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She Calls Her Shots Podcast

Ep. 107: The five mistakes business owners make when managing their books w/ Sheila Watts

March 21, 2023

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Welcome back! In my last solo episode I introduced my new series to help us “Eliminate Overwhelm”. We’re focusing on different ways that we can eliminate overwhelm inside of our growing business. Next week [spoiler alert!] we will be talking all about pricing, which is timely with today’s special guest. This week, I am joined by Sheila Watts, a Certified Public Accountant who helps business owners use the numbers to grow and scale their businesses! 

Are you a business owner struggling to manage your books? Do you feel like you don’t know where to start and feel overwhelmed when it comes to understanding the financial side of your business? You’re not alone – many business owners face these same struggles! Sheila will be discussing the common mistakes people make when managing their books, and how to create a system that doesn’t overwhelm you. Additionally, she’ll be offering tips on how to create separate bank accounts, look at your finances every month and track your finances in a way that is simple and easy to understand. With Sheila’s guidance, let’s begin to eliminate the overwhelm and gain clarity around our business goals!


  1. Discover the importance of keeping separate business and personal accounts.
  2. Learn how regular review of business numbers can help maximize profits.
  3. Uncover the importance of saving for taxes to avoid unpleasant surprises.

Join my FREE 30 day challenge!

I’m so excited to announce my newest 30 day challenge, the Confident Creative! In this challenge I will be helping you implement the strategies that will not only help you feel more confident as a creative business owner, but I’m also giving you access to the exact tools that I use to bring in more joy and money to my growing business every day. And as soon as you join, you’ll get immediate access to:

  • The challenge information
  • The guided PDF workbook 
  • The daily journal prompts
  • A beautiful daily checklist to help you track your results

There’s honestly no better time to join me than right now. So if you’re ready to gain massive clarity, unleash your inner confidence to create that life and business that you’re proud of, I’d love to have you join me!

Here’s what we covered in this episode:

5:47 Sheila Watts, Certified Public Accountant and Small Business Owner

7:10 Managing Bookkeeping for Business Growth

12:50 Avoiding Common Financial Mistakes in Business

15:11 Setting Up a Business Bank Account

16:33 The Benefits of Separating Business and Personal Bank Accounts

18:16  Staying on Top of Bookkeeping

21:25 Strategies for Financial Control

25:45 Business Financial Practices

27:35 Money Mindset: The Importance of Looking at Your Finances Daily

29:17 Money Management Strategies for Women Business Owners

31:53 How to Avoid Cash Flow Problems at Tax Time

35:40 Implementing the Profit First Method for Financial Management

38:44 Investing in Professional Bookkeeping Services

42:39 Working with a Coach

44:12 Interpreting Financial Data for Business Success

47:04 Recognizing the Need for Support in Bookkeeping

50:40 Overcoming Fear and Finding Opportunities in Business

53:56 Tips for Avoiding Common Tax Mistakes

Other episodes you’ll enjoy

Want to learn more?

Check out my brand new website!

Learn more about my newest group coaching program, AMPLIFY!

Join me for my newest 30 day challenge!

Connect with Sheila:

I’d love to connect with you!


Join me for my exclusive FREE video workshop — Planning For Profit!

The training for small business owners & creative entrepreneurs that are ready to create a thriving, profit-focused business! 🥳

Inside the workshop we’ll be covering:

Mindset Strategies

  • Overcoming limiting beliefs & understanding how they’re holding us back from earning more money
  • Overcoming our perfectionism & people pleasing tendencies
  • Identifying your values and creating alignment with your goals
  • Powerful thinking & visualization strategies to put you in the mindset of a profitable business owner

Financial Strategies

  • Defining your money story & getting clear on any money blocks
  • Understanding your numbers (what you need to go full-time/take your business to the next level)
  • The profit first method and how to start implementing it in your business
  • Successful money habits

Business Strategies

  • Ditching the busy work
  • Powerful content creation
  • Marketing & selling strategies
  • Creating an irresistible brand
  • Streamlining your systems

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