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Author: Jake Snelson

How to Build an Authentic Social Media Presence – Part II

You can find Part One of How to Build an Authentic Social Media Presence here.

Now that we’ve talked about the importance of having an authentic presence on our social media platforms, and we’ve reviewed a strategy for posting a variety of post types on our platforms, it’s time to talk about the nuts and bolts of making it all happen.

Types of posts

When putting together social media strategies, it’s important to remember the 3 P’s. Personality, Practicality, and Passionatism. Potential customers need to get to know you, just like going on a date. You can let them get to know you casually by sharing something general. Next, you share knowledge you have on the subject in a non-sales way, just helpful (building credibility). After that, you share something personal. All along the way you’ll respond to their comments, and observe their interests (likes, ha-ha’s, sad’s, etc). An example* of what to post with this strategy in mind is as follows:

1. Monday: something about the time/season of the year/holiday/motivational,
2. Wednesday: Educational, but helpful: How-to’s, Tips/Tricks, and
3. Friday: show personality, behind the scenes, videos with the owner/creating the product, etc.
4. Once per week, add a link talking about a sale Tuesday OR Thursday-talk about what event you have coming up, or both but not the next week

*This is a general schedule and may not work for all industries. It is also a starting point. Some companies have enough engagement/following to do well with more content. It’s best to take the advice and tailor it to fit your specific industry/product/service.

Social media isn’t all about sales and Call To Action’s (CTA’s), it is about building relationships with other people that need what you have. With that in mind, I recommend posts with heartfelt quotes, celebrations of holidays, etc. Social media is also about being consistent. Once you have started posting, reach out to engage your audience and let them know you are “available” and will continue to post information that is insightful and helpful.

Target audience

Time for a quick test…AGH! Don’t worry. This is easy.

Q: Who is the target audience?

If you answered “the general internet” you may be right, but you’ll agree that doesn’t really narrow things down at all.

You may ask, “Why do we need to narrow things down? I want all people to know about my product! All people can benefit from my Thneed (The Lorax).” Well, SOO GLAD you asked! More success comes from engaging people that have already had an interaction with you or already know you exist. Just like in our dating analogy, this becomes the point where someone that has met you few times, gone on a few dates, knows and likes you, could eventually ask to “marry” you. Beyonce’s line about “if you liked it you should’ve put a ring on it” works opposite in this case. If the CUSTOMER likes it, the CUSTOMER will buy your product or make the “move,” or “put the ring on it.”

Tip: Narrow your target audience down to those who already love your product/service. The tip here is to use your Current, Past, and Prospective Customer database as your target market. Don’t “hard sell” them, but let them be part of your “inner circle.” Invite them to get to know your company better, and let them help you on your journey. Let them know you have a social media page, let them know you’ll be posting tips and how-to’s, freebies that relate to them and help them in their lives, and behind the scenes that they’ve helped you with. Many times people also respond well when they feel they’re doing you a favor, “check out our new menu and let us know if there’s any changes you want us to make! Thanks for your help!” This can be done with an email, a video in an email (more personal), or a direct message on the social media platform they are on most.

Social media won’t bring you clients per se, but it will let people get to know you the same way fliers and open houses do, but much much BETTER. Will every person who gets a flier come to an open house? Not likely. Will every person that comes to the open house buy the house? No. Will every person who visits your page be interested? No. But they will continue to come back if you have things that relate to them, appeal to them, and interest them. This will keep your company in their mind when they hear of someone that needs that help or if/when they need it. It’s about keeping your company in their line of vision.

Check out a similar blog articles or Gerber Business Solutions’ social media feed (@gerberbusiness) with additional helpful tips.

