Tutorial: How to Reconcile Your Bank Account in Xero

| Bookkeeping, Small Business

Tutorial: How to Reconcile Your Bank Account in Xero

You know that you need to reconcile your bank account in your Xero software, but you’re not sure how.

In this tutorial, I’ll give you a step-by-step process of how to reconcile your bank account.

4 Steps to Reconcile Your Bank Account in Xero

Step 1. Log in to your dashboard.

Step 2. Click the Accounts tab.

Step 3. Find the bank account / PayPal / credit card account and click on “Reconcile”. It will have state the number of transactions that need to be reconciled. For example “Reconcile 24 items”.

 

Step 4. You’ll see a list all of your bank statements on the left, and the Xero transactions on the right. If the right transaction is green, it means Xero has found a match with either an invoice or bill. You can click the “OK” between the two and match it.

 

 

TIP: Even though Xero will try to match your items, it sometimes get it wrong or doesn’t find a match at all. Read on to find out how to reconcile those special situations.

What to Do When Xero Doesn’t Find a Match

Step 1. Use the find and match feature by clicking on the last tab of the transaction box “Find and Match”.

Sometimes Xero finds multiple transactions with the same amount. For example, multiple invoices or bills with the same gross amount. When you click on Find and Match, a list of all unpaid invoices or bills will be shown by date which you can then match to the right bank transaction.

Step 2. Another situation can happen where a bill wasn’t paid to the correct amount and perhaps is missing a few cents to a few dollars. True story! Xero won’t know that and can’t match it. To find it, click on “Find and Match”, find the bill, and scroll down to “+Adjustments” and choose Minor Adjustment.

TIP: Don’t confuse this with an underpayment of an invoice – credit notes are used for when invoices are not paid to the correct amount.

TIP: You can also include bank fees in the “+Adjustments”

If you need to split the amount between different invoices, you can do that using the split transaction feature. Xero will automatically suggest a balance to split.

Step 3. If you received money for two invoices, in one payment, then you can click on “Find and Match”, find the two invoices, and click on both of them to reconcile the payment. The two amounts need to be equal to the payment for the transaction to turn green and click “ok” as usual.

Step 4. Lastly, you can have partial payments towards invoices and bills, and may have to “split” the invoice to match the payments. In the “Find and match” tab, if you have an invoice with a partial payment, click on “split” and Xero will split the amount to match the bank statement you are working on trying to reconcile.

 

 

 

 

 

What to Do When Your Transaction Isn’t in Xero

What do you do if the transaction hasn’t already been posted to your general ledger?

Step 1. Click the Create tab button.

Step 2. Type the name of transaction that shows up on the bank statement ie “Facebook ,Inc” (WHO) and name the account (what) “Advertising”. You can also add details, and receipts to the transaction. Many bank fees, or interest fees usually get “created”, because they only show up on bank statements. (you don’t get receipts for bank fees or interest paid on savings accounts).

 

Step 3. You can upload files, like receipts, to the transaction.

What do you use the Cash Coding tab for?

The cash coding tab is a more condensed view of your unreconciled transactions. You should only use this after you reconcile transactions using the Reconcile tab.

Once you do that, you can group similar transactions and reconcile them in bulk.

DIY Bookkeeping Takes Time

Learning the technical details of how to organize your books takes time, so if you’re confused or frustrated, I understand. It’s not easy. If you’re at a point where you’re too busy to learn these details and manage your own books, it might be time for you to hire a bookkeeper. Click here to read more about how I can help you.

 

 

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What to Do When a Client is Late Paying Your Invoice

| Business, Small Business

What to Do When a Client is Late Paying Your Invoice

You were so excited to work with a new client, but after two weeks of radio silence and an overdue invoice, the rose-tinted glasses are starting to fade to black.

So, how do you politely ask for a client to pay her overdue invoice without damaging the relationship? And, more importantly, how do you communicate that you’re not okay with this kind of behavior in the future?

