lady startup

Lady Startup Group Therapy: "I'd to love automate as much as I can so I can spend more time creating. No idea where to start!”

MYOB
Thanks to our brand partner, MYOB

So, story time.   

I run my own lady startup, For Andy, that sells sustainable headscarves. I was inspired to make them for women who have lost their hair to cancer, which I started off the back of my own cancer diagnosis in 2020.  

Between finishing chemotherapy, launching my business and starting my role at Mamamia, all while I’m still studying at university and instructing Pilates on the side, there are almost not enough hours in the day to get it all done.

Let alone also get enough sleep and maintain some semblance of a social life. Or a romantic life (but we can touch on that another time!).

I’ll be the first to put my hand up and say that accounting and numbers are not my strong suit. When I started my business, I was tracking expenses on some poorly formatted Excel spreadsheet trying to figure out what my monthly overheads were and storing paper receipts in a plastic binder. Sure, it did the job for a little while, but thinking long term? Not cute. 

After months of trial and error, I’ve finally turned the corner in figuring out the right systems to stay on top of my financial admin, which has freed up much-needed time to work on the more creative parts of business that bring me purpose and joy.

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The main thing I learnt? Money automation is key. So here are 3 ways it can become your new business best friend.

1. Stay on top of your numbers.

If you’re like me and have multiple bank accounts across different providers, getting an accurate view of cash flow and your outgoing spend can be quite time-intensive. 

Moving your accounting to a cloud-based software is crucial to gain a holistic understanding of your business’ financial performance, and keep tabs on exactly where your money is going (because we’ve all had a few pesky subscriptions we forgot to cancel after the free trial was over). 

Here’s where software that acts as a one-stop-shop, like MYOB, comes in. 

MYOB provides an all-in-one online accounting solution that can help small businesses and lady startups like my own automate the daily admin and stay on top of the financial stuff without it being laborious or confusing. 

You can connect all your bank accounts to your MYOB account to get an accurate and live feed of your bank transactions from one dashboard (v handy), enabling you to track and forecast cash flow, view monthly sales and purchases, and budget for your business.

You bet your last dollar I’ve kissed those dodgy Excel sheets goodbye for good.

2. Girl, automate those invoices.

Following up unpaid invoices has got to be one of the biggest headaches of being a business owner. SURELY. 

I mean there’s only so many “polite” ways you can ask someone for money before it starts to sound pass-agg and you start to have a crisis and wonder if somehow maybe you’re the problem? Just me? Anyway.

Fellow lady startup Molly Benjamin is the founder of Ladies Finance Club (or in my eyes, the absolute ~money queen~) and also swears by using online accounting solutions like MYOB to automate her invoicing system.

“I schedule reminders if the invoices haven’t been paid, which is helpful because you don’t need to be chasing people, it does the chasing for you.”

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As someone who is allergic to confrontation, this feature is a total godsend.

Image: Supplied. 

Not only does MYOB help cut the awkward money talk with customers through payment reminders, it also allows you to generate slick-looking invoices without fuss (or a design degree), and track exactly when they’ve been opened, printed and paid.

These features let me stay on top of any accounts receivables, as well as make me look like I have my sh*t together because my invoices always look dang professional.

3. Centralise your tax management. (Stay with me here.)

Ah, tax time. Every lady startup’s dreamy-and-totally-pain-free time of the year. Between the last-minute scramble to find lost receipts in your car, and Googling if your new-ish laptop is even tax deductible, tax time can be... stressful.

Having all your supporting documentation online with software like MYOB allows you to easily access your invoices and receipts, which are then automatically matched to bank transactions to save time when preparing your tax return. I repeat: automatically.

This is also helpful if you’re working with an accountant, as you can invite them securely to the software to ensure you’re both on the same page.

Blackout Creative was founded by Newcastle lady startup Emma O’Bryan, and she shares how automation has helped her reduce tax-time stress.

“Anything to do with money and accounting feels incredibly overwhelming to me and this program has been a life-saver… it connects to my bank account so I can easily see where my money is going and attribute expenses to receipts making it ten times easier come tax time, when time is not always on our side!”

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Image: Supplied. 

Now after those 3 pointers, we can breathe. And get back to business.

With automation now your best friend to create more efficiencies in your financial admin, you can start making the most of your newfound free time (well, “free time”) and put a firecracker behind the rest of your business.

 As startups, it’s important we don’t feel overwhelmed or bogged-down-busy with a million tiny tasks that are just waiting to be streamlined by the right software. 

Instead, we want to be getting good-busy, leaving us free to focus on what matters most: the making, creating, planning, designing, and the doing.

Maybe you’ve been putting off starting that email list and need to take time to build an effective landing page or brainstorm an irresistible lead magnet.

Maybe you’ve let your social media presence drop off the radar and need to give it a big refresh with new product photos and a kick-a** content strategy.

Or maybe you just need that extra free time to be able to sit down at the end of a work day with a glass of bubbles and reality TV, because hey, being a lady startup is hard work and a slice of precious spare time can be hard to grab with both hands.

I see you, I’m with you, and I’m wishing you and your lady startup the very best in waving goodbye the tasks you can you automate so there’s less spinning plates for you to manage.

Supercharge your business and get good busy with MYOB. Sign up to MYOB and get 50 per cent off your first 3 months. 

Feature Image: Supplied/Instagram @mxddieking @thisisforandy

MYOB
MYOB is an all-in-one accounting solution. Our purpose is to make it easier for businesses across Australia and New Zealand to start, survive and succeed. MYOB delivers end-to-end business, financial and accounting solutions direct to businesses employing between 0 and 1000 employees, alongside a network of accountants, bookkeepers and consultants. For more info visit myob.com.