Cosmic Coin Drop
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Cosmic Coin Drop
Tracking Your Money - Manually or AutoMagically
šš» Iām so curiousā¦ what system do you use to track your business money flow?
Thereās no right way to keep track of your income & expenses.
The only requirement is that you do keep trackā¦ 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 youāre brand new to having a record-keeping practice because youāve been avoiding it in your business.
This is for 2 reasons:
1ļøā£ itās helpful to be able to really get inside of the process to understand it
2ļøā£ itās 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:
1ļøā£ once you understand whatās going on and feel comfortable with the process, it just makes to set it on autopilot so you can focus on other things.
2ļøā£ you have the option to easily delegate the oversight to a bookkeeper.
3ļøā£ 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.
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šļø Brought to you by Lauren Poppins Raye ā Connect on IG @laurenpoppinsraye and for deeper support to steward your boss currency flow & steer your self-employed success, check out Cosmic Currency š«