Does your income need a boost? This week is the final installment of my September Success Strategies series and it features accountant and Profit Strategist Michelle Coard. Michelle owns B & P Accounting Solutions but let me tell you, this woman knows way more than accounting!
Most musicians, creatives, and entrepreneurs avoid tracking money, inventory, and equipment because it feels hard. Here are some simple ways to get started. Challenge yourself to track the following items in a simple notebook or app:
1. Inventory: What did you buy and what did you sell? Are you keeping track of purchases and sales?
2. Equipment: What do you have that was purchased, given away, sold, damaged, or retired? You won’t worry so much about what kind of gear and gadgets you don’t have when you see the value of what you do have (Note from Dori: This will prevent you from running up credit card debt buying things you really don’t need yet.).
3. Cash payments and income: What did you spend in cash and what did you receive in cash income? Big one! We often miss what we have earned because cash goes out as soon as it comes in.
Michelle recommends that you keep it simple and record in a blank notebook. Slowly start tracking new items once you get in the habit. One great way to start is to track your mileage! You will focus more on what you have instead of what you don’t have.
All of this will come in handy come tax time. If you need help with your finances, check out Michelle’s programs:
Or contact Michelle for more info: firstname.lastname@example.org
Dori Staehle, MBA lives in the Raleigh, NC area and is the Founder & CEO (Chief Encouragement Officer) at Rock the Next Stage. She is a Musician on a Mission: To help people rise up and rock the next stage of their talent, business, and their life. Dori is also a speaker, business and success coach, therapeutic drumming facilitator, percussionist, podcast host, and a best-selling author. To book a free, 30-min. phone consult, click here.