Money Matters: Systematize Your Cash Flow

Tell me if this sounds familiar: 

Everything seems to be going well in your business. You’re working some long hours, sure, but you’re also pulling in some clients. You’ve finally settled on an hourly rate that you’re comfortable with and people are paying it. But your cash flow is just horrible. You’re spending so much time promoting your business and fulfilling your client obligations and making sure dinner is prepared and the kids’ homework gets done that taking care of your money just falls by the wayside.  

And it’s frustrating because you’ve worked so hard to have clients and bring in that money and you know in the back of your mind that it’s a big deal: you have to grab hold of your money system and reel it in. But with everything else you’ve got going on, you simply can’t seem to find the time.  

So invoices don’t get sent out when they should be. Your taxes either don’t get done or you manage to get them done at the last minute. You’ve got past due balances that you either don’t see or ignore, and you’ve got recurring payments going out of your accounts every month for things you don’t even know if you’re still using or what they even are.  

Unfortunately, this is what a lot of successful online businesses look like, especially in the beginning when you’re just finding your legs. When you’re hustling to bring in clients and have a steady workflow, create and publish content so you stay top of mind, serve those clients and deliver what you promised you would, managing the money you make seems trivial compared to all the work it takes to bring it in. On top of your business work, you’ve got household chores to complete, meals to prepare, kids and family to tend to. Once the money is ‘there’, it simply isn’t as ‘important’ as everything else. It’s not a truth we want to admit to, but it’s true for most of us nevertheless. 

Happily, that also means that if you’re in that situation you’re not alone. Because we as womepreneur are our own bosses and because most of us work primarily at home, most of the time we have to hold ourselves accountable. Because of that, it’s really easy to let things like managing money fall between the cracks in favor of other more ‘urgent’ tasks that crop up and distract us from being productive and organized.  

And it all has a horrible stagnating effect on our businesses. 

Fortunately, moving forward and setting up systems to handle your money is easy! Let’s split the wide issue of money management into two areas: Money Coming In and Money Going Out. 

Money Coming In 

Let’s start with your customers and those overdue bills. If you don’t already have an online automated billing app, look at something like Wave or Freshbooks or Harvest. You want to find a program that can handle timekeeping and invoicing in very simple steps as well as expense tracking and project management so you can stay on top of your tasks and stay on track with client work. To make sure you take care of billing, set aside a single day for sending out invoices, and keep it free of all other appointments and obligations. As time passes and you become more consistent, you can delegate a few hours on that day, as opposed to the entire day, as needed. 

Whatever app you choose, when you are ready to do your billing, log in and generate your invoices. You will need to enter in the hours you worked for each client job. Once done, sending those invoices will be quick work. 

Money Going Out 

When you’re ready to tackle your expenses, take some time to make a list of your outgoing payments. You want to be sure you know what you are spending money on and that you are not paying for something that you no longer need or use. 

You want to use a single system to limit confusion and oversight, especially if you have payments going out of more than one source or account. You want to make sure whatever you use has a reporting feature, and will allow you to export your statements at the end of the month. If you’re not able to do so yet, make a habit of bundling those exported monthly reports along with your sales reports and any receipts you have to send to your accountant. This will make it easier for you to prepare for tax season! 

Whether you do your own taxes or use a service like HR Block or your own accountant, you want to make sure that whatever tools or apps you choose to use will ‘converse’ or interface with each other easily and also make it easy for you to hand the information over to someone else.  

Honestly, putting these systems in place in your business can save you hours every month trying to make heads or tails of everything on top of everything else you have going on. Perhaps a bigger benefit or reason to implement this type of system is the fact that dealing with your money will finally become something to complete with ease, if not something to look forward to. When you know that your money is taken care of, that you have a system that can handle the volume and the frequency of the income you want to receive, you have more boldness and excitement to go forward and bring that income in, and that’s SASSy. 

Sign up for the FREE SASSy Sales Now: 6 Steps to Make Money on Autopilot with Easy, Streamlined Systems today!

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