Accounting lessons I’ve learned while running a multi-6-figure business in my 20s
Celebrating my accountant for International Accounting Day!
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Accounting lessons I’ve learned while running a multi-6-figure business in my 20s
#Ad Hi, I’m Jess Ramos, a data analyst and entrepreneur with over 300,000 social media followers running a multi-6-figure business in my 20s. I’m so excited to partner with QuickBooks for their #AskTheExpert series in honor of International Accounting Day (11/10) to celebrate a key player in my business’s success— my accountant!
As many other small business owners starting off can relate to, I have two jobs! By day, I work as a Senior Data Analyst in tech, but by night I'm running my company, Big Data Energy which is a data analytics company producing educational courses. If you had asked me when I first started where I thought my data analytics content would take me, I would have said it was just a hobby. Now, two years later, it has completely changed my life and career goals and I’m still sharing information and laughs with the tech and data analytics community.
When I first started creating content, I didn’t plan on starting a business, so I was quickly thrown in and had to adapt and learn as I went. As my content reached its target audience, I was making money and had to learn pretty quickly how to manage it as I scaled. As an entrepreneur, I wear many hats. Not only am I the talent and face of the business on social media, but I also do all the heavy lifting behind the scenes.
Before I started working with an accountant, I struggled to keep my finances organized, as managing both my business and personal finances while scaling a business was extremely challenging. This led to a particularly difficult tax season the following year, as I worked through my numbers with my accountant. Sorry, Allen!
This year was my first full calendar year working with my accountant, and now my finances are running smoothly and well organized, which will make the upcoming tax season a breeze. With my accountant by my side, I know my business is in good hands and I’m going to save so much time and money from all the preparation and organization we did this year. Having an accounting expert on my team has also relieved my stress levels, knowing I have someone to answer the many (MANY, MANY!) questions I have throughout the year.
If you have a small business, I recommend you look into finding an accountant you trust to make sure you’re taking full advantage of what they can offer. Here are 3 major lessons I’ve learned from my accountant over the past year:
Preparing for Tax time
When tax season comes around, it can feel daunting to any business owner. Luckily, having an accountant can relieve some of your concerns. Instead of stressing, my accountant eased my concerns and provided me with strategies to stay well-prepared throughout the year, helping me save both time and money during tax season.
When I first started out, I wasn't too familiar with the benefits that I could tap into as a business owner. Now, with my accountant's support, I've gained insight into a variety of tax write-offs that are valid and compliant with my business. His expertise has not only saved me valuable resources and effort but also allowed me to reinvest in my business's growth. I’m incredibly grateful for his guidance and deeply appreciate everything he’s contributed to my success.
Track your Income & Expenses throughout the Year
Perhaps one of the best things my accountant has taught me is how to track my income and expenses throughout the year by using bookkeeping tools like QuickBooks. With QuickBooks, I am able to track my receipts, invoices, and more all in one place. Using this tool keeps my mind at ease knowing that I will not need to look back at old receipts and I can focus on my business. Having a clear record of all my income and expenses not only helps me remember everything but also helps us estimate my quarterly tax payments throughout the year so I can avoid having to pay late penalties.
At all stages of business growth, it’s always a good idea to lean on trusted people and tools. I highly recommend tracking your expenses and income throughout the year with QuickBooks to stay organized so you can stay aware of your business finances.
Use a Separate Business Bank Account and Credit Card
When I first started making money in my business, one of the first things my accountant told me was that I needed to keep my business income and expenses separate from my personal ones. This meant that I needed to open a separate business checking account for income to go into and a separate business credit card to put all my business expenses on. Plus, having a business credit card allows me to rack up credit card points that I can spend on flights, hotels, and more to invest back into my business– which is great for me because I travel a lot to make content and meet with others in my industry.
If you’re a small business owner, keeping your business income and expenses separate through a business bank account and credit card is a great first step in navigating your finances. And, make sure to take advantage of a credit card that offers points for the things you value the most, as they can be a great way to reinvest in your business!
Conclusion
These 3 lessons have been monumental for my business because they’ve saved me so much time and energy trying to figure everything out on my own. Having a good mentor is super important for any business, and that’s why I’m really thankful for my accountant who has taught me valuable lessons and introduced me to the right tools like QuickBooks to stay organized throughout the year.
Anyone with a business, no matter how big or small, can benefit from finding an accountant they trust so they can get the best guidance for their business and focus more on what they love the most. After all, it’s a win-win to be able to harness your passion and focus on what you truly enjoy about your business! Thanks so much for tuning into my blog post. I hope you enjoyed it and are able to consider how an accountant can help manage your business finances so you can succeed.
Happy International Accountant Day to my favorite accountant whose expertise has been transformative and instrumental to my business’s successes! #SmallBizSuccess
Check out my blog🔗 for more!
-xoxo,
jess💕
WHO AM I?⚡️
I'm Jess Ramos, a content creator, instructor, and leader in the data world. I'm super passionate about data and especially SQL! My 9-5 is being a Senior Data Analyst @ Crunchbase, a top tech startup that specializes in private company data. I'm also an Instructor with LinkedIn Learning and the founder of Big Data Energy Analytics. My 5-9 (aka outside of my regular job!) is creating amazing content for YOU on LinkedIn, Instagram, TikTok-- and this newsletter!🤩