To be clear, this is different than a client refusing to pay an invoice. This is for clients who may have looked at the invoice but made a mental note to pay it later, had a credit card decline and hasn’t solved the issue, or hasn’t been in contact with you at all.

Here are three scenarios you might encounter with sample emails to help you get paid without burning any bridges.

Scenario 1: Your client has an overdue invoice.

If one of your clients has an overdue invoice, it’s likely that they’ve just forgotten about it. So consider that before you get upset or start to feel underappreciated.

When this happens, send a short email over to your client. If you sent yourself a copy of the invoice, find that email and forward it with a message like this:

Subject line: Did this fall through the cracks?

Hey, Julie!

I hope you’re having a wonderful Wednesday. I’m forwarding this invoice along as I suspect it may have fallen through the cracks of your email inbox.

If you have any questions about it, just let me know.

Cheers!

Lisa

I prefer this method over using the standard “send a reminder” feature in most cloud-based bookkeeping software for service providers because it adds an extra warm touch.

Scenario 2: Your client’s credit card was declined.

Telling a client that his credit card was declined can be a pretty embarrassing exchange for both parties. However, you can lower the amount of awkwardness by using the right language. Here’s an example.

Subject line: Quick question about this month’s payment

Hey, Julie!

I hope you’re having a great day. 🙂 I’m writing because I just attempted to process your monthly payment and your credit card was declined.

Could it be because it’s expired, or have you had any fraud alerts recently that I should know about?

Let me know how you’d like to move forward.

Warmth,

Lisa

In this example, you’re removing any judgment, suggesting the blame on the credit card as opposed to her, and you’re showing concern.

Scenario 3: You haven’t heard at all from the client.

It sucks, but sometimes clients and contractors alike go radio silent on you. When that happens, I find it’s best to decide how many times I’ll follow up before I consider the debt as uncollectible.

For me, the magic number is three.

Here’s an example.

Subject line: Checking in on you

Hey, Julie!

I haven’t heard from you in a couple of weeks. You haven’t responded to my emails about the invoice payment or any of our project correspondence, so I just wanted to check in and make sure things are okay with you. I’ll admit that I’m worried since you’re usually so quick to respond.

If you need more time to pay or need to push pause on our work together, all you have to do is let me know and we can figure something out.

I’m here for you. 🙂

Warmth,

Lisa

Decide Your Policies in Advance

A lot of the time, these kinds of awkward situations can be avoided if you decide on your late payment policies in advance and then get written approval that your client has read them.

An example of a late payment policy is something like:

If you haven’t paid your invoice within a 7-day period, I’ll have to push pause on our work together until payment has been collected. Before that happens, though, I’ll send a gentle reminder via email to complete payment. If, after another 7-day period, I don’t hear anything from you or payment isn’t completed, I’ll send another email letting you know that I’m pausing our project. I do this so I can create the best work possible for all of my clients and so we both feel like we’re in a mutually beneficial client / contractor relationship.

This clear communication in advance will let clients know where you stand and increase the likelihood that you’ll get paid on time.

Have other questions about how to handle tricky client correspondences like this? Leave a comment below!

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Quick – did you reconcile your bank account this month?

| Bookkeeping, Business, Business Basics, Small Business

Quick - did you reconcile your bank account this month?

Before I jump into the nitty-gritty of bank reconciliation, I want to tell you that it’s helpful to think of reconciling your bank account like a game.

Your goal is to make sure all of the transactions that happened in your bank account are also shown in your bookkeeping software, like Xero or WaveApps.

In short, you want everything to match, or balance, like your bookkeeper or accountant might say.

Why?

Because expenses and income that don’t show up can’t be claimed, or in other words, can’t be used for deductions.

That would throw off your taxes and potentially force you to pay for more than you owe. Not okay.

To avoid this, we reconcile our bank accounts. We make sure that no transaction falls through the cracks. And if something does? We become the Sherlock Holmes of bank transactions. (I know, cheesy. I couldn’t help myself.)

If everything is connected — your bank account, PayPal, Etsy, invoice software, and bookkeeping software — why might a transaction not show up? Good question.

