If you’ve ever been tempted to use a sliding scale for your business or organization, I highly recommend checking out the very useful resources Hadassah has compiled! Better yet, sign up for her newsletter for a regular dose of “nerdery and hustlerdom” (eg awesome money tips, ideas for hacking capitalism, and ways to hustle).
My day job, as you’ve probably noticed by now, involves making YouTube videos for a small business audience. At a small business software company.
Expensify, another small business software company, just won that game with their Superbowl ad:
When my colleague Luda shared this with me last week it had fewer than 500 views; it has 7.2 million as I’m writing this. They’ll be paying an estimated USD$5.25 million to air the ad during the game, and I am so curious what percentage of those YouTube views they paid for. A lot of people are commenting that when they clicked to watch the video, the same one comes up as an ad, so clearly they’re paying more than they should have…
I was only half joking when told Luda I might as well quit, there’s no touching their big-budget over-the-top interactive star power collab sweepstakes approach. Definitely not my style, but still… wow. I catch new details every time I watch (”smoke a bong with a porcupine,” why not?) and I’ve watched it So. Many. Times. I even tried scanning the receipts but couldn’t get any of my blurry screenshots to scan properly in the app, which I already have on my phone because that’s what we use for our expenses. I feel so Silicon Valley right now.
In addition to calculating how much money we’ve earned over our entire lives, and what we have to show for it (aka our net worth; this is Step 1), we’re instructed to calculate our real hourly wage, a function of our life energy, and track every cent that comes into our goes out of our lives (Step 2). And we get into the habit of tallying up our spending by categories that are relevant to our lives, and we regularly convert those monthly spending totals into hours of life energy (Step 3).
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.
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!
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.
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)
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.