Episode Transcript
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(00:01):
I'll do the bookkeeping later. These are
the famous words of too many
business owners. Again, another thing I
hear all the time. I'll do the
bookkeeping later.
Today we're sharing the simple systems
that saved Maria's retail shop
from a 43,000 accounting
nightmare and how you can set up your own
(00:23):
bulletproof bookkeeping routine in just
5 minutes a day.
In a world where chaos seems to reign
supreme, where uncertainty lurks around
every corner and financial markets are
now more unpredictable than ever. There's
one place you can turn to to find clarity
(00:43):
and control. Welcome to the Wealth Wisdom
Financial Podcast. Hey, I'm Brandon.
And I'm Amanda. Join us as we dive deep
in the world of personal and business
finance to assist you in navigating
through the chaos and building the
financial future you deserve. We believe
when conventional financial thinking
doesn't get you where you want to go, you
(01:05):
need wealth wisdom. So if you're ready to
take control of your financial destiny.
Tune in to the Wealth Wisdom Financial
Podcast because in a chaotic world,
your money shouldn't be. Subscribe
now and never miss an episode.
Welcome back to the show. Today we're
diving into the most fundamental of
(01:28):
fundamentals, keeping clean
books. Oh man, that's a hard one. Don't
click away. We're going to make this
exciting. This is not some boring lecture
about accounting. Instead, we're going to
share a real stories of business owners
who've transformed their financial chaos
into calm using simple
systems anyone can follow. And like we
(01:49):
promised at the top of the episode, five
minutes a day. And here's the thing,
probably if you are not good at
bookkeeping or thinking about that, you
probably didn't click on this video.
Anyway, but if you are watching
it, you're the the number two that's
doing all of this. Or the number one.
Number one. But maybe share this
(02:09):
episode with them and say you need to
watch this episode. Yeah, great. So
here's what most business owners get
wrong about bookkeeping. They think it's
about tracking every penny perfectly,
and it's not. It's about having a system
that's good enough to help you make
better decisions and keep you out of
trouble. The perfect system you'll use
(02:30):
someday isn't nearly as valuable as a
good enough system you'll actually use
today. And what we're actually gonna
do is, for those of you that do have
somebody else doing your bookkeeping,
really powerful thing that we're gonna
share with you today in this 5 minutes a
day thing is what you can do to make
sure. they get the answers they need in
the time they need them. So you're not
(02:50):
scrambling every December or January,
putting all your tax stuff together and
all those kind of things. Five minutes a
day literally can make it total
difference. And not just at tax time too.
We're gonna get into that as well. Yeah.
First, a quick reminder, we again are not
tax professionals. Um, we
are in the financial world and, uh,
(03:11):
do a lot of that kind of thing. AndAlso,
we are, I would say, CFO. We do
kind of that kind of thing. But we are
not tax professionals. This episode will
empower you with knowledge and ideas to
bring to your tax professional. And
again, we're not giving individual
advice. We have to say all that fun
stuff. But these things, from our
(03:33):
experience, has helped many business
owners thrive and help them have
more time, not less. OK, so you ready?
We're going to give you this quick hack,
this cheat code that is simply a game
changer. And this works if you're doing
all the bookkeeping or if you have
somebody else do the bookkeeping and you
just want to give them better, more
(03:55):
accurate information more quickly. You
ready for this?The daily five-minute
money check. And here's how it goes. Step
one. Open your banking app to
see what's there. Log into your account.
Open the app on your phone. Most business
owners are already doing this daily, if
not more than once a day. It's in the
morning once. Well, yeah, preferably.
(04:15):
Step one, open your bank account, see
what's there. Step two, look for any
transactions that need documentation.
For instance, you might take a photo of
any paper receipts and store them in a
receipt folder in your cloud, or a
folder in your phone in your photo app,
right?Receipts all go there. You might
send a note to your bookkeeper or log
(04:36):
into your accounting software to add
information about any weird transactions
while they're fresh on your mind. Like we
talked about in the last episode, you
might record your business meeting that
you know you paid for the meal. You'd
record the meeting-related
information, like who you met with, what
was discussed, that sort of thing.
