As copywriters, we’re in control of the words but when it comes to the numbers, things can get a little intimidating. Like anything, numbers become less scary and hold less power over you when you face them head first—and then you can use that information to build an even more lucrative copywriting business!
Nicki and Kate are joined by Certified Public Accountant, small business advisor, and QuickBooks Top 100 ProAdvisor Crystalynn Shelton, who shares what numbers you need to know as a copywriter—and when you should start working with a pro who can do it for you.
Looking for closed captioning or a transcript? Watch the episode on YouTube!
A Sneak Peek at the Episode
[2:06] Managing finances can be intimidating for freelancers, but it’s important to face your fears and start understanding the numbers!
[3:25] If you have a bookkeeper, Crystalynn recommends having a sit-down meeting with them at least once a month to go over your numbers.
[4:20] If you are currently managing your finances on your own, it’s a good idea to find a QuickBooks expert to set you up and teach you how to properly manage your books.
[6:02] Crystalynn recommends five reports to look at, including the accounts receivable aging report.
[7:47] Crystalynn advises keeping a separate business account, even if you’re using your personal account to fund things initially.
[12:35] Investing in accounting software has many benefits and can help you to keep on top of business expenses more easily.
[16:10] Scheduling regular time to review your transactions is a great way to stay organized when it comes to your business’ finances.
[19:51] Finding ways to reward yourself after completing financial tasks can make them a lot more palatable!
[21:43] Waiting until January or February to compile 12 months worth of information is very stressful. Managing your finances on a monthly basis makes the process a whole lot easier.
[24:27] Bookkeepers tend to do all of the day-to-day work like invoicing, recording, and categorizing of the numbers, whereas an accountant reviews and analyzes the financial statements to help give some insight into what the numbers say about the business.
[27:58] Accountants can also support with tax planning and discussing any changes to your legal entity.
[31:45] Try to use as little cash as possible when you’re purchasing items for your business or paying for expenses. It’s better to use something that’s going to have a record.
As with every episode, we highly encourage you to listen to the entire conversation! But here are a few of the highlights:
” I think a lot of people don’t realize that while your Excel spreadsheet is great, having an accounting software allows you to go paperless and automate things such as uploading your receipts. So I would just say while it does cost you money to purchase the software, it’s worth it because there are so many benefits. I would say another benefit would be connecting all of your bank accounts.” – Crystalynn
“As soon as you can afford to pay someone, a professional, I would say do it. But I still want the business owners out there to realize just because you hired someone to manage your books, that doesn’t mean you have a hands-off approach. Absolutely not. You still need to understand what that person is doing.” – Crystalynn
“There are just some things that we don’t necessarily feel like doing or maybe even things that intimidate us a little bit, especially as it can be when it comes to numbers, but that’s still something you have to do. And so we have to figure out a way to make ourselves do it and maybe even make it more palatable for ourselves. – Nicki
“Try to use as little cash as possible when you’re purchasing items for your business or paying for expenses. Use something that’s going to have a record. So use your credit card or use your debit card, or write a check if you need to do that.” – Crystalynn
Mentioned on this Episode
- Listen to her podcast: https://www.crystalynnshelton.com/podcasts
- Website: https://www.crystalynnshelton.com/
- Facebook: https://www.facebook.com/crystalynn.shelton.5/
- LinkedIn: https://www.linkedin.com/in/crystalynn-shelton-cpa-09436995/
- Instagram: @crystalynnshelton
- Set Your Copywriting Business Up for Financial Success
- Opening a Business Bank Account as a Copywriter
- Accounting Tips for New Copywriters
- Ep. 112: Want to Earn Six Figures as a Copywriter? Get Your Finances in Order
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About the Build Your Business Podcast
Ready to turn your love of writing into a successful copywriting career?
Join professional copywriters Nicki Krawczyk and Kate Sitarz to get the tips, tools, and training to help you become a copywriter and build a thriving business of your own. Nicki and Kate have 20+ and 10+ years of experience, respectively, writing copy for multi-billion-dollar companies, solopreneurs, and every size business in between.
Whether you want to land an on-staff job, freelance full-time and work from wherever you want, or make extra money with a side hustle, the best place to start learning is right here.
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Last Updated on September 10, 2023