Accounting doesn't have to be scary!
In this episode, Dawn Patton of Patton accounting is sharing all kinds of accounting advice for bloggers and content creators. Dawn chats with Bree about money mindset, and answers all of your burning questions about accounting, taxes, what you can and can't write off, and so many more things!
LEARN MORE ABOUT THE TOPICS DISCUSSED IN THIS EPISODE:
"Having boundaries, and being okay standing in your power, and all these other things. So much work on yourself! And we put a pretty little bow on it by saying "it's entrepreneurship", but really, it's this huge journey of self-development."
Discussed in this episode...
How is Money Mindset Relevant When Talking about Accounting?
First of all, what even is a money mindset? You'll see people on Instagram throwing this term around without fully understanding the meaning of it. The truth is, there's a strategy behind this that Dawn learned in her years of education. Through reading books, taking programs, and talking to other people she learned that money is more than strategy and numbers, it really is a relationship.
So what does that actually look like? Dawn has a relationship with her computer; it could be a stressful relationship (maybe her computer is slow or clunky) or she could love it because she's thankful for all it helps her do. Either way, it's her outlook on the computer, which is just an object, that everything goes back to.
If we relate that example to money, what feelings are tied to our money? Where did those feelings start? For many of us, it's going to be somewhere in our childhood. Often, we echo our parents' relationship with money or are the complete opposite of them. Did your parents fight over money? That must mean it's a bad thing. Now that we think money is a bad thing, we follow a pattern of behavior that fits that perspective. In your mind money is a stressor, and you avoid dealing with it because of that.
And so money mindset is really taking the relationship and opinions that you have with money and reshaping and reframing those feelings into a more positive light, or into something that you want it to be. Money mindset is taking a proactive approach to your feelings.
What First Steps Should you take Financially when you're Starting a Blogging Business?
This could go a variety of ways. If you intend to stay small, financially, you don't need to do a lot. You could create a spreadsheet and just track all expenses that you have for your business, and any income that you specifically have for your business.
However, we don't believe in playing small! Dawn highly recommends that from the start, you find an accountant who you like and who you trust. That way anytime you have a question, you can go to them and it takes the pressure off of you to know the answers!
And then her second tip is, start an LLC and get legally legit. You want to treat it like a real business! Whether you think it's a side hustle or not, to the IRS, if you're earning money that isn't through stocks or W2, that means you have a business. So start an LLC, open up a business bank account under that LLC, and run all transactions through that business bank account.
- When should you set up your own bank account?
- What are some money milestones in terms of setting things up?
- What are the benefits of setting up an LLC?
- Tips for filing and being ready for taxes
- What's the difference between an LLC and an S-Corp?
- When should we hire a bookkeeper?
- Some examples of things that can and cannot be a business write-off for a blogger.
- Ways to reduce the stress of doing taxes
- The Profitable Blogger Society
- What type of blogger are you?
- Master Your Money
- Try Groove!
- Read: Get Rich Lucky Bitch
- Read: You are a Badass with Money
More about Dawn Patton:
Dawn Patton is an accountant & business coach on a mission to help female entrepreneurs get good with money and create businesses and lives they're obsessed with!
Follow Dawn on Instagram!