Afleveringen
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Are you hiding bags and bringing them in?
Is your partner mad at you because you both agreed not to spend on something and you went and did it anyways?
Emotional and impulse spending always have a cost beyond the financial side of it. In this episode, Sydney and Kristen explore the psychology of emotional buying and how our spending habits affect our mental health just as much as our financial health .
They explore how your childhood experiences, money scripts, cultural influences, and societal norms influence your spending habits. The duo also shares their personal stories to illustrate how their upbringing shaped their spending habits and discuss strategies for recognizing and managing emotional buying.
01:18 โ Exploring the Psychology of Emotional Buying
02:00 โ Childhood Influences on Money Habits
11:29 โ The Impact of Social Media on Emotional and Impulse Spending
13:44 โ Why You Need to Define Money Values
17:56 โ Strategies for Managing Emotional and Impulse Spending
๐ UNDERSTANDING YOUR PROFIT AND LOSS GUIDE
Get the Profit and Loss Guide
โTAX PLANNING QUESTIONS TO ASK YOUR ACCOUNTANT
Get the Tax Planning Questions Guide
๐ 75+ TAX WRITE OFFS
Get the Tax Write Offs
โ BOOKKEEPING CHECKLIST
Get the Book Keeping Checklist
๐ต BOOKKEEPING AND FINANCIAL ANALYSIS SERVICES FOR BUSINESS OWNERS
Apply for Bookkeeping or Financial Analysis Services
๐ CONNECT WITH SYDNEY & KRISTEN
Website: https://knowyourworthpgh.com/
Instagram: https://www.instagram.com/knowyourworth_pgh/
YouTube: https://www.youtube.com/channel/UC3wzOVSDSC-xsmLg8JJ8MJg/
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When youโre in the thick of it, learning how to manage financial anxiety can feel really overwhelming to overcome.
(Or it can feel like the only solution is to win the lottery and never have to think about money again.)
Financial anxiety is so common no matter your income level or skill set โ itโs linked to our security and what we need to survive.
In this episode, Kristen and Sydney are sharing the insights as to why the connection between mental health and finances is so strong, anecdotes about their personal challenges with money, and actionable advice you can start implementing today for how to manage your financial anxiety.
01:32 โ Understanding the connection between mental health and finances
14:09 โ Why you need to have a simple budget to begin alleviating financial stress
15:47 โ How to better focus on what you can control
21:54 โ Seek social support and understanding different perspectives
26:18 โ How practicing mindfulness and stress reduction can help you have a different relationship with money
๐ UNDERSTANDING YOUR PROFIT AND LOSS GUIDE
Get the Profit and Loss Guide
โTAX PLANNING QUESTIONS TO ASK YOUR ACCOUNTANT
Get the Tax Planning Questions Guide
๐ 75+ TAX WRITE OFFS
Get the Tax Write Offs
โ BOOKKEEPING CHECKLIST
Get the Book Keeping Checklist
๐ต BOOKKEEPING AND FINANCIAL ANALYSIS SERVICES FOR BUSINESS OWNERS
Apply for Bookkeeping or Financial Analysis Services
๐ CONNECT WITH SYDNEY & KRISTEN
Website: https://knowyourworthpgh.com/
Instagram: https://www.instagram.com/knowyourworth_pgh/
YouTube: https://www.youtube.com/channel/UC3wzOVSDSC-xsmLg8JJ8MJg/
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Zijn er afleveringen die ontbreken?
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Whether youโre a new or established business owner, figuring out exactly what you need to know to manage and protect your business finances can make a huge difference in the success of your business.
When we work with new clients at Know Your Worth bookkeeping, we see even the most established businesses missing or overlooking some key elements for how to best manage and protect their finances.
In this episode, weโre breaking down exactly what you should be considering when it comes to your business finances so you can be sure youโve set yourself up properly and your revenue is best protected.
