Money Management Tips for ADHD Entrepreneurs

Running a business can be a wild rollercoaster ride, especially when you’ve got ADHD. We’re natural-born idea generators and risk-takers, which are great for running a business, but managing the financial side of things can feel like a daunting task. If you’ve ever felt overwhelmed by invoices, taxes, or if the thought of tracking your expenses has you in avoidance mode, you’re not alone. The good news is, with the right strategies and tools, you can get a handle on your business finances and keep your entrepreneurial journey on track.

Here’s a comprehensive guide packed with tips and guidance to help you manage your business finances effectively, even with ADHD.

1. Embrace Technology

Make technology your bestie! Here are some must-have tools:

• Accounting Software: QuickBooks, FreshBooks, or Xero can simplify bookkeeping, invoicing, and tracking expenses. These tools automate many tasks, reducing the mental load. Most link to your accounts and make things like adding receipts so easy!

• Automate Invoicing: If you have a business that requires regular charges, automate it. Most of the accounting software above will help you do that. This will make things easier for you and your clients and customers.

• Budgeting Tools or Spreadsheets: A plan (aka a budget) for your business finances is just as important as it is for your personal finances. Tools like YNAB (You Need A Budget) can help you with this, or you can grab my free resources to help you build your plan.

These tools are designed to streamline your financial tasks, allowing you to focus more on growing your business and less on number-crunching.

2. Set Up a Routine

ADHD brains thrive on easy-to-manage systems, so setting up a financial routine can be a game-changer. Here’s a simple routine to get you started:

• Regular Check-ins: Spend a few minutes on a regular basis reviewing your transactions and updating your records. This keeps things from piling up and becoming overwhelming. If you have a high number of transactions in your business, try to make your check-ins more often, even daily.

• Weekly Reviews: Set aside time each week to categorize your expenses, and review your business budget to see if you have any big expenses coming up. This helps you stay on top of your financial situation.

• Monthly Audits: Once a month, do a deeper dive into your finances. Analyze your income and expenses, review your financial goals, and make any necessary adjustments. If you’re doing your own bookkeeping using software or more manually, updating things monthly will help you figure things out if there are any issues or transactions you aren’t sure about.

By creating a consistent routine, you’ll make managing your finances a regular part of your workflow rather than a sporadic, stressful task.

3. Delegate and Outsource

If managing finances isn’t your strong suit, don’t be afraid to delegate or outsource. Hiring a bookkeeper or accountant can free up your time and ensure your finances are in order. Here are a few options:

• Virtual Bookkeepers: A VA or bookkeeper who can support you virtually can be a huge help to keep your finances up to date.

• Accountants: An accountant can help with tax planning, financial analysis, and ensuring compliance with financial regulations.

• Financial Coaches: If you need personalized guidance, a financial coach (hey, that’s me!) can help you develop strategies to manage your business finances effectively. I love supporting my ADHD entrepreneur clients to not only get clarity on their money but also implement easy-to-manage systems so they spend less time managing and stressing about all things money!

Delegating these tasks allows you to focus on what you do best—running and growing your business. If you’re interested, book a free consultation to discuss how I can assist you further.

4. Simplify Your Finances

Simplification is key to managing finances with ADHD. Here are some tips to keep things simple:

• Separate Business and Personal Finances: This one is non-negotiable, but it will make your life so much easier! Open a separate business bank account and credit card that are only for your business. Setting it up may be a bit of a pain, but future you will thank you for it!

• Separate Your Business $ Based on Use: Yes, I recommend more than one business account. I encourage you to have additional accounts in your business for taxes and large business expenses and to pay yourself a consistent salary.

• Use a Single Payment Platform: If possible, use one the same platform for invoicing and payments that you use for bookkeeping. If this isn’t possible use one payment platform so you’re not tracking down transactions in multiple payment processors. This centralizes your transactions and reduces the number of places you need to check.

Keeping your financial systems simple and streamlined can reduce overwhelm and make it easier to stay on top of things.

5. Create Reminders

Reminders and visual cues can be incredibly helpful for ADHD brains. Here are some ideas:

• Budget Planners: Create a visual budget planner with categories for different expenses. Use colours to indicate spending limits and track your progress.

• Trackers: Use trackers that you can colour in to show your progress toward income goals or other sales goals in your business.

• Financial Dashboard: If you love a good spreadsheet, set up a dashboard with key financial metrics like income, expenses, and profit. Tools like Google Sheets or Excel can be customized to display this information visually.

• Reminder Systems: Use sticky notes, whiteboards, or digital reminders to prompt you to complete financial tasks. Visual cues can help you stay on track and ensure important tasks aren’t forgotten.

Reminders and visual trackers can make financial management more engaging and easier to understand at a glance.

6. Educate Yourself

Knowledge is power, especially when it comes to managing your finances. Invest time in learning about financial management. Here are some resources:

• Books: Read books like “Profit First” by Mike Michalowicz or “The Lean Startup” by Eric Ries to gain insights into financial strategies for entrepreneurs.

• Podcasts: Listen to podcasts like “How I Built This” for inspiration and practical advice. Also, check out my own podcast where I share tips and stories specifically about ADHD and money!

• Online Courses: Take online courses in financial management or entrepreneurship. Platforms like Coursera and Udemy offer courses tailored to small business owners.

The more you understand about your finances, the better equipped you’ll be to manage them effectively.

7. Build a Support Network

You don’t have to go it alone. Building a support network can provide you with the encouragement and accountability you need. Here’s how to build your network:

• Join Entrepreneur Groups: Join local or online groups for entrepreneurs. Networking with others in similar situations can provide valuable insights and support.

• Find a Mentor: A mentor can provide guidance and advice based on their own experiences. Look for someone who has successfully navigated the challenges you’re facing.

Having a support network can make a world of difference, providing you with the encouragement and accountability you need to succeed.

Managing business finances with ADHD may seem challenging, but with the right strategies and tools, it’s entirely doable. Remember, there’s no one-size-fits-all approach—find what works best for you and stick with it. You’ve got this! And if you know you’re more successful when you have personalized support and guidance, book a free consultation with me today. I love seeing how clarity around your finances can help an ADHD entrepreneur kick some ass!!