Episode Summary:

Edel Hayes is the founder and owner of Accelerate Accounting Solutions and a Chartered Accountant (ACA) in Kildare, Ireland, with over 15 years of experience. She and her company specialize in customized approaches and strategies to help service-based female entrepreneurs manage their finances. Edel and her team are here to take the stress and uncertainty out of your accounting obligations and help grow your business.

In this episode, Edel and I chat about the importance of financial education and having an accountant with who you interact more than once a year. Whether you’re just starting your business or you’ve been handling all of your finances yourself, join us to discover how you can grow your business by putting your finances first.

In This Episode, We Cover:

The first thing you should do when starting your business

The process (and reasons) for setting up your business as a sole trader vs. a company

When to bring in someone like Edel

Edel’s good, better, and best approach

The difference between your bank account and your profit and loss

Determining your key financial measures to track monthly

How to view and decide your take-home pay when your income is inconsistent

What a drip account is and when to create one

The importance of money mindset and prioritizing the financial aspect of your business over your passion for it

Key Takeaways:

Look for an accountant in the early days of your business because it can take time to find the accountant who is right for you.

A one-size-fits-all approach doesn’t work because everyone’s at different stages in their business at different times.

When you base your business decisions on facts, you’ll see an improvement.

There’s no need to apologize for your goals and aspirations.

Always seek help when you need it.

Quotable Moments:

”Find an accountant that understands your business and has clients in a similar space as your business. They’ll be much more able to advise you.”

”Money is a tool, and that’s all it is. It’s not good. It’s not bad. But it’s going to give you choices in your life.”

”Never think that because you are a small business, you don’t need to understand your finances.”

Connect with Edel:

On her website: https://accelerateaccountingsolutions.com/

On Instagram: https://www.instagram.com/accelerateaccounting/

Connect with Alison:

On her website: https://desmondconsultancy.wixsite.com/website

On Instagram: https://www.instagram.com/desmondconsultancy/ and https://www.instagram.com/thesmallbusiness_podcast/

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