Dear Dangerously in Love With Your Finances, We are a 3 year-old, insurance-based naturopathic family medicine practice located in Oregon. Our staff includes an office manager, a medical assistant, and me. We also have an outside medical billing service taking care of our billing. We have quite a large dollar amount of billing – in my … Read more
Dear Dangerously in Love with Your Finances, Oops, I did it again!! I am a mental health provider – Licensed Marriage and Family Therapist – located in Austin, Texas. As a solo clinician not on the practice payroll, I keep getting into trouble with my taxes: I am not saving enough to pay my quarterly … Read more
I’ve answered hundreds of small business accounting questions this year from clients, consults, and through this blog. Instead of responding to a finance query from an entrepreneur this week, I wanted to address some of the biggest issues I’m asked.
Being a business owner is one of the most rewarding jobs in the world, but it’s not for the faint of heart. There is no instruction manual to run your company. It requires research, stamina, support, and confidence.
Stephanie leaped at the opportunity to become a spa owner. In her excitement, in getting up and running, she never opened a business checking account and used her personal checking account to operate her massage spa.
It wasn’t intentional, she was going to do it, but one day lend into weeks, which lend into months, which lend into the end of the year.
When tax time approached, Stephanie needed to get financial statements and financial documents to her tax accountant, she couldn’t remember who the purchases belonged to. Were these purchases and deposits personal or were they for the spa?
There is so much going on at all times in our lives, and that intensifies at the holidays. We never have enough time for family. There’s rarely the opportunity to take care of ourselves. If you don’t make the time, it will never appear.
Sure, as business owners we rarely truly get time 100% off. There are always small things to attend to, or ideas that come to mind. But if your business slows down over the holidays, then so should you.
In order to make this possible, but start making your plan now and expect to have several longer days than usual to ensure that you’ve attended to the necessary details.
We can’t be afraid of numbers. They’re all around us and the key to staying and growing iyour organization. Data equals facts, and knowing the truth about our business’ performance is the only way to get ahead.
We are a goal-oriented society, but I want to spend time talking about the part that is often skipped over: the unglamorous details of how you actually hit your financial goals.