Why outsourcing your bookkeeping is keeping you from earning six figures

 

Happy Monday, fabulous!

I hope you had an awesome weekend! Was your week crazy busy like mine last week? OMG. I signed fabulous new clients, announced my event (if you're in Oakland, on March 21st you should totes come-click here for deets) and attended a TON of events.

 

I met Nick Sullivan, CEO and founder of ChangeTip at the SF Bitcoin Devs event.ChangeTip is super cool! Instead of just "favoriting" a Tweet or "liking" a Facebook post you can tip the person. Jake Benson, CEO of Libra, sent me a tip via Twitter for mimosas. How cool is that?!  

I met Nick Sullivan, CEO and founder of ChangeTip at the SF Bitcoin Devs event.ChangeTip is super cool! Instead of just "favoriting" a Tweet or "liking" a Facebook post you can tip the person. Jake Benson, CEO of Libra, sent me a tip via Twitter for mimosas. How cool is that?!
 

Me with Carrie Schwab-Pomerantz, CFP and President of the Charles Schwab Foundation at the Financial Women of San Francisco luncheon. Like me, she is super passionate about financial literacy education for women. Her focus is on women over the age of 50.


Me with Carrie Schwab-Pomerantz, CFP and President of the Charles Schwab Foundation at the Financial Women of San Francisco luncheon. Like me, she is super passionate about financial literacy education for women. Her focus is on women over the age of 50.

Got my nails did. My intention is to finish the first quarter of 2015, bright and bold. What about you?

Got my nails did. My intention is to finish the first quarter of 2015, bright and bold. What about you?


Speaking of intentions for the first quarter...let's chat about bookkeeping and $$ goals.
 

With as many clients as I sign, sadly I have to turn away just as many.

Why?

Because they say they want to "hand over their bookkeeping."

It's usually because they hate numbers or think that it should be left to a professional.

While I fully agree that working with a financial professional is a great idea for your business growth, it is an even better idea to have an understanding of your business finances

If your business is not earning at least six figures in revenue, you need to be doing your own bookkeeping. 

Why?

Because as a business owner, you need to get a handle on how your cash flows. You need to know how to label your expenses. And you need to keep an eye on your income goals and if you are hitting them.

Far too often, especially as women, we hand over the financial duties to someone else. 

What you focus on grows and if you're not focusing on your business' financial health, it will not improve. Either your sales will not increase. Or if they do, your profit margins will diminish.

70% of women-owned businesses earn $54,000 per year. That's in revenue. Compared to $75,000 earned by our male counterparts. I firmly believe this is due to our resistance to tracking our books.

With technology, bookkkeeping is easier than ever. And I know you're super smart, because you wouldn't have started a business otherwise, and can more than handle your books.

Take action now! Sign up for a bookkeeping program AND find an accountability partner so that you do it every week. 

If you need an accountability partner, check out my new community for fabulous entrepreneurs like yourself. This is specifically for you if breaking through six figures is your goal for 2015. 

In order to break through six figures, you must stay on top of books. You can do it. I believe in you.

Cheers,

Danetha

Danetha Doe is on a mission to help every woman become financially independent. Connect with her Twitter @danethadoe. Sign up for weekly updates for free money tips.