June 2024 Income Report

Hey, friends! Welcome to the first ever monthly income report! I’ve been watching my dear friend Mara Kucirek post updates like these, and her vulnerability is always so refreshing! It inspired me to start making these for my audience, also!

As I transition back into my role at Madison Dearly Bookkeeping from being on sabbatical, I wanted to really start tracking my time and clarifying my goals. What a better way to be held accountable than to publicly declare what’s going on behind the scenes over here?! 😉

Let’s dive in!

How does my business make money?

We are a bookkeeping firm that produces financial reports for creative small business owners. We primarily work with online businesses – like brand & web designers, copywriters, VAs, OBMs, tech specialists, etc. 

We offer several different packages for DFY bookkeeping, a DWY bookkeeping membership and (occasionally) Gusto setups for our current clients.

Here’s the breakdown:

June 2024 Income: $15,197

Bookkeeping	$13,400
Membership	$1,100
Gusto Setup	$697
Total	$15,197

YTD Income

January	$18,850
February	$16,454
March	$17,950
April	$14,795
May	$16,297
June	$15,197
Total	$99,543

Expenses

Lead & Staff Bookkeepers: $7,210

Payroll Tax Expense: $647

Stripe Fees: $457

Gifts (birthday gift for Lead Bookkeeper and new client gift boxes): $213

Insurance: $279

Legal Expenses: $189

Office Expenses (tall phone tripod): $41

Software Subscriptions (see breakdown below): $737

CPA: $200

VA: $800

Training & Education: $3,254

Total: $14,027

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Profit: $1,170

Owner’s Draws: $2,000

(I drew extra that was leftover from last month – in case you were wondering how I paid myself more than the profit I made!)

Month Overall:

Professional

• We celebrated our Lead Bookkeeper Whitney’s birthday!!!! Happy birthday to my incredibly intelligent and detail-oriented right-hand gal 😍
• I recorded a podcast with Colie James, and had SO MUCH FUN!! We talked about why Xero is the clear choice for accounting software for small business owners. You have to check this episode out!
• We signed three new clients!
• We got our first inquiry from SEO / YouTube! It was wild seeing the inquiry form come through and seeing it say “I found you from one of your YouTube videos”! I mean, what??? They say YouTube is a long game, so I’m excited to see more leads come through from this platform.
• Coffee Chats: 3
• Kick-Off Calls: 1

Personal

• My daughter, Sadie, had her second dance recital with her dance studio that she’s been attending since we moved to Minnesota! She was super nervous the morning of, but after it was over, she told me, “I already miss being on the stage!!” As a former competitive dancer, my heart was SO full seeing her find so much joy in performing!
• We made a trip to Houston, TX which is home for us. My husband and I both have family there and we got to spend an entire week soaking in the quality time with our extended family and friends, and attending a wedding for my husband’s high school friend.
• My little man Nolan started T-Ball and it’s… not going great LOL. It’s all brand new for him and he’s going to need some time to adjust to the coaches and the other kids and the structure. He’s got one more week left, and then we’ll try again next year when he’s a little older 😉
• I wrapped up a group coaching program called Life of the Party with Xanthe of Oh Sierra Creative, and holy wowza, it was an INCREDIBLE learning experience. I’m already finding myself perusing my notes from lessons and the workbooks as I’m ramping up content again this summer.
• Sadie and I got our ears pierced! It was fun to do it along with her (I got my upper lobe pierced), and she reminds me every single day that we need to clean them hehe
• I completed a massive kitchen decluttering project. I was getting so sick of looking at the clutter in our pantry, fridge, freezer and cabinets. My husband and I also started a Whole30, and completing this project has made staying consistent so much easier!

Hours Worked

Administrative: 1 hour

• Responding to emails
• Paying invoices
• Restructuring my weekly rhythms

CEO: 8 hours

• Bookkeeping and budgeting
• Researching business insurance
• Clearing Slack and CEO inbox
• Coffee chats with new potential clients
• Counter-signing contracts
• State registration and payroll tax things
• Meetings with my business coach
• Membership launch brain dump
• Group coaching calls
• Running MDB payroll

Client Relations: .5 hours

• Clearing membership Slack (responding to messages, engaging with students)
• Listening and responding to client Voxers

Lead Bookkeeper: .75 hours

• Kick-Off Call with new client

Marketing: 5.5 hours

• Write content
• Show up on Instagram stories
• Marketing meeting with business coach
• Podcast recording with Colie James

Other: .5 hours

• Running client payroll

Total: 16.25 hours

Next Month Goals (July)

New clients: 3

New followers: 30 aligned followers

New membership students: 10 (goal) // 20 (stretch goal)

Total income: $15,000

Software & Tools

• Later: for scheduling content
• Gusto: THE ONLY payroll software I recommend for running payroll
• Notion: for organizing education notes (read: preventing my courses from turning into a course graveyard)
• Zoom: for sales calls, kick-off calls, team calls and quarterly bookkeeping meetings with Premium clients
• Zapier: for automated task management
• Loom: for sending a quick video / screen recording message to cut down on unnecessary meetings 😀
• Slack: an instant messaging software for quick team communication and client work management
• Slack: for the membership students to ask questions and engage with my team
• Adobe: for signing / editing documents
• Xero: THE BEST ACCOUNTING SOFTWARE OF ALL TIME
• VidIQ: I use this for YouTube research and education. It helps me evaluate data based on my channel and my competitors.
• Intuit: This is ONE QuickBooks subscription that I pay for for our only non-profit client and it’s basically a donation to his business. Every time I see this expense I think about moving that client to Xero…
• ClickUp: project management software to keep track of the status of monthly client projects
• Dubsado: our Client Relationship Management (CRM) system, which we use to track leads, send proposals and contracts and automate recurring emails
• ManyChat: automating Instagram engagement to increase sign-ups for lead magnets, etc.
• Flodesk: our email marketing software
• 1Password: our hub for storing all sensitive client information
• ChatGPT: the holy grail for all sorts of email writing, content writing, brainstorming, naming new service offerings… P.S. the paid version is WORTH IT and so much better than the free version 👍