Today on episode 42 of the Cloud Stories podcast I’m talking with Danetha Doe. She is a celebrity financial strategist and sought after speaker on the “Future of Accounting”. She was selected to be a millennial brand ambassador for Xero in 2014 and named one of the Top 40 under 40 accounting professionals by CPA Practice Advisor in 2015. She is the creator of Financial Foundations, a 6-week bookkeeping training program for small business owners.
Danetha Doe Consulting, LLC is a financial education company. They provide training programs for small business. And work with large FinTech companies to engage millennial and women entrepreneurs.
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In the intro I mention the Timely 30 Day #SelfCare challenge. You can find out more about it here: – http://www.gettimely.com/self-care-challenge/signup/
Today’s episode is sponsored by Spotlight Reporting.
In this episode I talk to Danetha about:
- From her days as an NFL cheerleader Danetha learnt that you can do accomplish anything that you set your mind too.
- Dancing involves a combination of physical, emotional and mental discipline. In business our mindset is so important to get things accomplished and become a great entrepreneur we have to believe that we can become an entrepreneur and that we deserve to have a successful business.
- Danetha grew up running track and approaches business like a full bodied sport. Having mental discipline is important to get things done and push through when times can be challenging.
- In track you can only get so far running track participating as an individual. You also need to be a good team player.
- In business Danetha sees herself as both an individual and a team player: it’s important to be laser focused on own business goals and take care of herself first and foremost. In addition if I find a way to help other people both of us can rise to a level that’s mutually beneficial.
- Clear Eyes, Full Hearts Can’t Lose – Danetha mantra is Financial Freedom is a journey of self-love: It’s about being in complete control of your life and your destiny.
- Danetha Doe Consulting is a financial education company – empowering others to make financial decisions that make the most sense for them. Maybe this is splurging on the spa or travel. When we completely ignore the finances, or hand it over to someone and expect them to make all the decisions – that is when things in their business can go sour.
- Danetha works with a lot of personal trainers – you cannot outsource your burpees!
- Danetha started her first business at twenty, after finishing university, selling active wear. This resulted in her becoming completely broke and very depressed in 2008. She felt she had failed as an entrepreneur. How could I make such a big financial mess of myself with my knowledge and drive?
- Danetha got some part time jobs. Initially at the Grand Canyon as a waitress…Then worked at a ski resort as an accountant. Ski Resort did really well with revenue – but still had cash flow issues. Danetha role was to figure out why they were doing so well at sales but were cash poor. She realised from this experience that cash flow challenges are across the board – they are a skill you have to learn.
- I hope through my own experiences my own clients will not have to go through hard times with cash flow and can learn from my experiences. That is where the idea for Danetha Doe Consulting came from.
- As a small business owner you are already crazy smart because you’ve launched a business – so you are smart enough to manage your finances as well.
- Discovered the disconnect between university education and the real world – you can only get so far with formal education – as a small business owner you have to get out there and do the work, and make mistakes and figure out what works for you.
- Danetha loves when her clients develop a sense of confidence and self-worth around what they do. Own the service and price you provide to the world.
- Paul Miller at Cornish Accountants in the UK asked: “In your coaching and mentoring role how has Xero and other cloud apps helped her & her clients?”
- Xero is one of the things that re-inspired Danetha to do accounting. Xero brings a sense of beauty to our work as accountants. It is the only platform that makes it approachable to do their books. Because of the beautiful design and layout they feel it is intuitive and it instils a sense of confidence that they can navigate around the system.
- Danetha is a big fan of Tsheets a time tracking tool. One of the first things Danetha does with clients is to increase their prices. She combs through their prices and they are normally undervaluing themselves so they will increase it. A part of being able to ‘own’ the new rate is to be able to see how much time they take to do a task – so they understand how much they need to charge.
- Paul Miller at Cornish Accountants in the UK asked “What cloud apps does she use to deliver her work?”
- I use Xero and Tsheet and a platform called thinkific to house training modules for my clients.
- Danetha has a blog at Money and Mimosas http://www.moneyandmimosas.com/ … It is a bookkeeping blog that includes a detail photo expose of someone enjoying a sugar Brazilian wax! She mixes up topics about skin care and mimosa’s with bookkeeping because she wanted one place where she could read about bookkeeping and skincare topics. The underlying why behind the blog is giving woman permission to feel OK about wanting to be pretty and getting paid.
- Danetha believes the future of accounting looks a lot like accountants moving into the role of a consulting or trusted advisor or outsourced CFO – though she is not sure how well this is being embodied yet. It will be less data and manual entry, and as we get into AI it will be less tax filing. As we move into a global world the tax barriers between countries will begin to start to melt. It will not be about servicing clients in the states if you live in the states. It will really be about ‘How can you help your clients grow their business using the financials in their company?’
- With technology completely commoditizing our work – we are now competing globally and we have to convince a client that we understand their deepest desires and deepest needs when it comes to their business. It’s about how can they grow their business. Marketing and branding helps you spread awareness about your company to these global clients as well as demonstrate your expertise within your specific niche.
- Danetha shares some examples of branding she has used in her own business to connect with clients on a human level and transition it to business.
- Danetha talks about her various partnerships.
- Danetha loves conversations and connecting with people who are passionate about their business.
Today’s episode is sponsored by Spotlight Reporting.
Resources mentioned in this interview
Connect with Danetha Doe
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