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9 Ways to Negotiate Better

Good negotiators know it’s not all about winning. Great negotiators understand that the best case scenario almost always involves a win for each party. The goal of any worthwhile negotiation is to leave both sides with a feeling of value and a mutual benefit. Successful negotiations require a bit of planning, prep work, and compromise.

Here are 9 quick tips to help you negotiate better.

  1. Clearly define your goal(s). Don’t turn a good negotiation into a battle of pride. You can do this by deciding beforehand what terms absolutely have to be met, and which are optional. Do your homework to see at what point continuing to negotiate begins to cost you or your business too much time or money. It doesn’t hurt to write the non-negotiables out on paper for a quick reference and reminder.
  2. Determine the value of everything that is at stake. Decide beforehand what is of value to you, and what you’d be willing to budge on. If you’re negotiating the terms of a promotion, for example, you may decide that accepting a slightly lower salary with a full range of benefits is more beneficial than a higher salary with lesser benefits.
  3. Establish ground rules. It’s a good idea to set some ground rules before entering the negotiation with a quick email or phone call. This is especially true if you feel that the person you’re going to be negotiating with is less than honest or may have difficulty communicating with you.
  4. Don’t make the first move. Avoid giving away more than you need to by holding back a bit and allowing the other party to speak first. You don’t know what their aspirations are and it’s best to get those out on the table before you begin to define yours. Talking too much could leave you worse off than talking too little.
  5. Don’t give up something without getting something. Negotiating is a give-and-take process, and the key to any successful negotiation is a foundation of trust and communication. When a party asks for a concession, respond with “what will you give in return?” before you make your decision.
  6. Give a little, but not too much. Again, successful negotiations benefit both parties. Avoid giving away too much in order to impress or keep a client/vendor/customer on the line. If you feel that too much is being asked of you in the negotiation without any benefit on your part, it’s okay to take the time to reconsider or even walk away.
  7. Don’t overreach. It’s never a good idea to go into a negotiation with wild aspirations and far-fetched demands. Keep in mind what you’re realistically going to gain in the negotiation, and shoot for that. Put yourself in the opposite party’s situation and consider what you’d do if you were being asked the same.
  8. Focus on what you will do. Keep the conversation positive and shed light on the will-do’s and can-do’s rather than the negatives. Try to avoid saying “no” outright, but rather wording it as “I will do this, if you will do that.”
  9. Don’t be afraid to walk away. Remember the bottom line and stick to it. It’s not much different from buying a car. No matter how good of a deal the salesman says he’s making you, no matter how many extras he throws in, if he won’t come down to the price you want, it’s a losing deal on your end.

negotiate better

Let us know how these tips have helped you negotiate better. Do you have any other tips that can help in negotiations?

Frequently Asked Questions:

Why is it important to clearly define negotiation goals?
Clear goals prevent negotiations from becoming adversarial, helping both parties understand what’s essential for a successful outcome.
How do I determine the value of what’s at stake in a negotiation?
Evaluate priorities and alternatives to determine what concessions are acceptable, ensuring a balanced and beneficial outcome.
Why should ground rules be established before negotiations?
Ground rules foster transparency and facilitate productive discussions, especially in potentially challenging or dishonest interactions.
Why avoid making the first move in negotiations?
Allowing the other party to reveal their aspirations first provides valuable insight and prevents overcommitting or revealing too much too soon.
Is it advisable to walk away from a negotiation?
Yes, knowing your bottom line and being willing to walk away reinforces your position and ensures you don’t settle for unfavorable terms.

Planning Your Summer Marketing Efforts Part 1: Who, What, When, and Where

Even if there’s still blustery spring weather where you’re at, it’s not too early to start planning out the summer for your small business. Marketing can be difficult in the summer as many consumers tend to focus less on business and more on family fun. However, that doesn’t mean you can’t engage your clients in your business during those long hot months. Getting an early start on summer planning helps those promotions and events run smoothly and eases your stress. Use the month of April to quickly map out the who, what, when, and where of your summertime business plans.

