Curious why your small business might need both a CPA and a bookkeeper? This BudgetEase Broadcast breaks down the benefits of having each role on your financial team. A CPA handles tax strategy, compliance, and audits, ensuring your business meets all legal requirements. Meanwhile, a bookkeeper manages daily finances, tracks cash flow, and keeps everything organized, providing essential reports for informed decisions.

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BudgetEase is a bookkeeping service in Cleveland that helps take the pain out of bookkeeping by providing part-time services to small businesses. Whether you need an outsourced bookkeeper to fill a permanent or temporary role, or just need to have your QuickBooks reviewed, our talented team of experts can help.

TRANSCRIPT:
Welcome to the Budget Ease broadcast. Today we're discussing your financial mindset as a Part 2 of our last discussion. Improving your financial mindset is a journey that involves both mental shifts and practical actions. If you have anxious thoughts about money, here are some steps to help you change that mindset so you can spend your energy in more important ways, like marketing your product or service or enjoying your family. First, you need to identify and challenge your negative beliefs. All small business owners have lean times and you will too. Are there negative thoughts that hold you back, such as I'm bad with money or I'll never be debt free? Replace negative thoughts with positive affirmations. For example, instead of I can't manage money, say I'm learning to manage my finances better every day, or I can get through this rough patch. Second, you need to educate yourself. Invest time in learning about personal finance. Many free resources are available such as online courses, books and podcasts. I recommend two books I will teach you to Be Rich by Remit Sati to build your financial literacy and Simple Numbers by Greg Crabtree that covers all you need to know to understand your financial reports better. We have added links to both books to this video.
Keep up with financial news and trends to understand the broader economic context and how it might affect your finances. Possibly find a podcast that covers this topic for you that you can listen to as you walk.
Plant Money, Motley Fool Money are two of my favorites. Third, set clear financial goals for the short term. Identify immediate financial goals, such as savings for cash to sustain you in challenging times. We recommend six months of fixed expenses as something that you want to save for or possibly paying off a specific debt for the long term. Plan for the future by setting goals like adding a new product line, taking more time off, adding a sales manager, enhancing employee benefits, or paying yourself more.
4th Create a budget. Every Budgetese client gets a budget. They are that important to your financial security. Use budgeting tools or apps to monitor where your money goes each month. QuickBooks profit and loss by month and expenses by vendor Summary reports are great and easy to see where your money's going. You can increase revenue by increasing prices, adding new clients, or offering more services to existing clients. Pick one to start, but revisit the other too soon. Usually more revenue means more money to the bottom line and less anxiety about money. 5th, seek professional advice. Consider consulting with your financial advisor, your bookkeeper, or your accountant to get personalized service and strategies. Join small business groups where you can share experiences and learn from others.
I belong to Entrepreneurs Organization, also known as EO, and took the 10,000 Small Business program provided by Goldman Sachs. Both programs provide opportunities to share with other business owners. Lastly, take action. Break down your financial goals into manageable steps and take action regularly. Consistent small actions can lead to significant improvements over time. I've seen changes happen quickly for others, and they will for you too. By incorporating these steps into your daily routine, you can gradually shift your financial mindset towards one of growth and positivity. Remember, it's a journey and every small step counts. You will be surprised at how quickly you can turn around a negative mindset. I hope this Budget Ease broadcast was helpful to you. If you have any further questions or need additional information, Budget Ease is here to help. We offer a range of bookkeeping services, so give us a call.

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