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Master Your Money Management! From Cashflow Projections to Profit & Loss Statements for Freelancers & Entrepreneurs
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Hello! In this episode of the Financial Dad podcast, Bridget and Tim discuss the essential aspects of managing cash flow for entrepreneurs, creatives, and freelancers. The conversation covers the importance of record keeping, creating financial projections, understanding profit and loss statements, and the role of accountants and accounting software in maintaining financial health. While many of us are creatives, and want to focus on our given craft, investing time (and sometimes money) into our business admin & financial planning can be make it or break it for the success and longevity of our businesses.
💸 Managing cash flow is crucial for entrepreneurs.
💸 Record keeping is essential for tax purposes.
💸 Consulting an accountant can save you money in the long run.
💸 Create a financial projection to anticipate income and expenses.
💸 Understanding profit and loss statements is key to financial health.
💸 Using accounting software can simplify financial management.
💸 Separate personal and business finances for clarity.
💸 Having a financial cushion is important when starting a business.
💸 The numbers provide a clear picture of your business's health.
💸 It's important to be proactive about financial management.
00:00 Navigating Cash Flow as an Entrepreneur
06:07 The Importance of Financial Planning
12:42 Creating Projections and Tracking Income
18:29 Transitioning from Projections to Actuals
23:52 Utilizing Accounting Software for Efficiency
28:30 Embracing Financial Realities
Things Mentioned:
Quickbooks
Wave
Xero
The Financial Dad™ is a podcast for creatives, freelancers and entrepreneurs to help young self-employeds figure out their finances in a world built for employees, not entrepreneurs—from quarterly taxes to W9s to retirement plans to insurance and saving—we’ve got you covered.
Hosted by:
Tim Smith, CFP®, Bridget Sicsko (PR Strategist) + Hally Smith (Actress)
👉Subscribe:
https://www.youtube.com/@Thefinancialdad
👀Follow:
https://www.instagram.com/thefinancialdad_/
✍️Trusted Resources:
Quickbooks
Notion
Riverside
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