02:21 โ Setting up a bank account
10:45 โ Income and expense tracking
13:22 โ Insurance
16:36 โ Contracts
๐ UNDERSTANDING YOUR PROFIT AND LOSS GUIDE
Get the Profit and Loss Guide
โTAX PLANNING QUESTIONS TO ASK YOUR ACCOUNTANT
Get the Tax Planning Questions Guide
๐ 75+ TAX WRITE OFFS
Get the Tax Write Offs
โ BOOKKEEPING CHECKLIST
Get the Book Keeping Checklist
๐ต BOOKKEEPING AND FINANCIAL ANALYSIS SERVICES FOR BUSINESS OWNERS
Apply for Bookkeeping or Financial Analysis Services
๐ CONNECT WITH SYDNEY & KRISTEN
Website: https://knowyourworthpgh.com/
Instagram: https://www.instagram.com/knowyourworth_pgh/
YouTube: https://www.youtube.com/channel/UC3wzOVSDSC-xsmLg8JJ8MJg/
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Knowing your numbers is important, but so is your money mindset.
Money mantras can be a simple way to reinforce what you want your relationship with money to be in this season and use it as a daily reminder that can help you take actions that align with that energy.
Throughout different seasons of our lives, we can get so stuck in our current thinking, patterns, and financial situation.
Tune in for 10 money mantras to create a better relationship with your money plus how to remember the money mantra you're working on
๐ UNDERSTANDING YOUR PROFIT AND LOSS GUIDE
Get the Profit and Loss Guide
โTAX PLANNING QUESTIONS TO ASK YOUR ACCOUNTANT
Get the Tax Planning Questions Guide
๐ 75+ TAX WRITE OFFS
Get the Tax Write Offs
โ BOOKKEEPING CHECKLIST
Get the Book Keeping Checklist
๐ต BOOKKEEPING AND FINANCIAL ANALYSIS SERVICES FOR BUSINESS OWNERS
Apply for Bookkeeping or Financial Analysis Services
๐ CONNECT WITH SYDNEY & KRISTEN
Website: https://knowyourworthpgh.com/
Instagram: https://www.instagram.com/knowyourworth_pgh/
YouTube: https://www.youtube.com/channel/UC3wzOVSDSC-xsmLg8JJ8MJg/
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If you currently feel overwhelmed with your money and business finances, itโs important to remember that money is just a skill.
We didnโt all wake up one day knowing all this information about how to manage our money and business finances.
Thatโs why, in this episode, weโre sharing the top five financial tips shared by our listeners that have helped them the most in their financial journeys as they grew their businesses.
01:22 โ Why you always want to have a financial professional you can consult with
03:01 โ The importance of recognizing where you need more financial education rather than being money-avoidant
06:12 โ How Accounting Software and Tools can help fill in gaps in your knowledge and skill
12:27 โ Why you may want to consider diversifying your revenue streams
14:14 โ The connection between money and a positive mindset and resiliency
๐ UNDERSTANDING YOUR PROFIT AND LOSS GUIDE
Get the Profit and Loss Guide
โTAX PLANNING QUESTIONS TO ASK YOUR ACCOUNTANT
Get the Tax Planning Questions Guide
๐ 75+ TAX WRITE OFFS
Get the Tax Write Offs
โ BOOKKEEPING CHECKLIST
Get the Book Keeping Checklist
๐ต BOOKKEEPING AND FINANCIAL ANALYSIS SERVICES FOR BUSINESS OWNERS
Apply for Bookkeeping or Financial Analysis Services
๐ CONNECT WITH SYDNEY & KRISTEN
Website: https://knowyourworthpgh.com/
Instagram: https://www.instagram.com/knowyourworth_pgh/
YouTube: https://www.youtube.com/channel/UC3wzOVSDSC-xsmLg8JJ8MJg/
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When we start working with clients, about 25% of the time, we see errors with how theyโve set up and managed the chart of accounts in QuickBooks.
The chart of accounts is the listing of accounts that you use to categorize transactions, which then turn into your financial statements.
When you donโt have this set up correctly, it could look like you have more income or cash on hand than you really do, cause you to over- or under-paying taxes, and have the wrong data to base decisions on.
01:17 โ What is the Chart of Accounts?
