141 | Bookkeeping Strategies with Greg Higdon, Grow the Books
Does the thought of bookkeeping make you feel uneasy? I know that for so many creatives, knowing your numbers and doing your bookkeeping can feel a bit overwhelming. That’s why I brought on today’s guest because let’s face it... The reality is that even though numbers aren’t always our favorite, they are essential for knowing your business’ financial health and profitability. Today you’ll hear from Greg Higdon, founder of Grow the Books, a bookkeeping company for small businesses. Greg helps entrepreneurs with a done for you service but he also helps those who want to DIY to understand what they need to know about reconciling their numbers. We explore the topic of bookkeeping and how you’ll know when it’s time to outsource this task to someone else. We also talk about what questions you should ask before hiring a bookkeeper, the importance of setting aside time to do your bookkeeping and why sometimes you need to have someone outside of your business looking at the numbers. ON TODAY’S EPISODE: Misconceptions that small business owners have on bookkeeping and knowing their numbers How often a bookkeeper reconciles for their clients Programs and systems that Greg recommends for bookkeeping Having extra reconciliation to verify transactions are correct Problems that can occur when you don’t reconcile with the bookkeeping software What you should have in place before hiring a bookkeeper Knowing your numbers so you can get a good idea on your return on investment Questions you should ask before hiring a bookkeeper Greg’s advice for people who want to DIY their books Setting aside time to do your own bookkeeping Why it’s beneficial to have someone outside of your business looking at the numbers Leaning into your weaknesses and asking for help in those areas What’s next for Grow the Books KEY TAKE-AWAYS: “A bookkeeper is the one that does the day to day, like categorizing your transactions. Anything going in and out of your bank accounts or credit card counts is what a bookkeeper does.” - Greg Higdon “It's good to have that extra reconciliation in there just to make sure you're verifying everything's correct.” - Greg Higdon “Looking at where the money's coming in and going allowed me to make better decisions in my business and I put it off because I was intimidated by it. I didn't want to deal with it. I had other things that felt like they were more important. But the minute I did start paying attention to it, I felt like my business grew.” - Katie Hunt “I definitely recommend bookkeeping software.” - Greg Higdon “I think it's very helpful to have someone just kind of walk you through the steps of what you need to be doing monthly.” - Greg Higdon “Once you have the technology and once you've got the training on how to do it, then it's about leveraging that and making sure, well, doing the work and making sure you've got it all there, but then leveraging it for your business so that you're making smarter better decisions.” - Katie Hunt “I know even with my own business, what I've realized is just putting something on my calendar is big.” - Greg Higdon “We make time for all of our clients and all of our customers and yet we have a tough time making time to do these things for ourselves.” - Katie Hunt “I know that as a business owner there are a lot of things that you have to do. I know that from my own business and it's hard to get to certain things in your business.” - Greg Higdon “When I hired a bookkeeper, it opened my eyes to the possibilities of how I could grow my business better. It opened my eyes to where my money was truly coming from revenue-wise and which portions of my business were most profitable.” - Katie Hunt RESOURCES: Quickbooks Online Xero MEET GREG: Greg Higdon is the Founder of Grow the Books, a bookkeeping company for small businesses. With over 13 years of experience in education, he teaches his clients so they are empowered and armed with a clearer understanding of what their numbers mean for their business decisions. When he isn't balancing books and helping clients you can find him roasting coffee, drinking coffee, and reading about coffee. CONNECT WITH GREG: Website: http://www.growthebooks.com Facebook: @growthebooks Instagram: @growthebooks Pinterest: @growthebooks Email: greg@growthebooks.com SUBSCRIBE To subscribe on iOS, go to the iTunes page and subscribe to Proof to Product. On Android, you can listen using your favorite podcast app. WRITE A REVIEW Writing a review on iTunes will help other product based business owners find Proof to Product as they are working to up level, scale, and build profitable and sustainable companies. FOLLOW PROOF TO PRODUCT Follow Proof to Product on Instagram for the latest updates. JOIN OUR EMAIL LIST If you'd like to receive more information about our upcoming episodes of Proof to Product including show notes and information about our guests, head over to www.prooftoproduct.com and sign up for our email list. SHARE Be sure to share Proof to Product with all of the product based business owners that you know!