How to Build an Authentic Social Media Presence – Part I

How A Social Media Presence Is Like Dating

How would you like it if someone you didn’t know, walks right up to you and asks you to marry them? What?! That’s a HUGE commitment! In a dating relationship, we get to know a person, spend time with them in many settings, and even consider how they treat others (family, friends, the cashier at the supermarket, etc.) before we consider the big question. The same goes for social media. We’re not proposing marriage to our clients; however, it’s a similar feel when people are on social media and we ask them to buy something. Let me explain…

Social media is everywhere. It is less and less of an “extra” and more and more of a necessity as far as advertising goes. Some business owners think of social media should yield an “immediate return” or something that brings many customers to their door right away. Most likely, that thought process comes from the amount of time and resources required to put out the right messages. Your company works hard, you want to see your money “paying off” right away.

Take a look at it from the customer’s perspective: How would you like it if someone came up to you when you were talking to your friends and family and started telling you about all their deals on igloo huts or lava beds? Chances are you might not be interested because you are in the middle of your “down time” and haven’t ever thought about igloo huts or lava beds. The topic doesn’t interest you and all you are getting from this person is a sales pitch. This is similar to a salesperson ringing your doorbell or getting a sales call from a private number to sell you something during dinner time.

But your product/service is great! How can you get people to be interested? Aren’t hard-nosed sales tactics the only way to get great return? NO. There’s a better way.

Case Study- Social Media Presence

Problem:

I’ve had very professional clients that refuse to get personal, even refuse to let their followers know that they have a social media page, thinking “If I’m on social media, people will find me there.” A few months later, they wonder why they aren’t getting any engagement or new clients. They’ve done the work. They’ve spent the time and money to be “on social media.” They’ve posted messages on all of their platforms that tell people what their product does and where to find it. Why haven’t the numbers gone up? Why hasn’t anyone signed up to be their next customer? Where’s the return on investment?

The analysis is simple:

The company hasn’t taken the time to get to know people first. To run with our dating/marriage analogy, there has been no introduction, no questions about past relationships, no getting to know them, no first, second or third dates. There will be no one lining up to “date” this company because all they know is that they sell things. Committing to a product or a company requires knowing something about them beyond their sales pitch.

No one knows the company exists, and for the few people that happen to stumble upon their page, the services/product was not something they were interested in and the page held no additional contribution to their life. That would be the end of the experience they would have with that company. The company needs to get a little personal and seek to understand their audience.

Recommended Solution: Focus on a variety of post types. Sales-type posts are needed but it’s a different strategy than it use to be. According Social Media Marketing World (SMMW), your company should:

50% of the time-post curated content (from other places, or generic type posts that don’t have to do with your product/service)
30% of the time-post original content (about your product/service-still not selling, just educating)
20% of the time-post promotional material (selling, finally) of the time.

Why is this the case? Well, as people are finding that your content helps them in their lives, they will continue to turn to you. Calls to Action (CTAs) are fine, but you really are just sharing information about your company, the industry, and useful ways that it can fit into their lives. In reality those are soft sales already and will help build relationships with potential customers.

Take a look at your current social media platforms? Are you like the clients mentioned in the case study? If you’re posting frequently, how do your post types match up to the recommended percentages above? We’ll talk more about building an authentic social media presence soon.

How to Stay Inspired About Building Your Business & Setting Goals

Running a small business requires hard work, but it also requires setting goals. Without goals, you’ll be hard pressed to turn those entrepreneurial dreams into reality. So how do you create stamina to pursue your goals when the thrill of the entrepreneurial chase is gettin you down? Here are a few of our favorite tactics to bringing life back to chasing our business goals and refueling our inspiration to make big things happen.

Monthly Reviews

It seems redundant, but just like a monthly review of your books, setting aside time to review your business goals and the stats that go with them can help build up your momentum to get great things done. Plus, reviewing what went right and wrong in regards to a goal’s progress can help you fine tune your efforts and push you further ahead – there’s no need to keep doing things that aren’t helping you accomplish what you set out to achieve. Plus, being able to step away from the day to day and see where you started and how far you’ve come can provide some pretty good power towards getting it done.

Keep Motivated

Vision boards are all the rage, but it’s true that having a visual representation of what we’re aiming for helps us in achieving it. A vision board might not be the right fit, but you can definitely find other ways to provide motivation. We like inspiring words, like this free printable – they help us remember why we’re doing what we’re doing in the first place.

