TO the Feathered Arrow blog. I'M Kari! A WEDDING PLANNER, PODCAST HOST, BIZ EDUCATOR, AND A LOVER OF COFFEE, ALL THINGS OUTDOORS + A SUCKER FOR A GOOD LOVE STORY.
Welcome, welcome, friends! On this episode of The Local Table, we’re discussing one thing entrepreneur’s hate most: finances. My wonderful bookkeeper, Adrienne Zimbro, is here to teach you how to keep the banking boogieman at bay. Adrienne is the CEO of business bookkeeping company, InLine Accounting, where they help creative biz owners in the wedding industry, photographers, digital marketers + designers by taking the monthly bookkeeping off their hands. AKA your virtual bookkeeping besties. Adrienne received her degree in accounting and began working in corporate accounting before quickly realizing it wasn’t her passion. Adrienne then began her own business in 2016 targeting creative entrepreneurs. When Adrienne is not crunching numbers she enjoys coffee shops and brewery hangouts, being slightly obsessed with all things minimalist, and being a new mama!
Hiring a bookkeeper is so important because you get your time back as an entrepreneur! When you outsource, it’s a win/win. You get accurate reports from your bookkeeper and you get your space in your day for creative tasks. However, if you can’t hire a business bookkeeper for right now, a good way to save for taxes is to set aside 30% of your profit each month. Be sure to have a separate account to put your tax money into. Adrienne knows it can be difficult for entrepreneurs to pay yourself but even it’s $50 a month, it’s so important to do so. Take your profit, subtract the 30% of taxes and take your pay from there.
One common question for modern business owners is who is responsible for the processing fees from your contract/payment system. According to Adrienne, it varies from state to state so be careful! In California, technically you can’t charge someone more for services to cover the cost, but you can name it differently on the invoice to charge the clients the fee. However, if you as the business owner take on the fee, it is a write off for as an “operating expense”, and can help keep good client relations.
Speaking of tax write offs, it’s best to keep track of these throughout the year. Be careful of making large purchases simply to increase your business tax write off. You don’t necessarily want to spend more than intended just to save a few dollars on taxes. Adrienne’s advice is to only spend the money if you need to invest in something for your business.
Thanks for listening, friends! Tune in for a new episode of The Local Table Podcast on Spotify and iTunes! You can find Adrienne on her website or on instagram! Heads up, if you’ve been inspired to outsource your business bookkeeping, Inline Accounting is taking on new clients in 2021! Go to their website and sign in for the waitlist.
If you want to learn more about outsourcing in your business, check out this blog post!
Also, listeners – if you need help on your entrepreneurial journey, I want to share a platform that I love to use for my business and personal life! The one project management system that I swear by to keep my business afloat and running smoothly is HoneyBook. It makes running my business so easy and I can set up workflows for all my clients from the initial inquiry to contracts and payments! Who doesn’t want to get paid while they sleep!? I wouldn’t survive in my business without this project management system and you can get in on it now too! Just use the link here to sign up and get 50% off your first year or just head to https://bit.ly/fahoneybook to get your deal!
Lastly, when you offer a service, your time is money! Trying to recreate resources from scratch every time you have a new inquiry is time consuming and not helpful to your workflow. I created fully customizable templates in my shop you can use today to make your business stand out, and impress your clients! Check it out!
Quick disclaimer friends, this post contains affiliate links. If you use these links, we do take a commission from each purchase and it helps support our small business! All thoughts and opinions on these services are my own!