Core Money Systems That Every Business Owner Needs

1. A Way to Get PAID! 

Let’s start with the obvious. You need a way to get paid plain and simple. And while technically a word doc invoice with direct deposit details ‘works’ you are making things a million times harder for yourself to track which invoices are paid, followup on unpaid invoices and issue invoices quickly as your business grows.
Plus… the harder you make it for your clients to pay you the lower the conversion will be. Consider offering multiple payment methods (credit cards, PayPal, bank transfer etc) or automating payment links through invoices. Paying you should be SEAMLESS for your clients. If these payment methods carry additional fees don’t forget to calculate that cost when you set your pricing. 

💡 Pro Tip: Review your payment options regularly to ensure you know the fees, and that you’re not losing sales due to outdated or inconvenient methods.

2. A Way to Send Reminders

Did you know that unpaid invoices are one of the most common causes of cash flow issues in small businesses? Statistics suggest somewhere around 40-50% of invoices are paid late! Yet, many business owners hesitate to follow up on overdue payments, fearing they’ll come across as pushy. This is where automated reminders come in. 

Consider having a bookkeeping tool in your tech stack like Rounded, Xero, or Quickbooks or find another simple invoicing tool like Square. Within these tools there are settings to automate polite reminders which will increase payment follow through and makes the process faster (and less awkward). 

If you still have late, unpaid invoices you may need additional reminder and followup tools like CollectMore within your system.

3. A Way For You To Make Payments

Whether it’s subscriptions, contractors, suppliers or employees, having a clear system for managing your expenses is critical. Missing payments isn’t just unprofessional, it can lead to closed supplier accounts, damaged relationships, late fees, or legal issues. 

Set up automated payments for recurring expenses and have dedicated days on your calendar to manage finance distribution, operating expenses, payroll, invoice payments and fulfilment of tax obligations. 

4. A Way to Track Finances

If you don’t know where your money is going, it’s nearly impossible to make smart decisions about your business. Tracking your income, expenses, and profit isn’t just about staying compliant with tax laws—it’s about understanding whether your business is actually profitable or just breaking even.

Many businesses start with a spreadsheet to save the cost of bookkeeping tools. There isn’t anything wrong with this as long as you are capturing the incoming and outgoing, and you are getting enough information from this to understand your finances. But if there is a gap in this system and you don’t really have the full picture then it might be time to consider upgrading this tool. 

5. Bank Accounts That Match Your Needs

Ever looked at your bank account, felt amazing because of the $$$ sitting there, only to have it all come crashing down when expenses come out? Separating out accounts for taxes, expenses and profits at a minimum is going to give you so much more clarity within your finance systems. 

If you aren’t sure where to start, try reading “Profit First” by Mike Michalowicz and then speaking to your bank about fee free business accounts so you can distribute funds. 

The Cost of Ignoring Your Money Systems

 Neglecting these systems doesn’t just create stress—it can actively harm your business.

• A clunky or inconvenient payment process can cost you potential clients who abandon the process causing missed sales and lost clients.
• Without reminders, you’re more likely to face bad debts that take time (and energy) to follow up.
• Mismanaged payroll, expenses and finance tracking can lead to legal troubles, fines, or penalties.
• Many business owners try to ‘fix’ their cash flow issues by taking on more work inevitably overcommiting and burning out in the process of trying to keep up.

And perhaps most importantly: If you don’t know what your money is doing, how do you know if you have a business… or just an expensive hobby?

Start with This One Step: Audit Your Expenses

If building money systems feels overwhelming, start small. Begin by auditing your expenses:

• List every subscription, software, and membership you’re paying for.
• Review the last 12 months of expenses for hidden expenses you may have forgotten. 
• Identify what’s necessary and what’s not.
• Be sure to include a buffer for larger expenses like needing to replace your computer or other equipment.
• Make sure these expenses are included in your pricing.

So many businesses are operating on guesswork when it comes to their rates. They divide an income goal by the hours they want to work or copy someone else’s pricing without factoring in THEIR specific expenses. This is why I’ve created the Sustainable Rate Calculator—to help business owners set rates that truly work for them. 

You Deserve to Be Paid By Your Business

Strong money systems are not just for big businesses. They are for every business owner who wants to grow sustainably, reduce stress, build something that lasts, and create a business that pays you well for the time and risk you invest into running it. 

Take the time to assess your systems. Start small by assessing your pricing structure and expenses (grab my calculator here for automated calculations). Make sure your clients can pay you. And start establishing finance systems that your future self (and your bottom line) will thank you for.