Do what you do best
At Kahuna Accounting, we make it our mission to serve entrepreneurs so they can thrive – doing what they do best.
Entrepreneurship is all about people taking their unique gifts – either with products or services – and providing something unique and valuable to the world.
As accountants, that’s what we do best. We make sure the financials are in order and help entrepreneurs be more confident business owners.
But another thing we do is take a crucial task and make sure it’s done properly, freeing up the entrepreneur to spend time where they are most valuable.
If you have ever listened to the Entrepreneur on Fire Podcast, you know what they do best. They highlight entrepreneurs, share inspiring stories and educate others to their journey can be a bit easier.
Best use of time
So at Kahuna, when we had the opportunity to serve the Entrepreneur on Fire team by taking bookkeeping off their plate, we were thrilled to do what we do best, while allowing them to spend their time making more great content.
This week, Entrepreneur on Fire shared their monthly income report, and in the podcast they spoke about how they came to the decision to use Kahuna for bookkeeping services.
Essentially, it came down to a “best use of time” conversation where our professional services made it a no-brainer.
Kate Erickson, a prominent personality at the site explained it well on the blog:
“With big launches in the works, like The Fire Path Course, it was time to figure out what tasks we could take off our own plates and delegate, allowing us to focus more on bigger picture projects and less on the day-to-day administrative tasks that we’ve been handling ourselves,” she said.
“We were able to hire a bookkeeping team to help us with reconciling transactions every month (which will probably save me about 8 hours per month in bookkeeping time).”
This is exactly what it’s all about. As an entrepreneur, it’s not about what you are capable of doing and figuring out. It’s maximizing your time.
We all struggle with figuring out how to use our time wisely. Why make it even worse by focusing on things you can affordably outsource?
This is the lesson learned by Entrepreneur on Fire and something we can all learn from. It’s not about Kahuna and our services. This same mentality can be applied to marketing, administrative tasks and plenty of other things.
Within accounting, it’s often a challenge of where to start. Many business owners never get into a system they are comfortable with, so they challenge of bookkeeping is a perpetual game of playing catch-up and dreading tax season.
Three bookkeeping tips
The podcast listed also provides some very helpful bookkeeping tips so you can get a system in place so that if you’re not ready for outsourcing you can at least feel confident in the financial piece of your business.
Friend of Kahuna and CPA Josh Bauerle shared three steps for bookkeeping.
1. Simple Spreadsheet
If you are a brand new business and your transactional volume is low, you need to be investing all your resources into finding and serving customers or clients.
So you can get by with a simple spreadsheet to track money coming in and going out.
2. Accounting Software
As you grow, though, that spreadsheet is going to be difficult to maintain and won’t provide simple financial reports that a CPA or advisor would want to see.
The good news is, accounting software like Xero is both powerful and easy to use.
The biggest challenge is making sure you get it set up correctly, which someone like Kahuna can do for you.
Once you get setup in an accounting software system, though, you’ll have a financial dashboard that informs your business, and allows for collaboration with advisors and investors.
3. Outsource it
Ultimately, this is where you want to be. If you can have bookkeeping off your plate, done by professionals, while maintaining a pulse on the financial aspect of business, you’ll be in a great place.
This is what Kahuna does for our clients, and the benefits are tremendous. It frees up the entrepreneur to do what they need to be doing, but also infuses confidence and peace of mind regarding the financials.
John Lee Dumas from Entrepreneur on Fire said it well in this podcast:
“The more we looked at how much time Kate is spending on bookkeeping, if we really break down how much she is paid hourly to do that it doesn’t make sense,” he said.
“To bring on Kahuna Accounting to take care of it all and free her up, I guarantee she will find more worthwhile activities to do than code transactions. That’s what you need to think about. Better ways to serve, produce content, improve yourself and grow your business.”