Shownotes
If you currently feel overwhelmed with your money and business finances, it’s important to remember that money is just a skill.
We didn’t all wake up one day knowing all this information about how to manage our money and business finances.
That’s why, in this episode, we’re sharing the top five financial tips shared by our listeners that have helped them the most in their financial journeys as they grew their businesses.
01:22 — Why you always want to have a financial professional you can consult with
03:01 — The importance of recognizing where you need more financial education rather than being money-avoidant
06:12 — How Accounting Software and Tools can help fill in gaps in your knowledge and skill
12:27 — Why you may want to consider diversifying your revenue streams
14:14 — The connection between money and a positive mindset and resiliency
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❓TAX PLANNING QUESTIONS TO ASK YOUR ACCOUNTANT
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🛍 75+ TAX WRITE OFFS
✅ BOOKKEEPING CHECKLIST
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💵 BOOKKEEPING AND FINANCIAL ANALYSIS SERVICES FOR BUSINESS OWNERS
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👋 CONNECT WITH SYDNEY & KRISTEN
Website: https://knowyourworthpgh.com/
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Transcripts
I think talking to these people about like business planning even.
Speaker:Like, I feel like you do a lot of that with your clients where you say,
Speaker:you know, where do you want to go?
Speaker:Where are the gaps in what you're doing now to where you want to be?
Speaker:So sometimes people don't know what they don't know from
Speaker:getting from point A to point B.
Speaker:So I think that's a really good conversation to have.
Speaker:Yeah, absolutely.
Speaker:. Welcome to the Know Your Worth Show, where we teach you how to think about
Speaker:your money differently so that you can achieve your sexy money goals.
Speaker:I'm Sydnee your money Maven and owner of Know Your Worth.
Speaker:And I'm Kristen Sid's Dimepiece bestie team member and busy mama
Speaker:twins here to make sure that those of us without a financial degree can
Speaker:still level up with each episode.
Speaker:Let's get started on reaching your next goal.
Speaker:Hello.
Speaker:Welcome to the Know Your Worth podcast.
Speaker:I am one of your hosts, Sydnee Conway.
Speaker:And I'm your other host, Kristen Finnley.
Speaker:Welcome to our 28th episode.
Speaker:. Yeah, . Hope everyone's having a lovely week.
Speaker:I, I'm a smidgen under the weather, so apologies if my voice doesn't scratch the
Speaker:right itch today but I'm a little stuffy.
Speaker:And next week I will be under the weather.
Speaker:So, just prepare yourselves for that.
Speaker:Get ready.
Speaker:Yep.
Speaker:Actually, next week, I might still be under the weather, technically.
Speaker:And the following week.
Speaker:Then it'll be Kristen.
Speaker:Yes.
Speaker:So, probably because we're recording two episodes tonight.
Speaker:If you didn't pick up on that little podcast humor over there.
Speaker:We're recording two episodes tonight.
Speaker:They are related.
Speaker:So the first episode we're going to talk about the five things that our listeners
Speaker:have let us know have helped them the most with their finances, financial journey,
Speaker:business, kind of in general, but the five things that have helped them the most.
Speaker:All right.
Speaker:Cool.
Speaker:Yeah.
Speaker:Some of them are pretty specific and some of them are pretty general, but
Speaker:we're going to go through all of them.
Speaker:And this is a no particular order.
Speaker:It's just the five top things.
Speaker:And we're not going through them in our favorite to least
Speaker:favorite, just five in an order.
Speaker:Okay.
Speaker:So, well, the first one is my favorite.
Speaker:So I take that back.
Speaker:Professional advice from accountants or financial advisors or bookkeepers.
Speaker:I can see how this would be something that helped the most.
Speaker:Yes.
Speaker:And it is also my favorite.
Speaker:So a lot of our clients, a lot of our listeners have, obviously our clients
Speaker:have, hopefully they say that they, you know, have enjoyed working with us.
Speaker:But a lot of our listeners have said that working with professionals have
Speaker:really helped their businesses because they have a sounding board to go to.
Speaker:They have the right guidance, the right advice, the right feedback.
Speaker:And when you're seeking guidance from qualified professionals, you're just
Speaker:getting good, solid, strong feedback that you don't have to interpret yourself.