02:15 โ Why choosing the wrong account types is so common in QuickBooks
07:59 โ How the wrong accounts gives you the wrong data and can cause you to over- or under-pay in taxes
09:54 โ Understanding how to correct this error and how the severity of it can add up by over-paying taxes and having someone fix it for you
11:19 โ What to expect during a QuickBooks Clean-Up
15:43 โ Utilizing AI for Chart of Accounts for your industry
If, after listening to this episode, you realize you havenโt set up your accounts in QuickBooks properly, now is the time for a cleanup so you can keep your books and numbers accurate for 2024.
This cleanup is very personalized depending on your business needs and will be discussed during our discovery call.
You may be new to Quickbooks OR you're looking to re-categorize existing transactions, reconcile accounts, examine journal entries, etc.
First, weโll understand your goals for a QuickBooks clean-up, such as re-categorizing existing transactions, reconciling accounts, examining journal entries, etc.
Then, youโll give us access to your QuickBooks so we can see what your current setup looks like, how long youโve been in there, and see if any mistakes need to be amended.
Weโll provide you with a custom quote based on what your project needs along with an estimated timeline, and walk you through our recommendations.
Clean-ups can range in price but start as low as $400 for a simple cleanup and $1,200 a month for more complex fixes.
If youโre not in QuickBooks yet, but realize youโre at the point where you need to be (but want to ensure itโs set up correctly), we also offer a QuickBooks Set Up service starting at just $250. That way, even if youโre not quite ready to outsource your monthly bookkeeping, you can feel much more confident that itโs set up properly.
Book your call with us here!
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Wondering what itโs like to be in the room of some of the most badass female founders like Elizabeth Elting, Suneera Madani, Rebecca Minkoff and Alison Wyat?
The Female Founders Collective hosted a Build Your Empire Conference in New York City on Female Founderโs Day and gathered the most successful founders.
Sydney attended this conference and is sharing her 7 biggest takeaways from it with you!
Tune in to hear:
06:50 โ Key Takeaway #1: Plan for Different Types of Exit Strategies in Your Business
07:46โ Key Takeaway #2: How Contracts with EVERYONE Can Protect You from Things Going Wrong
09:02 โ Key Takeaway #3: Unicorn Suneera Madani's #1 Skill for Women CEOs to Master
12:05 โ Key Takeaway #4: The importance of fun and experimentation in business
14:50 โ Key Takeaway #5: How women entrepreneurs can invest in other women entrepreneurs
22:43 โ Key Takeaway #6: How to Develop a Great Team
26:21 โ Key Takeaway #7: Why you need a clearly defined purpose for your business
Female Founders Collective: Tenth House
You Are a Badass at Making Money: Master the Mindset of Wealth by Jen Sincero
Clockwork: Design Your Business to Run Itself by Mike Michalowicz
๐ UNDERSTANDING YOUR PROFIT AND LOSS GUIDE
Get the Profit and Loss Guide
โTAX PLANNING QUESTIONS TO ASK YOUR ACCOUNTANT
Get the Tax Planning Questions Guide
๐ 75+ TAX WRITE OFFS
Get the Tax Write Offs
โ BOOKKEEPING CHECKLIST
Get the Book Keeping Checklist
๐ต BOOKKEEPING AND FINANCIAL ANALYSIS SERVICES FOR BUSINESS OWNERS
Apply for Bookkeeping or Financial Analysis Services
๐ CONNECT WITH SYDNEY & KRISTEN
Website: https://knowyourworthpgh.com/
Instagram: https://www.instagram.com/knowyourworth_pgh/
YouTube: https://www.youtube.com/channel/UC3wzOVSDSC-xsmLg8JJ8MJg/
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Knowing your numbers and understanding your financial statements is crucial to running a profitable and growing business.
There are three financial statements that every business owner should be creating and using, or having a team member or bookkeeper create and review with them to get the full financial picture of your business.
In this episode, Sydney breaks down the 3 financial statements you need to be using in your business โ plus what they look like on the personal side.