Here are a few common reasons that your bank balance might not match your bookkeeping software records.

Common Reasons for Inaccurate Bookkeeping Records

1. Tech isn’t perfect, so sometimes transactions don’t show up when your banking website is down.

2. You’re getting double transactions from Etsy.

3. You’re getting double transactions from PayPal.

4. You’re getting double transactions from the deposit from your invoice and the invoice software.

Now, if you haven’t been reconciling your bank account, what are you supposed to do now?

First thing’s first: every software has a different way of reconciling a bank account.

In WaveApps, for example, it’s called Verify. In Xero, it’s called “reconciling” and you simply push a button that says “OK”.

I recommend doing this reconciliation process once a month to keep your books up to date and organized. If you wait any longer, you risk losing track of receipt or forgetting what a specific expense was. You’ll also have a better chance of getting paid sooner if you’re able to catch what invoices are still outstanding.

If you’re not sure what to do to keep your bookkeeping organized on a regular basis, I recommend downloading this FREE checklist: Weekly Bookkeeping Checklist for Bosses. It’s perfect for the DIY business owner who wants to keep her business healthy and make the most of her money. Click here to download it.

All of the above, though, might make sense in theory, but I’m sure you’re still wondering how you actually do it.

That’s why, in the next couple of posts, I’m going to show you step-by-step tutorials of how to reconcile your bank accounts using Xero and WaveApps. 🙂

Have questions for now or want me to do a tutorial using your bookkeeping software? Leave them in the comments below!

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Should You Use Hubdoc to Organize Your Receipts?

| Business, Small Business, Taxes

Should You Use Hubdoc to Organize Your Receipts?

You’re looking for a way to keep your receipts organized and the tools that I mentioned in this post (Shoeboxed, Receipt Bank, Evernote) just aren’t enough.

You need something more robust that will keep track of ALL of your documents. So what do you do?

I recommend using Hubdoc.

Like all software and tools, it’s not perfect, but after using the most popular tools on the market with my bookkeeping clients, this one has the majority of what I need.

My clients send everything to the software, it inputs all of the numbers for me and I just check for category and accuracy.

Here’s what I love about it:

  • iPhone and Android mobile app – Like the other tools, Hubdoc has its own mobile app so you can take pictures of physical receipts.
  • Alternative methods of sending receipts – You can also email digital receipts and scan documents to upload them to the site.
  • Integration – It connects to all of your bank accounts, credit cards, PayPal, etc. You don’t have to do anything because everything connects and is accounted for. Plus, it works easily with my favorite bookkeeping software Xero. You can also connect it with QuickBooks Online, Bill.com, and box.
  • Automatic syncing – Once you have all of the categories you want set up, your receipts will be automatically synced to the correct one. Yay for ease.

Here’s what I think could be better:

  • Inaccurate recognition – Sometimes the software doesn’t know what the receipt says, so it will send that receipt to a “failed” list. When that happens, it won’t automatically sync into the correct category.
  • Currency confusion – For some reason, it can’t understand the differences in currencies. My Australian client’s receipts always get defaulted to the American dollar, which is super annoying because I have to go in and constantly correct it.

Overview:

  • Founded in: 2011
  • Free trial: Yes! 14 days.
  • Price: $20 (USD) per month

Overall, I’m really happy with how much time it saves me, the ease of using the software for me and my clients, and the price.

Have other questions about Hubdoc? Leave them in the comments below!

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3 Alternatives to Keeping Your Receipts in a Shoebox

| Bookkeeping, Small Business, Taxes

Alternatives to Keeping Your Receipts in a Shoebox

One receipt laying on your desk is not so bad, but 127 receipts from the past six months? Yeah, that takes up a liiiiitle more space.

This applies to digital clutter, too. If you keep all of your digital receipts and invoices in your email inbox, I’m looking at you.

So, if you’re having trouble figuring out how to organize your receipts so you’re not scrambling again at tax season and spending hours inputting data, I have some suggestions.

