Author Archives: rosemondfinancial

Hi guys!!!!!

It’s been a long time since we’ve caught up. Life has been hectic and your girl has been fighting the good fight. But I’m back and I have some exciting news about a project I have been working on.

I have created two planners; Boss Lady Financial Planner & Boss Lady Budget Planner; that are available for purchase on Amazon. These planners are for all my Boss Ladies who are looking to be more organized in the coming year and take charge of their financial wellness. Your girl is published and feeling pretty proud about it.

Boss Lady Financial Planner is for Women Entrepreneurs. It allows them to create a 12 month financial plan so they can set realistic goals and compare those goals to their actual results. This planner helps women entrepreneurs focus on the financial side of their business and work towards growing their revenue.

Boss Lady Budget Planner is for women who are looking to be more financially responsible and improve their financial health. The first step to improving your relationship with money is to have a budget. In the Boss Lady Budget Planner you can create a 12 month budget and compare it to your actual spending habits to keep yourself accountable.

As we take inventory of 2023, I’m sure there are ways we could’ve all done a better job of managing our finances. As we go into the new year let’s take the steps we need to improve our financial health. Grab your copy of Boss Lady Financial Planner and Boss Lady Budget Planner today!!!!

Happy New Year!!!! Let’s make it a great one!

Hey yall!!!

So today were gonna talk a little about banking. I meet lots of small business owners who miss one major step in setting up their business. They do not separate the business accounts from their personal accounts.

I can understand, it’s not the easiest things to do at times. However, failure to do it can be costly in the long term.

There are several benefits to separating your business and personal account. The number one and most important reason is organization. You are well on your way to having an organized financial system if your accounts are separated. To be clear when I say accounts I’m referring to checking accounts, savings accounts and credit cards.

It saves you a ton of time and headache when you only have to refer to one place to pull all your business financial transactions. Separating your accounts can also make it easier to see if your business is profitable or not. You will be able to clearly see what income is coming in and what expenses are going out.

Another important reason to separate your accounts is to ensure your personal funds are protected under your LLC. Forming an LLC offers certain legal benefits, one of which is it protects your personal assets from claims filed against your business. If your personal and business accounts are co-mingled, you will have a harder time proving what is solely related to your business in the event you need to.

Having a bank account with your business name on it also helps your business to look more official. This can go a long way in boosting consumer confidence in your brand. It can also be helpful when seeking business lines of credit.

If you need help separating your accounts, please contact us for a free consultation. 

Hey y’all, 

So we’re almost to the middle of October!! Where did the time go? We were just setting our 2023 goals, now we have to start thinking about our 2024 goals. 

For some of us, doing a better job of managing our finances was one of our goals for 2023, however, it’s October and we still haven’t organized our January business expenses. Don’t worry, we’re here to help! 

Here’s a few housekeeping items you should be working on as we prepare to close out the year 

• Gather all your business related expenses/income and organize your paperwork to hand over to your tax professional/accountant
• Make sure any quarterly or annual tax filings were fulfilled (federal, state and local)
• Touch base with your tax professional or accountant to determine if there are any new requirements for the coming year
• If you don’t have a tax professional or accountant GET ONE! 
• Look into any licenses or business subscriptions that need to be renewed 
• Close out any outstanding receivable invoices (get payment from any outstanding clients/customers)
• Create a financial plan or budget for the coming year
• Define your business goals for the coming year 
• Create processes for timely tracking of your business income/expenses
• Reflect on the current year and take time to celebrate all accomplishments

Life happens! So if you find yourself organizing your 2023 finances at the last minute, give yourself grace! The important thing is to get it done and then develop a more effective plan for moving forward. 

If you need help setting up an effective plan, reach out for a consultation today!!!!!! 

Until next time! 

Hello friends,  

So today I want to talk about perseverance. The meaning of the word perseverance is “persistence in doing something despite difficulty or delay in achieving success”. In simple terms perseverance is our ability to keep going even when we are not seeing the results we want or expect.  

This word has been with me all week and I think it’s because I’ve had moments of feeling defeated, but I had to remind myself that perseverance is the only answer. I also realized that the word applied across many situations. As a woman trying to navigate being a mom, a wife, a homemaker and employee; as an individual trying to improve your spending habits; as a small business owner trying to build your business; or even sticking to a diet and trying to accomplish your weight loss goal, all these things require perseverance to be successful.  

There will be days where everything you are doing feels like it’s all for nothing. You’re working hard and you feel like the desired result is not achievable. I am here to tell you KEEP PUSHING. My mom always told me… Rome wasn’t built in a day. It’s the little steps that you take, day after day. It’s staying consistent and persevering even when it seems that nothing is going as planned. It’s believing that if God placed on your heart, he will make it happen and he didn’t bring you this far to leave you. The only difference between you and people that accomplished your goals is.. They persevered! 