Youโll learn:
The top 3 financial statements you need to use in your businessThe common problems business owners run into with managing each of these financial statementsWhat situations you would want to use each of these statements for๐ UNDERSTANDING YOUR PROFIT AND LOSS GUIDE
Get the Profit and Loss Guide
โTAX PLANNING QUESTIONS TO ASK YOUR ACCOUNTANT
Get the Tax Planning Questions Guide
๐ 75+ TAX WRITE OFFS
Get the Tax Write Offs
โ BOOKKEEPING CHECKLIST
Get the Book Keeping Checklist
๐ต BOOKKEEPING AND FINANCIAL ANALYSIS SERVICES FOR BUSINESS OWNERS
Apply for Bookkeeping or Financial Analysis Services
๐ CONNECT WITH SYDNEY & KRISTEN
Website: https://knowyourworthpgh.com/
Instagram: https://www.instagram.com/knowyourworth_pgh/
YouTube: https://www.youtube.com/channel/UC3wzOVSDSC-xsmLg8JJ8MJg/
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We know โ reconciling bank and credit card accounts is probably the unsexiest topic we could have an episode on.
But, account reconciliation is crucial if you want to scale your business, and so many business owners we see are getting it wrong. Truth be told: itโs preventing them from growing.
Accurate numbers are essential for understanding your financial picture, and reconciling your bank and credit card accounts every month helps you do just that.
Without proper reconciliation, you could be double-counting your expenses or excluding income โ both of which can affect your profit margins and cause you to make decisions without the right information.
Tune into this episode to discover why monthly reconciliations are a must for financial accuracy and how they impact your business beyond tax season.
Weโre covering:
03:29 โ Why your QuickBooks and bank balance need to match and how it can affect you if they don't
06:47 โ How to reconcile your credit cards and what to look out for when you have more than one card
08:03 โ The biggest red flags we see with clients who have tried to reconcile accounts themselves
12:08 โ What larger or more complex companies need to reconcile regularly in addition to their bank and credit cards
๐ UNDERSTANDING YOUR PROFIT AND LOSS GUIDE
Get the Profit and Loss Guide
โTAX PLANNING QUESTIONS TO ASK YOUR ACCOUNTANT
Get the Tax Planning Questions Guide
๐ 75+ TAX WRITE OFFS
Get the Tax Write Offs
โ BOOKKEEPING CHECKLIST
Get the Book Keeping Checklist
๐ต BOOKKEEPING AND FINANCIAL ANALYSIS SERVICES FOR BUSINESS OWNERS
Apply for Bookkeeping or Financial Analysis Services
๐ CONNECT WITH SYDNEY & KRISTEN
Website: https://knowyourworthpgh.com/
Instagram: https://www.instagram.com/knowyourworth_pgh/
YouTube: https://www.youtube.com/channel/UC3wzOVSDSC-xsmLg8JJ8MJg/
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Do you use Paypal or Venmo for business?
Maybe youโre at a trade show or working with a contractor on a one-off project, so the easiest thing that comes to mind is to pull out your phone, scan the QR code and you have an easy way to give or receive payment.
But using Paypal or Venmo can create a few challenges when it comes to your bookkeeping, like not accurately reporting your income.
If youโre like Kristen, you might be thinking, โjail time!โ
And although you wonโt necessarily go to jail or get hit with a large fine, there can be implications and you do want to make sure you know how to best report this income.
Tune in to hear some of the common Venmo and Paypal mistakes you might be making and what you need to do to fix it so you donโt end up in trouble with the IRS.
Understand why using PayPal and Venmo have their benefitsUncover the potential pitfalls that can turn your record-keeping into a mess, from undeposited funds to handling invoicesDiscover the 1 simple action you can take to never miss recording a Paypal or Venmo transaction๐ UNDERSTANDING YOUR PROFIT AND LOSS GUIDE
Get the Profit and Loss Guide
โTAX PLANNING QUESTIONS TO ASK YOUR ACCOUNTANT
Get the Tax Planning Questions Guide
๐ 75+ TAX WRITE OFFS
Get the Tax Write Offs
โ BOOKKEEPING CHECKLIST
Get the Book Keeping Checklist
๐ต BOOKKEEPING AND FINANCIAL ANALYSIS SERVICES FOR BUSINESS OWNERS
Apply for Bookkeeping or Financial Analysis Services
๐ CONNECT WITH SYDNEY & KRISTEN
Website: https://knowyourworthpgh.com/
Instagram: https://www.instagram.com/knowyourworth_pgh/
YouTube: https://www.youtube.com/channel/UC3wzOVSDSC-xsmLg8JJ8MJg/
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Reinvesting all of the money you earn back into your business isnโt a retirement strategy.