You can download your free digital copy of one of our favorite quotes by clicking here.

Delegate & Celebrate

Big business goals often go better when you’ve got more people invested in the outcome – that’s where delegating actually becomes a superpower. Not only do you divide up the work, but you can rely on the inspiration of others to help contribute to the end goal you have in mind. You’ll also be able to draw on them when you feel your own inspiration lacking and vice versa.

Make sure to consider those that might be most interested in seeing you succeed – employees,business partners or even family members! Pull them into your goal setting process and ask where they’d like to contribute or where they see their skillsets making the most impact. Then don’t forget to celebrate your accomplishments once you achieve them!

Make it Manageable & Streamline

Achieving a large goal or dream becomes easier when you break it into manageable pieces. It becomes easier still when you streamline those pieces and make them tasks that you can either automate completely or at the very least, make them routine. Take a look at what your overall goal is. What pieces do you have that have to happen more than once? Can you see a process that you could implement to make it easier to manage and part of your routine? These light bulb moments help fuel your success.

What great goals are you taking on in your business right now? What are you doing to help make them reality? We’d love to hear about them in the comments.

FAQ

Why is setting goals important for running a small business?

Setting goals is crucial for running a small business because it provides direction and purpose. Goals help you measure progress, stay motivated, and maintain focus on what you want to achieve. Without clear goals, it’s challenging to turn entrepreneurial dreams into reality.

How can monthly reviews help in achieving business goals?

Monthly reviews help by allowing you to evaluate your progress, identify what’s working and what’s not, and make necessary adjustments. They also provide a chance to celebrate successes and learn from mistakes, which can boost momentum and motivation.

What are some effective ways to stay motivated when pursuing business goals?

Effective ways to stay motivated include creating vision boards, using inspiring words or quotes, and regularly reminding yourself of your “why.” Keeping a visual or written representation of your goals can help maintain focus and enthusiasm.

How can delegation contribute to achieving business goals?

Delegation helps by distributing the workload and incorporating diverse perspectives and skills into the process. Involving others who are invested in your success can provide additional motivation and support, making it easier to achieve large business goals.

What strategies can make large business goals more manageable?

Breaking large goals into smaller, manageable tasks and streamlining processes can make them more attainable. Identifying repetitive tasks that can be automated or made routine helps create a structured approach, increasing efficiency and reducing overwhelm.

How-To Streamline Your Small Business: Time Vs. Money Savers

Streamlining can feel like a dream-something lofty you need to do, but can’t afford the time or money. You may feel at a loss due to lack of knowledge on where to start, lack of funds, lack of time. All of these could lead to not wanting to take a necessary step toward helping your business succeed, and becoming more efficient. All small business owners need is JUST ONE MORE ASAP PROJECT.

Case study: Applying Time Vs. Money to Your Business Operations

Problem: A client I’ve worked with in the past had an old cash register and an old punch card (clock in and out) system. Their cash register broke and they wanted to save money by not buying a new up to date system because the other one “got the job done,” and was cheaper. Separately, running the punch card system “the cheap way” required family members to take one night a month, with an “all hands on deck” approach to help them manually count and add up the time. They would utilize as many as 6 family members, calculators, pencils, paper, and work until all of the employees’ hours were tabulated. The next day the owners would have the checks ready for the employees.

Solution: I encouraged them to make the necessary time and monetary commitment by recommending a new electronic register system with an app that would allow their employees to clock in, out, and automatically tabulate, etc. It did take initial time to set up and cost money upfront, but it ended up saving countless hours, money, headache, and family issues in the long run.

When you are truly committed to moving your business to the next level of success, there are a few areas to strategize your resources, Time & Money Savers, Work Flow Automation, and Financial Analysis. We’ve listed the best places to start in each of those areas. It’s important to not become overwhelmed, but remember that an organized plan, taking into accountability, available resources, time and money available for these projects is going to give the largest amount of success without a huge amount of headaches. “Going For The Gold” only works if you have a steady, plan on getting there.

