Last month, we asked Gugu Guru founder Monica Banks to share how QuickBooks helps her make the best business decisions. Reading her story helped us see just how deeply QuickBooks impacts our decision-making here. Here’s a glimpse into just how that plays out, from our co-founders Katya Libin and Amri Kibbler.
When did you begin using QuickBooks?
Katya: QuickBooks was our go-to from day one. We started using it early because sending invoices and managing payments without it just seemed incredibly archaic.
Amri: It was one of the first tools that we invested and to get our business organized and help it grow. It’s so easy to use and really helped us get on top of things with our small team in the early days.
When you first began using QuickBooks, how did it help you in the immediate term?
Katya: QuickBooks helped us figure out how to easily understand our day-to-day finances, create reports and manage cash flow. When you’re not a “finance person” it feels hard to jump in and know what to do, but QuickBooks is so user-friendly that anyone can really go in and figure it out.
Amri: It helped us to really budget and understand where we are financially. In the beginning, finances can be kind of touch-and-go, but QuickBooks helped us to see how our finances were trending so we could evaluate hiring needs and other important business decisions.
How often do you sit down together with your co-founder to review the numbers in QuickBooks?
Katya: I want to tell you that we do it all the time, but truthfully we’ve been relying on our bookkeepers and external financial consultants to help us run the financials of the business along with me. Having a trusted bookkeeper or accountant really does help tremendously as it opens up more time for us to focus on what we’re best at.
How does understanding the company’s financial situation help you fulfill HeyMama’s mission?
Katya: It’s crucial to everything we do. Without proper cash flow, we can’t invest in the tools we need to support our members, and the hiring we need to not crush our current team’s bandwidth. Like any business, when we are in a good cash position, we are able to grow. When we grow we get to reach more women, help more mamas, and connect more people.
Amri: It’s everything. If we don’t understand how much money we have coming in, we don’t know when we can bring on new people and grow the company, and we don’t know how much money we have to invest into tools and resources. QuickBooks really allows us to see what we’re working with.
What is the biggest decision QuickBooks has helped you make?
Katya: When to hire and when to raise capital. Right now, we are fundraising and that is super exciting. I wouldn’t have been able to truly understand the long-term needs of the business without QuickBooks.
Amri: Like Katya said, the biggest thing happening for HEYMAMA right now is the fundraising, and we wouldn’t have a clear picture of our financials without QuickBooks.
Which QuickBooks features are most useful to you?
Katya: The reporting is fantastic! I also love the easy to access dashboard.
For the new or aspiring business owners reading this, what is your best advice around building a firm financial foundation?
Katya: Ask for help when you need it and learn what you don’t know. These sound contradictory but really they go hand in hand. Try to lean into the areas that make you uncomfortable, and then ask for help. I’ve noticed that sometimes creatives gravitate towards the assumption that they are not good at handling finances, but with QuickBooks, anyone can get the hang of it. Plus, with QuickBooks, you can accurately gauge whether you’ve reached the point where your business can support bringing in outside help to manage QuickBooks and your financials even more effectively while you focus on what you do best.
Amri: Don’t be afraid to ask questions. It can seem overwhelming at first but once you get a grasp on the basics, you’re able to build off of that.
Looking to improve your cash flow? Here’s how to get paid faster by embracing digital payments.