Financial Self-Care for Wellness Entrepreneurs

One of the most important (and sometimes stressful) things about being an entrepreneur is managing your finances. Our wellness requires care and attention, and so does our financial well-being.

If you've ever felt overwhelmed by your financial situation, you're not alone. You’ve built a profession around helping people, but with success in business comes the burden of managing your finances well. This is where we come in. We want to lift that burden so you can keep helping people in the largest capacity possible.

If you’re new to bookkeeping here are some first steps to take now.

  • Open a business bank account. Keep your business and personal accounts separate. This will cut down your bookkeeping time, prevent errors, and keep you from missing out on tax deductions.

  • Set up a Quickbooks Online account for your business

  • Set up your chart of accounts to keep you organized

  • Determine how much you’re going to pay yourself

  • Learn how to categorize transactions properly, reconcile bank and credit card accounts, post journal entries, generate financial reports, and close out a month

Monthly Bookkeeping Essentials Checklist:

  • Track and record your income and expenses

  • Maintain your balance sheet

  • Prepare bank reconciliations

  • Preserve financial records for your business

  • Prepare monthly profit & loss statement and balance sheet

  • Prepare annual year-end reports which are the basis for your tax return

  • Keep track of all industry-specific expense write-offs and new asset purchases

  • Hand off your prepared books to your tax accountant (CPA) to file taxes

We hope this is a helpful start to your financial health journey. Remember, the more you value your financial self-care, the more people you’ll be able to reach and serve.

If you're looking for support around your bookkeeping, we can take that off your plate. Get a free estimate and clients receive additional support around their numbers in our free monthly “Understanding Your Reports” training with HarQuin founder, Lindsey Roberts.

Wellness Coaches, Creatives, MidwifeLindsey Sryockbookkeeping, financial healthComment