Grab these simple principles to bookkeeping for your side hustle and how you can apply them to your business, today!
Why Bookkeeping Is Important For Your Side Hustle
Running a side hustle can feel like juggling a million things! There is always something to consider and limited time to do it all. And your finances can easily creep further and further down on your to-do list. Today we are talking all about bookkeeping for your side hustle and where to begin!
Don’t allow the pressure of your business numbers to keep you from organizing your back end. Your numbers don’t need to feel scary. In fact, that can tell you an amazing story about your business!
Bookkeeping practices can make or break a thriving side hustle. And today, we are going to hear from Aspire Consulting on how we can apply simple booking for your side hustle, that gives big results!
Courtney and Aspire Consulting
Courtney of Aspire Consulting; runs this bookkeeping business as her side hustle while working full-time for a non-profit organization as a Financial Analyst. She has a master’s degree in Accounting and Financial Management and is a certified QuickBooks Online Advanced Pro Advisor.
Courtney stumbled into her side hustle after being laid off from her corporate job during the Covid-19 pandemic and wanting to have financial security during these unpredictable times.
She has a strong passion for helping business owners reach their goals by helping them to make proactive financial decisions, keep accurate financial records, and give them their time back to do what they love instead of worrying about bookkeeping.
How To Best Prepare Your Bookkeeping For Tax Season
Tax season can feel overwhelming. And we don’t always know where to start. There are a lot of options for business owners when it comes to filing taxes. In this episode, I ask Courtney the best ways we can prepare for tax season.
- Clean up your books (this means updating your profit/loss statement)
- Organize your financial records (receipts, documents, invoices, etc.)
- Find a tax professional (in plenty of time!)
One thing you want to avoid when it comes to tax season is waiting too long before finding a professional. Taxes do take some time to complete. Therefore, you want to make sure you interview and hire a professional well before it’s time to file.
Seeing The Story Inside Your Numbers
In this interview, Courtney shares beautiful insight about the story your numbers share. Your finances may feel intimidating to understand. And this is usually the reason that a lot of entrepreneurs avoid diving deep into their numbers.
However, Courtney explains that your numbers do tell a story. They do not need to feel overwhelming, but instead, lead you to a better understanding of your business. Plus, by understanding your business, you can truly begin to make better business decisions.
Year-Round Best Practices
It’s not enough to look at our numbers when it comes time for tax season. Instead, we should be familiar with our business finances year round.
I ask Courtney for year-round best practices when it comes to bookkeeping for your side hustle. She gives so many great tips for us to implement that proactively organize our business.
- Stay consistent with weekly or monthly bookkeeping
- Challenge yourself to understand your numbers
- Track all income streams and all expenses
- Track any investments or widthdraws
- Reconcile all accounts
The best thing you can do to organize your side hustle bookkeeping is to stay consistent. It is easy to skip over the finances. However, understanding your numbers can lead you to a more sustainable business.
To connect with Courtney further, explore Aspire Consulting right here. Courtney has a variety of bookkeeping packages for entrepreneurs looking to outsource their financial processing.
You can also follow Courtney on Instagram. There she posts so many amazing bookkeeping tips, tricks, and resources to learn more.
GRAB COURTNEY’S FREE BUNDLE: Understanding your P&L Guide, Intro to Estimated Taxes, and 75+ Tax Write Offs
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