Making Bookkeeping Simple and Affordable with Tony Wilson

When you hear the word "bookkeeping," what comes to mind? Stacks of receipts, confusing software, and dreaded tax deadlines that rattle even the most seasoned entrepreneur. However, in the latest episode of Keep What You Earn, host Shannon and special guest Tony Wilson, a seasoned CPA and CMA, peel back the curtains on the bookkeeping drama and reveal how mastering this essential task can actually drive your freelance business towards success.

**The Narrative Inside the Numbers**

Bookkeeping isn't just a pathway to tax compliance; it's an ongoing narrative of your business. As Shannon and Tony discuss, understanding the financial story through regular bookkeeping has numerous benefits beyond tax prep. One significant advantage is managing your profit margins, particularly for those subcontracting work. Recognizing, for instance, that you're earning too little on a project after paying a subcontractor can guide you in adjusting your bids or renegotiating contracts, which can lead to a substantial impact on your profitability.

**A Tale of Unforeseen Savings**

Another benefit, often overlooked, is the potential tax savings proper bookkeeping can unearth. Businesses that don't maintain their books might miss out on deduction opportunities or strategic moves like electing S Corp status at the right time to optimize tax efficiency. Timely and accurate bookkeeping allows you to adopt proactive strategies, potentially saving thousands at tax time.

**Empowerment Through Understanding**

For freelancers, bookkeeping brings an emotional payoff: empowerment. When business owners transition from a gut feeling of financial unease to a grounded understanding of their financials, they gain the confidence to make informed decisions. Tony highlights how freeing it is to move from abstract worries to concrete, actionable insights about your business finances, thus alleviating much of the anxiety that plagues entrepreneurs.

**Choosing the Right Support**

As for getting help with bookkeeping, Shannon and Tony advise that finding the right assistance is crucial. While some freelancers might choose to DIY their bookkeeping, understanding when and how to seek professional support is key. For those unable or unwilling to manage their books alone, selecting a specialized and experienced bookkeeper, ideally one who works closely with tax professionals, is essential.

What if you're torn between DIY and hiring a pro? Shannon introduces an innovative solution: become literate in bookkeeping through training, then bring in a professional to review your ledgers periodically. This hybrid approach ensures accuracy and compliance without the full expense of outsourcing your bookkeeping.

**A Cost-Effective Learning Opportunity**

Realizing the struggle many freelancers face with bookkeeping, Tony created the Tax Ready Freelancer program. Designed for those making less than $100,000 per year, this program promises an affordable way to master bookkeeping essentials—and it requires less time each month than, as Tony playfully claims, "you're going to be sitting on the toilet."

Despite its lighthearted presentation, this offer is serious about the transformative impact of self-sufficiency in bookkeeping. By empowering freelancers to handle their own books, Tony's facilitating a route to significant yearly savings. A small investment in a course like this, paired with a one-time end-of-year review by a professional, can equip any entrepreneur with the ability to make smarter business moves and keep those hard-earned profits in their pocket.

**Becoming Financially Fluent**

If you've relegated bookkeeping to the realm of necessary evils, it's time to reconsider. With resources like Tony's course—or Shannon's CFO on demand service for pressing financial inquiries—bookkeeping becomes less of a burden and more of an entrepreneurial strength. So, look beyond the numbers. See the narratives they hold. Embrace the knowledge that can set your freelance venture on an exciting new trajectory, and truly, keep what you earn.

Remember, you don't have to journey alone through the forest of figures. Join the conversation and our community on the Keep What You Earn podcast for more insights into making the financial aspect of your business just as enjoyable and inspiring as the work you love to do.

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:

04:17 Monitoring progress leads to proactive adjustments for success.
10:01 Begin S corp conversation at $50,000 profit.
11:08 Financial awareness empowers entrepreneurs to make decisions.
14:45 Specialist should have experience in your industry.

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.