Here are 3 alternatives to keeping your receipts in shoeboxes, on countertops, and in your wallet.

3 Online Tools for Organizing Your Business Receipts

1) Shoeboxed

Unlike what the name suggests, this app does not help you keep your receipts in a shoebox. It does, however, provide a smart way for you to scan in your receipts and organize them online.

Once you download the app to your phone, you’ll be able to save images of receipts. Other cool things you can do with Shoeboxed?

  • Organize invoices
  • Track your mileage
  • Save business cards
  • Archive receipts from Gmail
  • Create expense reports

If you’d rather not scan in the receipts yourself, you can send them in using what they call a “magic envelope”.

Here’s what I like about it: So many things. The scanning process takes all of the data into the system for you, so there’s no data entry required from you. I like that it integrates with the accounting software that I use, like Xero and WaveApps. (They also integrate with Quickbooks, Evernote, and a variety of other tools.) I also really like that all of the data is verified by a real human being. That means there is less room for tech bugs getting in the way and messing up data about your expenses. Oh, and once the info is in the system, you can search all of it by entering keywords.

Here’s what I think could be better: A couple things. Shoeboxed doesn’t automatically integrate with Freshbooks. You have to download the csv file and upload it to Freshbooks, which adds another admin task to your plate.

Price: between $15 – $69 per month

Free Trial: Yep! 30 days.

Multicurrency: Yes.

Founded in: 2007

2) Receipt Bank

Receipt Bank is a tool that’s geared toward accountants and bookkeepers who are managing their clients’ receipts.

You can upload receipts via a mobile app, through email, or by uploading them directly from your computer. Plus, they accept all kinds of file types — jpg, png, doc, pdf, tiff, zip, etc.

From there, their software takes the data from your documents, inputs it, and categorizes it in the cloud.

What I like about it: It integrates with Dropbox, Xero, and Freshbooks, and I like the easy setup.

What I think they could do better: You have to review all of the data inputted to make sure it’s been coded correctly, which is more likely since it’s not reviewed by a member of the Receipt Bank team. It doesn’t integrate with WaveApps or Zoho Books. Finally, I ended up moving from Receipt Bank to Hubdoc because I needed the ability to take bank statements.

Price: between $25 – $55 per month

Free Trial: Yep! 14 days.

Multicurrency: Yes.

Founded in: 2010

3) Evernote

If you’re looking for a free solution to receipt organization, you can use a workaround with the app Evernote.

All you have to do is create a notebook for receipts, take a picture of the receipt using their photo capability in the app, and then add some text to the note.

Then, if you want to find the receipt in the future, you can search for it using Evernote’s full-text search feature.

What I like about it: You can clip receipts from your email using Evernote’s web clipper, and you can search for text inside the images, which is pretty cool.

What I don’t like about this solution: You still have to input data into your bookkeeping software. It’s not great for companies that are handling a lot of transactions because the data entry will pile up. I’d recommend using something more robust like the tools above or Hubdoc.

Price: FREE up to 1gb of data.

Have questions about other receipt organization apps? Let me know in the comments below.

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Weekly Bookkeeping Checklist for Bosses

| Bookkeeping, Business, Small Business

Weekly Bookkeeping Checklist for Bosses

Bookkeeping is not the most glamorous component of running a business. I know, BIG surprise. Typically, it’s way more interesting to learn about sales, marketing, or money mindset.

And then I read statistics like “1 in 4 businesses don’t make it past their first year,” and it stops me right in my tracks.

If there’s so much information available on how to run and grow a business, why are 25% of them not making it to month 13?

Research has shown that it’s because of money. And not just money on its own but how the business owner manages the money.

When I talk to entrepreneurs about doing their own bookkeeping, the first thing they’ll tell me is that they don’t know what to do. They’re already so slammed with things to do that figuring out bookkeeping — especially when it’s not urgent — falls to the bottom of their priority lists.

But, every single of them, remembers how important it is to keep track of your money riiiight around tax season.

