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Today we’re diving into optimizing your business money system. I’ll walk you through eight crucial elements to ensure your finances are in top shape for success and maximum profit. From setting up an effective tracking system, verifying and categorizing expenses, to setting attainable income goals, and tracking client acquisition, it’s all covered. Learn the importance of including merchant fees, managing annual expenses proactively, and keeping track of your home office deductions.

Plus, I’ll share practical tips on maintaining your income documentation and leveraging tools like QuickBooks Online. Join me as we simplify and streamline your business finances for greater profitability.

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Resources: 8 Keys To Optimize Your Business Money System For Success & Maximum Profit

Podcast Key Points

0:00 – Episode Overview
1:35 – Optimizing Business For Max Profit
2:30 – Business Tracking System
5:11 – Verify Expenses
6:22 – Correctly Entering Income
8:54 – Taking Merchant Fees Deductions
9:50 – Setting an Income Goal
11:44 – Annual Expenses in Business Expenses
13:57 – Tracking System for Home Office Deductions
15:57 – Client Acquisition and Engagement in Relation to Your Money
17:17 – Recap

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Episode 160: 8 Keys To Optimize Your Business Money System For Success & Maximum Profit

Introduction to Personal Money Systems

Is your personal finance system working? Your personal money system, is it actually working? I’ve got seven things here that we’re going to talk about to make sure that you are getting results and how to quantify how to see if you’re getting results because it might not be in the way that you think it is. This is the Your Money Your Life podcast, and I’m your host, Aimee Cerka, a money confidence coach for female entrepreneurs on the path to six figures.

Welcome to the Podcast

Episodes here on the podcast are short and sweet. Being married, having four kids at home, homeschooling, being a CEO, and running the household, I’m kind of busy, and I know you are, too. Let’s keep it simple and get to the point. Welcome back to the Your Money Your Life podcast.

Seven Things for Your Personal Money System

Today we are talking about seven things that you need to check, you need to make sure that you’re doing to ensure that you are seeing results with your personal money system. This week, we’re going to talk about your personal money system, and next week, we’ll discuss the business money system. Starting with the personal money system is crucial because it affects how you show up in your business. If everything is a mess and it’s going crazy in your personal finances, you’re not going to show up in your business the way that you need to.

Importance of Personal Finances

What we found is your personal money system, what’s going on in your personal life, is just as important, if not more important, because it affects how you show up in your business. Let’s start with the personal money system and go through the seven things. The first thing is the biggest, and it requires some caveats. Take a deep breath with me real quick because I know when we get into these, it can be very overwhelming.

Efficient Tracking System

The first thing you need to ensure you’re getting results within your personal money system is a tracking system. This can be done with pen and paper, but I prefer using YNAB (You Need A Budget), and I’ll tell you why in a second. The tracking system needs to allow you to see your categories clearly, unlike some other resources like Mint. Mint was recently bought out by Credit Karma, making it harder to see the categories and fit your life into their software.

Multiple Accounts

Many banks offer a category spending history, but it’s not a good tracking system if you have multiple accounts. You need a tracking system that lets you quickly see your spending across all accounts. Regardless of whether you have multiple accounts or use a credit card for rewards, the tracking system should provide a 10,000-foot view. This allows you to get a true picture and track your spending easily.

Benefits of a Tracking System

A good tracking system is essential, and the second thing your personal money system needs is to handle inconsistent income. As entrepreneurs, our income fluctuates. Inconsistent income can cause mental stress if you don’t have a system in place. A proper system handles the brunt of the work for you, including inconsistent income.

Handling Inconsistent Income

Your budget needs to handle inconsistent income, not just your tracking system. It should handle the brunt of the work for you. The third thing is that it needs to be systematized. I love numbers, but no one wants to be in front of a spreadsheet for hours.

Systematize Your Money System

The correct system takes care of the work for you once it’s set up, making it simple. This allows you to do more of what you want with your money. So, you’ve got the tracking system and a budget that handles inconsistent income. The fourth thing is it needs to be scalable.

Make It Simple and Scalable

A scalable system can grow with your income, so you’re not constantly reinventing the wheel. If everything falls apart when your income grows, it can lead to self-sabotage. Your system should handle increases in income seamlessly. This way, you’re not creating more work for yourself when your income goals increase.

Flexibility in Your Money System

The fifth thing is it needs to be flexible, allowing you to adjust priorities as needed. A good budget isn’t about limiting you but helping you set different priorities. Percentage-based budgeting handles inconsistent income and is scalable. It also allows you to be strategic about prioritizing things like debt, savings, or a vacation.

Adjusting Your Budget

Adjusting your budget should be simple and not require reinventing everything. Seamless calculators and worksheets make it easy to change numbers and see the results. It ensures that your budget is flexible and doesn’t take much of your time. The sixth thing you need is to track your net worth regularly.

Tracking Your Net Worth

Your net worth provides a true financial picture of where you are. Tracking it every month, or at minimum once a quarter, helps you see trends. Even if there’s a small dip, you can see a 90-day picture and understand it’s just a hiccup. This helps you stay confident and keep going.

Confidence from Net Worth Tracking

Including personal and business net worth gives a complete picture. It helps you see objective growth and know where things truly stand. Regular updates keep you informed and resilient to life’s curveballs. The seventh thing includes checking in on debt and savings.

Checking on Debt and Savings

You should be able to quickly check your debt, your progress, and what you need to pay. The same goes for your savings—know where your savings are, which accounts are funded, and what your goals are. A financial security calculator can add peace of mind and is easy to use when calculating your net worth. The annual expenses sheet is crucial for tracking semi-annual, annual, and quarterly expenses.

The Value of Annual Expenses

An annual expenses sheet helps you plan for costs that are not monthly but still critical. Track and budget for things like HOA dues, car repairs, and kids’ activities. This keeps your budget on track and avoids unexpected interruptions. It helps cancel unnecessary subscriptions and keeps you from requesting refunds.

Reviewing the Seven Things

Let’s recap the seven things to ensure your personal money system is producing results: a tracking system, handling inconsistent income, systematization, scalability, flexibility, tracking net worth, and quick check-ins with debt and savings. These components will help you see results and stay on track. I also have a few resources to help you. The best place to start is Money Mastery Academy, which includes everything you need.

Resources for Personal Money Systems

Money Mastery Academy offers step-by-step training and support. It includes budgeting systems and worksheets discussed in this podcast. If you need DIY resources, I will include links for Prosperity Simplified, Budgeting Simplified, and the Budgeting for Success worksheets in the show notes. Next week, we’ll talk about business budgeting systems, so stay tuned.

Final Thoughts

Send me a message on Instagram if you have questions. I’m here to support you. Are you tired of not seeing consistent cash flow? My cash flow calculator might be perfect for you and takes only 90 seconds to complete.

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Aimee Cerka
Aimee Cerka

The Money Confidence Coach - She helps motivated women, like you create the happiness, family life, financial security, and long-term wealth they deserve. Create unstoppable finances so that when the next curveball is thrown your way... You're prepared. Click Here to Learn More

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