Digital marketing is a valuable and sought-after skill, and with more and more businesses trying to reach their audiences online these days, there’s usually plenty of clientele. But how do marketing consultants turn bustling businesses into a money systems that sustain and support their lives?

In our second installment in Stellar Solopreneurs this month, we’re hearing about just that from Tracey Lee Davis of ZingPop Social Media. Not only does Tracey deliver professional excellence (I can personally attest to this as a happy former client), but she also has a lot of wonderful words of wisdom for solopreneurs looking to build confidence around their money systems in their businesses. She is one of my bookkeeping clients, and one whose sterling money habits I continually admire! Check out what she has to say:

What are some financial habits you use in your business that help you stay calm

and confident about money?

VERY early in my career, a cohort in a networking group shared with us that she owed over $10K in taxes that year, and she didn’t have it. That absolutely terrified me. I already had a plan for saving for taxes, but that moment solidified that I would never “fudge the numbers” with that account. So every week, I make sure that I am dividing up my income based on paying me, paying my taxes, and paying my business. I have never had an issue paying my taxes in my almost ten years of business! Whew!

How do you prepare for taxes in your business?

I used to painstakingly create an Excel spreadsheet that was many tabs in total. I would scour through emails and receipts to make sure I got everything listed correctly. And I relied heavily on my calendar to track medical appointments and volunteer miles. It took me hours to do all of this. Now that I am using Angela’s services, it is ridiculously simple to do my taxes every year. I really just need to keep track of my mileage, which compared to what I was doing before, is a breeze!

Are there any tips for financial record-keeping you want to share with other small

business owners?

While I am so happy using QBO for my bookkeeping, I started out using an Excel spreadsheet to keep track of my invoices. That early system really helped me with divvying up my income, and honestly, I couldn’t wrap my brain around how to easily continue to do that without that spreadsheet when I started using QBO. So I still use it, more for making the math easy and keeping track of my invoice numbers rather than for official bookkeeping purposes. Having that redundancy gives me an easy way to keep everything straight; I can leave myself notes, and it makes moving money into different accounts on my weekly money day so simple.

How do you make decisions on what to spend on for your business, and what are some

things that help you do that?

I am a very frugal person by nature, so I generally am very cautious when it comes to spending money. One of the biggest considerations is, “Will this investment ultimately save me time in the long run or make my life easier in some way?” So getting a bookkeeper, getting a VA, getting a CPA, all of these are smart investments for me because they do their job so much better than I can, and they do it faster, too. So it frees up my time to work on the things only I can do and the things I love to do. Also, if I am spending my free time doing something business-related because I don’t want to take away from my time for client work, it is absolutely worth investing in having someone help me with that task. Our free time is so valuable!

Another thing that has made a difference in making decisions on what to spend was getting a business credit card. I functioned for many years in my business without one, and that was fairly limiting if I didn’t have enough cash in the bank for a big purchase. My business credit card has definitely made a difference in that regard!

What are some financial goals in your personal life that your business income has

helped you reach, and how do you make sure that’s happening?

Travel is important to me. I have friends all over the world and seeing them in person is balm for my soul. When I finally took the plunge to get a business credit card, I made sure to get one that gave me travel rewards. This has allowed me to take a number of trips that I wouldn’t have been able to afford otherwise.

What’s something you wish you’d known about the financial side of running your own

business when you got started?

I started my business in December/January. I didn’t think at all that a lot of annual costs would need to be renewed in those months. I also didn’t know they would be the slowest months in my business. So while I wouldn’t change when I started my business, I am glad to be able to let people who are starting to think about opening their own consider when you will have other big expenses in your life and when your business will have natural lulls. There have been a number of years when the holidays, my recurring business costs, and slow business have been a bit uncomfortable, but hallelujah for that business credit card!

Want to connect with Tracey’s wonderful digital marketing services? Check out her website and join her mailing list. You can see a full list of her offerings, from webinars to memberships to 1:1 coaching, right here. I highly recommend her membership – my business benefited greatly when I was in it!

If you enjoyed Tracey’s thoughts on small business finance, you might also like to check out our free resource, The Cashflow Reboot Guide. Download your free copy here or by clicking below.