So the problem is NOT that they don’t want to manage their money responsibly — it’s that they don’t know how to.

That’s why I created this one-page resource for you called: Weekly Bookkeeping Checklist for Bosses.

You can check off these tasks once a week and it should take you no more than 30 minutes to do so once you get into the routine.

Download it here to stop worrying about being ready for tax season or if you’re doing what you need to with your money.

You can use it both if you handle your own bookkeeping or if you work with an accountant / bookkeeper already.

Happy Bookkeeping!

If you have questions about how to use it, comment below or send me a message.

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3 Money Reports Smart Entrepreneurs Need to Read Every Month

| Bookkeeping, Business Basics, Finances, Small Business

3 Money Reports Smart Entrepreneurs Need to Read Every Month

You’re finally using a cloud-based bookkeeping software to keep track of your money. While it’s added a lot of ease to your system, it might also be confusing to figure out what you need to pay attention to within the software.

And more importantly, what can you use to help you make financial decisions that help instead of hurt your business?

There are three reports that I think every smart entrepreneur needs to read on a monthly basis.

If you’re allergic to numbers, don’t worry! I’ll make sure you understand what’s most important on each of these reports so you’re only focusing on what matters.

3 Financial Reports to Read Monthly

1) Income Report (Profit and Loss)

Basically, this report gives you an overview of how profitable your business is based on what you’ve earned and what you’ve spent. It represents a period of time, unlike a balance sheet, which shows a specific point in time.

The lines you’ll see on an income report in WaveApps, for example, are:

  • Revenue – How much money came into your business and from what sources
  • Cost of Goods Sold – If you manufacture products, this could be manufacturing costs and labor. If you’re an online business, this is usually merchant fees.
  • Gross Profit (aka Margin) – This is what’s left over after your the cost of your goods sold.
  • Operating Expenses – This is all of your other expenses, like admin, software, travel, etc.
  • Net Profit – How much your business made after expenses

2) Sales tax report

First, in Canada, this is important for businesses that make over $30,000 in a single quarter or within a year, whichever comes first.

Second, sales tax shouldn’t be confused with income tax. It’s like how the tax is included in the price when you buy gas.

The point, though, is that as a small business owner, you are now responsible to give back, or remit, the tax charged on your sales to the government.

This report helps you understand what you owe.

3) Balance Sheet (aka Statement of Financial Position)

This statement answers these two questions:

  • How much does my company OWN?
  • How much does my company OWE?

In short, it gives you a more detailed view into how your business is doing financially at one point in time. It’s typically reviewed at the end of a month, quarter, or year. Or all three. 🙂

On the report, you’ll see:

  • Assets (aka debits) – Value that your company owns, e.g. cash, inventory, etc.
  • Liabilities (aka credits) – What your company owes to others, e.g. mortgage, credit card debt, payment for assets
  • Shareholder equity – Net worth of your company, which is what’s left over after all your debts have been paid

Bonus: Trial Balance Report

This is a bonus since it’s mostly used by bookkeepers and accountants. A trial balance statement gives the current account balance in your bookkeeping, which is used for creating financial reports at the end of the year.

Before we had computers, you’d have to create this first before checking any other reports.

Now, however, it’s primarily used for double checking if your computer program has calculated everything properly.

Its purpose? It makes it easy to see all of your account balances for a specific date. It also helps when switching from one accounting program to another because when starting a new program, you need to enter all the correct balances of each account on the date you switch over.

Your financial reports are only as accurate as your books are organized, so if you’re behind on inputting data or categorizing transactions, your numbers won’t be telling you the truth. If you need help getting your books in order, especially before the busy tax season arrives, click here to get in touch with me. 🙂

Have a question? Leave it in the comments below!

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Save More Money in Your Online Business by Doing This

| Bookkeeping, Finances, Small Business

Save More Money in Your Online Business by Doing This

You’ll hear a lot of advice around making more money in your business, but how often do we talk about the ways we can save more?