Top 5 Time & Money Savers for Small Businesses

Timecard/Invoicing systems
Calendar/appointment programs
Electronic shared documents/files
Customer Resource Management Systems
Automated Social Media Schedulers

Workflow Automation – many times we get busy in the thick of the business that we don’t take time to step back and see how things can be improved. Consultants are great because they have an outside perspective, have experience in seeing successes and failures with other businesses, and can see processes in a different way than the business owner who is too busy to change things.

Redundant tasks-why do we do it that way? Because it always has been done that way.–not good enough. Anytime the task is done over and over, there could be a techno-injected or new process invented to make them more efficient.
Underperforming Employees-Uncle Joe needs a job but he also needs to follow the process manually in order to keep his job
Team meetings– The well-honed team needs to continuously hear about the issues of the company, the Mission, Vision, Values, and Goals of the company, hear about changes in policy/procedure, and voice new ideas that can innovate.

Financial Analysis-keeping thorough books seems ridiculous on top of everything else a business owner needs to do to keep up. The best way to maintain your edge is to:

Create realistic budgets for Marketing, Technology, and Product-and then revisit progress monthly
Perform Financial Forecasts in Nov/Dec
Perform Financial Performance review yearly Dec-Analyze where funds went and how effectively they were utilized

A business that is able to look at Time & Money savers, Workflow Automation, and Financial Analysis yearly will be able to catch many of the issues before they become large issues. They will also be able to save time and money while having time for what they love. Switching to fitting this type of strategy into what your business is already doing is painful at first, but when your business utilizes consultants, financial planners, and technology experts, the work can be done relatively fast. Slow going piece-meal on a few of these projects as the company has time and money is a great way to build a strong company a little more affordable, which is where a coach is handy.

What Does Tax Reform Mean for Me & My Business?

Nothing is sure but death and taxes, or so the saying goes. But what about when there’s tax reform? What’s sure about that. Ben Sutton takes on the Tax Reform as his topic for our first Vyde Webinar in 2018. Regardless of your political affiliation or whether or not you have a small business – this tax reform effects you! If you’re wondering what specific changes were included in the bill passed by Congress and how it will effect you and your small business come tax time make sure you watch this episode. It’s packed with useful information and gives a good starting point with how the changes might effect you.

If you don’t’ have 30 minutes to spare, we’d recommend taking a look at the show notes below – you’ll get a good idea what topics we cover in this episode. We’ve even included start times so you’ll be able to skip ahead or go back and rewatch those issues that you’ve got questions or are just looking to learn more about.

INDIVIDUAL TAX ITEMS

Standard Deduction – Doubled

start watching at 2:20

Personal Exemptions Taken Away

start watching at 3:40

Increased Child Tax Credit (added a new tax credit for children over 17)

start watching at 4:58

Mortgage Interest decreased to $750k

start watching at 6:40

Medical Expenses

start watching at 8:10

State and Local Taxes (SALT)

start watching at 8:55

Health Insurance Individual Mandate

start watching at 9:28

BUSINESS TAX ITEMS

New C-CORP Tax Rate

start watching at 10:30

Section 179 & Bonus Depreciation

start watching at 11:16

Entertainment Deduction Taken Away

start watching at 13:23

Qualified Business Income Deduction (QBI Deduction)

start watching at 14:56

Do you have a question?

regarding the recent tax reform we didn’t answer? We’d love to talk taxes or bookkeeping with you. You can get connected with us here.

5 Tips for Starting a Side Business

So you’ve got a great idea and you’re working on starting a side business. We hear you. Owning and growing a small business is something that provides a lot of satisfaction, not to mention all the benefits that come with being your own boss. However, running a side business, or even a full-time business for that matter, is never as easy as it appears. So if you’re trying to decide the best way to go about making your good idea or hobby into a side business we’ve got 5 simple steps that will make your side business dreams into a reality.