  • Who: Make two lists here. Who #1 is  which of your employees is in charge of what summer events and promotions. Let them know what aspects they’ll be managing and what the expectations are. Who #2 is the people you are reaching. Are you planning extra appreciation around your current customers and clients with a summer party? Or are you planning to launch marketing promotions solely to grow your current clientele? Knowing the people involved and the audience behind your summertime marketing efforts is key to success.
  • What: Don’t overdo it, but set ambitious goals for your company. Make a plan for reaching x amount of employees or $xyz in sales by the end of the summer and plan the “what” to make it happen. It could be digital marketing, like a series of blog posts or email campaigns; on your site, like coupons or summer sales and specials; or physical, like a party, an ice cream social, or a softball tournament. Of course, not all of these events would work for all businesses, so choose what works for you and your clients and roll with it.
  • When: Keep key summer holidays in mind when planning your events. Something like a digital coupon or email promotion will work better over Memorial Day, Labor Day, or the Fourth of July, but obviously physical parties and in-person events may not attract as much of a crowd during these family-centered holidays. Use the holidays to your advantage, but make sure you do so properly from a marketing perspective. Summertime is busy for everyone, so plan events around what works for your clients and employees who will help you reach your goals, not the other way around. Do some research and post the events on social media/send emails around the time of day that your targeted audience is most interactive.
  • Where: If you’re holding in-person parties and events this summer, be sure to book your locations early. April and May is a great time to book pavilion, parks, and events centers for events happening in July and August. You’d be surprised at how quickly they fill up.

By getting the larger details of your marketing promotions laid out early, you can save yourself a lot of time and stress down the road. The small details like specific email text, party decorations, and what food to serve can be delegated to employees and worked out in May or June. Maximize those warm fun summer months to grow your business and have some fun with clients and employees.

See part 2 and part 3 of our summertime marketing series for even more great tips.

 

Other posts that might interest you

Improve Your Online Presence Part 1: 8 Steps for Reviewing Your Website

Improve Your Online Presence Part 2: Perform a Quarterly Social Media Audit

Improve Your Online Presence Part 3: Contact Information & Review Sites

4 Low Cost and Low Risk Ways to Grow Your Team

 

How To Attract the Right Talent For Your Company

Quick Money Management Tips to Build Your Business

Plan for Holiday Success by Hiring Seasonal Employees

How to Create a Succession Plan for Your Small Business

How to Protect Your Small Business from Theft

Low-Cost and Low-Risk Ways to Grow Your Team

4 Low-Cost and Low-Risk Ways to Grow Your Team


A few months ago, we polled our Vyde clients about one of their biggest challenges as a small business owner. The results were overwhelmingly similar, with “growing my team” coming in at the top spot. We’ve compiled a few low-cost and low-risk suggestions to help you grow your team.

  1. Start an internship program. There’s nothing better than fresh minds and free labor, is there? It’s what makes interns a great way to grow your team. Contact universities and community colleges (they don’t even need to be local) about setting up an internship program. Most college students need an internship before they graduate, and taking advantage of this opportunity to bring on a potential new employee (but with no obligation) is a win for both parties. Pros are that you don’t have to pay them or hire them long-term, they may bring new ideas to your business and turn into an integral part of your team, and you have the opportunity to help them jump-start their career, even if it’s not with you. Cons are some legwork involved in starting up an internship program, your intern may not be a good fit for your team, and you might have to take extra time out of your day to teach them the ins and outs of daily work at your company.
  2. Hire your family members to work for you. Yes, even your kids. Whether you’re bringing them on as a full-time employee, or simply paying your kids to clean the office building, family members can be an effective way to grow your team. After all, you already know them, you trust them, and you can count on them. Keep in mind that hiring family members can sometimes cause contention and strained relationships though, so be sure to treat it like a business from the very beginning. We outlined some tips for hiring family members in this post from a while back.
  3. Outsource some of your work, rather than bringing on more employees. This sounds a little counter-intuitive in a post about growing your team, but hear me out. Outsourcing some of your work–tasks like graphic design, accounting, small business bookkeeping, copywriting, social media management, etc–can give you time to focus on building a solid team within the office. Freeing up your time allows you more time to train others, interview, and get the right fit. Also, when you outsource these tasks, it’s like a trial run for a potentially permanent job. You only have to pay them for the tasks they do, but if they knock your socks off with their work, you may consider bringing them on as a part-time, full-time, or remote employee. Sites like upwork.com, fiverr.com, and even your local classifieds are a great place to find talented freelancers who are ready to work.
  4. Take the time to hire the right fit, not the quick fit. Going along with number three, hiring the right fit  is the best way to grow your team effectively. And, probably, the least expensive. Hiring new employees can cost quite a bit between background checks, drug tests, trainings, certifications, and more. You don’t want to do it more than you have to, so taking your time during the interview process can really help to make sure you get it right. You might consider hiring on a temporary or trial basis and then transitioning the right employee into full-time.

