Spend Time Monitoring Your Expenses and Savings

Published / by bpasyco
cashflowThe extra work involved in tracking and monitoring spending can seem overwhelming but every time we miss an opportunity to ask additional questions or verify an expense we run the risk of losing more money.
An example is a friend of mine who watches her Internet and cable bill with an eagle eye.  She notices when the “Miscellaneous Fees” or the cable package fees suddenly increase and she calls and ask questions.  Later her bill is reduced because the expense was an error.   But ,if no one calls this expense is added on each month.
We don’t have to stress over expenses just be aware of what’s driving your spending.  My Mastering Your Money Plan course educates others on how to make your budget work for you.  Budgets should not be restrictive but used as a tool to enlighten individuals on spending and saving.
Savings help to build a cushion for the future. 
1/5 or 5% to 10% of income will go a long way during years of recession or slow months in business or work seasons.  While working for a community college, I learned a technique to save money when income is high to prepare for the slow seasons.  Seasonal employees, mainly teachers, have the school pay them a certain amount of money for 10 months.  The teachers can elect to have the college to reserve a portion of their salaries for the other 2 months of the year for when they are not working.  A little out of each check.  This is preparation for the future.
I decided to expand on this theory by researching biblical principles.  God told Joseph to save 1/5 for the dry seasons.  God’s plan is to have us prepare for the future.
The accounting profession for business call it Retained Earnings.  Money reserved for future business purchases or operations.
Where are you with planning and prepping?  This begins with a budget or money plan.  Creative spending or spending by feeling usually leads to an empty bank account.
Get more assistance or Get more information on the new “Mastering My Money Plan” Course to be released on August 28th.  We will create a course to help you get a plan that works for you.  Get your course now!
Bible Verses for Savings:
Bible Verse on Diligence

 


Accounting Firm handling Bookkeeping, Cash Management,  Profit Strategies, Payroll, and Tax Services based in Fuquay Varina, NC serving local areas and nationwide.
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Y. Michelle Coard, BA
President/Accountant/Profit Strategist
B&P Accounting Solutions, Corp.
Phone: 919-249-5156 ; Fax: 919-249-5156
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Increase Income by Avoiding Tax Myths

Published / by bpasyco
tax image small for evernote (1)Tax Myths and emotional money mindsets play a major part in the amount of income we earn as well as the amount of taxes we project on future income. Saving money, protecting your money, and increasing your money all require effort.

Money Myths and Mindsets
Money myths and mindsets are terms I often use when speaking about money blocks.  Our money mindset determine the amount of money we choose to make and can make in our business as well as earn in our lives.  What does this mean?  Myths about taxes and the work involved in monitoring and tracking spending often deter business owners or independent contractors from moving forward.

Open the Door to More Income
What holds us back from making additional income.  The most common money blocks are:

1.  Avoiding Taxes
2.  Paying Taxes out of Fear
3.  Making investments or purchases out of emotions
4.  Not planning future purchases
5.  Spending without a money plan.
Trying to avoid taxes can increase taxes.  Many times I have heard business owners say their accountants call them at the end of the year to tell them to spend in order to lower taxes.  The goal is to have $0 taxes.  Paying taxes is not my favorite thing but the more we earn, yes, we have to pay taxes.  Taxes are required for living but yet taxes are controllable.

Tax Planning, Cash Management, and Bookkeeping help you to avoid two business and cash management pitfalls. 1.  Waiting until tax season to know your financial outlook and 2. Low or lost income and high ineffective spending.

Zero Taxes and A Business Loan

Waiting until tax season to determine $0 taxes does not reflect a successful business.  $0 tax reflects the business income is low or the business is over spending.  If a business attempts to get a loan then $0 tax liability does not look well to the lending institution.  However, if you owe a large tax balance the taxes due reflect a poor or ineffective spending plan.  An effective spending plan is based on tax deductible spending and proper self employment taxes on money withdrawn from the business.  

Your goal should to be to increase income and become an effective spender to lower or better manage your tax bill. 

Take Action!  

Consult with an Accountant to set up a bookkeeping system for you.  The system does not have to be complex but effective to track income, receipts, expenses.  The system should produced financial or money reports to determine your financial outlook of your business.  Your receipts should be kept in a digital format to avoid the receipts that fade at the end of the year. And create a money plan for effective spending to create more money in your business and lower taxes.

