Clean Accounting 🥳

I just wanted to give my accountant, @Geily Romero a huge shoutout. Thanks to her services, this has been the first year I haven’t been scrambling at tax time. And, I’ve been able to run my business with financial clarity.

At the beginning of 2023, my DIY bookkeeping has become a nightmare. 

While income was skyrocketing last year (hello, multi six-figure!), cashflow turned into an issue and expenses became increasingly complicated. I kept trying to catch up on my ‘simple’ spreadsheets and making sense of what was happening in between the hundreds of transactions each month (close to 3000 expense/deposit transactions in 2023 alone). QB was full of errors and wasn’t able to give me a clear picture.

Bank balance accounting wasn’t doing it for me either. Spreadsheets wouldn’t explain why my account would balloon to 15k then drop to near nothing the following week. 

Financially, I was driving my business blind.

So, I hired an accountant, Geily, to cleanup. And, we implemented Profit First. 💪
 

Fast forward a year later…now I have accurate PNL statements with clean accounting in Quickbooks and a strong financial strategy in place.
 

- ALL Revenue is tracked and categorized per business - even down to that tiny $3 Venmo tip. Plus, I know the gross revenue earned, and net revenue after subcontractor payments, CC fees and expenses.

- ALL Expenses are tracked and categorized - subcontractor payments, CC fees, Venmo payments, checks, and even that little $25 payment to a specialized artist that used to be forgotten.

- ALL Bank accounts are reconciled (!!!). Every. Single. Penny. Is accounted for each month. Nothing falls through the cracks.

- Cash flow prediction. I know why my bank account went from 15k to 0 overnight. And, I know when to pay myself, predict revenue and what savings buffers I need in place.

- Budgeting. While PNL statements are great, it’s still looking backwards. And while I love planning a budget before the month starts, things change quickly. I started using YNAB for business expenses to track spending throughout the month and plan for upcoming expenses. Game changer!

For my small biz friends who are growing but haven't invested in bookkeeping - get your act together before your success creeps up on you.