How to Tell Your Financial Story with Tony Wilson

Many entrepreneurs view the financial side of their business with trepidation, fears about bookkeeping complexity, tax preparation, or just general anxiety about numbers. However, understanding your business’s financial story isn't just vital for compliance and avoiding trouble; it’s imperative for informed decision-making and business growth.

In today's post, we're distilling valuable insights from Tony, a certified public accountant, and Shannon, from the latest episode of “Keep What You Earn.” They've shared incredible wisdom on transforming what can feel like an overwhelming chore into an empowering routine task.

### Understanding Financial Storytelling

Accounting is often seen as complex, but it holds a simple truth—it's the narrative of your business's financial journey. Both Shannon and Tony emphasize the need to approach finances like storytelling. Business owners are storytellers by default, and reframing accounting from convoluted number-crunching to weaving a financial tale can shift the mindset from avoidance to engagement. Remember, the story of your business doesn't write itself; it’s your responsibility to document how your income and expenses unfold throughout the year.

### Bookkeeping: One Bite at a Time

Shannon and Tony dive into the importance of tackling bookkeeping systematically to avoid last-minute stress. Their advice? Break it down. It’s not something you only address at year’s end; it’s a monthly if not weekly recitation of the economic activities within your company. Think of it as a three-part cadence: write, review, and report. This methodical approach reduces the narrative to manageable sections, allowing you to keep track and make course corrections timely. As Tony humorously puts it, you are likely to spend more time on the toilet each month than you need to keep your books in check.

### Overcoming Intimidation

One significant hurdle is the intimidation of using accounting software like Quickbooks, which appears too intricate for non-accountants. Wave is suggested as a friendly alternative—free, accessible, and without the complexity baggage. Tony points out the system allows you to steer clear of accounting jargon, focusing on the essence of telling your financial story without getting bogged down by the gnarly debits and credits.

### The Financial Ramifications of Delay

Waiting to the end of the fiscal year to write your business's financial story can be incredibly costly—in real financial terms. You may find yourself forced to employ outside help at a premium rate, or even risk missing opportunities to adjust for fiscal efficiency in your operations. Having a monthly financial narrative means you can make informed decisions that impact your business's growth and profitability, rather than playing catch-up with a year’s worth of data.

### The “Nonexistent” Third Option

Many business owners erroneously take the "none of the above" route—neither taking the time to manage their books themselves nor consulting a professional. A word of caution from Shannon: this non-option can only result in disaster. You either need to put in the time yourself or invest in someone who will, and the latter grows increasingly expensive as time runs short.

### Education Is Power

Lastly, the importance of financial education was underscored, with resources such as Tony's course 'The Tax Ready Freelancer' acting as a beacon for those needing guidance. Finding educators like Shannon and Tony, who meet you where you're at, can make the daunting world of accounting understandable, less intimidating, and notably less time-consuming.

Remember, no matter at what stage your business is in, approaching your finances with the right mindset, using the right tools, and seeking appropriate guidance are key components in telling a financial story that you can be proud of and that can guide you towards further success

For more on how to master your financial narrative, tune into the "Keep What You Earn" podcast and join us as we demystify the numbers for entrepreneurs at all levels.

Tony Wilson is a Certified Public Accountant (CPA) and Certified Management Accountant (CMA) with a passion for entrepreneurship. Since starting his first photography business in college, he knew his passion was to provide the framework for entrepreneurs to succeed. After nearly a decade combined in public accounting and Corporate America, Tony launched Accquip, an education-oriented fractional CFO and outsourced accounting services provider serving software development agencies and bootstrapped SaaS companies. By helping these tech-savvy entrepreneurs understand their numbers, Tony empowers founders with the finance and accounting acumen to make key business decisions.

Website: www.Accquip.com 
LinkedIn: https://www.linkedin.com/in/tony-wilson-cpa
Tax-ready freelancer course: https://www.accquip.com/a/2147746288/9NJQ4ELV

What you'll hear in this episode:

03:32 Freelancers play key role in business growth.
08:21 Entrepreneurs are storytellers, not just numbers.
10:18 Approach bookkeeping like eating an elephant.
16:11 Regularly review and adjust financial storytelling monthly.
17:34 Tax preparation requires planning and financial costs.
21:10 Accessible support for using financial statements effectively.

If you like this episode, check out:

The Power of Diverse Mastermind Groups for Comprehensive Growth

How to Break Free from the Corporate 9 to 5

Best Ways to Negotiate Business Deals

Want to learn more so you can earn more?

CFO On Demand click here

Visit keepwhatyouearn.com to dive deeper on our episodes

Visit keepwhatyouearncfo.com to work with Shannon and her team

Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.