Take the time to hire the right fit, not the quick fit

What are your favorite tips on growing your team effectively?

Other posts that might interest you

Improve Your Online Presence Part 1: 8 Steps for Reviewing Your Website

Improve Your Online Presence Part 2: Perform a Quarterly Social Media Audit

Improve Your Online Presence Part 3: Contact Information & Review Sites

Planning Your Summer Marketing Efforts Part 1: Who, What, When, and Where

Planning Your Summer Marketing Efforts Part 2: Celebrating Holiday and Events

Planning Your Summer Marketing Efforts Part 3: Cheap Advertising Tips

How To Attract the Right Talent For Your Company

Quick Money Management Tips to Build Your Business

Plan for Holiday Success by Hiring Seasonal Employees

How to Create a Succession Plan for Your Small Business

How to Protect Your Small Business from Theft

Can I Pay My Family for Their Help with my Business?

Can I Pay My Family for Their Help with my Business?

So can you hire family? Absolutely.
In fact, hiring family members is pretty common amongst sole proprietors. Whether it causes strained relationships is entirely up to you, but here’s what you need to know in regards to taxes and paying family members. The Internal Revenue Services outlines the following regarding family help.

Employing Your Child

  • Wages of a child are subject to income tax withholding, Social Security, Medicare, and Federal Unemployment Tax Act (FUTA) tax if he or she works for:
    • A corporation, even if it is controlled by the child’s parent,
    • A partnership, even if the child’s parent is a partner, unless each partner is a parent of said child, or
    • An estate, even if it is the state of a deceased parent.
  • Wages are subject to income tax withholding, regardless of age.
  • Children under 18, are not subject to Social Security and Medicare taxes if the trade or business is a sole proprietorship or a partnership in which each partner is a parent of the child.
  • Children under 21, are not subject to FUTA tax.

Employing Your Spouse

  • Wages of a spouse are subject to income tax withholding as well as Social Security, Medicare and FUTA taxes if he or she works for:
    • A corporation, even if it is controlled by the individual’s spouse, or
    • A partnership, even if the individual’s spouse is a partner.
  • Payment to a spouse are subject to income tax withholding and Social Security and Medicare taxes, but NOT to FUTA tax.

Employing Your Parent

  • Payment for services of a parent employed by their child in a trade or business are subject to income tax withholding, Social Security and Medicare taxes.
  • Wages are not subject to FUTA tax, regardless of the type of services provided.
  • If your parent works for you, the wages you pay to them are subject to income tax withholding, Social Security and Medicare taxes. Social Security and Medicare taxes do not apply to wages paid to your parent for services not performed in your business, but they do apply to domestic services if both the following conditions are met:
    • Said parent cares for your child who lives with you and is under 18 or requires adult supervision for at least 4 continuous weeks in a calendar quarter due to a mental or physical condition.
    • You are widowed, divorced, or married to a person who, because of a physical or mental condition, cannot care for your child during that period.

Employing Other Family Members

So you’re not hiring your child, spouse, or parent. Can you still hire other family members, like aunts, uncles, cousins, or nieces or nephews? Yep. But there aren’t any special rules provided by the IRS for those family members. Their wages should be treated like any other employee’s.

If you have additional questions regarding hiring family members, feel free to drop us a line. We’d love to hear from you.

Interested in Learning More?

Schedule a free consultation with our team!