Speaker:And I think what I've learned over a lot of our like red flag episodes is if you
Speaker:are doing things yourself, consulting with professionals helps catch the
Speaker:mistakes that you're making, helps you maximize, you know, where you can be
Speaker:making money, what tips and tricks you could be using, that kind of stuff.
Speaker:Absolutely.
Speaker:Really save yourself some time.
Speaker:Yeah, absolutely.
Speaker:Helps with tax planning, saving money.
Speaker:You know, a lot of them said that spending that money and making that first initial
Speaker:investment has really saved them so much time and money in the long run.
Speaker:So where it feels like it can be a little bit of a, an investment
Speaker:upfront, you really are in turn saving yourself so much money down the road.
Speaker:Yeah.
Speaker:And I think talking to these people about like business planning even.
Speaker:Like, I feel like you do a lot of that with your clients where you say,
Speaker:you know, where do you want to go?
Speaker:Where are the gaps in what you're doing now to where you want to be?
Speaker:So sometimes people don't know what they don't know from
Speaker:getting from point A to point B.
Speaker:So I think that's a really good conversation to have.
Speaker:Yeah, absolutely.
Speaker:Absolutely.
Speaker:And that kind of goes along with what our second point is investing in financial
Speaker:education was our second most, you know, kind of recommended from our listeners is
Speaker:investing in their financial education.
Speaker:So investing in your financial occasion, education can mean
Speaker:a couple different things.
Speaker:It can be that you're buying courses.
Speaker:It can be that you're getting training from those trusted advisors, but
Speaker:you're getting the training to do it yourself or to understand more.
Speaker:You could be taking classes online.
Speaker:You could be taking college credits, but investing in that financial
Speaker:education is just going to give you such a good foundation to be able to
Speaker:understand and make those decisions.
Speaker:It kind of goes along with what we said in our female founders one
Speaker:about like, you just have to know.
Speaker:You have to know your numbers.
Speaker:You have to know the terms.
Speaker:You have to know where things are coming from and where they're going.
Speaker:Do you do any type of financial education through Know Your Work?
Speaker:We're working on it.
Speaker:Yes.
Speaker:So that's one of my goals for this year.
Speaker:Now the tax season is ended.
Speaker:Yeah, it's a, it's always busy, you know, every year we think we
Speaker:prepare and we just get more clients.
Speaker:We have more people to help and there's always a deadline.
Speaker:The deadline never goes away.
Speaker:So, it was definitely a, I felt more prepared for this year, but
Speaker:it was Still a busy year, yeah.
Speaker:That's probably why you're sick right now.
Speaker:Yeah, probably, that's a good point.
Speaker:That's a good point.
Speaker:It's just my my body saying no.
Speaker:Please go to sleep.
Speaker:Yeah, exactly.
Speaker:Please take a vacation.
Speaker:Yes, which you are, so that's good.
Speaker:Tomorrow, actually.
Speaker:You leave tomorrow?
Speaker:Yeah.
Speaker:Man, you never prepare me when you're going to be away.
Speaker:You're like, I told you 10 times, Kristen.
Speaker:No it's, you know, but I'm still available and working.
Speaker:Well, I'll be there.
Speaker:Maybe not, but maybe.
Speaker:But Know Your Worth is coming out with some courses and with
Speaker:some educational materials.
Speaker:I mean, we already do our educational materials in our newsletter.
Speaker:So we already do provide resources in our newsletter, which is free.
Speaker:So if you sign up for our email list and you sign up for that newsletter,
Speaker:we send out a lot of free resources for tax planning, preparation, education.
Speaker:We have a new one.
Speaker:Yeah.
Speaker:Yeah.
Speaker:Yeah.
Speaker:So we already send out some of that information and we have the podcast
Speaker:here for educational purposes.
Speaker:So you don't have to invest too much in both of those resources, but
Speaker:coming up, we will have additional resources that you can invest in.
Speaker:There will be like a bookkeeping 101 course for anybody that
Speaker:would like to start it.
Speaker:DIYing their books.
Speaker:And so it will probably start with a background just in accounting
Speaker:and bookkeeping concepts.
Speaker:And then the next one will be just a little bit more specific into
Speaker:QuickBooks and we're going to plan on bundling them as much as we can.
Speaker:That's going to be awesome.
Speaker:Yeah, I'm excited.
