#FinanceFridays: My Weekly Financial Workflow (+ the 6 Business Financial Tasks I Do Monthly)

by myklist

Do you want to knock out your small business’s money date in a couple of hours a week?

This one’s for you … c’mon and run through the glitter tunnel because I’m unveiling each step of my beloved Finance Friday workflow.

I hashtag it in my head when I say it, so—#FinanceFriday.

There, I fixed it.

While I love to talk about how to make your money with the WORDS you use in your creative small business, today, I want to talk about what to actually DO with that money.

A boatload of you asked for this workflow specifically on the YouTube channel in the comments, and here you go!

I want to live free from the love of money and stuff, and instead, understand it so I’m not afraid of it (in lieu of immaturely acting like it’s not a thing, which I’ve done for years—I was really bad about that when I first graduated college!), can honor my family, steward our funds well, and give generously,

I talk a lot about batching days, and how do I get all my weekly financial to-do’s for the business and personal life checked off in one day? With my weekly money date I call my #FinanceFriday workflow. We’re going to talk about that today, and I’m going to take you step by step through it.

As I dig in, grab the freebie so you can get access to even more tips about how to set up a batch day workflows for your business.

#FinanceFriday Step 1: Categorize expenses.

Poor financial management is the number one reason businesses fail—and this may be where the battle is fought and won.

As a small business owner this is vital for our family finances—I’ll start with family first, because I’m kinda the bookkeeper of the family. I base my salary off of what I know my take-home needs to be. The easiest way to do this is to use a budgeting system tool like Mint.com and know each part of your budget.

I have our budget recorded in our annual personal/business finances spreadsheet of goodness (I call it my “Blueprint Model Plan,” more on that in a sec), and also entered into Mint, so I can see when we’re close on a budget.

My annual Blueprint Model (a tool I created with my business & financial coach Shanna Skidmore) is a multi-tabbed spreadsheet—italso includes my business expenses mapped out, an annual forecast, and our personal budget.

Note here—for business, I don’t do do my weekly income and expense categorizing—my virtual bookkeeper records and organizes every transaction from my business. So at this moment, I pop into Slack and make sure she doesn’t have any questions about where things need to go.

Make sense? Cool.

Put simply, bookkeeping is the recording of financial transactions and accounting is the analyzation, reporting, and summarization of the financial data—my bookkeeper says that, and that helps me separate the two.

#FinanceFriday Step 2: Pay off all credit cards.

Pay off business & personal credit card (AmEx, Williams-Sonoma, J. Crew, Banana Republic).

I do believe in carrying some debt (ex. as a family as we’ve established a line of credit, but divvy it up between big expenses and what’s in who’s name, like the house and our 2 cars) … and I also believe at times you have to spend money to make money as a business owner. I grew up a really big fan of Dave Ramsey, dyed in the wool from a book my grandfather gave all of us granddaughters to read. But now as a business owner, I think sometimes it’s okay to go into a bit of debt to start a business. For more on that, listen to this episode of Ben Shapiro interviewing Dave Ramsey. Ben’s viewpoint is typically what I think.


But by in large, my dad raised me to be very anti-credit card debt, so I pay all these off each week.

So in this step, I login to my business credit card, pay that off, and then hop over to personal credit cards (AmEx Delta Air Lines , J. Crew, Williams Sonoma) and pay those off.

#FinanceFriday Step 3: Call customer service, financial advisor, or CPA as needed.

If there’s anything admin or that I need to do for calling, here’s where I do that.

Note—I don’t have to do this every week. It’s just a bookmarked time in case I need to reach out to someone.

#FinanceFriday Step 4: Make sure invoices are paid up.

I do this in HoneyBook—the client relationship management tool we use.

You may also be interested in: 5 Tips to Get Started with Honeybook

it’s pretty easy to just click the “remind” button under bookkeeping and an auto-drafted email I’ve written is triggered to send to the client reminding them to pay.

#FinanceFriday Step 5: Pay my team and myself.

This has changed over time. It used to mean just paying myself, then when I grew to have a tiny team, it meant sending money in PayPal.

Now that I have a bookkeeper, she reviews time teammembers log in Toggl. I used to send them to her, but same idea.

As far as paying myself, I actually don’t have it set up to move over automatically to my bank … I kinda like that forced reminder of the weight it is to pay yourself, ha!


#FinanceFriday Step 6: Add stats to weekly Traction call doc.

You want to make sure that you are tracking the right things! The stats I’m always looking at are sales from various parts of the business—overall, shop sales, client services sales, affiliate sales, giving, ANY refunds.

Read Traction by Gino Wickman for more info on this. Solid read if you’re in business solo, solid read if you’ve got a team.

My Monthly Financial Workflow

As a bonus, my monthly finance workflow is as follows:

  • Review monthly PnL financial statements :: Actually taking time to study the monthly financial report my bookkeeper made, of where our money comes in and where it goes out.
  • Clean out operating expenses that we don’t need in ASC, LLC :: “how’d we get *this* software subscription??” Yeah. This is when I cancel these.
  • Schedule appt with my CPA/check-in with him
  • File taxes quarterly
  • Schedule Carter State of the Union w/ Wes :: I look and see where we landed with our personal budgets so I can talk to him about that. We look at how we’re doing with our family Blueprint and my business financial Blueprint, so we can see that we’re being intentional with our saving and our spending.
  • Schedule meeting with my bookkeeper :: She reconciles accounts, and this is a time for us to check-in.

If you’re interested more in my journey financially as a business owner, here are a few other blogs and videos:

The Surprising Way to Make More Money in Your Business

How to Pay Yourself as a Creative Entrepreneur

Where to Spend Your Money as You Build a Creative Biz: Small Business Investment Tips

The 10 Biggest Mistakes I’ve Made as a Creative Entrepreneur

Again, I hope that helps you out!

If you’re serious about batching your work into days like this, don’t forget to grab my Batch Days Mini-Training guide—I walk you through how to divvy up your work into each day. Everything you need to grab is in there, and I know it will help you so much.

Did I leave anything out? Are you going to use this workflow? Let me know below!

You may also like