Financial Coach vs. Bookkeeper: What’s the Difference?

Every business owner knows that tracking finances is important, but you may not know where to start. Should you hire a bookkeeper or a financial coach? Keep reading to find out which professional is best for your business.

Bookkeepers Look Back and Track Your Day-to-Day Finances.

Bookkeepers are often seen as the boring bookworms of the business world. However, bookkeepers actually play a vital role in keeping businesses organized and on track.

They are responsible for tracking financial transactions and recording them in ledgers. This may not sound very exciting, but it is essential for businesses to have accurate records of their income and expenses.

Without bookkeepers, businesses would quickly become chaotic and would find it difficult to make sound financial decisions.

So next time you see a bookkeeper hunched over a ledger, take a moment to appreciate the important role that they play in keeping businesses running smoothly. They make sure all your financial records are organized and up-to-date.

Bookkeepers Keep Track of Your Business Finances

Bookkeepers have a variety of ways to keep track of business finances. Some use spreadsheets, some use special software, and some use a combination of both.

No matter what method they use, bookkeepers typically start by recording all income and expenses for the business. This can be done on a daily, weekly, or monthly basis, depending on the needs of the business.

Once all income and expenses have been recorded, bookkeepers then need to categorize them. This helps business owners see where their money is going and make informed decisions about how to save money.

Finally, bookkeepers prepare financial statements that business owners can use to track progress and make business decisions.

They Can Provide Valuable Insights Into How Your Business is Retroactively Performing

Most business owners would rather poke themselves in the eye with a sharp stick than sit down and go over their business finances.

It’s not that they don’t understand the importance of knowing where their business stands financially. It’s just that, well, financials can be kind of boring.

Enter the bookkeeper. Bookkeepers are like business financial whisperers. They know all the ins and outs of business finances and can provide invaluable insights into where money is going in your business.

So, if you’re feeling a little lost when it comes to where money is going in your business, consider hiring a bookkeeper. They just might be able to help you make sense of it all.

The key here is that bookkeeping gives you a retroactive look at your finances. It will show you where your money has GONE.

It’s up to you to use that information to decide where it will GO moving forward. That’s where a financial coach comes in. They’ll help you make money decisions moving forward. 

They Work With Accountants to Ensure Your Taxes Are Filed Correctly

As any business owner knows, taxes are a necessary evil. But dealing with taxes doesn’t have to be a nightmare.

Bookkeepers can help take the pain out of tax season by working with accountants to file your taxes. By keeping accurate records of your income and expenses, bookkeepers can help make sure that you’re only paying the taxes you owe.

And if you do happen to owe taxes, bookkeepers can work with accountants to help you file an accurate return and get the best possible outcome for your business.

So if you’re dreading tax season, don’t worry – bookkeepers can help make it a breeze.

Financial coaches like me, on the other hand, help you plan for the future. I work with you to set financial goals and develop strategies for achieving those goals.

I Can Help Implement a System That Can Pay You More

If you’re like most business owners, you’re probably used to thinking of profit as the goal. After all, that’s what business is all about, right?

But what if I told you that there’s a better way to run your business? Enter the Profit First system.

This revolutionary approach to business finances puts profit first, giving you a guaranteed stream of income each month. Not only that, but the Profit First system is incredibly simple to implement.

All you need to do is set aside a fixed percentage of your revenue for profit each month. Then, use that profit to pay yourself a bonus, pay down debt or build your emergency savings.

The bottom line is that the Profit First system can help you make more money, while also providing a safety net for your business.

So why not give it a try? You might be surprised at how profitable it can be!

I Can Help You Reduce Business & Personal Debt

Business debt is like a vampire: it’s always there, haunting you in the middle of the night, making it difficult to concentrate during the day.

But just like a vampire, business debt can be defeated. Here are a few tips on how I can help you reduce business debt: 

– First, I’ll help you take a close look at your business expenses and see where you can cut back. Just like a vampire, business debt thrives on blood (or in this case, cash), so it’s important to make sure you’re not giving it more than it needs. 

– Second, I’ll help you develop a realistic repayment plan. We’ll work out how much you can afford to pay each month, and then stick to that plan until the debt is gone. 

– Finally, I’ll be there to support and encourage you throughout the process. I know firsthand how difficult it can be to get rid of business debt, but I also know that it’s possible to do it. So let me help you take control of your finances and banish business debt for good!

I Can Work With You to Design a Custom Financial Roadmap For a More Profitable Business

A financial roadmap is not something you want to leave to chance. After all, your business’s financial future is at stake.

That’s why I recommend taking a proactive approach to creating a custom financial roadmap for your business. Here’s how I do it: 

First, I take into account your business’s specific goals and objectives. What are you looking to achieve in the short-term and long-term? This will help me identify the key financial milestones that need to be met along the way. 

Next, I evaluate your current financial situation. This includes taking a close look at your revenue and expenses, as well as your overall cash flow. From there, I can start to develop a realistic financial plan that takes into account your company’s unique needs. 

Finally, I create a custom financial roadmap that details the steps you need to take to reach your financial goals. This roadmap will serve as a valuable tool for keeping your business on track financially. By following this roadmap, you can ensure that your business is positioned for success.

I Can Help You Reduce Business & Personal Debt

Business debt is like a vampire: it’s always there, haunting you in the middle of the night, making it difficult to concentrate during the day.

But just like a vampire, business debt can be defeated. Here are a few tips on how I can help you reduce business debt: 

– First, I’ll help you take a close look at your business expenses and see where you can cut back. Just like a vampire, business debt thrives on blood (or in this case, cash), so it’s important to make sure you’re not giving it more than it needs. 

– Second, I’ll help you develop a realistic repayment plan. We’ll work out how much you can afford to pay each month, and then stick to that plan until the debt is gone. 

– Finally, I’ll be there to support and encourage you throughout the process. I know firsthand how difficult it can be to get rid of business debt, but I also know that it’s possible to do it. So let me help you take control of your finances and banish business debt for good!

Which One is Right For You?

Both financial coaches and bookkeepers are important professionals who can help your business in different ways.

We are firm believers in having both in your business. In fact, we work closely with your bookkeeper to make sure all of your bases are covered.

If you’re not sure where to start, the best thing to do is schedule a call with us. We’ll help you figure out your best action step, and point you in the right direction. Click here to book a free consultation.