19 | Tracking Your Money - Manually or AutoMagically

👆🏻 I’m so curious… what system do you use to track your business money flow?

There’s no right way to keep track of your income & expenses. 

The only requirement is that you do keep track… consistently.

And for those that do, there are 2 camps of tracking: manually or AutoMagically.

And there is a time and a place for each.

Manual tracking of your money is great if you’re brand new to having a record-keeping practice because you’ve been avoiding it in your business.

This is for 2 reasons:
1️⃣ it’s helpful to be able to really get inside of the process to understand it

2️⃣ it’s a way to embrace the process without also having to learn new tech just yet

Eventually, AutoMagical (aka, automated) tracking of your money using a bookkeeping software becomes the better option.

This is for 3 reasons:
1️⃣ once you understand what’s going on and feel comfortable with the process, it just makes to set it on autopilot so you can focus on other things.

2️⃣ you have the option to easily delegate the oversight to a bookkeeper.

3️⃣ you can view your P&L (Profit & Loss Statement) in lots of different ways - monthly, quarterly, yearly, etc. - to be able to see your progress from every angle.

Either way, what matters is that you have a system in place that works for you, that is maintained regularly.

🎙️ Brought to you by Lauren Poppins Raye

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