Money is a hot-button topic for many people, and they’ll often ignore it until it’s no longer possible to ignore. (Cough, tax season seems to be a popular time to remember to get your money organized.) By doing so, they leave money on the table.

What’s even more unfortunate is that they don’t know how their business is truly performing throughout the year. Income does NOT always equal profit, and they can’t make smart shifts if they don’t know what’s going on financially.

But let me get off my soapbox and get back to how you can save more money in your business. 🙂

Beyond the more obvious solutions of spending less or creating a budget, what else could you do to save money?

I have just one solution for you: Keep your bookkeeping organized.

Accounting and bookkeeping can be boring, I get it. It’s far less exciting than marketing or hosting a retreat for your clients, but it’s 100% necessary.

And since it’s never going away, you might as well get your bookkeeping system in place so it helps you more than it hurts you.

Here are three of my top recommendations for organizing your bookkeeping.

3 Ways to Organize Your Bookkeeping

1) Go digital & jump in the cloud.

Long gone are the days where you had to keep a ledger with paper and pen, so do your business a favor by making sure that everything you spend and earn can be tracked digitally.

This is more than just keeping all of your expenses and income in a spreadsheet. It’s signing up and learning how to use some kind of cloud bookkeeping software, like WaveApps, Xero, or Zoho Books.

Do the same for your receipts. Don’t just leave them in a physical shoebox somewhere. Instead, go for a system that’s already set up to help you succeed, like the digital apps Shoeboxed or Hubdoc.

When you do this, you’re able to generate financial reports that show you how much you’re earning and spending. It also makes tax season so much more doable.

2) Schedule in a weekly “CEO Date”

The only way you’ll ever be able to make wiser financial decisions is by knowing what’s happening money-wise in your business as often as possible.

This is a concept that Lacey Craig mentioned in her Creative Money interview, and it was such a great reminder for everyone who wants to run a profitable business.

Some tasks that you could do during these “dates” are:

  • Checking your account balances
  • Check your pending transactions
  • Check your invoices to see which haven’t been paid
  • Pay yourself

(Not sure how much you should be paying yourself? Read this article.)

By having a CEO date, you keep a finger on the pulse of your finances and can be more proactive when it comes to saving for taxes or knowing exactly what you can afford to invest in.

3) Keep Your Business and Personal Finances Separate

The only way you’re going to be able to see an accurate picture of your business’s financial health is if you keep your business and personal finances separate. I’ve talked about this maaany times before, and it’s something I won’t ever stop saying. Get a business bank account as soon as possible.

When tax season rolls around, you won’t miss any expenses because there were too many irrelevant transactions to sort through. You’ll know exactly where your money went and be able to use those expenses to lower the amount of taxes you owe, thus saving you money.

Bonus: Hire a bookkeeper.

No matter how organized you are, there are going to be things that you won’t know about bookkeeping and what practices could save you money.

So, like so many business coaches recommend, you have to know when to delegate. That’s where bookkeepers, like me, come in.

We help you identify what’s important to pay attention to and take all of the nitty gritty stuff, like manually categorizing transactions, off your already full plate. If you’re interested in talking about what working with me as your bookkeeper might look like, get in touch with me here.

Have questions about how you can organize your bookkeeping? Leave a comment for me below or send me a message at lisa@lsbookkeeping.ca.

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How She Invests: An Interview with Rebecca Tracey

| Business, Interviews, Small Business

With all of the options online for training programs and tools, it can be difficult to discern which are best for your business. That’s why I created the How She Invests in Her Business series. My hope is that the insights you read from these smart & savvy women help you decide how to make smarter financial decisions so you can stay in business for a looooong time.

Today’s Interview: Rebecca Tracey

This interview is with Rebecca Tracey, head/only honcho of The Uncaged Life, where she works with coaches, healers, and consultants from all over the world who want to have the freedom of working from anywhere by running their own online business. She helps people get clear on their brand message, create packages that sell, and learn what it actually takes to get and keep clients online. She started her business while living in a van, loves rock climbing and riding her bike around Toronto, and rappelling off cliffs with her dog, Rhubarb, on her back.