Start out Simply

It all comes down to one simple question. Can you sell this to one person? If the answer is yes and you actually have – congratulations! Now it’s time to get moving on to the next step of making your side business idea a reality. If you haven’t asked yourself this question yet, it’s time get real. Instead of jumping ahead and investing cash into website, organizing an LLC, and marketing your products try selling your goods and services to one person, like a family member or friend. If you’re really looking to see if this venture will work, ask them for feedback on what caught their eye or how you could improve your product.

Once you’ve sold it, it’s time to set up shop. Still keep it simple. Starting a corporation or even an LLC takes more time and money that it may be worth at this point. Keep things easy by moving forward with your business as a sole proprietorship. Sell online. Operating at a smaller cost not only saves you money but gives you time to make the much needed cash you’ll be investing back into your business to make it grow.

Name Your Side Business and Check on Trademarks

Start thinking of names for your business. Make sure that your name makes sense and makes it clear to prospective customers what your business is or does. If you’re choosing a name that doesn’t clearly state what you do, consider adding a tagline, icon, or strategy that will help make it clear. Before you fall in love with your business name, do some research. Check out your business name against the Trademark Database at the US Patent and Trademark Office. Every state also has a government web page and most provide a business entity search. It will take a little research, but you’ll want to check both locations to make sure you’re name doesn’t infringe on an already existing business.

Make it Legal – State Filings and Business Licenses

No matter what your side hustle is, you’ll want to be sure you’re following the rules set by your state and county. You’ve probably already come across it, while researching for your business name and trademarks, but make sure to find out what’s required and complete the paperwork. Many new businesses start out as sole proprietorships, but now is a great time to consider the other business formation types, check what is required in your area, and decide if that’s the best fit for your venture.

Get Set up for Taxes

No business is successful if there isn’t some type of tracking system in place. At the very least you’ll need to set up some financials so you can rest assured that you’re ready to pay taxes on your earnings. Simple spreadsheets will do – simply track your business income and expenses, keep receipts, and check on the process of filing quarterly estimated taxes. You might even want to get an EIN from the IRS.

Make sure to put enough away for your taxes – we suggest between 15-25% of your net earnings.

Open an Business Account

This goes hand in hand with keeping financial records and being prepared for taxes. Although it’s not necessary for some business types, it keeps things simple and easy to follow. Business expenses and earnings always stay in one account while your personal finances are separate in a different account. That way when you’re filing taxes it will be easy to sort and provide proper paperwork to the IRS or the accountant you’ve hired to file your taxes. Not sure what makes a business banking account different than personal account? Do a little bit of research online and you’ll be able to compare different business account offerings and find one that fits your needs.

Once you’ve completed these steps, you’re a bona fide side business owner.

What is the first step to starting a side business?

Answer: The first step is to test your idea by selling to one person, such as a family member or friend. This helps validate your concept and gather feedback before making further investments.

How should I choose a name for my side business?

Answer: Choose a name that clearly reflects what your business does. Research the name in the Trademark Database at the US Patent and Trademark Office and your state’s business entity search to avoid any legal issues.

What legal requirements should I consider when starting a side business?

Answer: Ensure you’re complying with state and county regulations. This includes registering your business name, obtaining necessary licenses, and considering the appropriate business structure, such as a sole proprietorship or LLC.

How can I prepare my side business for tax purposes?

Set up a system to track your income and expenses, keep receipts, and understand the process for filing quarterly estimated taxes. Consider obtaining an Employer Identification Number (EIN) from the IRS and save 15-25% of your net earnings for taxes.

Why should I open a separate business account?

A separate business account simplifies financial tracking and tax preparation by keeping business expenses and earnings distinct from personal finances. This organization helps ensure accurate and efficient tax filing.

What Should I Do If I Owe the IRS Money?

Nothing is certain except death and taxes, or at least that’s how the saying goes. But it’s the uncertainty of how much is owed, and what to do if you don’t have enough to pay, that seems to bring a lot of worry and questions when it comes tax time. Today, we wanted to shed a little light on the question, “What should I do if I owe the IRS money?”.

