Get Your Financial Systems Together

As a women business owner, it is important to leverage your business for less worry and more ease.

To do that, it is necessary to develop and maintain financial systems that give you confidence in your financial stability while having funds for your lifestyle and allowing you to leave a financial legacy that is meaningful to those you love.

If this sounds good to you, follow these steps to get started:

Be Clear: Being unclear keeps you stuck. There is no payoff for that. Clarity sparks action to do the right things in the right order at the right time. Get clear on your income, your expenses, what your goals are and, of course, write them down.

Be Resilient: Develop resilience by overcoming big setbacks and navigating the daily distractions, disappointments and doubts you encounter when you don’t get the financial results you expected. Know that there will be setbacks in your business. Plan for them. Have more credit than you need and always have reserves.

Be Courageous: Talking about finances with your business or life partner can be uncomfortable. Heck, sometimes talking to your accountant can be a little daunting. Be willing to be uncomfortable, ask a lot of questions, ask for what you need and get whatever support you need to achieve your goals.

Be Practical: Simon Sinek says, “It’s the magical partnership of the person with their head in the clouds and the person with their feet on the ground that creates progress.” Make sure you have a financial coach, consultant or partner to assist you in getting all your financial systems in place to thrive each day in your business. Get partners who champion your success.

You have so many talents to share. Follow these steps to ensure that you can continue to bring your gifts as long as you like.

The Power of 10

With so much conversation about money and ideas on what and where to put it, do you ever just want to ask the question, can you HELP me?

Then we start talking about it to friends and now as a group, we are all the expert.  Sometimes with everyone acting as the expert sharing what they thought did or didn’t work, has now become more like the old game we played as kids called “Telephone.”  The words passed from ear-to-ear change and ultimately the information is incorrect. We may hear about someone’s unfortunate outcome with an annuity. When the person was actually put into a plan that wasn’t correct for them in the first place. They only know the pain of their particular experience. After hearing all of this you now become mentally paralyzed.  In reality, there are some great annuities that will pay you for the rest of your life and can be transferred to a beneficiary:  Win-Win.

Example: An income of $100,000

How about that saying of putting 10 percent of your money away annually for retirement?  Let’s put away $833 a month for the next ten years.  It almost seems unattainable. First reaction, “Oh my gosh, are you kidding me?”

Now if I say to you, let’s create a plan for ten years based on your income of $100,000 and fund it with $10,000 annually with guarantees that you will not only have growth capped, meaning that there will be a ceiling and a floor so that you never lose principle. Growth is compound and guaranteed; one that will offer you a larger amount to pull from in case of an emergency, will reduce future taxes and pay you a tax-free income for life. WHAT WOULD YOU SAY?

We need multiple streams of income going forward. Are you ready?

 

Your Financial Sandcastle

Is your financial sandcastle sturdy or is it washing away? I had the pleasure hearing Michael Bernard
Beckwith, founder of Agape, speak about goals using a sandcastle analogy. It made me think of how we as a population can be that way with our finances.

It is time to take innovative action with regard to our finances, especially this new year 2017. There are actions that were taken before the election that will be game changers as we, as a country, move forward.  

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Using Financial Reports to Help You Strategize for Success

Accounting.

Is your bookkeeping up to date? If so, are you using the information available to you to plan the success of your business? According to Merriam-Webster®, the definition of the word strategize is to make a plan for achieving a goal. 

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Things To Consider When Hiring a Temporary Worker

Business.

Does your business get busier in the fall and are you considering hiring temporary staff to help with the workload?  If so, keep in mind there are some things to consider.

The first is whether they can be a 1099 contractor or if they need to be hired as an employee.  For more information on this, see my blog post here which gives information on how to determine which classification to use based on IRS guidelines.

The second thing to consider are all the costs associated with a regular employee that must be paid for the temporary worker.  What are these expenses?

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Mid-Year Bookkeeping Check-In

office-620822_1280It’s just shy of the end of June, so six months of the year are almost complete.  I suggest to my clients having a check-in with their CPA at least two times a year; once about mid-year, and once in the late fall.

It’s a time to review what is happening in your business and see if any adjustments are needed to meet your goals. Based on what you find, you can make adjustments to prepare for a change in taxes due based on your profitability.

If you set a goal for the business in terms of revenue, how are you doing in relationship to that figure?  If you are at 50% or better, that’s great!  How much over your goal are you?  Is this going to impact your taxes?  Do you need to alter your estimated tax payments (if you currently have to file) to avoid owing a large amount later?  

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The Need To Make Money 24/7

passive money

Why the need to make money 24/7? There is a misconception that the root of all evil is money.

In reality, money creates options and freedom;

the option to make choices when life hands you the unexpected and the freedom to afford it.

Do you feel excited or stressed when I say, “make money 24/7?”

I would hope it’s excited. If not, let’s look at making a shift. We’re definitely busy sometimes working full time  in and out of the home. However, the key in today’s society is building an income that pays you even when you’re not working.

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Intuit PaymentNetwork (IPN) Discontinuation FAQs

IncomeRut-238x300Are you using Intuit’s IPN payment system with your QuickBooks software to invoice your customers and receive their payments? If so, this service will be discontinued May 31, 2016. Customers will still be able to pay invoices with the pay link until June 30, 2016. Pay link, Ecommerce button, Mobile payments, QR code, and Facebook integration features will be discontinued on June 30, 2016.

Intuit periodically changes or discontinues services, and their FAQs state that the new process is an improved billing solution. Intuit has introduced eInvoicing to replace IPN. If you are currently using IPN with a website or a Mac, you must sign up for QuickBooks online. For information on how to import data into QuickBooks online, go to http://quickbooks.intuit.com/move-from-desktop-to-online. If using the Windows version, an upgrade to 2016 is necessary.

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Knowledge Is the New Money

big-money2 knoweldge

What is more important than the dollar? It is the knowledge in how to grow, move or hang onto it during a family, economic or emergency situation.

We are constantly advised through the media and advisors to invest in the market by placing it into deferred plans. None of them are telling you that taxes will go up or about the fees and penalties associated with these plans. We’ve been in an all-time tax low. Our president signed a bill with no cap on the rise of future taxes. The only way to pay for the health care change is from higher taxes.

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