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Market YOU First!
Market YOU First!
Bookkeeping Basics
Do you dread dealing with your business finances? In this episode, Wes Wyatt breaks down simple bookkeeping strategies for entrepreneurs who hate numbers but love making money! Discover how just 15 minutes a week can save you thousands in tax deductions and help you make confident business decisions.
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This is market you first, it's time to learn to sell what you bring to the table, not what you're selling. This is market you first. This is your host, Wes Wyatt. Hey everybody, this is Wes Wyatt and this is the market you first podcast. Now, did you know that there is a large amount of small business owners that rate bookkeeping as their most hated task? Now, if you'd rather clean toilets than deal with your business finances, then you're probably not alone. But what if I told you that just 15 minutes a week could save you weeks of stress and potentially thousands in tax deductions? Today we're breaking down bookkeeping for people who hate numbers, but love making money. Now why does this matter? Let's be honest, you didn't start your business because you love tracking expenses. You started it because you wanted to share your gifts with the world and make a living doing what you love. But here's the thing, poor bookkeeping is the silent killer of promising businesses. When you don't know the numbers, you make decisions in the dark, you miss deductions, you might even be losing money on certain products or services without realizing it. And come tax time, that's when the real panic is going to set in. Now the good news is that mastering the basics of bookkeeping doesn't require an accounting degree. It doesn't even require fancy software, although that will help. Now what it does require is a simple system that is going to actually allow you to stick to it. Because the best bookkeeping system isn't the most sophisticated one, it's the one that you actually use consistently. So here are three key takeaways that are going to help you with that. Number one, you want to separate your personal and your business money. Open a business bank account and get a dedicated business credit card. And even if you're a solopreneur, this single step is going to cut your bookkeeping time in half because you won't waste time figuring out which Amazon purchases were for your business and which ones were for your kitchen. If your business isn't formally registered yet, you can still open a single personal account used only for businesses. And this is going to clarify which one is which and it's going to create its worth in gold for you. Number two, create a weekly money date. Block out 15 minutes every Friday to categorize the week's transactions while they're fresh in your mind. It doesn't matter if you're using free or paid software to import your business transactions automatically. Just do it. And then quickly review and categorize them. 15 minutes weekly is going to beat 15 panicked hours at tax time. Plus, you're going to find and spot financial trends while you can still act on them. And then number three, master the basic categories. You don't need a hundred different expense categories. Focus on these essentials. Income by product and service, materials and inventory, software and tools, education and training, and then office expenses, travel, meals, and contractor payments. Then create a one-page cheat sheet with examples of what goes where. And when in doubt about an expense, take a photo of the receipt and add a note explaining its business purposes. Okay, so how can you market you first and make this personal? Here's where bookkeeping becomes a powerful personal branding tool. When you know the numbers, you can speak with confidence about your business. You can make decisions about which offerings are most profitable, letting you know which ones to focus on, which ones you do best. Your bookkeeping system should reflect your unique way of working. Are you visual? Use color coding for different expense categories. Are you more of an auditory learner? Try dictating notes about expenses into your phone. Do you thrive with accountability? Find a money buddy and have virtual coffee dates where you both do your bookkeeping together. The goal isn't to become an accountant or a CPA. It's to have clear financial awareness that supports your personal brand. When you know which services are your money makers, you can confidently position yourself as an expert in those areas and nothing builds personal brand authority like being able to say this service has helped my clients achieve X results. And also, it's my most profitable offering. Now, if any of this is something that you think you should be doing, here is your call to action. Do your homework. This week, schedule a 30-minute appointment with yourself. During that time, choose one simple bookkeeping system, even if it's just an Excel spreadsheet to start, and then use basic categories that we discussed. Then I want you to schedule a reoccurring 15-minute appointment every week to maintain it. That's it. That small step is going to save you countless hours and potentially thousands of dollars over the coming year or years. Alright, so has this stuff been helpful to you? Don't forget to like, share, comment, and subscribe. When you get done listening to the podcast, go to weswyatt.com, scroll down to where you can put your name and your email address in, and get on our insider emails. I'll provide you with all the tips, tricks, and nuggets that I find. If you have questions, go to the thought bubble at the bottom right of weswyatt.com. That's my chat feature. I don't monitor that live, but I'll get back to you promptly. And last but not least, especially when it comes to money and talking about finances and stuff like that, go to weswyatt.com forward slash disclaimer for important context regarding this and all podcasts, posts, and info I provide. And thank you for tuning in for another episode of the Market You First Podcast. Until we talk next time, have a dynamite day! You've been listening to the Market You First Podcast. You are the most important thing you can sell. We hope you've gotten some useful and practical information from the show. Make sure to like, rate, and review the show. And we'll be back soon. To find the show notes and everything about the Market You First Podcast, visit marketyoufirst.com. On behalf of your host, Wes Wyatt, and the whole Market You First team, have a dynamite day!
