This is the fourth article in the series Release Your Fear of Finance.

Recently, I’ve heard people joke that planning for the future feels rather pointless considering how chaotic and unpredictable life can be. No one had global pandemic on life’s Bingo Card. So when it disrupted our lives both personally and professionally, we all had to rework whatever plans we had in mind.

Having plans thwarted is frustrating, to be sure. But that doesn’t mean planning is futile. On the contrary, planning is more important than ever! And that’s especially true for business leaders. 

We need to have a clear plan for reaching our business goals, knowing that we’ll have to adjust it based on the unexpected that is sure to come. 

One of the greatest benefits of planning is how it helps us focus on next steps, which is essential for successful financial management. Without a plan, our minds get clobbered with all kinds of extra stress. And that stress makes it even more difficult to take the next step. A recent Greater Good Magazine article from UC Berkeley explains more:

“But research suggests that simply making a plan to deal with an unfinished task makes a huge difference in our ability to focus. It’s not so much about knowing what needs to be done as it is about deciding when to do it. When we don’t know when or how we will finish the things on our task lists, our thoughts will typically wander from our current task to our undone tasks; this is called the ‘Zeigarnik effect.’ As it turns out, our unconscious mind isn’t necessarily nagging us to do that undone task right now, but rather to make a plan for when we will get it done.”

You can see how a lack of planning exacerbates a fear of finance.
Just knowing what to do and having the tools to do it isn’t enough. If you don’t have a plan for getting your team in motion to use the tools you’ve selected, stress will grow and progress toward your goals will fizzle out.

That’s why Officeheads places such great importance on developing an efficient financial process. It’s a detailed plan that guides your team on the tasks to complete each day, month, quarter, and year. Here are a few elements that we incorporate into every client’s plan:

Daily: clients upload receipts to HubDoc; deposit money into the bank

Weekly (or Semi-Weekly): bookkeeping work sessions to process bills, classify transactions, process hourly payroll, run a 14-day analysis to determine cash flow; pay bills

Bi-Monthly: process salary payroll

Monthly: reconcile accounts; post journal entries; close the previous month; generate financial reports; generate invoices

Quarterly: generate & analyze quarterly reports; measure & set quarterly goals

Annually: process 1099s; file individual and business tax returns; develop budget and forecast; review annual state compliance reports

We’ve seen plans like this make a measurable difference for businesses. We get your team, tools, and systems working together, in harmony, to give you the financial edge! With a clear financial process in place, you can free up brain power for other tasks—like finding innovative ways to grow your business and reach your business goals. If you are ready to face your fear of finance, reach out today. We have courage to share!