Speaker:I also think too, like when you're starting out in your business
Speaker:and you're like, I don't have a lot of money to invest in that.
Speaker:Like, What are some free resources?
Speaker:YouTube.
Speaker:Yep.
Speaker:Instagram.
Speaker:What else?
Speaker:Yep.
Speaker:I mean, YouTube.
Speaker:Instagram podcasts.
Speaker:Yeah.
Speaker:Pinterest is like my favorite place to look.
Speaker:Yeah.
Speaker:For templates and for like how toss and guides.
Speaker:I love Pinterest, so.
Speaker:We'll be posting these on Pinterest as well.
Speaker:. Yeah.
Speaker:So I feel like if there isn't a lot of free.
Speaker:freed up money to start investing that you can start in a lot of free places.
Speaker:Absolutely.
Speaker:Yeah.
Speaker:So number three, the third thing that people said was utilizing
Speaker:accounting software and tolls.
Speaker:So what does that mean?
Speaker:What are your favorite accounting softwares?
Speaker:QuickBooks.
Speaker:I feel like we need to get you a shirt.
Speaker:Syd crafted her own shirt today.
Speaker:I did.
Speaker:We should do a QuickBooks Cricket.
Speaker:We should.
Speaker:Which is why I think of some cute things.
Speaker:I wonder if we could do like Know Your Worth like ex QuickBooks or Intuit and
Speaker:see if they would sponsor the podcast.
Speaker:A collab.
Speaker:Yeah.
Speaker:I think that's a good idea.
Speaker:We should do that.
Speaker:Yeah.
Speaker:We should do that.
Speaker:Yeah.
Speaker:You know, like they have all these like, you know, college
Speaker:athletes now like being Why not us?
Speaker:Partnering with Intuit to like, for TurboTax.
Speaker:Like, yeah.
Speaker:Know Your Worth is just as cool.
Speaker:Look at it.
Speaker:Look at our homemade merch for our businesses.
Speaker:We could do it.
Speaker:Yeah, I wanted a really just loose sweatshirt today for my
Speaker:golf lessons that I was teaching.
Speaker:So I swung into Target and picked up a sweatshirt and I cricketed my gear.
Speaker:Yeah, that's one way to save money.
Speaker:Just make your own clothes.
Speaker:It's a great way to do it.
Speaker:It's a great way to do it.
Speaker:Absolutely.
Speaker:You don't need to spend.
Speaker:I mean, like, when you buy stuff like this, it's like 65.
Speaker:Yeah.
Speaker:When that costs you, like What's the target sweatshirt?
Speaker:25?
Speaker:25 bucks.
Speaker:Yeah.
Speaker:And you had the rest of it?
Speaker:Yeah.
Speaker:So nothing.
Speaker:Free.
Speaker:Girl math.
Speaker:Anyways.
Speaker:So QuickBooks is a software that you like.
Speaker:How much does QuickBooks cost?
Speaker:It varies.
Speaker:They just came out with a new version of QuickBooks that is 10.
Speaker:It's called the Ledger.
Speaker:You know, it's like just QuickBooks Ledger.
Speaker:So it's really just for tracking the income and expenses.
Speaker:You connect your bank account to it and you just, Categorized like that.
Speaker:If you're somebody that doesn't do invoicing, doesn't do class tracking
Speaker:or location tracking, and it's not using their bill pay, it's 10 a month.
Speaker:So they just created that new level because QuickBooks
Speaker:is increasing their prices.
Speaker:It's one of the, one of the few things that's just frustrating,
Speaker:but it's kind of just society now.
Speaker:So I can't only get mad at QuickBooks for that, but all of their tiers for their
Speaker:other Bookkeeping softwares have increased and significantly, you know, they have
Speaker:they've really gone up I do think it's the most robust tool out there So I
Speaker:don't think that the price is completely unfounded But they did just come out
Speaker:with the entry level 10 a month, which is cheaper than it was ever before So it is
Speaker:really wonderful 10 a month And if you go through for wholesale it's a great price.
Speaker:Yeah.
Speaker:So find a bookkeeper, find an accountant.
Speaker:I think even if you are not planning on using a bookkeeper, find a
Speaker:bookkeeper and just ask if you can run wholesale through their account.
Speaker:If you're a nonprofit, go through TechSoup just find a way to get.