While it can feel a lot sexier to bet on yourself and your ability to grow, it puts you at a huge risk if anything happens in your business and itโs not able to provide you the retirement fund you wanted.
But saving for retirement feels daunting for a lot of business owners. When we were at 9-5 jobs, our employers would just take some money and put it into a 401K. We barely thought about it.
If this is you, tune into this episode to hear the different types of retirement accounts you can consider (some of which even help lower your taxable income to save on that tax bill!)
Youโll understand the different account types to know what to ask your CPA and you can work with your bookkeeper (or us here at Know Your Worth) to help know how much you can sustainably pull from your business to contribute to your retirement.
03:27 โ Re-investing into your business isn't a retirement strategy
05:16 โ The easiest (and best) place to start contributing to your retirement fund as a business owner
10:49 โ Understanding the penalties for taking money out early
14:53 โ When should you work with a professional or set these up yourself?
16:41 โ Why you donโt want to wait to start investing
๐ MENTIONED IN THIS EPISODE
https://gusto.com/r/sydney0959 (affiliate link)
๐ UNDERSTANDING YOUR PROFIT AND LOSS GUIDE
Get the Profit and Loss Guide
โTAX PLANNING QUESTIONS TO ASK YOUR ACCOUNTANT
Get the Tax Planning Questions Guide
๐ 75+ TAX WRITE OFFS
Get the Tax Write Offs
โ BOOKKEEPING CHECKLIST
Get the Book Keeping Checklist
๐ต BOOKKEEPING AND FINANCIAL ANALYSIS SERVICES FOR BUSINESS OWNERS
Apply for Bookkeeping or Financial Analysis Services
๐ CONNECT WITH SYDNEY & KRISTEN
Website: https://knowyourworthpgh.com/
Instagram: https://www.instagram.com/knowyourworth_pgh/
YouTube: https://www.youtube.com/channel/UC3wzOVSDSC-xsmLg8JJ8MJg/
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If youโre DIYing your books, you likely donโt know when to use accrual vs. cash basis accounting.
This is one of the red flags we see when new clients start working with us.
Most sole proprietorships, single-member LLCs, and S-corps are using cash basis accounting because itโs simple โ itโs the cash youโve collected.
But if you are ready to scale your business, you need to understand and use accrual accounting, which is going to allow you to know when (and how much) you can invest in additional expenses and how to maintain a cash-healthy business so you never find yourself unable to pay yourself or your bills.
Tune into this episode to learn the differences between accrual vs. cash basis accounting, when to use each one, and how understanding accrual accounting is going to make it more sustainable for you to scale.
01:31 โ What is Accrual vs. Cash Basis Accounting?
03:45 โ When to use Accrual vs. Cash Basis Accounting
05:43 โ How Looking at Accrual Accounting Can Help You Make Better Financial Decisions to Scale Your Business
12:22 โ Mistakes to Lookout for When Using Accrual vs. Cash Basis Accounting
๐ UNDERSTANDING YOUR PROFIT AND LOSS GUIDE
Get the Profit and Loss Guide
โTAX PLANNING QUESTIONS TO ASK YOUR ACCOUNTANT
Get the Tax Planning Questions Guide
๐ 75+ TAX WRITE OFFS
Get the Tax Write Offs
โ BOOKKEEPING CHECKLIST
Get the Book Keeping Checklist
๐ต BOOKKEEPING AND FINANCIAL ANALYSIS SERVICES FOR BUSINESS OWNERS
Apply for Bookkeeping or Financial Analysis Services
๐ CONNECT WITH SYDNEY & KRISTEN
Website: https://knowyourworthpgh.com/
Instagram: https://www.instagram.com/knowyourworth_pgh/
YouTube: https://www.youtube.com/channel/UC3wzOVSDSC-xsmLg8JJ8MJg/
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Even though we know we *should*, we donโt always remember to (or arenโt able to) put every business expense on our business card.
