Let’s be honest – reviewing your business finances probably isn’t at the top of your “fun things to do” list. But what if we told you that your monthly financial review could be less of a dreaded task and more of an empowering check-in with your business? Welcome to the concept of the Monthly Money Date – where understanding your numbers becomes a ritual you actually look forward to.
Why Your Business Deserves Regular Money Dates
Think of a Monthly Money Date as quality time with your business’s financial side. Just like any important relationship, your finances need regular attention and care. Setting aside time to review your numbers isn’t just about bookkeeping—it’s about making informed decisions that will shape the future of your business. This dedicated time helps you:
- Stay on top of your business goals
- Spot trends before they become problems
- Make confident, data-driven decisions
- Reduce financial anxiety (because knowledge is power!)
- Celebrate wins (both big and small)
Setting the Scene for Success
The environment matters more than you might think. This isn’t about hunching over your laptop at your kitchen table between client calls. Make this time special. Here are some ways to create your perfect money date environment:
- Choose a dedicated time when you won’t be interrupted.
- Find a comfortable, inspiring space (coffee shop, home office, favorite cafe).
- If you’re at home, light your favorite candle.
- Have your favorite or go-to beverage ready.
- Queue up a motivating playlist (something upbeat or chill—whatever gets you in the zone!)
Pro Tip: Schedule your money date for the same time each month. We recommend the 5th of the month– early enough to review last month while it’s fresh, but after all those end-of-month transactions have cleared. If you have a bookkeeper, you’ll want to schedule it after you get your reports from them.
Your Step-by-Step Money Date Guide
1. Preparation
Before diving into your numbers, get everything organized. If you handle your own bookkeeping:
- Update your Xero or QuickBooks transactions
- Reconcile your accounts
- Categorize any outstanding expenses
If you work with a bookkeeper:
- Pull up their monthly reports
- Gather any questions you have
- Open your goal tracking system
2. The Number Review
Time to dive into those numbers! Use this checklist to guide your analysis:
📌 Revenue Deep Dive
- What was your total revenue for the month?
- Where did that revenue come from? (Break it down by service, product, or income stream.)
- How does this compare to the previous month?
- Are you on track to hit your revenue goals?
📌 Expense Analysis
- What are your recurring monthly expenses? Are they still necessary?
- Did you make any investments? Are you seeing an ROI yet?
- Do you have any subscriptions you’re not using? Time for an audit! Make sure you are using everything you are paying for.
- Were there any unexpected expenses or costs that were unusually high compared to previous months?
📌 Profit Check
- How does your profit compare to last month and your goals?
- What’s your profit margin? (Revenue – Expenses = Profit) How does it compare to industry benchmarks?
- Are you moving toward your profitability goals?
📌 Cash Flow Status
- How much cash do you have on hand?
- Will it cover your upcoming expenses?
- Do you have outstanding invoices that need to be followed up on?
- What payments do you expect to come in this week and this month?
3. Analysis & Planning
Once you’ve reviewed the numbers, ask yourself:
- What trends do I notice? (Are sales increasing? Are expenses creeping up?)
- Are there any red flags? (Cash flow issues? Higher-than-usual costs?)
- Are there opportunities for growth? (A service that’s performing well? A new offer idea?)
- Do I need to adjust my strategy? (Cut expenses? Shift marketing efforts?)
Your Money Date isn’t just about looking at numbers—it’s about using those numbers to make smarter decisions for your business.
Making It Fun (Yes, Really!)
A big reason why entrepreneurs avoid their financials is that it feels boring or stressful. But it doesn’t have to be! Here’s how to make your Money Date something you actually look forward to:
1. Create a Ritual You Love
- Pick a special location (your favorite coffee shop, a cozy nook in your home)
- Treat yourself to something small (your go-to latte, a chocolate treat)
- Use a beautiful planner or notebook to track your insights
2. Celebrate Wins
- Hit a revenue goal? Dance party!
- Cut unnecessary expenses? Treat yourself to a little something!
- Improved profit margins? Toast to your financial savvy!
3. Track Progress Visually
- Use colorful charts or graphs to track revenue growth
- Keep a profit goal tracker
- Design a system that makes it easy (and fun) to see your progress
Taking It to the Next Level
Want to make your money dates even more powerful? Consider:
- Regular CFO Support
Having a financial expert to guide you through your numbers can be game-changing. Our CFO clients love their monthly calls because they get to ask questions about their numbers, get expert insights on trends, discuss strategic decisions, and plan for growth. - Analyze Longer-Term Trends
Once a quarter, take a step back and look at bigger financial trends:- Review long-term revenue growth
- Adjust profit and expense goals
- Plan for seasonal shifts in business
Troubleshooting Common Challenges
“I Don’t Have Time”
- Start small—even 30 minutes is better than skipping it.
- Block it on your calendar like any other important meeting.
- Make sure your bookkeeping is up to date before the review.
“The Numbers Are Overwhelming”
- Start with basic metrics like revenue, expenses, and profit.
- Add more details gradually as you get comfortable.
- If numbers stress you out, consider professional support.
- Focus on progress, not perfection.
Ready to Start Your Money Date Practice?
Your Monthly Money Date is more than just a financial review—it’s a way to stay connected with your business, reduce money stress, and set yourself up for long-term success. Whether you’re DIY-ing your finances or working with professionals, regular check-ins are key to smart decision-making and sustainable growth.
Need help making sense of your numbers? That’s exactly why we’re here! At 1428 Financial, we help business owners understand and use their financial data to make better decisions. Whether you need monthly bookkeeping support or CFO-level guidance, we’re here to make your Money Dates more meaningful and less stressful.
Want personalized financial insights? Let’s chat! Book a call today and take control of your business finances with confidence.
The content in this blog post is provided for general informational purposes only and should not be considered professional tax or legal advice. The author is not a Certified Public Accountant, and no assurances can be made regarding the outcomes or consequences of tax returns, IRS actions, or any financial decisions based on this information. Readers are strongly advised to consult with a qualified tax professional or legal advisor for personalized guidance specific to their individual circumstances. The author expressly disclaims any liability for decisions made based on the information presented in this blog post.