Mint Content is a content marketing agency in the ACT with the motto “You bring the ideas. We write the words that turn your vision into profit”. Its founder, Amy Birchall, is a professionally trained journalist and content writer.
When Amy founded Mint Content in 2012, she found it simple to manage her business finance using Excel spreadsheet. However, as the business grew, Amy knew she had to do something different with financial management. And that difference was made by her decision to use Tailored Accounts’ services.
Let’s discover how Tailored Accounts has helped Amy better manage her business finance.
1. As a start up, what is your business goal for the first 5 years? What do you need to achieve the goals?
I would like Mint Content to turnover $1 million per year by the time it is five years old. There are several steps involved in making this happen, but one of the most important is setting up infrastructure and processes that support growth.
2. As a writer and also a start up, have you struggled with managing your business finance? Do these affect the attainment of your business goals?
It was easy for me to manage my finances when my business was small. I started out tracking expenses, invoices and jobs in an Excel spreadsheet. This was fine when I only had a couple of clients, but completely impractical for managing multiple clients and projects.
As my business grew, I spent more time making sense of my finances, and less time on billable work. I had no idea about my cashflow situation. I didn't realise invoices were overdue until weeks afterwards. I felt like I couldn't get on top of project scheduling or deadlines.
I realised that being a good writer meant nothing if I couldn't get my finances right, and I contacted Tailored Accounts to help.
3. How do Tailored Accounts’ services help you deal with the financial side? What is the time/ cost saving or improvement since you used our services? How do these improvement help with assisting you achieve your business goals?
Like most writers, I have a better relationship with words than with numbers. I'd rather work on a communications strategy or draft a white paper than do my monthly expenses.
Despite that, I know it's important to understand every part of my business - including the finances. Harry and the team at Tailored Accounts have set me up with Xero, Receipt Bank and Workflow Max, which help me see exactly how my business is performing.
I like that I don't need to be an accounting expert to predict cash flow issues, view monthly sales or create reports. With extra visibility across projects, I'm also better at managing timelines.
Thanks to Tailored Accounts, I spend less than one hour per week on finance and administrative tasks that used to take up to four hours per week. This gives me an additional half-day per week to focus on growing my business.
Takeaways: Failure to realise the importance of financial management and to use technology to manage finance are common mistakes of start-ups. If you want to fully devote to the core business, an outsourced option is optimal. There’s nothing better than a start-up with a good financial management system (this is borrowed from Mint Content’ slogan: There’s nothing better than a business with a good idea. Hope you don’t mind, Amy!)
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