You might be out running an errand and pick up some office supplies and realize you only have your personal card with you. Or maybe you get more points for buying your business travel flights on your personal travel card rather than your business card.
When we get new clients that have been doing their own books, we see they are forgetting or they don't know they can add transactions that they paid on personal cards and missing out on deductions.
In this episode, we get into how youโre missing out on deductions and a couple of sneaky places deductions might be hiding that you need to check.
02:54 โ Why you need to maintain as much separation between personal and business as you can to protect yourself
07:24 โ How you can reimburse yourself for business expenses when you put them on a personal card
10:29 โ 3 additional places business expenses might be hiding that you forgot to track
๐ UNDERSTANDING YOUR PROFIT AND LOSS GUIDE
Get the Profit and Loss Guide
โTAX PLANNING QUESTIONS TO ASK YOUR ACCOUNTANT
Get the Tax Planning Questions Guide
๐ 75+ TAX WRITE OFFS
Get the Tax Write Offs
โ BOOKKEEPING CHECKLIST
Get the Book Keeping Checklist
๐ต BOOKKEEPING AND FINANCIAL ANALYSIS SERVICES FOR BUSINESS OWNERS
Apply for Bookkeeping or Financial Analysis Services
๐ CONNECT WITH SYDNEY & KRISTEN
Website: https://knowyourworthpgh.com/
Instagram: https://www.instagram.com/knowyourworth_pgh/
YouTube: https://www.youtube.com/channel/UC3wzOVSDSC-xsmLg8JJ8MJg/
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While you may be used to tracking your expenses, the home office deduction is a little more complicated (thanks IRS) than simply adding a line item to your books.
There are several rules and limitations for a home office, how much you can write off, and how to properly claim that deduction with the IRS.
If youโre self-employed or an independent contractor working from home most often and you're not leveraging the home office deduction or youโve been adding it to your expenses but arenโt aware of the limitations, rules, and forms you need to claim it properly, this episode is for you!
01:36 โ How to know if you qualify for the home office deduction, especially if you don't always work from home or in the same room
08:33 โ Limitations to know about a home office deduction so you donโt create a red flag with the IRS
10:44 โ The forms you need to use the home office deduction
MENTIONED IN THIS EPISODE
๐ต Home Office Deduction Calculator: https://docs.google.com/spreadsheets/d/1aPSH1No79YxYGaDtTsE_zlXfZ2AEOv2QKkcTIPDeBdQ/copy
๐ UNDERSTANDING YOUR PROFIT AND LOSS GUIDE
Get the Profit and Loss Guide
โTAX PLANNING QUESTIONS TO ASK YOUR ACCOUNTANT
Get the Tax Planning Questions Guide
๐ 75+ TAX WRITE OFFS
Get the Tax Write Offs
โ BOOKKEEPING CHECKLIST
Get the Book Keeping Checklist
๐ต BOOKKEEPING AND FINANCIAL ANALYSIS SERVICES FOR BUSINESS OWNERS
Apply for Bookkeeping or Financial Analysis Services
๐ CONNECT WITH SYDNEY & KRISTEN
Website: https://knowyourworthpgh.com/
Instagram: https://www.instagram.com/knowyourworth_pgh/
YouTube: https://www.youtube.com/channel/UC3wzOVSDSC-xsmLg8JJ8MJg/
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Weโve seen it all when it comes to looking over business ownersโ books, but thereโs one bookkeeping mistake that we see again and again: undeposited funds.
Undeposited funds is an account in QuickBooks Online, and it is an automatic account that is created if you are invoicing out of QuickBooks.
If you see that account growing, itโs a big red flag.
Tune into this episode to understand:
02:51 โ What are undeposited funds
03:29 โ Why undeposited funds create issues on your financial statements
05:35 โ How undeposited funds happen
11:47 โ How undeposited funds might be making you double-counting your revenue
12:31 โ Why remedying undeposited funds is crucial for tax savings
13:44 โ How to spot the warning signs of undeposited funds on your balance sheet
๐งนGet a Quickbooks Cleanup to Get Your Books Back on Track
If youโve run into issues with undeposited funds, or you're looking to re-categorize existing transactions, reconcile accounts, examine journal entries, etc, our QuickBooks Cleanup will get your books in order so you have an accurate financial view of your business so you can scale more effectively and give your accountant the best numbers to reduce your tax bill.