Next newsletter, we will talk about paying taxes out of fear and making investments or purchases out of emotions.  Did you just hire some one or lower your pricing because you felt sorry for them?  Let’s talk about how that effects your income and taxes.

Get More Info
Read more on Receipt Tracking

3 Fast and Easy Ways to Track Receipts  with Apps
3 Fast and Easy Ways to Track Receipts for the Non Tech

Get Started with Bookkeeping!

3 Simple Steps to Jump Start your Bookkeeping
Accounting Software Selection Made Easy


Accounting Firm handling Bookkeeping, Cash Management,  Profit Strategies, Payroll, and Tax Services based in Fuquay Varina, NC serving local areas and nationwide.

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Y. Michelle Coard, BA
President/Accountant/Profit Strategist
B&P Accounting Solutions, Corp.
Phone: 919-249-5156 ; Fax: 919-249-5156

 

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4 Tips to Avoid the Cash Drain of Emotional Pricing

Published / by bpasyco
Shopping Image for Pricing 2Financing and running a business can be very challenging. Pricing takes a money plan to break-even and to a level of profit. Most business owners find it difficult to charge if they have a passion for their business.
Individuals who have never learned to charge, say we should not charge a fee for services and products that we have a passion for performing or creating. However, these passions and gifts are given to use to help us earn a living and to serve others. If we do not earn a leaving, usually, we don’t have a way to pay for the cost of living.
My top 4 emotional pricing mistakes are:
Lack of Confidence in Pricing
A large number of small businesses close each year due not lack of cash flow and income. Having clients comes with a fee. There is a cost to order product for clients or the materials to produce a product. There is also a cost for services that we provide. When receivables or collections are slow or the fee is low, the business does not have enough money to cover the client or the business.
Emotional spending lowers the business owner’s income if we give away services because of lack of confidence in pricing. Business owners tend to give away products at a very low price due to a belief the consumer will not pay the price. Giving away services and products too often reduces your bottom line income. If a product is not moving off the shelf or services are not selling, perhaps marketing needs to be reviewed.
Testing products before mass purchases or production will also eliminate the chance of failed sales. Test and know your target audience to save money. Sometimes creating a product because we like the product will not benefit the business.
In the accounting and tax world, business owners create a spending budget for R&D (Research and Development). Testing and developing the product before stocking the shelves will give you an idea of the products for sale. You can also donate the value of the product for to charitable organizations or use the product for advertising giveaways later.
Emotional production usually leaves us with more product than we need and can be discouraging.
Here’s an IRS article about deductible R&D expenses: https://www.irs.gov/businesses/small-businesses-self-employed/current-year-deduction-of-research-development-expenditures
 
Not Charging Family Members or Friends
I believe in helping family however at some point we do have to charge for services. Family and friends know you need to make a living and should appreciate your services enough to pay full price.
I have seen situations where the family member would not pay the business owner but was willing to pay someone else for the same type of services. You have to know your value. Avoid the guilt trip from being related or friends, just because we are related or friends does not mean I do not have a business to run. Giving away services without return on investment will cause lack of cash flow for your business and a possible shut down.
Working for Free out of Guilt
I believe we all can donate services and products when properly managed. Abundance is overflow for which we help others who need help or giving out of kindness and support. However, never charging enough will not allow us the opportunity to earn overflow to give to someone else.
Select certain individuals you can serve for free or low cost. A small group of clients will balance out the services that we donate, and we can still make a living. Example, perhaps you can give away services to 2-5 people. Once that limit is met for a certain period, we have, to charge the normal rates to support the business.
Charging a fair price for your value of services/products is different from purposely overcharging or taking advantage of people. We charge for value services and products. We reap what we sow and then we can support others. Work this into your money plan.
The bible has many instances about business owners and earning money. I will go into this more in my “Mastering Your Money Plan.”
Unsure of Pricing
Most business owners have to invest personal money into their business, or they never have enough money to pay themselves, cover taxes, or reinvest back into the business with the income from sales, avoid repeat owner investment due to weak pricing. Many business owners have had to close due to lack of cash flow.
Track expenses, calculate pay to pay yourself and cover taxes and then have the confidence to increase pricing for a more profitable business.
Related Articles:
https://www.entrepreneur.com/article/249020

Accounting Firm handling Bookkeeping, Cash Management,  Profit Strategies, Payroll, and Tax Services based in Fuquay Varina, NC serving local areas and nationwide.

