Aug 13

Bookkeeping Essentials with Danielle Famble

with Danielle Famble

Discover the keys to financial success in your voiceover business with our latest episode featuring the savvy money boss herself, Danielle Famble. Learn how to categorize your business expenses to maximize tax benefits and streamline your finances. From new equipment to that signature lipstick you love, learn how to turn everyday purchases into strategic business investments. Danielle shares her expert advice on the importance of collaborating with accountants and bookkeepers to ensure every dollar spent works for you, boosting both profitability and business accountability. Our conversation also includes actionable tips for managing your finances effectively, focusing on understanding profit and loss statements. Regularly reviewing your financial statements can prevent overspending and foster business growth, and we provide the know-how to keep your budget healthy.

This episode is a comprehensive guide to making informed financial decisions for your voiceover business!

Chapter Summaries

(00:01) Expense Management for Voiceover Businesses

Expenses for voiceover professionals, including equipment, subscriptions, and cosmetics, can be managed for profitability and compliance with help from professionals.

(08:22) Managing Voiceover Business Finances

Profit and loss statements, renegotiating subscriptions, tracking expenses, and understanding assets and liabilities for managing business finances.

(18:08) Understanding and Managing Business Expenses

Accurately accounting for fees is crucial for business success, informing pricing strategy and budgeting, while avoiding overspending and fostering growth.

Top 10 Takeaways

Quick-share concepts from today’s episode:

Expense Categorization is Crucial: Understanding how to categorize business expenses can maximize tax benefits and streamline financial management. This includes everything from new equipment to personal branding items like a signature lipstick.
Collaboration with Financial Professionals: Partnering with accountants and bookkeepers ensures accurate financial records and helps optimize every dollar spent, enhancing both profitability and compliance.
Understanding Profit and Loss Statements: Knowing how to read and utilize profit and loss statements is vital. It helps track income and expenses accurately, providing a clear picture of your financial health.
Managing Subscriptions Efficiently: Tools like Rocket Money can help renegotiate and track subscription costs, preventing unnecessary expenses and improving financial management.
Accurate Fee Categorization: Properly accounting for transaction fees from platforms like PayPal and Stripe is essential for accurate financial records and pricing strategies.
Regular Financial Reviews: Consistently reviewing financial statements can prevent overspending and promote business growth. It’s crucial to stay on top of day-to-day financial data.
Strategic Business Investments: Everyday purchases can be turned into strategic business investments. This mindset can help justify and optimize spending.
Budgeting for Business Growth: Understanding and controlling inflows and outflows of money allows for better budgeting, enabling informed decisions that foster business growth.
Importance of Assets and Liabilities: Recognizing what constitutes an asset (like equipment) and a liability (like credit card debt) helps in maintaining a balanced financial outlook.
Educational Empowerment: Gaining financial education and understanding the basics of bookkeeping builds confidence and competence in running a business, ultimately aiding in making informed financial decisions.

Referenced in this Episode

Direct links to things we brought up ++

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Anne Ganguzza - female voice talent with blond hair, black glasses and red lipstick. She is smiling at the camera and wearing blue headphones.

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