Stepping over the Dollar to pick up the Dime

Editions, Volume 07 /

                As a business owner we are ALWAYS looking for ways to save money.  The old saying is true, a penny saved is a penny earned.  But too often we can get into the trap of trying to do it all because we CAN and not doing the things we SHOULD in order to keep costs in line!

For the first two years of my business I did my own bookkeeping.  I knew that I needed an accountant to file my monthly sales taxes, payroll taxes and prepare monthly reports, but I decided that I would not use the bookkeeping services, I would save that money and do those tasks myself.   Every month I would fill my dining room table with receipts, invoices, notes, proposals, quotes, check stubs…. And spend 2 nights reading, reviewing, sorting, pondering, posting in a ledger, making notes of questions to ask my accountant or highlighting line items and it would take me 10-12 hours to finish the paperwork and enter into a computer ledger to turn over to my accountant each month.  When I’d been open about 2 years my accountant recommended I make the investment in QuickBooks and suggested hiring a QB Expert to set up my account.  The QB Expert was also a bookkeeper.  As we were going through the process of setting up my account we were reviewing my monthly activities and accounting needs and she let me know that based on my volume and activities she could do my monthly bookkeeping for $75.  What!  $75 vs 10-12 hours of work!  I quickly signed on for her services and use that time for other tasks that generate income or give me time freedom!!  I know that I can easily earn well over $75 in a 10-12 hour period and monthly bookkeeping is not the best use of my time.  Take a look at your activities, what generates income?  What activities require your time and what can be outsourced or delegated to earn you dollars instead of saving dimes?

Some of the other activities you may consider looking at outsourcing are administrative tasks, social media marketing, running errands like shipping and shopping, research and organization.  You might also consider some of your personal tasks like cleaning, lawn care, shopping, bill paying and find local companies or a concierge service that will help you better manage your time and resources.

So start paying the dime to earn the dollar!!

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Dannella Burnett

Owner of Encore Elite

Dannella’s company, Encore Elite, work on 10-15 National Level Events every year – sometimes producing the entire event “Brainstorming to the Bank” or for some larger events we may be part of a larger event team and focus on Speakers, Sponsors, Logistics, Back of Room Sales etc…

Right now, they have supported 6 clients in taking their events virtual and planning a 3 day Virtual Experience July 16th-18th, 2020 with an additional 4 clients planning fall events. Encore Elite will also be hosting their 3rd Annual Lanier Lantern Festival – an event that raises money for Dannella’s non-project PROJECT RePURSE and other community organizations.

Some of the largest events include Simon Properties Mall of GA July 4th with 150-175K participants and we bring in the outside food trucks, vendors and alcohol services etc…Getting things done with a staff of 5 and a long list of volunteers they help support Seminars, Expos, Festivals, Parades, Workshops, Weddings and Corporate Events.

If you want to learn how you can hire Dannella and get results for you next event then visit www.encoreeliteevents.com

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