January 1, 2020
Welcome to 2020!
This year, I really want to dive into understanding your numbers. I thought the best way to show you this is to give you examples of real women business owners who are taking imperfect steps to know and understand their numbers.
This week, I’ll be featuring….me!
I’m Lydia Miller. I own DAC Balance, I live in Penascola, Fl and my goal is to help business owners DIY, Outsource and Understand their financial numbers.
I started my business in 2016 and have since earned my MBA and made tons of mistakes along the way.
I hope you enjoy this series this year!
What accounting system do you use?
I use QuickBooks Desktop! I love the layout and functionality of it. I learned how to do bookkeeping on this system and it’s the one that makes the most sense in my head and I’m pretty good at figuring out QBDT problems and solving them.
Do you consider yourself a natural numbers girl?
Yes! I went into college hoping to become a CPA. While those plans have changed, I’ve always loved that numbers don’t lie and that there is a correct answer at the end of a problem. Numbers tell you a story and having hard data is such a gift.
What are you doing to become more comfortable with your numbers?
Looking at them more often. When I wasn’t doing so great in my business, my tendency was to ignore the numbers since they weren’t encouraging me, but I’ve had to make myself look at them, even in the hard months! I set up a certain time each week to review what’s going on and make adjustments in my day-to-day to bring in more revenue and profit!
How often are you checking your numbers?
Atleast monthly if not weekly! I check my bank account about every other day to see how I’m doing with my cash, but I like to check into QB about once a week.
Have you outsourced this? Give your bookkeeper a shout out!
Since I’m a bookkeeper, I do the work myself 😉
What’s your best advice for someone just starting out in regard to their money?
Get a separate bank account. Don’t mix personal and business because come tax time you’re going to have a headache sorting through it all. It takes way less time to do it right from the beginning!
What’s your Starbucks order?
Iced white mocha with almond milk and no whip!
What report is most helpful for you to look at?
Profit and Loss. Without this, I’d be totally lost on what I could and couldn’t afford in my business.
How do you stay organized?
In my business and personal life, I use three systems, the Simplified Planner, PowerSheets and the Sunday Basket. They help me to stay on top of things! (I did an entire podcast episode on this!)
How do you make looking at your numbers more fun?
They’re numbers, how could you add more fun?! Kidding. I make sure that I’m in a good headspace and not already stressed or feeling overwhelmed. Numbers don’t lie, so on the good months it’ll bring me lots of confidence and on the bad months it’ll really bring me down. Having coffee nearby helps.
How can readers get in contact with you?
Well, you’re on my website now! Also..
@lydia.miller.mba on Instagram
DAC Balance, LLC on FaceBook