10 Easy Ways to Create a Healthier Workspace

If you work long hours in an office, you know how difficult it can be to stay healthy and fit. But, just because you spend the majority of your day sitting doesn’t mean you have to compromise your health. Here are ten quick and easy investments to make in your office to make it a healthier, happier place to work:

workplace

  1. Buy a mini fridge and stock up. You can snag one on Amazon for less than $100 and hook it up in your office. Fill the fridge with healthy, low-cal snacks rather than venturing over to the vending machine when that afternoon hunger strikes.
  2. Install an elliptical. If you’ve got the room and a tax return burning a hole in your pocket, purchase an elliptical or stair stepper for your office that you can hop on during your lunch hour to work up a quick sweat.
  3. Sign up for a healthy snack box subscription. Graze.com and Naturebox.com offer unique, healthy snacks delivered to your office for under $12 a month.
  4. Keep cool water bottles close at hand, or grab one of these top 10 cool reusable water bottles to keep you hydrated.
  5. Hang a mirror in your office to show your posture. Glancing over at it occasionally will remind you to sit up straight, reducing the pressure on your lower back.
  6. Start a chart for calendaring exercise. It may be as simple as a dry erase board or excel spreadsheet, but tracking your exercise is a good reminder to get out and get moving as often as possible.
  7. Set a timer for every hour or every other hour. When the timer goes off, go for a quick walk around the office, do a set of lunges or squats, or just stand up and stretch.
  8. Sit on an exercise ball. Ditch your comfortable office chair for a day or two and sit on an exercise ball to increase your activity and improve your health.
  9. Invest in a FItbit. You might be pleasantly surprised at how many miles you walk around the office each day, or it might serve as a good reminder that you need to up your activity.
  10. Use apps to track your food intake. Apps like Fitness Pal or Nike Running can keep you on track and get you moving. Challenge your coworkers to lose weight or run a race.

Use apps to track your food intake

As with any other task in the work place, small changes can make a big difference in your health as well. What are your favorite fitness tips and tricks for the workplace?

Frequently Asked Questions: 

1. What can I do to stay hydrated during the workday?
Keep reusable water bottles readily available in your office, ensuring easy access to cool, refreshing water throughout the day.
2. What are some strategies to incorporate exercise into my office routine?
Set a timer to remind yourself to take short breaks for physical activity, such as walking around the office or doing simple exercises like lunges or squats. You can also replace your office chair with an exercise ball to engage your muscles while sitting.
3. How can I track my physical activity and health goals at work?
Invest in a Fitbit or use fitness apps like Fitness Pal or Nike Running to monitor your activity levels and track your food intake. Additionally, consider starting a calendar or chart to document your exercise routine and progress.
4. What are some cost-effective ways to improve my office environment for better health?
Consider purchasing a mini fridge for healthy snacks, hanging a mirror to monitor posture, and installing simple exercise equipment like an elliptical or stair stepper if space and budget allow. These investments can significantly contribute to a healthier workplace environment.

quarterly estimated taxes

The Business of Blogging Part 9: Pay Quarterly Estimated Taxes

Now that you’re making money on your blog, you’ll need to pay quarterly estimated taxes. If you traded in your 9-5 day job for your blog business, you may not have even heard of quarterly estimated taxes. Here’s a quick rundown for you:

taxes were already withheld
If you worked for someone else and received a paycheck, taxes were already withheld and you didn’t have to worry about them. However, if you’re self-employed, you’re still required to pay those taxes. Those come in the form of quarterly estimated taxes. Quarterly estimated taxes cover social security, federal, and state taxes. You’ll need to pay quarterly taxes if you anticipate having a tax bill of $1,000 or more for your blog this tax year.

Here’s how to pay quarterly estimated taxes for your blog business:

Use Form 1040-ES to estimate how much you owe. A good rule of thumb is to take what your projected income is for the year, and divide by four. Take that number and multiply by 15%. This is the amount you’ll owe the IRS for your quarterly taxes. This amount is not exact though, and you’ll need to reference last years’ tax returns and follow the instructions on Form 1040-ES to determine how much you owe.
Quarterly estimated taxes are due on April 18th, June 15th, September 15th, and January 17th 2016. You can pay all four installments by April 18th, or submit your quarterly payment by each of these deadlines. The IRS allows you to pay quarterly estimated taxes online, by phone, or by mail.

