Inspired by your journey in becoming a doula or perhaps already immersed in the rewarding doula life? You've aced your doula training, completed your doula course, and now you're keen to turn this passion into a thriving business. But what about the nitty-gritty of finances? Don't worry; this guide, inspired by Inspired Birth Pro, is here to help you navigate the world of bookkeeping, tailored specifically for UK-based doulas.
Setting Up Your Financial Foundation: The First Steps
Open a Business Bank Account: If you're committed to being a doula, this is a must. A separate account for your business transactions will simplify your life come tax time.
Business Credit or Debit Card: Apply for a business credit card or get a business debit card linked to your business account. This is crucial for keeping your personal and business expenses separate.
Record-Keeping: As part of your doula training, you've learned the importance of organisation. Apply the same principle to your finances. Create a system for filing your business receipts.
Important Note on Expenses
All your business-related expenses are, of course, deductible. This includes everything from educational materials for your doula course to travel costs for client visits and any software you need for your finances. It is much easier to keep meticulous records to maximise your deductions with an app.
Software Solutions for Doula Finances
QuickBooks: A robust solution for those who are committed to being a doula long-term.
FreshBooks: User-friendly and subscription-based, perfect for those fresh out of doula training.
Wave: A free online accounting program, ideal for doulas who are just starting their journey.
Coconut: Specifically tailored for the UK market, Coconut is a great choice for UK-based doulas. It categorises your expenses, estimates your taxes, and is FCA-regulated.
Whether you're just becoming a doula or you're a seasoned pro, bookkeeping is an essential skill to master. With these tips and tools, you'll be well-equipped to manage your finances, leaving you more time to focus on what truly matters: supporting mothers and families in their most precious moments.
So, how are you managing your finances in your doula life? Any tips or software you'd recommend for those becoming a doula? Share your insights in the comments below!