(04:56):
So step one is open the account. Step
two, look for any transactions that need
documentation, do the documenting. And
step three,There is no step three. That's
it. Five minutes, 15 minutes tops. Maybe
a lot the day before or maybe on Monday
to you know track everything from the
weekend that you know all hits your
account on Monday, things like that. I
(05:16):
mean, I think that's the similar kind of
concept in tracking meetings
or doing the the dailies, right?
So we want to do those daily habits.
And the more we do that,
then we can go back and notGo back a
month later and say, what was that again?
Who was that that I met?I forgot all
(05:37):
the things. My memory is very
bad, as she knows. So
remembering four days ago is hard enough.
So doing that 5 minutes really helps.
Yeah. So set a daily reminder when you're
most likely to do this. For many, they
just make it part of their routine, like
their morning routine. Maybe think, when
are you logging into your account already?
(05:58):
And how could you make sure you've got a
little bit of extra time to make this
documentation, take photos of receipts,
write down who the meeting was with and
what the business purpose was, things
like that. Now, notice we did not
say go back and catch
up on the days, weeks, months, or even
years when you didn't do this. Sure, you
(06:18):
could do that, but I mean, literally, you
need to schedule a lot more time,
not 15 minutes, to catch up. Start the
daily five-minute thing now, and
then you're going to be in a better
position and, you know. Yeah, and don't
let any kind of guilt or shame about not
doing it previously get in your way. Now
let's talk about some tools to make this
(06:39):
super easy. There's some basic tools
everybody needs, like a separate bank
account for your business. Easy,
non-negotiable to maybe some kind of
receipt scanning app on your phone or a
folder in your photo app. I
know QuickBooks and other softwares have
like an app you can have on your phone to
take photos of receipts. The Notes app
(07:01):
even has a scanner option. That's true.
Yeah, some kind of simple bookkeeping
system like QuickBooks or Xero, maybe
even a spreadsheet. spreadsheet and then
set times to check in on your money,
which if you are like, I got this daily
five-minute check-in going, go back to
the episode that we released January 15th
of 2025 called Financial Systems for
Seven Figure Business Growth that builds
(07:23):
on the twice monthly, the
quarterly and the annual things that you
can use to build on top of the
five-minute daily check-in. Yeah, those
little things then add up to the big
things. It's the little rocks and big
rocks idea, right?Yep. And then there's
some nice to have tools. I love
having a central space where all the bank
and credit card feeds come into
(07:45):
automatically. That could be your
bookkeeping software. It could be one of
our favorite tools that you need a
budget, my app, where you can see all of
your accounts in one space rather than
having to log into multiple places and
you can have them automatically come
over. Another great thing is to.
To have some kind of automatic report
that's generated by your point of sales
(08:06):
system or wherever your incomes coming in
that details where your revenue is coming
from, who's paid, who hasn't, who are
your top customers, what are the products
most sold?Those kind of things that
aren't going to be able to be seen nearly
as well just from the transactions in
your bank. That's a great nice to have
addition here. It's not just looking at
your accounts. but also looking at your
(08:27):
that kind of report or some kind of
income report that has some of your top
key performance indicators, KPIs. Yeah,
and I think that's where you have a good
point of sale system and a good CRM
system that has those things, but you
have to actually create what you're
looking for. Yeah. So that's important.
When we had our former business where we
have daily sales, right, and they go up
(08:49):
and down all over the place, I was, for a
while, I had a spreadsheet in Excel where
I would just list every single day. And
do averages and try to get above average
each day. And it was a lot of fun and it
actually helped grow our business. But
I'm a nerd. Some tools for
growing businesses, of course, automate
your bill pay. That's a great way to
(09:09):
reduce time and effort. Having a payroll
software where it can run the
payroll and help with, you know, the
payroll taxes, all those kind of things.