Love this post in our Business of Blogging Series? You might also enjoy:

Separating the Blogging Myths from the Blogging Truths

Deciding on a Business Entity for your Blog

Obtaining a Tax ID Number and Proper Licenses to Run Your Blog Business

Start Making Money on Your Blog

Creating and Maintaining an Organized Bookkeeping System for Your Blog

Tracking Blog Expenses the Right Way

How to Create a Budget for Your Blog

Hiring an Expert to Manage Your Blog Finances

The Business of Blogging Part 10: Hire an Expert

If you’ve been following along with our Business of Blogging series, you’re now a Blogging-Accounting-Pro, or at least close to it! For the most part, when you start your blog you should be able to manage most bookkeeping and accounting tasks for yourself. However, if you’re diligent and determined to grow your blog, it will likely get to a point where you can no longer handle the demands of bookkeeping and accounting. That’s when we recommend you hire an expert.

Rather than providing a suggested dollar amount for which point to hire an expert, we recommend looking to outsource when your bookkeeping and accounting tasks are getting in the way of your creative work as a blogger. If you are spending money on your blog every week, receiving multiple streams of income, and not finding the time to match it all up, it may be time to hire an expert.

An accountant can help you manage your blog finances, stay current and in good standing with the IRS, and help you avoid any tax surprises. They can also provide you with guidance on deducting expenses properly and catch any mistakes you may have made in your bookkeeping.

Mazuma offers low-priced monthly plans for bloggers with no membership requirements. You just upload all of your blog receipts and income for your Vyde accountant and they take care of the rest. They also offer tax advice for your blog at any time, and at no additional fee. If you feel that your blog accounting and bookkeeping tasks have become unmanageable, give Vyde a call today.

 

Love this post in our Business of Blogging Series? You might also enjoy:

Separating the Blogging Myths from the Blogging Truths

Deciding on a Business Entity for your Blog

Obtaining a Tax ID Number and Proper Licenses to Run Your Blog Business

Start Making Money on Your Blog

Creating and Maintaining an Organized Bookkeeping System for Your Blog

Tracking Blog Expenses the Right Way

How to Create a Budget for Your Blog

Making Smart Investments in Your Blog Business

Paying Estimated Quarterly Taxes for Your Blog Business

Hiring an Expert to Manage Your Blog Finances

 

 

 

If your blog is continually growing, it may be time to hire an expert to take care of your accounting & bookkeeping, so that you can focus on creativity.

The Business of Blogging Part 8: Invest in Your Blogging Business

You’ve probably heard the old adage, “You have to spend money to make money.” This adage is just as true for the blogging business as any other business. If you want to turn your blogging hobby into a legitimate business, you have to invest a little bit of money to make it happen. However, that doesn’t mean you have to throw your money at every opportunity that comes along.

Here are a few smart ways to invest in your blogging business without breaking the bank:

  • Domain name. In order for your blog to be recognized as professional, you’ll have to ditch the “.blogspot” or “.wordpress” in your domain name. Sites like BlueHost offer domain hosting for as little as $3.95 a month. If you don’t want to pay a monthly fee, buy multiple years worth of hosting up front. Most hosting sites will refund you if you cancel your subscription early.
  • A professional look. Whether you choose to hire a graphic designer, web designer, or simply do it yourself, you’ll need to spend a little money to get your site looking beautiful and working properly. A logo helps brand your business and helps your following recognize your blog. This investment ranges anywhere from $50 to thousands, depending on your budget.
  • A nice camera. You don’t have to spend thousands of dollars to get a crisp photo for your blog posts. However, a nice camera that can produce high-quality photos is a smart investment for your blogging business. You can deduct your camera purchase on your taxes all in one year, or if you spent a bit more on it, you can depreciate it over time.
  • Conferences and trainings. If you read part one of our Business of Blogging series, you know not to expect to make millions of dollars overnight. There’s a huge learning curve to blogging, and you need to know what you’re doing in order to make money. Blog conferences are a great way to learn the basics and are a smart investment for your blog business.
  • Professional headshots. Other than your logo, your headshot is the representation of your blog. Most bloggers use their headshots for their social media profiles, so it’s important that you’re happy with it. You can take your own, but if you don’t know your way around a camera, it’s not a bad investment to hire a professional.
  • Business cards. Not everyone you meet who is a potential supporter of your blog will actually be through your blog. Having business cards handy will is a great way to advertise your blog and keep you at the forefront of potential sponsors’ minds. Business cards are also great to hand out to other bloggers, especially at conferences. They’re a relatively inexpensive business investment, but critical to success.
  • Editing software. Free programs such as PicMonkey are great, but many bloggers choose to invest in professional editing/designing software such as Photoshop or Illustrator. Adobe subscriptions range from $20 a` month to $50 a month, or you could even purchase one of the older CS versions on a disc for your blog business.
  • A professional accountant. Not just because you’re here reading an accounting blog! When you start making money on your blog, tracking expenses and filing taxes properly can become a huge hassle. This is especially true if you have multiple streams of income for your blog. Consider investing in the services of an accountant to help make your blog as profitable as possible.

