Manage your books like a boss with Bec Buchanan
Do you know your numbers?
Or does the idea of bookkeeping make you want to bury your head in the sand?
I’m delighted to introduce you to the very first guest on the show and someone who has so much value to share about all things bookkeeping.
Bec Buchanan is the Founder and CEO of Straight Up Bookkeeping, one of Australia’s largest virtual bookkeeping agencies. She specialises in creative, e-commerce and service based businesses and is passionate about helping businesses thrive through knowing their numbers.
In this episode, Bec shares some of the common mistakes she sees business owners make when it comes to bookkeeping and her 3 tips for business owners looking to uplevel in this area.
We talk about when it might be time to outsource your books, how Bec’s business has grown to where it is today, and the incredible benefits she experienced when she began to outsource parts of her business.
Bec also shares a little about her self paced course for business owners needing help with DIY bookkeeping.
Wherever you are in your business journey, bookkeeping doesn’t have to weigh you down. You got this!
Topics We Covered:
[2:10]: Bec introduces herself and her business, Straight Up Bookkeeping
[3:30]: Bec shares about how she learned a little bit of Dutch from having lived in the Netherlands
[6:15]: The most common mistakes Bec sees in bookkeeping:
Mixing personal and business transactions together. Bec’s advice is to open a business bank account
Unreconciled bank accounts
Incorrect coding. Some businesses miss out on a lot of GST refunded from the ATO
[9:50]: Bookkeeping isn’t something you’re born with. Getting foundational guidance before you manage your own books is so important.
[11:10]: 3 tips for business owners who are looking to uplevel
Get Xero which is at the forefront of accounting software
Learn how to run and read basic financial statements in Xero
Create a budget. This gives context to the reports you’re running.
[13:50]: For freelancers and sole traders, it might never be time to outsource. For larger businesses, around year 2-3 would be a good time. Outsourcing is also good for anyone who doesn’t have an interest in doing their own bookkeeping.
[15:40]: If you don’t love it or feel like you’ve got a good grasp of your books, it can be really stressful. It can also be scary to outsource but the benefits far outweigh.
[18:40]: Bookkeeping It Real is a self-paced course for business owners who aren’t ready to outsource their bookkeeping.
[20:05]: The course includes 5 modules teaching people how to use Xero themselves
[21:15]: Bec shares the biggest lesson she’s learned - you can’t do it all yourself. Now she has a fully-fledged team and her business feels more amazing because of it.
[22:55]: Getting caught in the cycle of doing everything yourself can lead to burnout.
[23:30]: The unexpected benefit of working with Kristy has been that Bec’s profit has grown. As she has faced mindset challenges, it has led to more growth and expansion.
[26:50]: Where to find Bec
Links and Resources
Connect with Bec:
Join the Bookkeeping It Real course
Connect with me:
Mixed and edited by:
About your host, Kristy
Hi, I'm Kristy, thank you for tuning in to the Run Your Business Like a Boss Podcast. My purpose for the podcast is to help Business Owner’s in the growth stage of business (messy middle) have a sustainable business, they love.
I’m an online business coach, based in Brisbane, Australia. I provide 1:1 business coaching, to Service Based Online Business Owner's and a group coaching program commencing in 2022. I believe whole heartedly that having a Business Coach is what gives you the competitive edge. As your coach I support you to overcome challenges quickly, uncover blindspots and make business decisions with confidence and clarity. All of which keeps you moving forward and maintaining momentum.
As your Business Coach, my role is to help you organise and formulate your ideas, turn them into a goal and then into an actionable plan! All while meeting you where you're at and providing you relevant tools and support along the way.
Thank you for tuning in to the Run Your Business Like A Boss podcast!