In this amazing episode full of gold nuggets, you’ll hear from Gillian Caughey.
Gillian is the founder of Fearless Financials, an accountancy business that offers life centered accounting for folks that dare to be themselves in business. They love to work with creatives businesses and help them achieve their financial goals.
I was quite nervous about this interview as I am about a smart as a pebble when it comes to
accounting and bookkeeping but Gillian was kind and hilarious and was able to explain so many things in such a good, dare I say 'fun', way.
In what might be my favorite episode so far, Gillian and me talk about
- The difference between a bookkeeper and an accountant.
- Money is not just about money.
- How to choose the right accountant?
- How to work smarter and not harder.
- Transparency in working together with your accountant
- Setting aside money for taxes.
- Your accountant should be part of your team
- Bookkeeping components and tasks.
MAIN TAKEAWAYS FROM THIS EPISODE
- Everyone that has a small creative business and has some fear around finances now knows that there are businesses that are different and that will connect with you and listen to you and listen to your needs and your goals.
- You can get help in different ways that will fit. You and your level of your business, but also the level of how much you can do yourself and how much debt you want to outsource.
- There's a difference between bookkeeping and accounting, but they go hand in hand.
- It's very wise to, once you are VAT registered, you should work with an accountant and find one of the good ones
- It doesn’t have to be difficult or boring because there is smart software now.
QUOTES FROM THIS EPISODE
Same as the editor’s sound snippets. Preferably in the Canva design for quotes so people can share.
LINKS FROM THE EPISODE
- VAT (BTW) for small businesses in the Netherlands
- the app that teaches financial knowledge - Juno. It’s the fastest way to get financial savvy with bite-sized lessons for women and non-binary people. Plus you get 100 avocados to spend on rewards when you sign up with Gillian’s code L8PGHYJZNV 🥑
- A suggestion for the American listeners, Paco @ https://thehellyeahgroup.com/about They are a creative that runs a bookkeeping agency and has a book called Finance for the People.
SOFTWARE SUGGESTIONS (UK)
If non-VAT registered
- Simple sole trader, one bank account = does your bank have an accounting add on? I'm a big Starling fan (bonus it was started by a women in her 50's and shook up the business banking industry) and they have a business toolkit to help with your bookkeeping and keeping track of tax estimates
- Happy with your bank / multiple bank accounts or income streams - check out Coconut - connects to your various banks and lets you note things as personal or business, raise invoices, estimate tax etc
- Business bank account with Royal Bank of Scotland or Natwest - you get Freeagent for free. Top tip = -hey also have a digital bank called Mettle which is free and gives you Freeagent as well.
VAT registered / aspiring to be or more complex needs
- Xero - I use this for my business and its my preferred tool for working with clients. Connects with so many third party apps including Shopify, Stripe, Zettle etc and is great for building your own reports to see how you are doing.
KLEINE ONDERNEMERSREGELING (DUTCH BTW RULES for small businesses)
Find more info HERE.
CONNECT TO GILLIAN @ FEARLESS FINANCIALS
TRANSCRIPTS & CHAPTER MARKERS
Go HERE to find the podcast in text and scan through and the topics we discuss fast. The transcript isn't edited so there might be a few weird words and sentences. When the podcast grows (Become a Patron!) I can pay someone to put some hours into that and make it even more accessible.
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