While this is not an all-inclusive list of smart investments for your blogging business, it’s a great start for the novice blogger. The best part about all of the above investments is that they are tax-deductible and will reduce your taxable income at the end of the year.

 

Love this post in our Business of Blogging Series? You might also enjoy:

Separating the Blogging Myths from the Blogging Truths

Deciding on a Business Entity for your Blog

Obtaining a Tax ID Number and Proper Licenses to Run Your Blog Business

Start Making Money on Your Blog

Creating and Maintaining an Organized Bookkeeping System for Your Blog

Tracking Blog Expenses the Right Way

How to Create a Budget for Your Blog

Paying Estimated Quarterly Taxes for Your Blog Business

Hiring an Expert to Manage Your Blog Finances

If you want to turn your blogging hobby into a thriving blogging business, you have to invest in the right tools. Then, we can help you save on your taxes.
Business of Blogging

The Business of Blogging Part 7: Create a Budget for Your Blog

Whether you’re brand new at blogging, or you’ve been at it for a while, the importance of creating and sticking to a budget for your blog cannot be overemphasized. A blog business can be inexpensive to run and highly profitable, or just  the opposite. Keeping close track of your blog finances is just the ticket to maximize those profits.

Here’s how to create a budget for your blog in a few simple steps:
  1. Decide on your method. The budget for your blog doesn’t have to be anything fancy or over the top. It can be scratched out on paper with a pencil, laid out in a spreadsheet, or created using business accounting software, like Quickbooks. It’s best to determine a length of time your budget will be used for, whether it be monthly, quarterly, or annually. However, keeping a monthly budget for your blog is the best way to stay on track and monitor expenses closely, so if you create a longer budget, plan to track monthly expenses as well.
  2. Plan for expenses. A blog budget is viewed and tracked in a spreadsheet form. If you begin with a one page spreadsheet, the first category you’ll want to put in is your fixed expenses. These will include any subscription expenses, domain hosting, monthly costs of maintaining your blog, portions of your internet and phone bill, and the like. Next are your variable expenses which would include things like materials for certain blog posts, conference fees, graphic design fees, etc. Basically anything that changes from month to month will go into your variable expenses.
  3. Lay out your Budgeted Expenses. You can determine your budgeted expenses by averaging past expenses in each category. These expenses will likely change from month to month as different needs for your business arise. If you are just starting your blog, you may want to invest more up front to get things up and running, or you might choose to wait until your blog is more profitable to invest more money. Either way, these expenses need to be factored into the budget for your blog.
  4. Forecast your monthly revenue and place it in a subheading called budgeted income. Then, at the end of the month add up what you made from your blog. Be sure to factor in all your streams of income, such as ads, sponsored posts, Google Adsense, Blog Her, Etsy shop, services, etc. Place you actual expenses and actual income in a column next to the budgeted sections and compare the two at the end of the month.
  5.  Determine the difference between budgeted income/expenses and actual income/expenses. You’ll want to calculate the difference between the two and place the figures in a difference column off to the side. This is the number you’ll want to reflect on at the end of each month. By determining the reason for the difference, you can either identify a potential problem and fix it, or capitalize on a potential opportunity you had not noticed. Ideally, you’re actual expenses come in at less than your budgeted expenses, and vice versa for income.
  6. Adjust Accordingly. It is important to identify why your budgeted and actual expenses and income don’t match and make changes accordingly in next month’s small business budget. You may need to spend more during some months, and you may also plan to make less in other months.