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Y. Michelle Coard, BA
President/Accountant/Profit Strategist
B&P Accounting Solutions, Corp.
Phone: 919-249-5156 ; Fax: 919-249-5156
Join B&P Email List and receive the free gift of information.  Get the latest information with special tools.  Click Here to Join

The Purposeful Business Owner with Y. Michelle Coard – Episode 3 – Embracing My Creativity

Published / by bpasyco

The Purposeful Business Owner with Y. Michelle Coard

“The Purposeful Business Owner” is dedicated to fulfilling his or her reason for serving others or to spark an area of service that needs to be changed.

We all have gifts and talents that we use in different ways to service our calling or purpose.

Often, business owners are so busy with the day to day of business that we forget our “Why.” The why is the reason we started our business. Having a purposeful why will encourage the business owner through very tough times and allow the business owner to continue serving their customers/clients with value.

Episode 3

Dori Staehle of "Rock The Next Stage"
Dori Staehle of “Rock The Next Stage” Get Unstuck and Move Forward in Your Live!

 “Embracing My Creativity”

Dori Staehle is Business Coach and Author of “Finding My Divine Rhythm.”, She’s a former band manager, educational consultant, and professor.  Dori is very strong in helping business owners with branding, social media, and networking. Dori has an MBA in Finance, and has graduate and post-graduate work in gifted education and gifted psychology, 20 years in educational consulting,

She says, “15 years in the music biz doing booking, promo, marketing, management, and coaching, and 5 years in international banking in NYC, Serial entrepreneur.” -Dori

Dori is also my business coach and friend. She helps me embrace my purpose and helps me to navigate through the tough business moments. She celebrates the happy moments with me as well! Dori has shown me how to embrace my gifts and creativity to help me move my business to new levels!

Dori’s story is inspirational and is a glowing example of what it takes to whether the entrepreneur field! And Dori is not afraid to be different!! I dare you to be different to..Dori can show you how!

Watch the webcast for helpful tips about how Dori brings out the creativity in others and hear special tips for business owners.

One tip Dori would like to share is

“One tip I’d give to business owners is to be flexible.”

Find out more about Dori!

website: www.rockthenextstage.com

FB: www.facebook.com/rockthenextstage

Twitter: @rocknextstage

LinkedIn: Dori Staehle

MBA Google+: +DoriStaehle

Youtube: www.youtube.com/user/rockthenextstage.

Produced, Recorded, and Written by Y. Michelle Coard of B&P Accounting Solutions, Corp.

Small Accounting Firm based in Fuquay Varina, NC serving local areas and nationwide.
Small Accounting Firm based in Fuquay Varina, NC serving local areas and nationwide.

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Watch Episode 1 of “The Purposeful Business Owner with Y. Michelle Coard”  with “Semonna McNeil of New Client Magnet”  “Building Your Business One Client at a Time”

Watch Episode 2 of “The Purposeful Business Owner with Y. Michelle Coard” with “Rae Jenkins of Breakthru with Rae and Legal Shield” “Protecting Your Money”

Helping Entrepreneurs Profit More and Experience Greater Financial Peace of Mind

Published / by bpasyco / 1 Comment on Helping Entrepreneurs Profit More and Experience Greater Financial Peace of Mind
B&P Accounting Solutions, Payroll, Taxes, Cash Management
B&P Accounting Solutions, Payroll, Taxes, Cash Management

I’m Y. Michelle Coard and I help entrepreneurs with new or established business, create and keep more profit by fixing the money leaks.  I help transform the finances of their business, through a profit-generating plan, financial awareness, simplified systems, and expert guidance.

Most people RUN when they hear the words accounting, financial planning, budgeting, and bookkeeping.  This pains me because this avoidance can be costing them thousands of dollars and a whole lot of unnecessary stress and guilt!

The reality is that most business go out of business within the first 3-5 years and the biggest reason for that is lack of cash flow.  They simply weren’t earning a sustainable profit to stay in business.

But this can be avoided! And my sole purpose is to not only keep you in business, but to help your business thrive.

I pride myself on being your one-stop-shop to financial awareness and financial growth.  I can serve all of your monthly/quarterly advising, bookkeeping, cash flow, profit growth strategy, and annual tax needs.

 

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