You’re so engrossed in the day-to-day of your business that you can’t see the wood for the trees anymore. You’ve kept things going and ticking over for years now, but it’s about time you increased your earnings without having to work longer hours - you’ve been there, done that, thank you very much. Long hours and long days to still not be making the sort of money you hoped you would be by this point is deflating. Have you plateaued or is the limit to your earnings something you’re not quite seeing, down amongst the weeds?
You’re stressed out and overwhelmed as you’ve seen that more changes to tax rules are afoot and people are talking about them, but you just don’t have the headspace to decipher the gobbledegook and work out whether it actually impacts you. People keep telling you that the only way is to outsource your bookkeeping and accounting to a professional. But, you don’t want to give away your power and hand over the reins to an “expert” - you’re the expert on your business and you want to fix this blind spot and get to know your own business numbers. Surely there has to be a way to do this, without your choices being either:
a. Pay someone else to do it for you
b. Figure it all out completely on your own
These aren’t your only choices, at all. There is another way. Keep reading to find out what help is available as you do your own bookkeeping and accounting. And at the end of this blog, you’ll find the link to get access to support TODAY.
How to feel confident doing your own books and accounts
What DIY bookkeeping and accounting means
Bookkeeping is the recording of day-to-day transactions in your business; it allows you to follow the money coming in, and know where it’s going.
Accounting is about understanding how those transactions come together so you can see how your business is doing, and make informed decisions so your business grows, and dreams become a reality.
When you DIY your books and accounts, it’s important to feel confident in keeping those records up to date. To recognise that having this knowledge at your fingertips gives you the full story of your business - so you can feel comfortable making big and small decisions, day in, day out.
I’m a big believer that every business owner - whether they’re a smaller independent or the CEO of a large corporation - should be able to understand how they are earning and spending money. They should recognise how their daily actions contribute to their future vision, using their books and accounts as a map.
The problem with unsupported DIY bookkeeping and accounting
Shaping your own business numbers story is empowering and liberating; you get to call the shots and focus things on your dreams. It’s also a bit overwhelming and exhausting, doing it all alone. You end up in a spiral...
Worried you’re doing something wrong, fearful of the tax man, jaded by the feeling that you’ll never be able to understand what you need to do - every time you think you’ve got the hang of it, the sand beneath your feet shifts, the rules change again and you’re left sinking - so you should probably just brush everything under the carpet, out of sight out of mind.
And then those ads start chasing you around the internet (pesky cookies), or you find yourself somehow chatting to a sales rep for a piece of accounting and bookkeeping software. The next thing you know, that “really easy to use” new tool is open on your screen, your credit card is frowning at you (or is that just the buyer’s remorse kicking in?) and you’re staring blankly at all the squiggles with that sinking feeling in your gut. Somehow you’re more confused and muddled than when you looked at your trusty spreadsheet and found it didn’t balance.
Why DIY accounting and bookkeeping is necessary as a self employed person
I’ve had a lot of conversations with freelancers, self-employed folks and small business owners in my time, and I regular hear something that stops me in my tracks:
“Numbers aren’t my thing. If I just stay small, I’ll be out of sight of the tax man, so I don’t need to figure this stuff out.”
That’s like an arrow to the heart of this here Numbers Narrator. Because it’s a big fat fib; not that the HMRC is out to get you, but your business size is irrelevant. Solid bookkeeping and accounting will keep you and the tax man on friendly terms. Bookkeeping isn’t rocket science, and you don’t need to have a maths degree to be able to understand it. It’s more about logic and order. Cracking the code is easy, when you’re shown the way.
And why would you want to shrink your business? You have big dreams to achieve - a world map to stick pins in and bucket list to tick off - staying small won’t get you there. Neither will burying your head in the sand. You’re shifting from self-employed to business owner now, and that means you need to really get to grips with your accounting and bookkeeping.
You can do it yourself, but you don’t have to figure it all out alone. Stop telling yourself you should have all of this figured out by now and recognise that you’ve reached a new level in your business; and that means getting a bit of short-term help to support that growth.
Key take-aways
As a self-employed person, your only bookkeeping and accounting choices might seem like either figuring it all out completely on your own, or outsourcing it, but there is another way. Actually, you can do your own books and accounts, with short-term expert support. DIY bookkeeping and accounting support does exist.
With Money Mentoring and Numbers Narration, you’ll understand the process and strategies required to keep track of your transactions AND know why you’re recording them. You’ll feel confident in your numbers story, and be able to make clear and confident decisions.
Get some 1-2-1 money mentoring, with Accounts-ability, as you continue your DIY bookkeeping and accounting journey. It’s time for you to have someone at your side - and in your corner - as you get to grips with your business numbers story, yourself.
Let’s get back to basics and make DIY-ing your books and accounts not just easy, but empowering.
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