Streamlining Business Finances: Practical Strategies with Kam Grewal | EP291

"Accounting is the language of business" - Warren Buffet

EP 291

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Happy New Year, and welcome back to the Mindset & Action Podcast! This year, I decided to mix things up by kicking off with a guest rather than my usual solo episode. Joining me was the brilliant Kam Grewal, a seasoned accountant with over 24 years of experience. Kam shared actionable insights into managing finances for business success, whether you're just starting or have been in business for years. Her expertise and practical advice are invaluable, so if you missed the episode, here's a summary of our conversation.

We began by discussing the essentials of financial organisation, especially for newer business owners. Kam emphasised the importance of separating personal and business finances by setting up a dedicated business bank account. It might seem like a small step, but it significantly simplifies bookkeeping and ensures clarity when tracking expenses and income. She also encouraged investing in user-friendly accounting software like Xero, which automates processes and provides a clear snapshot of your financial health.

A key takeaway was Kam's advice on tax planning. She recommended setting aside 30% of your profits for taxes if you're self-employed, ensuring you're never caught off guard by a surprise bill. For limited companies, she suggested understanding corporation tax rates and planning accordingly. Kam's golden rule? Forecast and budget. Knowing your financial goals and breaking them into manageable steps can alleviate overwhelm and keep you on track throughout the year.

Kam also debunked common misconceptions about accounting versus bookkeeping. While bookkeeping involves day-to-day tracking of income and expenses, accounting focuses on compliance and analysing overall financial health. For small business owners, mastering basic bookkeeping with software can save costs and provide valuable insights without relying on a full-time accountant. Kam's approach to simplifying this process was truly refreshing.

One of my favourite parts of the conversation was Kam's advice on allocating your business income. She shared her method of dividing revenue into three categories: taxes, business expenses, and personal income. This structured approach not only ensures your financial obligations are covered but also builds a buffer for unexpected costs, like replacing a broken laptop or investing in new tools.

Finally, we touched on the mindset blocks many of us face around money. Kam shared her journey of overcoming imposter syndrome, both in her career and when starting her business. Her method of rationalising achievements by listing past successes is a brilliant way to combat self-doubt and remind ourselves of our capabilities. If you're struggling with similar feelings, her story is sure to inspire you.

Kam’s tips and strategies are perfect for kicking off the year with clarity and confidence in your financial decisions. If you’d like to connect with Kam or learn more about her training services, check out the links in the show notes. And remember, looking after your finances is not just about numbers—it’s about creating stability and opportunities for growth in your business. Here's to a prosperous 2025!

Bye For Now!

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