Whew it’s after tax day! Mary was reviewing her tax returns and she realized that not only was her home out of budget but that her business was as well. At home Mary follows a routine for starting her day. When Mary gets up in the morning she starts her day with a cup of coffee and the morning newspaper. Then she eats a bowl of Special K before getting into her car for the 20 minute drive to the office. While in the car she listens to an inspirational audio to help begin her day with enthusiasm. When Mary is on top of her game she follows this routine consistently and produces great results. When she forgets any one of these habits her day never gets off to a good start and she feels behind the eight ball all day long. How many of you can relate to that? Systems like the ones we use in the morning can be helpful in ensuring we produce the results we want. Were you satisfied with your financial results this tax year?
Creating a financial system and routine to follow will grow your wealth both personally and professionally. Your life can be broken down into systems. Routines that we use with our kids, our spouse, our business and our finances. Human beings tend to do things systematically. Many of us deny this fact because we like to believe that we are spontaneous and that nothing is controlling us, yet when you look at your daily life you realize that the more you do use a system or a habit and a routine the easier your life becomes. The same system can be applied to your financial future and growth.
What is your current financial system? Is it random? Do you have more month at the end of your money? Are you surprised when you check your checking account balance? When looking at your business are you clear on your assets and liabilities? When you use a financial system developing a business forecast becomes easier.
One system many of our customers have implemented is the following:
· keep two envelopes in the car labeled for the current month – one for personal expenditures and one for business expenditures. As transactions occur the minute you get in the car empty your pockets of receipts into the envelope making notes as required. (Typically that is only required on meal receipts)
· keep a folder in the house labeled for the current month – as items come in the mail put them in the folder, making notes on anything that is unique or new
· keep a similar folder in your office for business statements
· after the last statement for the month has been received (typically these are your investment statements) put the items from the folders in the envelopes and mail to Abundance Accounting
This is a pretty simple and easy process that ensures timely financial reporting. Your financial system will have a great impact when it comes to time. You can always make more money to compensate for a poor system but you can never replace your time.
Contact us today! to take action on your financial future now. Let’s grow your business and personal finances and talk about ways Abundance Accounting can help you create a financial system that will free you up to do what you do best!
We would love to hear what systems you are using. Please go to Abundance Accounting on Facebook and share with us what is working! We will be happy to send you our free Debt Reduction and Wealth Building Report as a thank you.