Speaker:the cheapest QuickBooks that you can because they have a lot of
Speaker:options out there to get it cheaper.
Speaker:What does that mean?
Speaker:Go whole, like if I called you and I was like, Hey, can I go wholesale
Speaker:through your account for QuickBooks?
Speaker:What does that mean?
Speaker:I'd say, yeah, sure.
Speaker:We'll set you up and I'll just charge you a sales invoice instead of you
Speaker:paying QuickBooks, you pay me and I pay QuickBooks because bookkeepers,
Speaker:accountants, tax professionals that are QuickBooks partners like pro
Speaker:advisors, we get a discount and it's off the life of the product.
Speaker:So it'll always be like 30 percent off.
Speaker:The product price that it is now.
Speaker:Huh?
Speaker:So, the second tier I think is already like $95, or sorry,
Speaker:the mid tier is up to $95.
Speaker:When I first started with everyone, I think it was only 50
Speaker:and now it's 95 already a month.
Speaker:I remember when we emailed everybody tell, yeah, it's, it got really expensive.
Speaker:So, I would take a look at maybe if you can cut back on the services.
Speaker:Cut back on, you know, what tier you're using in QuickBooks, but the
Speaker:features are really nice when you're invoicing in QuickBooks, when you're
Speaker:doing bill pay through QuickBooks.
Speaker:If you are using class or location tracking there's a couple other like
Speaker:prime things in each tier, but those are kind of the main differences
Speaker:that we use for our clients.
Speaker:But if somebody were to reach out to me and say, Hey, can you help me
Speaker:set up my QuickBooks and You know, I don't need month to month bookkeeping,
Speaker:but I want you to help me set it up.
Speaker:Our setup fee for a simple client is like 250 one time, 300 one time
Speaker:depending on what time of year it is and just how much data goes into it.
Speaker:If you're saying set up my books and I have a whole year that you have to
Speaker:import, it might be a little bit higher.
Speaker:If you're saying I just need my chart of accounts, I have no transactions.
Speaker:I mean, I've done that for really inexpensive.
Speaker:And just kind of talk through a lot of it, but I'll just bill through my
Speaker:account and just re invoice you and we'll just set it up as an auto charge.
Speaker:So it would basically be the same thing that it would be if you just
Speaker:paid QuickBooks for the discount.
Speaker:And I'm pretty certain every bookkeeper I've talked to does that.
Speaker:Very cool.
Speaker:That's a great tip.
Speaker:Are there any other software accounts or like tolls or things like that?
Speaker:Yeah.
Speaker:I mean, I think I also, Would really recommend it.
Speaker:I'm not incredibly well versed in all of the other point of sale systems
Speaker:and different specific accounting softwares that partner with the point
Speaker:of sale systems like Honeybooks or What's some of the other big ones?
Speaker:Honeybooks is like a big one that a lot of people use.
Speaker:I can't speak to The intricacies of HoneyBooks and what their
Speaker:reporting looks like and what their accounting software looks like.
Speaker:But HoneyBooks is great for invoicing, getting started,
Speaker:having reports to go off of.
Speaker:I think you can connect the banks to it so that you can get expenses in there.
Speaker:I'm not sure what tier that looks like or how that would
Speaker:all integrate, but HoneyBooks also integrates with QuickBooks.
Speaker:Same with like a Debs Auto.
Speaker:You can't necessarily hook up the expense side of it.
Speaker:Investing in tools that are going to make your income and expenses
Speaker:more digital and accessible and web based is what I would recommend.
Speaker:So Xero is another accounting software that we don't use at Know
Speaker:Your Worth, but we've had clients that we've transferred from Xero.
Speaker:I just think the difference between QuickBooks and Xero, I mean, I
Speaker:don't believe that Xero has the same functionality for me, but I just think
Speaker:it's like the way your brain works too.
Speaker:Some people just love Xero and I'm not one of those people.
Speaker:Just the functionality and the way that things are set up
Speaker:don't really resonate with me.
Speaker:But Xero is a great software, again, that if you're looking to invest
Speaker:in, it's a great one to start with.
Speaker:It's a great one to go with.
Speaker:You know, and just making sure that whatever industry you're
Speaker:in, there are specific accounting softwares for your industry too.
Speaker:Yeah.