The Do’s and Don’ts of Owing the IRS Money

The Don’ts

panic, be afraid, or delay filing
decide to put it off
don’t try to solve the problem alone – ask for help or additional information

The Do’s

file a tax return on time to avoid additional penalties and interest
pay what you can by tax day
check into payment options or talk to a certified accountant

Creating Your Strategy for Tax Payment

It’s fairly clear that you shouldn’t panic, but we understand that it’s easier said than done. So lets get to building you a strategy filled with action items so you can pick the best route for you and your small business in working with the IRS and getting them the money you owe. You’ll want to submit your paperwork for your taxes and pay what you can so you can decrease the overall interest and the penalty charges.

If you can’t meet the filing deadline, then request an extension to file. This doesn’t mean you’ll get an extension to pay, taxes are still due on the original date, but it will provide you with lesser penalties for late filing. Remember, the best thing you can do is get your finances in order, file your tax returns, and then get ready to work on what comes next – figuring out how to pay what you owe while keeping the penalties and interest owed to a minimum. Now lets talk payment options.

IRS Payment Options

What you might not know is that the IRS actually provides quite a few options for making payments, even when you’re late or can’t pay the full amount. There are 3 basic payment options. Each payment option is linked directly to the IRS pages outlining the details and forms you’ll need to submit, but you’ll want to read on to find the one that fits your circumstances best.

Online Payment Agreement

There are a few different options for online payment plans, so you’ll have to apply for this option and make sure you’ve met the standard requirements. For businesses, the IRS provides long-term payment plans (you’ll pay in installments). Here’s what you’ll need to do to qualify:

you’ve filed all required returns
owe less than $25,000 in combined tax, penalties, and interest.

If you’re a sole-proprietor or independent contractor you’ll apply for your payment plan as an Individual.

Keep in mind that a payment plan comes with some strings. There are fees that will be added to your tax bill for this option and are outlined upon approval.

Offer in Compromise

Offers in Compromise provide you with the chance to settle your tax set for less than the full amount you owe. Each application is considered on it’s unique circumstances which include: your ability to pay, income, expenses, and asset equity. Most applications are approved when the offered amount represents the most the IRS can expect to collect within a reasonable period. You’ll have a variety of forms you’ll need to submit and you’ll find those and be able to read all the fine print on this option here.

Temporarily Delay Collection

Temporarily Delay Collection means the IRS has determined that you’re unable to pay any of your tax debt. It DOES NOT mean that you’re debt free, rather that you’re collection has been put on hold until your financial situation improves. This option DOES NOT delay interest on the amount you owe, but adds the penalty fees and additional interest to your total owed. The IRS also has the right to file a Notice of Federal Tax Liens to protect their interest in your assets, so you’ll want to consider how this option will effect your abilities to run and grow your business before you take it.

When to Look for Accounting & Tax Help

The last thing you want to do is dive into making decisions without having all the information you need. Taxes are tricky – there are a lot of specifics and we totally get that dotting and crossing financial i’s and t’s might not be your thing. Racking up debt or having a stack of bills isn’t something you want to do either. So when do you take on a professional bookkeeper for your business or hire a certified accountant to file your taxes?

Seek out a professional accountant and see if they provide consultation services. All you might need is to sit down with an accountant once or twice a year. They know the ins and outs of tax codes, and can help you with a long-term financial strategy, both to get you out of debt, and also in working to pay off any overdue taxes to the IRS. Make sure to keep a list of questions that you have regarding your finances and taxes so you’re money is well spent.

Have additional questions or want to look into working with us? We’d love to talk with you – contact us here.

