BACKGROUND

Dannika had built a successful coaching business over five years but struggled to maintain clarity on her financial health. While her revenue had steadily increased, she had no system for tracking income and expenses beyond a spreadsheet she updated sporadically. Tax season was stressful, and she was unsure whether she could afford to scale her business further.

CHALLENGES

• No formal bookkeeping system in place

• Mixing personal and business finances

• Difficulty tracking coaching revenue by service line (1:1 vs. group vs. courses)

• No understanding of monthly profit or cash flow

• Frequent late nights preparing for tax season

• Overwhelmed with the administrative load of running a business

SOLUTION

Dannika partnered with METCB to establish and maintain a streamlined bookkeeping system. The process included:

• Setting up Xero accounting software and connecting business bank and credit card accounts

• Categorizing historical and current transactions

• Implementing a monthly profit & loss report

• Separating personal and business transactions

• Tracking revenue by income stream

• Providing quarterly financial summaries for business planning

RESULTS AFTER 3 MONTHS

• Up-to-date financial records

• Monthly P&L and cash flow statements

• Clear understanding of revenue by service type

• Ready-for-tax documents sent directly to her CPA

• Reclaimed 5+ hours per month to focus on client work

• Identified overspending on software subscriptions, saving $1,200 annually

TESTIMONIAL

“Working with Elgin gave me the clarity and peace of mind I didn’t realize I was missing. I can finally focus on coaching instead of dreading spreadsheets. This service paid for itself in just the first few months.” — Dannika Phan, Business Coach