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Q&A: When is the RIGHT time to hire a Bookkeeper?

As a professional bookkeeper, I’ve been asked this question several times and I wanted to spend a few minutes to shed some light on  your financials. 

WHY? Because I love it when small business thrive. There is so much to learn in such little time, so I want to help you get a jump start in this short clip. 

When I first started in business, I wish I had some to tell me do “this” and don’t do “that”. Other times, I wish I had someone’s shoulder to look over, just be a fly on the wall as I grow my business. Ever felt that way? 

I know the feeling and that’s apart of the reason why I’m here to cheer you on. 

Watch below!

LINK I PROMISED in the video. 

If you haven’t yet, come on over and join the most AMAZING group of people on the planet on our Facebook page. Can’t wait to meet you. 

Until next time, have a fabulous day! 

Karena

1501x200- About- 31 Mar

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Choosing the Right Bank For Your Buck!

Image going in your refrigerator to find a piece of cheese and digging through a bunch of crayons to get to the cheese. 

Crazy right? 

This is what happens when personal and business finances are commingled. 

One of the very first clients I ever worked with had both personal and professional expenses coming and going from the same account. 

Now granted, as a sole proprietor, you are not required to have a separate account. However, its a requirement if you are a partnership, LLC or any other type of organization. 

The problem that most small business owners don’t understand is that the numbers from your business account needs to line up and tell a story, an efficient story that will help you to become more successful in the future. 

If yours books are saying that you have a profit, when in actuality, you have a loss, then you are in for a big shock, because it won’t be long before your whole world come crashing down. The bottom line is that it’s important to separate your personal and business finances. 

So today I want to share a few tips with you on the important and the “how” for setting up your business bank account. 

First you need to find a bank that will accommodate your needs as a small business owner. Don’t be afraid to shop around there are several places to choose from. 

Every bank varies and some have hidden fees and perks that are worth the extra cost and security while others don’t. So check out the fine print. The worst thing is to end up with a bank with tons of hidden fees that ends up nickel and diming your account when you least expect it. So pay attention to the fee structure of the bank. 

Another huge factor to consider is location for your bank and how it affects the type of business you operate. In today’s fast pace society, almost everything has an app for “that” so you have several options for banks either locally or online. 

Stop and consider the structure of your business. Do you need face to face interaction? If so, then a local branch might work well for you. If not, then a bigger online branch might be able to cover your needs at just the right price.

Other Key Ingredients to Setting Up Your Business Bank Account

1. Business Checking Account– This is an essential part of running your business. Your business checking account is typically where all your sales get deposited and your bills get paid from. Since you are running a business, you end up having more transactions for this account, hence another reason to pay attention to the fee structure as each bank varies. 

2. A Business Credit Card– Similar to building your credit for your personal credit, having a business credit card will help build a credit for your business. Be careful though, to pay off the credit card by the end of every billing cycle to avoid. Another great benefit to having a business credit card, is that you can earn perks such as frequent flyer miles to use at a later date. 

3. A Business Savings Account– If you are a new business owner, don’t forget to save for emergencies and your inevitable friend, taxes. 

To keep make your life easier and to reduce the cost of sorting expenses and reduce your cost spent on accounting and bookkeeping, be sure to separate your business and personal finances.  

Found this article helpful? Leave a comment below on what was most helpful to you. 

To Your Success,

Karena

1501x200- About- 31 Mar

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Work Hard Play Hard

Do You Believe In “Work Hard, Play Hard?”

Word Hard! Play Hard! 

This is a phrase that I’ve heard so many times from living in the US and to be honest some days it bothers me, that is until I got a better understanding. 

Why?

Well, where I grew up, we were always working to provide the bare necessities of life. We worked hard ALL the time, with set periods of rest for much of the same holidays we share in the United States with some slight variations.

Much like Spain, there is a daily fiesta. In Jamaica, most stores are closed half day on Wednesdays and nothing is opened on Sundays. These times are set aside for family and rest. 

I can tell you are freaking out right now wondering how on earth do people survive. 🙂 I wondered the same after living in the US for a few years myself then going back for a visit. 

But the thing is, families and companies planned accordingly to make resting and fun a main priority in life. 

And that is something that we must do in our very own lives on a constant basis. 

There is no need in working 24/7/365 without any rest, because then your work becomes futile and uninspired. 

The bottom line in my opinion is BALANCE! 

If you don’t work, you shouldn’t eat. And if you are working all the time around the clock, then you need to take a break. 