FAQs about Owing the IRS Money:

What should I do if I owe the IRS money?
Act promptly. File your tax return on time to avoid penalties and interest. Pay what you can by tax day. Seek professional advice if needed.
Can I delay filing my taxes if I can’t pay?
You can request an extension to file, but taxes are still due on the original date. However, this can reduce penalties for late filing.
What payment options does the IRS offer?
The IRS provides online payment agreements, offers in compromise, and temporary delay collections. Each has its own eligibility criteria and implications.
How do online payment agreements work?
If you owe less than $25,000 in combined tax, penalties, and interest, you may qualify for a long-term payment plan. Fees apply, and all required returns must be filed.
When should I seek accounting and tax help?
- Consider consulting a professional accountant if you’re uncertain about tax matters or need help with financial planning. They can provide valuable guidance and ensure compliance with tax codes.

5 Bookkeeping Tips & Strategies for Freelancers and Small Business Owners

Whether you have a steady nine to five or you’re a full-time entrepreneur managing your finances requires a lot of diligence. As a freelancer or small business owner you often are wearing many hats as you work on marketing, production, managing inventory, scheduling appointments and so on. Keeping the books may be on your ever-growing to do list, but it’s easy to push it to tomorrow, especially when you’re busy running the day to day stuff.

But putting your finances first can create a lot of freedom, not to mention help you grow your small business quickly. Who doesn’t want more time to network with clients, work to accomplish goals, or have enough extra cash to expand? We’re sure you’re nodding your head in agreement. So how do you as a freelancer, make your money work for you, instead of the other way around?

We’ve got a few strategies that might help you work bookkeeping into your normal routine. Plus we’ve proven that even just one or two will help grow your bottom-line and make your small business flourish.

Bookkeeping Strategies

Make a Plan – A dream is going to stay a dream, unless you make a plan. Taking even a few minutes to jot down a few goals and plan out your fiscal year can make all the difference when it comes to managing your money. It doesn’t really matter how you divide up your goals, but keep in mind that no one can do anything at once. As accountants and small business owners ourselves, we like breaking the year in to quarters. Sit down with a calendar and assign goals and tasks to each business quarter. You’ll want to dream big enough to make you stretch a bit, but plan well enough that executing the particulars is doable.

Tip: When you’re setting financial goals, play it smart. Ask yourself 2 questions.

How much money does will it take to run a sustainable business? (This means that you’ll need to take into consideration the cost of running your business, as well as what amount you’ll need to live on and meet your other financial obligations.)
How much money would I like to make? (This is the question where you put your dreams in the mix – make sure that you’re picking number that makes you stretch but that is still realistic.)

Then you’ll want to take those numbers and break them down. How much would you need to make each month? Each week? Each day? to reach your answers to questions 1 & 2. From here you’ll start looking at how to earn those amounts and go from there.

Make it a Date – We’ve found that we’re more consistent in sitting down with the books when we make it a date. Make it a point to sit down with your books regularly. Schedule it in your phone, in your work calendar, or even take a day off where you spend just a few of the hours working on your books with no interruptions. If you already do that, sit down and make a short list of financial matters you don’t seem to get around to – then plan to knock one out at the end of your bookkeeping sessions until you’ve completed the list.

Tip: Not everyone thinks working with numbers is fun. So take the idea of “date” literally. Make the hours you spend working on books fun by eating your favorite food, listening to music, or even meeting up with a business partner or another entrepreneur and working on the books at the same time.

Keep it Simple – We see it happen all the time. Just like New Year’s Resolutions people start off hardcore and get burned out quickly because it’s too cumbersome, detailed or just not their thing. Don’t plan to implement a complicated bookkeeping software if you’re a bookkeeping newbie or are barely keeping track of things with paper and pencil. Simple spreadsheets can get the job done and often cost far less (or are free) than the best software out there.

Tip: Look for other ways to simplify. Consider consolidating accounts, or putting all your spreadsheets together but separated by tabs, use automated bill pay if you can, and separate business and personal finances to avoid the headache of having to sort it out every month.

