasure to serve as a guest on other people’s podcasts. Back in November, Jennifer Lewis interviewed me for the Small Food Business podcast series. They released the episode today, saying:
Many of us start our small businesses with a broader mission or vision for what we’re hoping to achieve beyond just dollars and cents. In today’s podcast, we talk with sustainable small business expert and author Elizabeth Ü about how mission driven businesses can raise the capital they need in an environment that seemingly values the bottom line above all else.
But my favorite part about this podcast is the end, when I had the opportunity to describe how my passion for supporting small business owners ultimately led me to take a job with an accounting software company: Continue reading “Raising capital without selling your soul: interview on the Small Food Business Podcast”