We all have low moments, luckily for me, in those moments I receive subtle reminders that I must preserve. It shows up as a being inspired by a friend’s amazing accomplishment, meeting a new friend that executed something you thought was impossible or a simple compliment from someone close letting you know they see you.  

If you are struggling with sticking to your financial goals, or feeling confident in your business finances and financial goals…. Let’s chat! We are here to encourage you to preserve and help you make it through the tough times.  

Until next time, stay encouraged! 

Hello, 

So we’re going to switch gears a little and talk about personal finances. With the price of EVERYTHING going up we are all trying to find new ways to fund our champagne taste on a beer budget. 

Looking for ways to save money is very important to any budget. I’m going to share some money saving tips to help you with your finances.

1- Utility bills

How often do we sign up with a utility company, set up auto pay and never review our invoices or contracts? Some utility companies offer discounts that expire or start adding various fees over time. Taking time to review these bills can lead to extra money in your pocket!

2- Grocery shopping with a list 

Ever walk into the grocery store for milk and walk out almost the entire store? Yeah, me too. The best way to avoid this is by having a list and sticking to it. Go in the store, get what you came for and LEAVE! Hard, I know, but it can be rewarding in the end. 

3- Seek out sales 

Listen, there is nothing wrong with getting the things you want on the low-low. Oftentimes, especially if I’m shopping for an expensive item, I will search multiple stores to compare prices. I live for a sale and always feel like a winner when I get to shop and save money at the same time. 

4- Subscriptions 

Similar to what I mentioned regarding utility bills, subscriptions are on a set it and forget it model which can lead to monthly payments for a service you do not use. I paid a gym membership for 2 years and only went to that gym 4 times. Review your bank statement for any subscriptions you no longer need. 

5- Budgets

Having a budget in your head may seem like it’s working, however, when you actually sit down and create a proper budget it can be eye opening. I have worked with clients who didn’t realize how much they could learn about their finances by having a budget. Once their finances were laid out in an organized manner they were able to make more informed decisions. Get with a finance professional or get an app today and start budgeting!

A penny saved is certainly a penny earned. Even if you find $20 a month that you can save, in a year that will grow to $240, which is money that can go towards something else.

I hope these tips help you find savings in some way, or give you more slush funds so you can enjoy more of the things you love. 

If you need help putting together and sticking to a budget please reach out for a free 30 minute consultation.

Till Next Time!

September 20th 2023

Hello, 

So, you finally turned your passion project into a business and you’re making money, but you have no idea how much money you’re making and more importantly, how much money you’re spending. 

This is where a Profit and Loss Statement can come in very handy. A Profit and Loss Statement is one of the 3 most important financial reports for a business. It is a financial statement that summarizes the revenue and expenses of a business during a specific timeframe. It is a powerful tool when trying to determine the profitability of your business. 

A Profit and Loss Statement can appear intimidating at a first glance, but don’t be afraid!

In its most basic form a Profit and Loss Statement is sales minus expenses to get to Net Income/(Loss). 

Every sale you make should be captured on the Profit and Loss Statement as well as every expense related to your business. This is important for calculating an accurate Net Income/(Loss). 

Your Net Income/(Loss) will be used to determine how profitable your business is. Reviewing a Profit and Loss Statement regularly can help you to determine if your business is actually making money. It is also important for sourcing funding. When applying for any type of business loan, the bank will request a copy of your Profit and Loss Statement. 

The best thing you can do for your business is have a Profit and Loss Statement to effectively track the activity of your business. 

If you need help getting your Profit and Loss Statement and other Financial reports in order, we are here to help. Reach out and schedule a free 30 minute consultation so we can create a Profit and Loss Statement customized to your business. 

Until next time!!!!!!

Hello… Let’s talk a bit about the importance of having a financial plan. Whether you’re a small business owner, you own a mid-sized company or any sized company for that matter; a financial plan, also known as a budget, can be a powerful tool to help you grow your income.

A financial plan breaks down your future financial goals into smaller achievable goals. In simpler terms, if you would like to have $80k in sales revenue for the year you can use a financial plan to determine how much you would need to make each month in order to achieve that goal. You can then make more informed business decisions on the steps you would take to get to that $80k goal. 

I have worked with solopreneurs who did not have an accurate account of their earnings and didn’t know if they had any outstanding receivables. They were not using a financial plan or any form of financial tracking. This essentially caused them to miss out on income. Once we sat together and developed a solid financial plan they were able to determine how much their average monthly income should be, and how much they would like to grow that number by. 

A well executed financial plan includes a monthly review process. The best practices for developing and using a financial plan is to first create the plan based on your historical numbers and your goals, then compare your actual results to the financial plan. You want to make sure you are looking forward with realistic revenue goals as well as holding yourself accountable by looking back and comparing the actual numbers to the plan. 

I am personally a firm believer in having a plan. A solid financial plan can be the key ingredient to growing your revenue by multiples. And who doesn’t want their revenue to grow????

If you’re interested in developing a financial plan for your business, reach out for a free 30 minute consultation today!!!! It’s never too late to start planning.