Put Money Aside for Taxes – The idea “a little becomes a lot” holds true when it comes to taxes. Nothing is more painful than having to cut a large check not to mention how stressful it can be the you know taxes are coming but you have no idea how much they’ll be or if you’ll have enough to cover them come tax time. Decide right now that you’ll set aside money for taxes every time you do your books. That way you’ll be ready and have at least a good chunk of cash ready when it comes time to pay.

Tip:

Quarterly taxes are something you can expect to happen 4 times a year. Include the dates. Because you’re a freelancer you’ll need to withhold your own taxes rather than rely on a W-2.

Pay yourself first – it seems like you should put the money where the need is and then pay yourself out of whatever’s left. But when you run your own business, it’s even more important to pay yourself first so you ca put money aside for savings. Any easy way to make sure this happens first thing is to set up an automatic transfer – you’ll hardly notice it and little by little it grow.

Tip: Sometimes as a freelancer income varies quite a bit month to month, so the idea of setting up an automatic transfer for a set amount can be iffy. If that’s the case, decide right now on a percentage that you can pull out of every paycheck that you’ll set aside for your own wages.

Now which strategy will you implement first in your bookkeeping approach? Have additional questions, we’d love to talk with you. Contact us here.

Top 10 Business & Accounting Posts for Realtors, Brokers & Property Managers

We’ve pulled together the Top 10 business and accounting posts for realtors, brokers and property mangers and complied them all in one place. Here at Vyde, we get that work keeps you busy – you’re in the industry of helping families, couples, and individuals make a fresh start with a new home. That said, there’s a lot going on behind the scenes as well – phone calls, setting up appointments, researching listings, and making new contacts – and that leaves little time to focus on bookkeeping or financial strategy.

These posts are filled with the expert advice we share with our clients who work in your industry. Our clients have implemented new ideas and put in processes and we’ve enjoyed hearing about the successes that come from having a strong bookkeeping and financial strategy for their business. So grab a pen and paper and take a minute to read through the posts that interest you most. We’d also love to hear your thoughts and successes in the comments below.

Top 10 Business & Accounting Posts for the Real Estate Industry

Have more questions about bookkeeping and taxes when it comes to your real estate business? We’d love to chat. You can contact us here.

A Complete Guide to Preparing your Businesses Taxes – Free Downloadable Checklist

There’s so much to do when it comes to running your small business. Hunting up paperwork, although important, isn’t probably at the top of your to do list – except at tax time. Make preparing for this year’s business tax filing a breeze by using our hand checklist. It includes all the items you’ll need to have on hand or provide to your accountant so they can file your taxes and you can get back to running your business.

General Information

A copy of your last filed tax return
If this is your first year filing a tax return for the business, we will need the following information for each owner:
- Full name
- SSN or EIN
- Address
- Phone Number
- Ownership percentages
Info about ownership changes occurring during the year

Documentation

December bank and credit card statements
All 1099s received
Merchant account annual summaries (Amazon, PayPal, Stripe, etc.)
Statements for outstanding loans (car loans, business loans, loans from owners, etc.) including the balance due at 12/31/2017
Information on large assets purchase, if not already provided (purchase price, amount financed, date purchased)

Common Business Deductions Not in Bookkeeping

The following items most likely will not show up in your monthly bookkeeping reports, so we would ask you to provide the information at year end if you haven’t already:

Business miles driven
Business use of home expenses

Tip: Spend just a few minutes each day gathering the items listed in each section – General Information, Income Items, and Deduction Items. Store all your papers in a manila folder and keep it handy so that if you run across items you can slip them in and then sort later. Also keep a stack of sticky notes or a pad of paper and pen handy so you can to down questions for your accountant as you think of them. Print off the downloadable checklist below and paperclip it to the front of your folder – check off the items as you find them, so you can see your progress.

Download the 2017 Business Taxes Checklist Here

Looking for some help on preparing your personal taxes for filing? We’ve got a handy checklist for that too – you can find it here.

Vyde is a licensed accounting firm (CPA) based in Provo, Utah, and members of the AICPA. We provide professional accounting services to businesses and individuals, with a focus on small business bookkeeping and taxes.