Make Your Biz Legit: 4- Week Money Crash Course

1. Make Your Biz Legit: 4- Week Money Crash Course Week Two: Toolbox Treasures Danetha Doe, International. 2014.

2. Honor Your Time • Find a quiet space • Be present- multi tasking isn’t possible • Turn off your distractions- cellphone, Facebook, etc. • Sign out of your email and social media • Grab a pen and paper • Get a glass of water or some tea • Release any tension you may be feeling Danetha Doe, International. 2014.

3. What you’ll learn today •  The absolute, hands down, best tools for managing your cash as a creative, location-independent, super savvy entrepreneur • How to choose which bookkeeping program is perfect for your unique business • What information your accountant needs to have •  What additional tools you should use for your specific situation • Wrap up with a Q&A Danetha Doe, International. 2014.

4. Related Study Guides and Worksheets • Toolbox treasures worksheet • Choose a bookkeeping program Danetha Doe, International. 2014.

5. Relax and have fun. You’re a rockstar! Talking about money can be stressful OR it can be fun. A lot of this information may be new to you. Be patient with yourself. If you have heard this information before, think about how you may be able to apply it differently. Danetha Doe, International. 2014.

6. Why a bookkeeping program may be your best investment? • Remember, money loves clarity. And clarity comes from organization. If you feel that your current system does this, then great! • If not, let’s upgrade it. Bookkeeping programs are fantastic because they do a lot of the work for you. • They are also “accountant-approved.” When it comes to money, you are the best manager, but it’s also important that someone else can understand your system too  Danetha Doe, International. 2014.

7. Choosing a Bookkeeping Program • A bookkeeping program is there to communicate your current, and future, money situation clearly, concisely and immediately. • The best tools for this are cloud-based because they link to your bank information and can be accessed from anywhere in the world by multiple parties. • Your accountant should be able to access your information without sending sensitive information via email. Danetha Doe, International. 2014.

8. Things to consider • Is cloud-based safe? Will my sensitive financial information be ok online? YES! If you bank online, you know that there is always a possible threat. But, the likelihood is slim to none. • Should my accountant be familiar with the program? Hopefully, she is. If not, have a conversation with her. At the end of the day, all programs produce the same reports it’s just a matter of preference. • Do you like to travel? If you want to be able to make a purchase or hiring decision on the fly, you need to use a program that gives you solid financial information at a moment’s notice. Danetha Doe, International. 2014.

9. Your bank account is not a plan • Often times we make purchasing decisions based upon if we have enough money in our account at that time. But, we need to consider future known and unexpected expenses. • A bookkeeping program gives you a clear picture if you should spend that $500 now or wait another 3 months. • In one place, you can see what money is coming in the future. What money is going out now and in the future. How much cash you currently have and what your business is “worth” at any given time. Danetha Doe, International. 2014.

10. What programs are available? • There a ton of programs to choose from, but don’t be overwhelmed by this. Remember, at the end of the day they all do the same thing. Track your money coming in and going out, in the past and in the future. • But, just like choosing between a Mac or PC. Or using pen and paper vs. Evernote, there are key differences depending on how you prefer to stay organized and possibly communicate with your accountant. • Wave, Xero, Quickbooks Online, Indinero. Danetha Doe, International. 2014.

11. Pros and Cons • Wave- free and simple, but you may outgrow it. Currently you can not customize categories, but this should change on May 16, 2014. • Xero- simple and has a ton of apps. It can be expensive and cost around $300/year. • Quickbooks Online- simple and less expensive than Xero. Does not have a ton of apps and the company does not invest a lot of time into the product as compared to their desktop version. • Indinero- simple to use and it comes with a small finance team to help you manage your books and file taxes. It’s $100/month and still in start-up phase. Danetha Doe, International. 2014.

12. How to choose which one is right for you • Is it pretty? Seriously, though. If you honestly don’t like the way it looks and functions, you probably won’t use it and that does no one any good. • Does it link to your bank account? This isn’t a deal-breaker, but it does it make it a lot easier if it does connect. • Does it link to Paypal? Most tools do and again, not a deal-breaker. • Is it compatible with your computer or phone? All of us want to be location-independent and this is key. • Customer service. Check out the reviews to see how helpful the team is in helping small business owners. Danetha Doe, International. 2014.

13. All that matters is that you use it • At the end of the day, all of the programs do the same thing. • The program is only as good as your use of it. Which is why you should choose the one that makes the most sense to you If you are working with an accountant, introduce her to it and schedule a one hour appointment to go through it together. Danetha Doe, International. 2014.

14. What your accountant needs • General Ledger • Balance Sheet • Income Statement • List of your chart of accounts (from your Money Clarity worksheet) • All of the above are reports that can be run from any bookkeeping program • During your appointment, make sure you go over where this information can be found so that everyone is on the same page. Danetha Doe, International. 2014.

15. Bookkeeping programs are like website providers • Some entrepreneurs swear by Wordpress or Squarespace. Some accountants/business owners swear by Quickbooks, Wave, Xero, etc. • Just like website providers, each bookkeeping program has different features, learning curves and costs. Some resonate with some and not others. • At the end of the day, programs create a home for your business. As your business grows, you may outgrow the provider and need more features. Maybe not. Consider your bookkeeping program like a home for your money. Danetha Doe, International. 2014.

16. Other tools to think about • Invoicing- all bookkeeping programs have this function. I suggest only sending invoices from within the program and not generate one outside of it. Extra work and extra stress. Ain’t nobody got time for that. • Payment tools- Paypal. If you work with ongoing clients, consider opening a Dwolla account. It’s a flat $0.25/transaction fee. • Mileage tracking- consider an app for your phone. This is tax deductible. • Inventory- Stitch Labs, Shopkeep are cloud based and simple to use. Danetha Doe, International. 2014.

17. Take Action • Complete the Money Clarity worksheet if you haven’t already. This is what makes up your chart of accounts. • Choose a bookkeeping program. • Book private 30 minute session with me. Wait, what?  Danetha Doe, International. 2014.

18. Special announcement • After you complete your worksheets from Week One and Two, and choose a program, we will work together for 30 minutes to set it up. • Yay for a private session! Danetha Doe, International. 2014.

19. BONUS call on Friday! • Friday, May 16 at 1:00p PST. We have a live call with Doug Bend, Esq. He is a business attorney who specializes in working with small businesses. • If you have any questions about choosing a business structure or how to protect your assets, make sure you attend this call. You also get a free one hour private session with Doug. • If you can’t attend, no worries! Email your Q danetha@missdanetha.com and I’ll ask it for you. Danetha Doe, International. 2014.

20. Q&A YAY! It’s time for Q&A. What can I help you with? Danetha Doe, International. 2014.