Speaker:I think you can also ask other business centers, like, what are some things
Speaker:that you use that you really love?
Speaker:Or what are some things that have been a complete waste of time for you?
Speaker:Absolutely.
Speaker:Absolutely.
Speaker:So that was a big one.
Speaker:And then after that was diversifying revenue streams.
Speaker:So this was one that I think, And we're calling it diversifying revenue streams.
Speaker:I will say like a lot of our listeners when they wrote back, maybe didn't
Speaker:realize that's what they were doing, but they were saying like more product
Speaker:offerings, or expanding into new markets, or putting out my second service.
Speaker:So we're calling that diversifying revenue streams.
Speaker:So creating different ways of making money is basically the highlight of it.
Speaker:that item.
Speaker:Okay.
Speaker:And so taking what you do and branching out and offering different things.
Speaker:Yes.
Speaker:So like when Know Your Worth starts to offer this course, you know, when
Speaker:we have a course that we're going to make revenue off of, we're diversifying
Speaker:our revenue streams to not just bookkeeping, but now to course manage,
Speaker:you know, create course creation.
Speaker:We've done coaching, so we've diversified a little bit into coaching.
Speaker:We are doing speaking engagements, so diversifying into maybe
Speaker:doing speaking engagements.
Speaker:So at Know Your Worth, we're working on diversifying our revenue streams
Speaker:and a lot of our clients have said that's what's helped them.
Speaker:You know, maybe at first they were only offering in their retail shop
Speaker:jewelry, and then they decided to offer you know, jewelry.
Speaker:tailored design with the jewelry.
Speaker:So you can go in and you can create your jewelry with them, but then
Speaker:they'll also do like kind of a personal shopping for you with it too.
Speaker:For some of our other clients it's was they were doing design
Speaker:and now they're doing purchasing.
Speaker:So it's purchasing, design, delivery, and like implementation.
Speaker:So there's a couple of different things that you can say for
Speaker:diversifying revenue streams.
Speaker:I think it just really depends on whatever industry you're into.
Speaker:Yeah, I think you can also look up other people in your industry
Speaker:and what are they offering?
Speaker:What are they doing to make money?
Speaker:And see if it's something that aligns with you.
Speaker:Alright, and the last one was cultivating a positive mindset and resilience.
Speaker:So a lot of people said, you know, being your own, like owning your own business,
Speaker:you have to be your own hype person and how to keep yourself on a positive.
Speaker:And a positive headspace.
Speaker:Yeah, absolutely.
Speaker:Which is super important.
Speaker:It's super important and it's really hard to do sometimes when you feel
Speaker:like you're in a hole, when you feel like you're down, the last thing you
Speaker:want to do sometimes is read a money mantra or, you know, look at the post
Speaker:it notes that you've put on your mirror.
Speaker:But, If you put them on your mirror, you're forced to look at them.
Speaker:So creating that positive mindset and creating those reminders to
Speaker:give you that positive mindset is a huge tool for your business.
Speaker:Probably more than you realize, you know, the more that you think
Speaker:you can do it, the more you can do it as that's, I believe that.
Speaker:Yeah, and I think having like a business buddy or somebody who
Speaker:understands the world that you live in and that you're operating within
Speaker:That you can actually talk even though you're in business by yourself.
Speaker:You can talk about the things that are the pains in the butt Yes, and those people
Speaker:know that you're not being negative.
Speaker:You're just releasing energy, you know, like you can find your people that
Speaker:can take what you need to release.
Speaker:And then you're not putting yourself in a negative space.
Speaker:You're just releasing and you're creating room for positivity, but
Speaker:make sure that you bring in that positivity and you rejuvenate and
Speaker:refill yourself so that You're not that empty, you know, you're releasing the
Speaker:negative, but refill with the positive.
Speaker:So finding the right people to help talk to and stay optimistic as much as pos as
Speaker:much as positive, as much as possible.
Speaker:As much as positive possible.
Speaker:Yeah, exactly.
Speaker:All right.
Speaker:But yeah, stay resilient.
Speaker:You can do it.
Speaker:And that'll lead us into our next episode, which is going to be a little
Speaker:bit more about positive money mantras.
Speaker:We'll see you then.
Speaker:Stay tuned.
Speaker:Bye guys.
Speaker:Bye.
