Find out how Marc Schenker of The Glorious Company was able to get a bird’s eye view of his finances, helping him spend his dollars—and time—in the right place.
If there’s one thing Marc Schenker can say for sure, it’s that running a marketing agency is very different from freelancing. After working for almost a decade as a freelance writer, he decided to shift his focus to the digital and content marketing space. And in 2018 The Glorious Company was born.
As Marc’s client roster exponentially grew, so did his paperwork. And that meant a lot less time to manage his books himself. After months of falling behind on his bookkeeping, Marc realized just how much he was dreading the hours of sorting through mountains of receipts on the corner of his desk. He made it his 2020 New Year’s resolution to find a better way to track his business financials, once and for all.
Fast forward one year and Marc is more confident in his books than ever before and well on track to making over $100K in revenue this year, a new record for his growing agency! I had the chance to chat with Marc and find out his secret to keeping his New Year’s resolution. Hint: He had a little help from a cloud accounting solution.
Very rarely do I meet someone who actually keeps their New Year’s resolutions! Tell me more about how you used to manage your business finances?
Marc: When you hear how my finance tracking was in 2019, you’ll understand. Before I started The Glorious Company, I was a freelance writer for about 10 years. I got into the routine of using Microsoft Excel spreadsheets to log my expenses and income for the month.
Things got more complicated when I started my content marketing agency in 2018, especially since I typically work with up to 5 freelancers or contractors during any given project. It got to a point where there was a lot of friction when logging my weekly or monthly expenses, as well as my calculating my income or doing my billing. Using Excel added another layer of difficulty and it came to a head last year.
To tell you the truth, I was subconsciously dreading having to track my finances. It got to the point where the corner of my desk was piled up with a mountain of receipts. It’s kind of embarrassing to admit now, but I am proud in hindsight because I was able to correct it.
All that looming paperwork sounds very stressful to look at! How did you go about course-correcting?
Marc: I started wondering how I could get my time back. Clearly using Excel was a total time suck, literally unproductivity 101. I knew I wanted to use that time for more important tasks, like helping my company grow. And that was the genesis of researching new solutions.
My 2019 Christmas and New Year’s break was spent doing intense research on comparing different accounting software for small businesses. I’m one of those people who types into Google, “best accounting software reviews” and FreshBooks came up. At the end of the day, after reading a helpful PCMag review, I narrowed it down to FreshBooks.
What was your top priority when looking at the different accounting solutionsContinue reading