How to Master Business Finances Without Feeling Overwhelmed
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You didn’t leave corporate life to drown in spreadsheets.
But if you’ve ever logged into your business bank account, crossed your fingers, and hoped for the best, keep reading - this is for you. So many brilliant coaches, consultants, and creatives build businesses with a blindfold on when it comes to the money stuff.
In this episode of the Master Your Business Podcast, I sat down with Chartered Accountant and Xero expert Edel Hayes. Edel’s mission is to help service-based business owners (yes, just like you) stop fearing their finances and start using their numbers to grow their business, not just run it.
If your relationship with your numbers is “avoid at all costs”... this is your permission slip to reset.
Why Bank Balances Don’t Tell the Full Story
Most entrepreneurs rely on one number - what’s in the bank. But Edel reminds us that this is reactive, not strategic. Here’s what she said:
“The numbers should tell the same story your gut feeling is telling you. They show you what to do more of, and what to do less of.” - Edel Hayes
You wouldn’t make health decisions based on how you feel that day, so why do it with money? Your business deserves better data.
Start by tracking:
- Weekly and monthly break-even point
- Monthly profit margin
- Cash flow trends
- Debtor days (how long it takes clients to pay you)
- ROI on your offers and marketing
How Xero Can Save Your Sanity
Manual spreadsheets are risky. Edel introduced me to Xero, and it changed everything. Now I can:
- Tag income by program or offer
- Track profitability across revenue streams
- Run real-time management reports
- Eliminate “surprise tax” moments
If you’re still wrangling a Google or Excel Sheet, it’s time to upgrade. Tools like Xero or QuickBooks aren’t just about automation, they’re about clarity.
“Your time as a business owner should be spent using the information, not gathering it.” - Edel Hayes
β Pro tip → Choose a platform you’ll actually use. The best tool is the one you’ll stick with.
The 5 Numbers You Need to Know Every Month
Feeling overwhelmed by all the financial data? Edel breaks it down beautifully. Start with just five key metrics:
- Break-even point
- Profit margin (net and per offer)
- Debtor days
- Cash reserve levels
- Time-to-income ratio per team member or offer
These KPIs help you understand what’s working, where you’re leaking cash, and when it’s time to pivot.
“Pick five numbers that actually matter to your goals right now. That’s where financial power starts.” - Edel Hayes
Credit Cards, Profit First, and Paying Yourself First
Maybe you’ve heard of Profit First? That method of creating different accounts for income, expenses, profit, and taxes. Edel loves the concept but adds a reality check: Bank fees.
Still, the psychology works. When you separate funds, it’s easier to:
- See what’s truly available
- Avoid cash flow panic
- Pay yourself first (finally!)
And credit cards? Edel says yes if you're clearing them monthly and using them strategically. Think of them as leverage, not lifelines.
Your Pension Strategy and Long-Term Financial Health
Starting January 2026, Ireland will require auto-enrolment pensions for employers, including limited companies with just you as staff.
“You’ll need to contribute 1.5% of wages—and that’s the minimum. Start planning now.” - Edel Hayes
Not planning to sell your business? You still need a long-term wealth strategy. That might mean:
- Pension contributions
- Business savings
- Annual dividend draws
- Exit strategy planning
The Biggest Mistake? Avoiding the Numbers
Most business owners wait too long to get financial systems in place. They don’t want to look at what feels “messy.” But Edel's advice is simple:
Start where you are. Choose five numbers. Review them monthly. Build from there.
And always ask: Is this decision moving me closer to profit and peace of mind?
π§ Listen Now and Build Financial Confidence
If you’ve been running your business by gut-feel and bank balance, now’s the time to change that. With Edel’s practical wisdom and a few tweaks to your systems, you can turn financial fog into clarity, and start making strategic moves instead of panicked ones.
Click here to listen π
Listen on Spotify | Listen on Apple Podcasts
Key Takeaways
- Stop running your business on guesswork
- Use real-time systems like Xero for visibility
- Focus on five financial KPIs that matter most
- Embrace profit strategy, not just tax compliance
- Plan for long-term financial health now, not later
π Additional Resources
- Learn more about Profit First
- Read Edel’s insights at Accelerate Accounting
Keep mastering your business.
THANK YOU FOR BEING HERE
About Edel Hayes:
Edel Hayes is the founder of Accelerate Accounting, helping female-led service businesses move from reactive chaos to proactive control with smart, modern accounting systems. A Chartered Accountant with 15+ years of experience, she’s all about clarity, simplicity, and growth.
π Connect with Edel Hayes:
π» Website: https://accelerateaccountingsolutions.com/
πΈ Instagram: https://www.instagram.com/accelerateaccounting
πΌ LinkedIn: https://www.linkedin.com/in/edelhayes/
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