Like the other ladies who I’ve interviewed for this series, she’s a practical, no-nonsense business owner that you DEFINITELY want to have in your corner. Over to Rebecca!

HOW YOU INVEST

How She Invests: An Interview with Rebecca Tracey

What investment has made the most impact on your business? What was the impact it made?

Investing in proper website design made a HUGE difference when I was new to my business. Once I got clear on what I was doing, who my clients were, and what I was selling, I paid a designer to help me amp up my site.

I FINALLY felt excited to tell people about it and it gave me the confidence to actually feel like I was a real legit business.

What’s one investment you’re thinking of making right now?

Someone to run ads specifically for my next launch. And I just hired out a whole new website and brand design – eep!

Before you decide to invest in something for your business, what do you do?

I often just go with my gut – I tend not to shop around. When I have someone in mind, I have my mind made up. I only invest in specific things when I need to, but it seems there is always something on the go that needs money, lol.

I’m not someone who signs up for courses and then doesn’t do them. I tend to just go right to the source and hire people one on one to make sure I get the help I need.

What has been your experience with hiring your first team member / contractor?How She Invests: An Interview with Rebecca Tracey

I actually hired my first contractor before I had a business – a copywriter! I would NOT recommend this.

You definitely need to be clear on what you do, who you serve, and what you sell before you have someone write your copy. I ended up changing most of the copy within the first 3 months.

But I forked over $1000 and hired someone right off the bat. In retrospect, not the best investment, BUT I don’t regret it because it helped me get started and lit a fire under my ass – now I needed a website to actually put that copy on!

What position, if any, are you planning on hiring next? (CPA, bookkeeper, graphic designer, etc.) Why?

I don’t have any hires on the horizon! I work with a business manager and a VA right now, and then I hire out for specific stuff I need along the way. My new web designer is hard at work, so we’ll finish that project before diving into anything else!

WHY PEOPLE INVEST IN YOU

Who do you think your program “Uncage Your Business” is a good investment for? Why?

How She Invests: An Interview with Rebecca TraceyUYB is amazing for new coaches, wellness providers, and consultants who are struggling to make their businesses work because they can barely articulate what their business IS. They have a lot of passion and ideas but sometimes, to their own detriment, get scattered and overwhelmed with trying to put it all together.

We work on getting super clear on:

  • your core business message
  • who you work with
  • market research into what they want and need
  • putting together service packages just for them
  • learning how to talk about what you do in a way that gets YES’s (and learning to drop industry jargon and fluffy language that can create a disconnect between you and your clients)

This stuff is SO important, and a lot of online business courses and training skips this step and teaches you how to market your business, but the reason so many people get stuck is because they don’t have their foundations yet. It’s hard to market when you can barely even explain what, exactly, you do.

I help with that.

How do you use what you teach in your own business / life?

I come back to my own teaching allll the time in my business! Anytime I create something new or want to go in a different direction or make a new course, I go back to my foundations – my message, my niche, what those people need, and how they are talking about it. That way I can effectively create and market something that will sell.

HOW YOU INVEST IN OTHERS

How do you give back to your in-person community?

I don’t do a lot in-person (that requires pants – ew!), but I do spend a lot of time in my free Facebook community (hop in here) answering questions, doing free trainings, and just generally trying to connect with other amazing business owners and share some of what I have learned along the way.

In what other ways would you like to give back?How She Invests: An interview with Rebecca Tracey

I’d like to be a part of helping kids learn more about entrepreneurship and uncaged living. I think our values and ideals start when we’re young and what we’re exposed to.

If kids learn more about all the endless options that are out there for them from an early age, then anything will seem possible. I think we’ll end up with a lot more happy people in the world who are doing work that matters and living lives that they give a shit about.

You used to offer many different digital products around creating packages and what to do when you start a business. Why did you decide to retire those courses?

It just got too messy and confusing… And the honest truth about online courses is that they don’t often make a lot of money. People think “Oh, passive income,” but that couldn’t be further from the truth.

