Essential bookkeeping tips for Mumpreneurs

Let's face it, balancing motherhood and running a business is no easy feat. It can feel like you're juggling two full-time jobs!! Between Zoom meetings and deadlines, there are school runs, bath times and referring sibling arguments, it's no wonder that certain tasks, like your books, don't take priority.

But here's the thing; keeping your finances in order is crucial for your long-term success. Good News! You don't have to be a financial expert to stay on top of your books, and to help with that I've put together a quick rundown of simple habits and strategies to make managing your finances as stress-free as can be.

Keep personal & business finances separate

I'll start with a big one, my number one tip – keep your personal and business finances separate. Open yourself a business bank account and ensure all income and outgoings related to the business, go through this account. By treating your finances separately, you will avoid any confusion over whether the transaction is business or personal. It will also ensure that you are not overspending in your business and dipping into your personal funds.

Schedule a finance day each week

I know time is scarce when you have a million tasks to get done, but setting a dedicated time each week (or month) to review and update your finances is essential. Believe me, leaving it all until the end of the year will end up taking more time and causing more stress!

During these check-ins focus on ensuring that your bank account transactions match what you expect, if anything doesn't match or looks unusual, investigate straight away.

Use Accounting Software

The one thing all mums want is MORE time and utilising accounting software can really save you time. Many systems now come with automation and AI-assisted features, such as recurring invoices, credit control and expense analysis, you can manage your finances more efficiently.

In addition, nearly all systems come with apps, meaning you can keep track of your finances on the go. Perfect for a busy mum.

Stay organised

Set up a folder to save all your paperwork, whether it's a physical folder or a digital one, make sure all your receipts, invoices and financial records are easy to access. You never know when you may need to access this information, so its best to have it all in one place.

Create a simple budget

We don't travel anywhere nowadays without using a sat-nav, well your budget is your businesses sat-nav, helping you know where you want to go and what you need to do to get there.

Setting your budget doesn't have to be complicated or overwhelming – start with the basics, estimate your income for the year and outline your expected expenses. Knowing what is coming in and going out will give you confidence and control over your finances.

Plan & Save for Tax

We've all been there – January rolls around, and the post-Christmas financial squeeze makes tax time extra stressful. But one way to avoid this stress is to put a little away each month in a separate savings account specifically for tax – a good rule of thumb is 20% each month. Not only will this ensure you're prepared when tax season rolls around, but if there is money left over after paying your tax bill, you get a nice little bonus for yourself!

Remember you are not alone

Running a business, much like raising a family, is a team effort. You don't have to do it all alone. We all have our strengths and weaknesses and if bookkeeping & finance is not a strength of yours, don't be afraid you reach out for support.

Whether it's hiring a bookkeeper, using an accountant or joining a business community, seeking help can free-up your time and give you peace of mind.

Final thoughts

By implementing these simple strategies, managing your finances will not seem as stressful. However, if you are feeling overwhelmed or need more support managing your business finances, don't hesitate to seek expert guidance – it can go a long way in making life easier.

Here's to a thriving business and motherhood!!


Find out more - https://www.themotherhub.co.uk/business-directory/sandstone-bookkeeping.html