137. Boss Lady Budgeting: Why We’re Finally Looking at Our Numbers Monthly 💰
- Holly Silva
- Feb 24
- 5 min read
HI, FRIEND. WE'RE BACK AND WE MISSED YOU. We were only gone a week, but it felt like an eternity (and yes, we’re still recovering emotionally from being back in New York weather after Florida). Between the post-trip blues and our never-ending head colds, we needed a “back to real life” episode that really matters … and this one hits hard in the best way.
Because tax season is creeping up, and we’re talking about something that used to make us want to crawl into a hole: our P&L.
Last year, we waited until the end of the year to look at our numbers and it was … a hot ass mess. Overwhelming, confusing, and honestly embarrassing. This year, we’re doing things differently — and we want you to do the same.
What a P&L Is (and Why We Need to Be Besties With It)
Your P&L is your profit and loss statement — basically a report that shows:
what money came in,
what money went out,
and what’s left over.
It’s the financial “health check” of your business. And if we’re being real? Avoiding it feels easier … until it isn’t. Because eventually, the numbers catch up with you whether you looked or not.
The “Ignorance Is Bliss” Trap (We've Been There)
We used to think:
“If we don’t look at it, we don’t have to worry about it.”
But it’s actually the opposite.
When we finally started digging in, we realized:
it can be scary,
it can be a little sad (like… wow we spent that much?),
but it’s also incredibly freeing.
Because once we actually know what’s happening, we can take action instead of guessing.
Monthly P&L Reviews Are a CEO Non-Negotiable
We’re going to say this with love but also with seriousness: looking at your numbers monthly is part of your primary job as a business owner.
It’s more important than:
social media posts,
random busy work,
even making sales (yep — we said it),
because there is no point growing a business that isn’t financially healthy.
When we review month-to-month:
there are fewer surprises,
it feels empowering instead of terrifying,
and we can make decisions with confidence.
“But We Have a Bookkeeper…” (We Thought That, Too)
We recently spoke with our bookkeeper, Kristina Hind, and it goes hand-in-hand with this: even if you have a bookkeeper, you still need to be looking at your books. Because:
they don’t know your business like you do,
they’re making their best guess based on transactions,
and you’re still responsible at the end of the day.
Your bookkeeper is on your team — but you’re the CEO.
Check out our episode with Kristina here!
Categories Matter More Than You Think
One of the biggest reasons our books got messy last year? Things weren’t categorized the way we needed them to be.
Example: Amazon. Most of our Amazon orders are cleaning supplies … but not all of them. Some are:
employee incentives,
client gifts,
random office stuff.
If you don’t check monthly, you’ll end up recategorizing a full year of transactions and you’ll want to simply pass away.
What we learned:
You get to decide what categories make sense for your business.
You’re allowed to create custom categories.
You can have categories and subcategories (which makes reports way easier to understand).
And you’re allowed to say:
“Hey, I need this moved. I need this renamed. I need a new category for this.”
COGS vs Overhead vs Net Profit (Simple Version)
We’re not turning this into a tax episode — but we are talking business finance.
Here’s the simplest way to think about it:
COGS (Cost of Goods Sold): what it costs to provide your service/product
Overhead / Operating Expenses: what it costs to run the business (software, rent, admin, etc.)
Net Profit: what’s left after expenses
The key part: you choose (within reason) how certain things are categorized based on your model and your targets.
QuickBooks Features We’re Loving Right Now
We use QuickBooks (not sponsored… but we should be).
And two things made this whole process less overwhelming:
➡ Clicking Into Transactions
When you see a category total, you can click it and instantly see every transaction in it. That alone makes cleaning up your P&L a million times easier.
➡ P&L as a Percentage of Revenue
Numbers alone can feel like noise. But seeing:
“this is X% of revenue” makes everything feel tangible.
We can quickly spot:
wages too high,
overhead creeping up,
subscriptions quietly draining cash.
Vendor Name Clean-Up (The Sneaky One)
This tip is gold! Sometimes the same vendor shows up under multiple names, so it looks like you’re paying different companies … when you’re actually paying one company in multiple places.
When vendor names are clean and consistent:
you can tell how much you’re truly spending with each vendor,
and spot “wait… why are we paying for this?” moments fast.
Income Streams Should Be Separate (If They’re Different)
If you have multiple streams of income, they should be categorized differently.
For example:
service income (your core work)
affiliate income
sponsorship income
product sales
social media revenue (if/when that happens 😉)
Because not all income is treated the same — and clarity now saves chaos later.
Cutting Expenses Isn’t Forever (And It Can Save You)
When we did our deep dive, we found things we could cut immediately:
subscriptions we weren’t using,
software we didn’t need in that season,
things we forgot we even had (Netflix… with no TV in the office… enough said)
And the reminder we needed: nothing is permanent. You can pause something, fix cash flow, and bring it back later when it makes sense.
🎧 Listen here!
✨ Apple Podcasts: https://podcasts.apple.com/us/podcast/137-boss-lady-budgeting-why-were-finally-looking-at/id1619723852?i=1000751169459
✨ Other platforms: https://creators.spotify.com/pod/profile/hustledup/episodes/137--Boss-Lady-Budgeting-Why-Were-Finally-Looking-at-Our-Numbers-Monthly-e3fgqma/a-acg7rpk
Your Homework 💪
Before the end of this month, do this:
Open your P&L (QuickBooks, spreadsheet, notebook — whatever you use)
Look at last month
Highlight three things you don’t understand
If you have a bookkeeper: email them your questions
If you don’t: ask someone you trust who’s good with numbers (friend, spouse, mentor)
Lean on your support system. We did — and it helped a lot.
And if you don’t have one? DM us. We’re not bookkeepers, but we’ll help you find the right next step. 💖
Links & Resources
Jobber Free Trial
Jobber Summit Registration
Need a Bookkeeper?
We love ours — Franklynn Accounting — and she’s been incredible about:
answering questions,
making changes,
never making us feel stupid,
working with us like a team.
Final Thoughts
We’re sharing this because we genuinely want you to feel empowered — not scared. Avoiding your numbers doesn’t protect you … it weakens you, my friend. But looking at them? That’s CEO behavior. And it feels really, really good.
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