Make it a priority to play as well as work, that way you don’t have to talk yourself into working or playing hard. 

Enjoy your family! Enjoy your kids! Enjoy some personal time to hear the birds chirp and the wind blow. 

ACTION STEP: If all you do is work, set aside a few hours this week to rest and have some fun. And if all you do is play, then set aside sometime to get to work. 

Our body, mind and spirit needs balance. It’s vital to our success for the long haul. 

To Your Success

Karena

1501x200- About- 31 Mar

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Video: You Gotta Get Real With Yourself

If you want to move from where you are, you have to change something.  One of the first thing is that you gotta get real with yourself. 

Found this video encouraging, please leave a comment below. 

 

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Job vs Passion

Do you LOVE what you do? I mean, seriously LOVE what you do?

Tell me! I want to know!

I started doing bookkeeping as a way of helping a friend out.

I have been doing budgeting, logistics and bookkeeping for the government for so long, that I never even thought that I could start my own business doing something that comes so naturally to me, and that I enjoy.

Out of nowhere, this need, found me! And since I wanted to help, I started paying it forward in order to helping out a friend.

I had spent thousands of dollars, learning and turning over every stone to find something that I would be suitable for. All the while, my mentor often told me to “prosper where I was planted”

She also told me that “if I can be faithful with the little, I would be made ruler over much.

I’m so grateful for her today, and so thankful, that even though I didn’t see the vision, others like my husband was able to encourage me along the way to be faithful.

Here I am a few years later, enjoying what I love doing, and this time, being paid to do. I’m eternally grateful.

The purpose of this post though, is that YOU find what YOU love to do and make it work.  Lots of folks go to a job each and every day without any satisfaction.  I can’t say that with my job.

Why?  It’s not really a job…it’s my P-A-S-S-I-O-N.

I couldn’t be happier!

If you are struggling and need help in finding your passion, let me know.

I’m here to help.

To Your Success,

Karena[/vc_column_text][/vc_column][/vc_row]

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Dig Up Your Dreams and Start Nurturing Them!

The cemetery is filled with big dreamers who were too afraid of what other people would say about them.

For all my new brushes with death, I can say that could have easily been me who died with a dream in my heart. But I’ve been given a second chance to live life by design and I want to encourage you to do the same!

I’m grateful for several second chances and I’m grateful for the many divine appointments I’ve been given. Today I want to remind you that it’s not by accident that you are seeing this video. It’s by divine appointment.

So I want to encourage you to rise up this year! Dig up those dreams that are still calling out to you. Nurture them, be grateful for them and start walking in your calling.

To Your Success,

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Bookkeeping For Startups

When we first brought home our baby twins (boy/girl), they screamed bloody murder the first night as it was a new environment they were not accustomed to. With much tender love and care, they soon pass out in a jiffy for nap time. We checked on a regular basis to ensure that that they were still breathing, but it wasn’t like we were measure their heart rates every 10 seconds.

However, as time progress, bed time was much easier and they drifted off at a lull-la-bye. As they grew and became more familiar with their environment, we put measures in place to monitor their physical, mental and emotional development to ensure they are on the right track.

In the same way, your need for accounting services as you’re starting a business is going to be quite different from your needs once the business has, with a lot of hard work, grown to, say, $500,000 a year in revenue.

Most small businesses are very simple, thus an accountant or bookkeeper for day to day expense, especially if they are in the early stages is not needed. But this varies depending on the business. Meaning, a business owner who just started a franchise and already has clients should get a bookkeeper straight away. On the other hand, a small business who is still looking for its first client may only need a bookkeeper on a very part time basis if at all.

A key to remember is not to have all your time drizzle away by worrying about the accounts payable, receivable, etc.  As a matter of fact, most business owners are more concern with ways to make more money and often times forget about their books and what’s happening to their company financially.

As I stated before, each company has unique needs similar to new-born have different needs than teenager.

So my advice to you would be to retainer a bookkeeper or accountant if you are serious about your business, and have no desire to do the number crunching aspect of the business.

You don’t want your business to be in the “teenage” years of life trying to potty train. In much the same way, you don’t want it to be tax time to figure out that you owe the IRS a lump sum of money that you didn’t plan for or have set aside for said purpose.

Found this article useful? Please pay it forward and share with your friends and family.

Also, come on over to our growing Facebook community with people just like you

To Your Success,

Karena Burgess

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