Sometimes it feels like people cross your path for a very good reason.
A couple of months ago (through The Boutique) I met Wendy, the owner of Balanced Life Business Solutions. I’m a Libra, a true one at that, and I strive for balance every single day. Well the one facet of my business that I absolutely need to get into balance is my finances – and that’s what Balanced Life Business Solutions is all about – bookkeeping services for busy women.
Wendy is kind, easy to talk to, and very knowledgeable about her field, so I asked if she could tell me a little more about her business and if could take some photos of her at her home office.
Bookkeeping for Women
Balanced Life Business Solutions provides bookkeeping services for women entrepreneurs, helping them grow their freedom-based business. I often get asked, “Why only women?” The answer is that women have to do more. They have more responsibilities at home, they have to juggle the family calendar, mealtimes, activities, travel, and so on. Doing all that, with a demanding 9-5 job, is an incredible stress on the woman and thus a stress on the family. If I can help a women entrepreneur understand her business finances, so that she can grow her business, get more quality time with her family, and get a little “me” time, I want to be a part of that process.
Most business owners want to have a profitable business. You need a good set of financial statements in order to determine profitability. There are several ways I help entrepreneurs. For new businesses, I can recommend which accounting software to use based upon the business needs, then train the user how to use the software so they know how to invoice a client, enter credit card receipts from clients, and reconcile the bank statement. For established businesses, I can do monthly or quarterly bookkeeping. For all business owners, the key is how to read the Profit & Loss Statement and Balance Sheet. I can walk the owner through the financials, explaining how they can analyze the month’s financial statement, and use that information to help grow their business.
Why did you choose to work for yourself?
I launched my business to get more freedom for me and my family. After 15 years doing tax and accounting work, I wanted to live by my own deadlines, not somebody else’s, and take vacation when I wanted. My daughter is 2 ½ years old and I wanted to enjoy work and enjoy spending time with her. I wanted time off in the winter, without a snow day that I’d have to make up by working Saturday and Sunday. The first 10 years of my career, in public accounting and hedge funds, was client facing. I spent the last 5 years in the accounting department of an insurance company, and I missed interacting with clients.
What do you like most about working on your own? What is challenging?
Honestly, I’ve had so much fun networking and getting to know other business owners and their businesses. I am meeting interesting people who are motivated and passionate about their businesses. Ever since I was young, I always envisioned working for myself, though the vision was hazy until recently. The flexibility is fantastic. Even though my daughter goes to school full time, when we’re together, the experience is so much more enjoyable as I can focus on her, be present in the moment. Of course there are challenges to working from home. Time management is a big one. There are many hats to wear as a business owner, some of which I’ve never had to wear before, like marketing and social media. To improve my efficiency in uncharted territory, and keep my efforts profitable, I’ve invested in online training with some business mentors. This has really helped focus my efforts and keep me on track.
Can you offer advice for other women business owners?
There is so much to do when working for yourself! Before I launched my business, I had read that a new business takes more time than you think. For some reason, I thought I was exempt based on my prior work experience! Well, of course, I was wrong. There are so many things you need to learn about running a business, and you need to learn ALL of them! When I network, I ask questions of successful business owners, particularly of those who’ve been in business for more than a few years.
One of the things that small business can’t lose sight of is the bookkeeping for their business. Knowing and understanding your current income and expenses allows you to make quick and savvy decisions about growing your business. I’ve talked with bankers, insurance folks, and business coaches about this. They all agree that taking care of the books is so important to nurture, sustain or grow your business.
I do have a special report which I’d love to share with your readers. It’s called The Solopreneur Bookkeeping Blueprint: 11 Keys to Thinking Like a CFO and Growing Your Business. I go over bank accounts, accounting software, how to analyze the financials, and so on. It really lays out the steps to achieve bookkeeping bliss! Click here to get your free copy of the report.
What do you like to do with your free time?
As a parent, there’s really no such thing as free time. My husband travels quite a bit for work, so we try to have a lot of fun on the weekends. We enjoy various parks and nature sites on Boston’s North Shore. I love to take photos, especially of my daughter and nature. I quite enjoy cooking and entertaining, something which I hope to do more of in future. I love to travel, particularly to Maine. We just took a trip to Hawaii and New Zealand, my first winter vacation in 15 years!
Anybody can reach me for a free Bookkeeping Breakthrough Session to go over their books – I can recommend software to use, improvements on how to use the software that they might be using, or look over their financials. Visit my website to set up a time.
Thank you so much for the opportunity to speak to you and the lovely photos! I’m quite proud of my promotion from cube-land to working from home, my office has never looked so great! I look forward to working with you again!