And maybe also adding some inventory
management that connects to your
accounting software. It can be a really
good thing. So for those of you
who are getting a little overwhelmed,
(09:29):
stay tuned after the break because we're
going to help clear that overwhelm
because you're you're not a numbers
person and you're like, man, there's a
lot of things to do. And
so how do you reproduce Amanda
here?No. That's why we have to be
part of it. How do you be like Brandon?
Yeah, there you go. Stay tuned after the
break if you're more like me, because
you're going to want to learn what Amanda
(09:51):
has to say about this.
Ready to take the next step towards
securing your financial future?Whether
you're planning for retirement, saving
for your dream home, or you just want to
make your money work harder for you, the
team at Wealth Wisdom Financial are ready
(10:13):
to assist you. And now it's easier than
ever to see how we might give you a boost
on your financial journey. Schedule a 15
minute discovery call with one of us
today and let's discuss your questions
and your financial goals together. Don't
wait any longer. Your financial freedom
awaits. Schedule your discovery call at
www.wealthwisdomfp.com/call.
(10:42):
Now some of you are thinking, I don't
have time for all of this, even 5 minutes
a day. Where am I going to find that?
Here's the truth. You ready for this?You
don't have time not to do this. Remember
Maria?We mentioned her at the top of the
episode. She ran a successful retail
shop, but avoided bookkeeping because it
was too complicated. She just threw
receipts in a box and figured she'd sort
(11:03):
them out when it comes to tax time, and
her accountant needs more information.
Then she was ready to grow, ready to
expand. She needed to buy some inventory,
you know, things like that. She went to
apply for a business loan. And guess what?
The bank needed three years of financial
statements. And Maria ended up
spending $15,000 to pay an
accountant to sort through her mess.
(11:25):
Worse, she discovered that she'd been
losing money on a whole product line for
two years without realizing it. And that
cost her another $28,000. That she didn't
even know she was losing. Right.
That's 43,000, just poof gone.
Because she didn't take the time to make
five minutes a day. And of course, that
took a lot of time and effort to then fix
(11:45):
that whole thing. Today, Maria
spends 5 minutes each morning being
proactive and says it's the most
profitable part of her day. She spotted a
vendor overcharge last month that saved
her $3000. Plus, she finally knows which
products actually make money and which
ones don't just, you know, make her team
look busy. So chances are you're
already spending a few minutes just
(12:07):
logging into your business bank account
at least once a day. All we're talking
about here is taking a little extra time
to be more intentional. to make some
notes, to take some photos of receipts to
save you time and energy in the long run.
Now, here's what I'm gonna tell you. I'm
gonna tell you a secret. The secret
to bookkeeping isn't knowing everything
(12:27):
about accounting. It's having a simple
system you'll actually use to
make timely decisions and keep
accurate records. Start with a daily five
minute check, and remember, progress
beats perfection every time.
So, are you ready to get started?I know
you are. You're super excited about this,
(12:49):
right?I got, I got you. I created a
five-minute money check success kit
that includes a simple checklist to keep
by your computer, recommended
applications, apps on your phone for
receipt scanning that won't break the
bank, and our favorite template for
tracking those weird transactions that
come up. It's available right now in the
Wealth Wisdom Financial Community. You
(13:09):
can join today at
wealthwisdomfp.com/community.
Go join. And even if you pick one thing
from this 5 minute money check success
kit and you start to do it regularly,
it it could transform your business and
make it way more profitable and save you
a lot of time. The next time you're
filing taxes, applying for a business
loan, looking for an investor, getting to
(13:31):
sell your business, having clean
financial data is worth it. Yes.
And again, I I think again, go go
to the link. There's so many things there
that comes out of this brain here
that you want to download. Oh,
mine too. Yeah, I think mine. Mine is
pretty good. Thanks for joining us. Hit
(13:52):
that subscribe button and live long and
profit. The topics presented in this
podcast are for general information only
and not for the purpose of providing
legal accounting. Bookkeeping,
investment, tax advice on such
matters. Please consult a professional
who knows your specific situation, and
we'd love to help with that.