Managing finances can be particularly challenging for UK business owners with ADHD, given the unique hurdles that neurodiverse individuals have to overcome. However, by sticking to some clear and simple strategies, you can gain better control over your business finances.
Here are five practical tips to assist you if you’re a business owner with ADHD:
1. Embrace Technology
Many business owners with ADHD struggle with traditional bookkeeping methods, finding them tedious and easy to overlook. The right technology can make financial management more accessible and less overwhelming. Here’s how:
- Use Cloud Accounting Software: Platforms like QuickBooks, Xero, or FreeAgent automate invoicing, track expenses, and manage payroll. These tools reduce the need for manual data entry and ensure you always have a clear picture of your finances. Many also offer mobile apps, allowing you to update your accounts on the go.
- Set Up Expense Tracking Apps: Tools like Expensify or Dext (formerly Receipt Bank) help capture and categorise expenses by simply taking a photo of a receipt. This ensures nothing gets lost and minimises the end-of-month scramble to track down missing transactions.
- Automate Invoice Reminders: Forgetting to follow up on unpaid invoices can impact cash flow. Using software that sends automatic payment reminders reduces the burden of chasing clients and ensures you get paid on time.
By integrating technology, you create systems that work with your brain, rather than against it, making financial tasks less of a hassle.
2. Establish Consistent Routines
ADHD brains often thrive on structure, yet financial management tasks can feel overwhelming when left unchecked. Creating predictable routines makes money management more manageable and less stressful.
Here are some ideas:
- Daily Check-Ins: Set aside 5–10 minutes each day to glance over your accounts. Look for incoming payments, unexpected charges, or anything that requires immediate attention. Doing this regularly prevents surprises at the end of the month.
- Weekly Reviews: Allocate a set time each week (e.g., every Friday morning) to categorise transactions, reconcile accounts, and check invoices. Using a calendar reminder can make this a non-negotiable habit.
- Monthly Planning: At the start of each month, set financial goals, review your budget, and assess upcoming expenses. If unexpected costs arise, this check-in allows you to adjust accordingly before they become an issue.
Building these routines into your schedule helps prevent financial overwhelm and ensures that small tasks don’t pile up into an unmanageable mess.
3. Delegate Financial Responsibilities
Not every entrepreneur needs to handle every financial detail personally. If bookkeeping, taxes, or budgeting feel overwhelming, delegating to professionals can free up mental space for tasks where you excel.
- Hire a Bookkeeper: If numbers aren’t your strong suit, a bookkeeper can take over daily financial tracking, ensuring invoices are sent and expenses are categorised correctly. This helps you avoid costly mistakes and keeps your accounts up to date.
- Work with an Accountant: A good accountant can provide tax-saving strategies, ensure you meet compliance deadlines, and help with financial planning. This is particularly useful if you struggle with deadlines or complex tax regulations.
- Consider a Virtual Assistant: A VA can help organise invoices, remind you of payment deadlines, and even liaise with your accountant. This is an affordable way to lighten the mental load without committing to a full-time hire.
Delegation allows you to focus on growing your business without getting stuck with the complexities of financial admin.
4. Implement Visual Tools
Many people with ADHD process information more effectively when it’s visual rather than written in spreadsheets or financial reports. Using visual aids such as the examples below can make managing money more intuitive and engaging:
- Use Financial Dashboards: Accounting software like Xero and QuickBooks offers dashboards that visually display cash flow, outstanding invoices, and upcoming expenses. Seeing financial data in charts rather than spreadsheets can make it easier to track progress.
- Colour-Code Your Budget: Assign different colours to categories in your financial spreadsheets or budgeting apps (e.g., red for urgent expenses, green for savings). This makes it quicker to assess spending habits at a glance.
- Create a Visual Cash Flow Calendar: Mapping out expected income and expenses in a digital or physical calendar helps with planning and prevents last-minute financial surprises.
By making finances more visually accessible, you can reduce mental clutter and improve decision-making.
5. Set Up Automated Financial Systems
Forgetting to pay bills or transfer money into savings is a common challenge faced by people with ADHD. Automation removes the need for constant reminders and ensures financial stability without extra effort.
Try things like:
- Automate Bill Payments: Setting up direct debits for recurring expenses like rent, utilities, and software subscriptions ensures you never miss a payment or incur late fees.
- Schedule Regular Savings Transfers: Set up automatic transfers to move a percentage of earnings into savings, tax accounts, or investment funds. This removes the temptation to spend everything in the business account.
- Use Subscription Management Tools: Services like Truebill or ScribeUp help track and cancel unnecessary subscriptions, preventing wasteful spending on services you no longer use.
Automation helps prevent financial bottlenecks and keeps your money working for you, even when your focus is elsewhere.
Being A Business Owner With ADHD Doesn’t Have To Be Overwhelming!
Running a business with ADHD presents unique challenges, but with the right strategies, managing finances doesn’t have to be overwhelming. By leveraging technology, creating structured routines, delegating when needed, using visual tools, and automating financial processes, you can build a system that works with your brain rather than against it.
We offer expert advice and assistance with dedicated steps to tailor our services to the needs of neurodiverse business owners. From your everyday accounting to Advisory, Tax, Audit and more, we’re here to help! If you need support with any of the above or just want to speak to a member of the team, get in touch today.
