For many small business owners, finances are one of the easiest things to avoid — and one of the biggest sources of stress. Tax deadlines creep up, numbers feel uncomfortable to look at, and it’s tempting to leave it all until the last possible moment.

In this episode of Seasons in Business, I’m sharing a gentle, honest look at how I manage my business finances — not perfectly, but consistently. From the simple monthly routines that help me stay on top of things, to my goal to file my tax return earlier this year (wish me luck!), this episode is about making finances feel more approachable and less overwhelming.

I talk through the tools I use, why I keep things intentionally simple, and how small, repeatable habits have helped me avoid that familiar end-of-year scramble. There’s no talk of big income milestones or complicated systems here, just practical ways to create clarity and breathing space.

I also reflect on the emotional side of money, particularly for women in business. Financial anxiety, scarcity thinking, and a lack of confidence around numbers are incredibly common, even when we’re doing “all the right things.”

This conversation isn’t about loving spreadsheets or becoming a finance expert overnight. It’s about building trust with yourself, feeling more confident in your decisions, and slowly taking the fear out of business finances.

Key takeaways from this episode

Why I want to file my tax return in April this year
The simple systems I use to track income and expenses
How monthly check-ins help avoid last-minute stress
Why your financial system doesn’t need to be perfect to work
Thoughts on money, confidence, and fear — especially as a woman in business

If you’ve ever put off looking at your numbers, or felt anxious about managing the financial side of your business, this episode offers a calm reminder: you don’t have to do everything at once. Start small, stay consistent, and give yourself permission to approach your finances with curiosity rather than fear.

Welcome to Seasons in Business, a podcast for creative business owners who want to build something thoughtful and sustainable, at a pace that actually feels good. I'm your host, designer and printmaker Sarah Phelps, and if, like me, you're craving a slower, more spacious way to grow, with a little gentle encouragement along the way, you're in the right place. So turn off your notifications, grab a cup of tea or coffee, and get cosy.
Hi everyone and welcome back! I know, I know, you've seen an episode about finances and you're probably tempted to skip it. I would too, to be honest. But I promise this is a relaxed, no pressure chat. We're not talking five-figure months or six-figure years, just small, manageable habits that actually help.
And before I dive in, I want to say congratulations to everyone who managed to submit their self-assessment tax return by the 31st of January. The struggle is real — I know because I'm usually a January submitter myself. Things were a little bit different this year, though, because I submitted my tax return in November. I would love to say that was because I was particularly organised, but no, I needed everything up to date for a mortgage application, so it was kind of out of my hands.
But you know what? It actually felt really nice heading into Christmas, and into the new year, without that pit-of-the-stomach tax return dread. It felt so nice that I've actually set myself a pretty ambitious goal this year, to file my year end taxes in April. Yeah, I want to plan ahead, give myself breathing space, and avoid that end of year scramble. And I take a gentle, seasonal approach to my business. So why not my finances too?
That's the thinking... I'm not overly confident it will happen, but I'll let you know how it goes. Wish me luck!
I don't know about you, but bookkeeping and finances are my least favorite part of business life. And yes, I'd love to outsource it to an accountant, but I'm not quite there yet. So for now, I still do it all myself. Don't get me wrong, I love being organised, so I keep good records. But I hate bookkeeping with a passion. I don't know if the whole left brain right brain thing is actually true, but double-entry bookkeeping just doesn't sit comfortably with my creative emotional brain at all.
That said, over the years I've found a few ways to make it feel a bit more manageable. Nothing fancy or groundbreaking, just things that help me stay on top of my finances month by month. So I thought I'd share a few of those with you today.
Firstly, and this one's a non-negotiable, I keep my business and personal finances completely separate. I have a simple day to day business account, a business credit card, and a separate savings account, and keeping that clear separation from anything personal makes everything so much easier, especially when it comes to tax time. Now there was a time I put my business bank card in the wrong slot in my wallet and used it for personal and household shopping for a month, but we won't talk about that.
When it comes to tracking my finances, I log everything as it happens. I use a simple Google sheet to capture my day to day incomings and outgoings — invoices going out, payments coming in, buying materials, shipping orders — it's nothing special, just consistent.
I also capture receipts straight away. Most of my ordering happens online these days, so I don't get many paper receipts. But when I place an order, I download the pdf invoice or receipt and save it straight into a monthly folder on my computer. Because there is nothing worse than digging through emails later, looking for something and not being able to find it.
For calculations and keeping track of year to date numbers, I use a free app called Gnucash. I enter the transactions from my monthly spreadsheets, including the costs of any client projects or stock I've printed, so I can see clearly how my income compares to my running costs. And this gives me a simple snapshot of how the business is doing without getting bogged down in any complicated numbers. Now, with Making Tax Digital coming in, I will have to move to paid HMRC approved software, but for now the free software works and that's enough.
I also do a monthly check in. I have a repeating task in asana set for the first Monday of the month, and that reminds me to sit down and check my spreadsheet for the previous month against my bank statements. I stick on a fun playlist and it usually takes less than an hour. It's really just a sense check — have I missed anything, does everything add up, and do I have invoices and receipts for it all? Once that's done, I file everything away and move on.
And I also do a year end check in. This is a chance to make sure that everything balances and that there's nothing missing. It never takes as long as I think it will, because the monthly tracking does most of the hard work. I do sometimes find something I've missed, so it's always worth taking the time before I file my tax return.
Yes, I have a repeating task for my tax return, and yes, it does get pushed down the list quite often, which is why I usually end up filing in January. But it's there, so I don't forget.
Of course this is what works for me, but you might have a totally different system that works for you. I think the key thing I've learned over the years is that whatever the system, it doesn't have to be perfect or have bells and whistles. It just has to work for you and be something that's easy to actually stick with.
Is there anything I'd improve? I'd love to be able to get a bit more forward looking, to be able to see how the year is shaping up. Set some realistic financial goals and make decisions with confidence. That's not something I do at the moment, but it's definitely on my wish list. And in the longer term, I would love to work with an accountant instead of doing it all myself. I'm not quite there yet, but I'm keeping it on the radar. And actually, if anyone listening has a recommendation, I genuinely love to hear.
Moving beyond the practical habits, there's something I want to say about the mindset side of this.
As a woman in business, I know a lot of us carry stress and anxiety around money, especially the fear of not having enough. I know it can feel genuinely scary to look at the numbers, especially if they're not weighed like them to be.
Research shows that women often feel less confident with financial decisions compared to men, even when they are actively managing money. And in business, women often face challenges, getting investment, or being taken seriously by lenders or investors. And this all feeds into the fear and anxiety. So if you've ever felt nervous opening your accounts or checking your books, you're not alone.
But here's the thing, the numbers don't get any better by ignoring them. Checking in with your finances regularly and calmly allows you to take control. You don't have to become a financial expert overnight, and you can bring in a professional if you need help. You just have to be willing to look, even when it's uncomfortable.
And that's what I'm aiming for this year. Not perfect finances, just being comfortable and confident and taking away some of the fear.
So, how do you approach finances in your business? Has running your own business changed the way you feel about money, or the way you manage it? And what's one small habit or change that's helped you feel a bit more confident with your numbers, or one thing you'd like to try?
I'd love to hear from you, so come and say hello over on Instagram or threads @SarahandMaude, or drop me an email — my inbox is always open. And if you've enjoyed the show today, please hit follow so you never miss an episode, maybe share it with a friend, or leave a quick rating or review. It really helps more people find the show and it means a lot.
Thanks so much for listening and I'll see you next time.

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