While creating a budget for your blog is completely doable for any blogger, it’s best to consult a professional CPA or financial advisor to help you get started on your budget and factor in any important legal and financial obligations you may have with the IRS. Keeping track of your blog income and expenses will help you be as profitable as possible.

Love this post in our Business of Blogging Series? You might also enjoy:

Separating the Blogging Myths from the Blogging Truths

Deciding on a Business Entity for your Blog

Obtaining a Tax ID Number and Proper Licenses to Run Your Blog Business

Start Making Money on Your Blog

Creating and Maintaining an Organized Bookkeeping System for Your Blog

Tracking Blog Expenses the Right Way

Making Smart Investments in Your Blog Business

Paying Estimated Quarterly Taxes for Your Blog Business

Hiring an Expert to Manage Your Blog Finances

 

The Business of Blogging Part 5: Create and Maintain an Organized Bookkeeping System (AKA: Mazuma’s Secret Bookkeeping Formula)

Bookkeeping is an essential business task, but it's rarely a top priority. We're sharing our secret formula to tackle bookkeeping.An organized bookkeeping system is arguably the most critical component of monetizing a blog business. It doesn’t matter if you’re making boocoo bucks on your blog if you aren’t tracking money coming in and money going out. Here’s how we suggest you manage your time when you’re taking care of your own small business bookkeeping and accounting tasks.

Mazuma’s Secret Bookkeeping Formula

If you’re a blogger, you’re likely a list person. You like schedules, checklists, and organization. If you’re feeling overwhelmed with the bookkeeping part of your blog, here’s a simple formula that when followed closely, will limit time spent and increase profits for your business.

30 minutes / week

Schedule 30 minutes each week to do the following:

  • Gather all receipts spent on blog-related items that week and make note of what they were for.
  • Jot down miles driven for your blog business if you’re planning to use those an expense for taxes.
  • Review your ad revenue and make notes
  • Enter everything into a bookkeeping program–whether it’s an excel spreadsheet or something fancier, you must keep track.
1 hour / month
  • File all receipts from the month. To learn more about filing receipts digitally, visit this post.
  • Review all your entries for the month in your bookkeeping program.
  • Add up your income and expenses for the month to determine profit.
  • Compare to your anticipated budget and adjust where necessary.
  • Pay bills and send invoices.
  • Adjust for the next month.
1 hour / quarter
  • Review income and expenses for the quarter and enter into bookkeeping program.
  • Determine how much you owe and pay your estimated quarterly taxes.
  • Make changes to your budget and plan spending for the next 3 months.
2 hours / year
  • Review your yearly income and expenses.
  • Create a budget for the next year based on last year’s budget and anticipated growth.
  • Schedule time for weekly, monthly, quarterly, and yearly bookkeeping tasks.

Follow this bookkeeping schedule and you’re sure to stay on top of your blogging finances. When you’re blog business becomes too large to manage, you might consider outsourcing those services to save yourself time and money.

 

Love this post in our Business of Blogging Series? You might also enjoy:

Separating the Blogging Myths from the Blogging Truths

Deciding on a Business Entity for your Blog

Obtaining a Tax ID Number and Proper Licenses to Run Your Blog Business

Start Making Money on Your Blog

Tracking Blog Expenses the Right Way

How to Create a Budget for Your Blog

Making Smart Investments in Your Blog Business

Paying Estimated Quarterly Taxes for Your Blog Business

Hiring an Expert to Manage Your Blog Finances

Business of Blogging Part 5 - Create & Maintain an Organized Bookkeeping System | Accounting & Taxes for Bloggers | Mazuma USA

Bookkeeping is an essential business task, but it's rarely a top priority. We're sharing our secret formula to tackle bookkeeping.

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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.

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