It ends up being a business model question – do I want to spend a lot of hours and $$$ trying to get huge traffic to my site so that my $35 online courses make me some decent coin — or would I rather spend that time getting higher paying clients into my group program and doing deeper work with them?

For me, the latter is where my heart is at.

BE VIRTUAL FRIENDS WITH REBECCA

Rebecca runs a free online community of over 6000 solopreneurs in her Facebook group. You can also find her hanging out on her website and on Instagram below where you’ll see loads of cute pictures of her pup. If you join her email list, she’ll give you freebies like Your First Retreat Checklist or the first chapter of Hey, Nice Package!. Go say hi to her!


 

 

 

 

 

 

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How She Invests: An Interview with Halley Gray

| Interviews, Small Business

With all of the options online for training programs and tools, it can be difficult to discern which are best for your business. That’s why I created the How She Invests in Her Business series. My hope is that the insights you read from these smart & savvy women help you decide how to make smarter financial decisions so you can stay in business for a looooong time.

Today’s Interview: Halley Gray

This interview is with Halley Gray, CEO of Evolve and Succeed, and she wants you to know 3 things:

  • That she can teach you to have months of clients booked in advance.
  • That you should drink gin when reading this freebie about the first 6 steps on getting booked out.
  • That she’s a leading digital marketing expert (and that bragging is not her strong suit).

I would call her one smart business cookie with a big personality and a lot of practical, strategic advice to give. Over to Halley 🙂

HOW YOU INVEST

What investment has made the most impact on your business? What was the impact it made?

Investing in getting a project manager who was the right fit personality, brains, and work style was the best investment I’ve ever made. I should have done that first (over hiring a VA).

She’s excited about the different projects, wrangles them into order, and forces me to prioritize. Her ability to manage the team allows us to accomplish more and makes everyone’s lives easier.

What’s one investment you’re thinking of making right now?

Investing in a FB ads manager and more into FB ads.

Before you decide to invest in something for your business, what do you do?

Research. I ask for whatever data I can get and then plug that into my financial statement – balance sheet, cash flow forecast, P and L (profit and loss) – to see how it’ll affect my business. I also take a few days to sit on it since I typically act very quickly.

What has been your experience with hiring your first team member / contractor?

Not great. I hired so many VAs (and wasted so much money on them) when what I really needed was a PM (project manager).

My first virtual assistant I hired was more of an ego boost than a business boost. I didn’t think about what I really needed help with and how it would create more money for my business.

What position, if any, are you planning on hiring next? (CPA, bookkeeper, graphic designer, etc.) Why?

FB ads manager. Because we need to pump up our traffic, and organic traffic is like a wild unicorn – elusive at best.

WHY PEOPLE INVEST IN YOU

Who do you think your program “Be Booked Out” is a good investment for? Why?

Coaches, virtual assistants, project managers, and designers who got sold making 6 figures in their first year but now after three years are barely making 50k.

They want a method that allows them to control their business, income, and client work, which is all marketing.

How do you use what you teach in your own business / life?

All the time. I used to be booked out for years and the same method allows me to evolve my business every year and to double (sometimes triple) the business’ yearly revenue.

HOW YOU INVEST IN OTHERS

How do you give back to your in-person community?

By providing advice, donating one to one to service providers who need help to start up, and donating to local charities.

In what other ways would you like to give back?

Providing entrepreneurial advice to teenagers.

There’s A LOT of advice online on how to start and run a business. What advice do you have to help entrepreneurs sift through what’s real and what’s fake?

Always qualify the advice people give you and make sure they have gotten other people results (not just themselves).

It’s easy to say you have a million dollar business but to do that for others? Much tougher.

BE VIRTUAL FRIENDS WITH HALLEY

Halley hangs out on her website, hosting her show Braless on Couch, and on the social channels below. If you join her email list, she’ll give you a freebie with the first 6 steps to being booked out. Go say hi to her!


 

 

 

 

 

 

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