Sage Advice

Managing Finances

Chances are good that almost anyone across the globe, no matter their age, background, job position, or location, can think of a number of factors that frustrate their mother to no end. For instance, a little kid in Canada might say that the thing that drives his mother crazy the most is not putting his plate away after dinner. A grown woman in France might answer that not calling her mom for a few days irks her.

These are just a couple of examples of factors that many moms around the world share. But these days, especially in Canada, there is a new, growing population of mothers who have something else in common—they’re small business owners.

Mompreneurs not only have to contend with responsibilities at home, they must do the same in the office. As such, there’s a lot of pressure on these women, and they’re constantly looking for new and innovative ways to take some of the burden off of their shoulders. They love being company leaders, but what aspects do they despise?

Filing taxes
Almost one-fourth of respondents to a Sage 50/Mompreneur study said that they find contending with taxes challenging. These women, members of, have to keep up with federal, provincial, and local laws on transactions, as well as file returns at the end of the fiscal year.
Taking care of sales
Encompassing everything from completing the transaction to reporting the correct information so that there’s a real-time record of the company’s finances, handling sales can be tough, 30 per cent of mompreneurs agreed.
Basic accounting
Mompreneurs are experts in their chosen field, not necessarily accounting and all its nuances. As such, 39 per cent of these women told Sage 50 and Mompreneur that they find accounting and bookkeeping very challenging.
Spending too much time in the office
The survey revealed that 22 per cent of mompreneurs said they spend more than 40 hours per week on business tasks. This is time that could be spent with friends and family, to achieve a better work/life balance.

What can be done?

One of the most comprehensive ways to lessen the pressure and bring the positive aspects back into running a business is to leverage accounting software. This isn’t your run-of-the-mill spreadsheet creator—it’s so much more. These programs can help mompreneurs quickly and easily handle payroll, invoicing, accounts payable and receivable, and many other factors that would plague them otherwise.

Gone are the days when these women have to stress over finances—Sage 50 Accounting can help mompreneurs embrace what they love most. Sage understands one size doesn’t fit all—not every business owner defines success the same way, and there’s a right solution for every business. Whether start-up, small, or medium-sized, we adapt to their every need, at every turn of their business development. Whether they’ve been in business for 20 minutes or 20 years.

Nexus: G-WEBCD5