When you book a call, weโll get to know your business and needs and determine exactly what needs to get accomplished during the Quickbooks Cleanup process.
https://knowyourworthpgh.com/bookkeeping
๐ UNDERSTANDING YOUR PROFIT AND LOSS GUIDE
Get the Profit and Loss Guide
โTAX PLANNING QUESTIONS TO ASK YOUR ACCOUNTANT
Get the Tax Planning Questions Guide
๐ 75+ TAX WRITE OFFS
Get the Tax Write Offs
โ BOOKKEEPING CHECKLIST
Get the Book Keeping Checklist
๐ต BOOKKEEPING AND FINANCIAL ANALYSIS SERVICES FOR BUSINESS OWNERS
Apply for Bookkeeping or Financial Analysis Services
๐ CONNECT WITH SYDNEY & KRISTEN
Website: https://knowyourworthpgh.com/
Instagram: https://www.instagram.com/knowyourworth_pgh/
YouTube: https://www.youtube.com/channel/UC3wzOVSDSC-xsmLg8JJ8MJg/
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As your business grows, reporting sales tax gets a whole lot more complicated.
From adding new types of products or services with different sales tax requirements to navigating the different sales tax laws in different states, the more your business grows, the more complex collecting and reporting sales tax becomes.
In this episode, Sydney and Kristen explore what you need to know about sales tax so you understand how it evolves as your business grows and the role your bookkeeper can play in supporting you with collecting and reporting the right amount.
Tune in to hear:
03:28 โ What types of businesses need to pay sales tax (including a few that commonly get overlooked)
08:52 โ What is Nexus and how to prepare for it (this is especially important if you sell in multiple states)
12:01 โ Sales tax exemptions to know
23:05 โ How to make sure you're paying the right amount on sales tax and the common mistake that leads many entrepreneurs to overpay
๐ UNDERSTANDING YOUR PROFIT AND LOSS GUIDE
Get the Profit and Loss Guide
โTAX PLANNING QUESTIONS TO ASK YOUR ACCOUNTANT
Get the Tax Planning Questions Guide
๐ 75+ TAX WRITE OFFS
Get the Tax Write Offs
โ BOOKKEEPING CHECKLIST
Get the Book Keeping Checklist
๐ต BOOKKEEPING AND FINANCIAL ANALYSIS SERVICES FOR BUSINESS OWNERS
Apply for Bookkeeping or Financial Analysis Services
๐ CONNECT WITH SYDNEY & KRISTEN
Website: https://knowyourworthpgh.com/
Instagram: https://www.instagram.com/knowyourworth_pgh/
YouTube: https://www.youtube.com/channel/UC3wzOVSDSC-xsmLg8JJ8MJg/
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As entrepreneurs, we can fall into the headspace of always focusing on quantitative goals: a revenue number, a certain number of clients, or a profit margin.
But we can burn out by focusing too much on those without the right motivators.
By taking a look at quantitative goals, which are those goals that arenโt measurable like spending more time with your family or feeling more work/life balance, we can actually better determine what our quantitative goals need to be.
You might be surprised to find that you donโt need to push yourself quite as hard to have the lifestyle you want.
02:04 โ The trend we're seeing with business goals
04:26 โ What are qualitative goals? Plus examples you may want from a business and personal perspective
19:21 โ How to think about your money goals in a way that will support your lifestyle goals
๐ UNDERSTANDING YOUR PROFIT AND LOSS GUIDE
Get the Profit and Loss Guide
โTAX PLANNING QUESTIONS TO ASK YOUR ACCOUNTANT
Get the Tax Planning Questions Guide
๐ 75+ TAX WRITE OFFS
Get the Tax Write Offs
โ BOOKKEEPING CHECKLIST
Get the Book Keeping Checklist
๐ต BOOKKEEPING AND FINANCIAL ANALYSIS SERVICES FOR BUSINESS OWNERS
Apply for Bookkeeping or Financial Analysis Services
๐ CONNECT WITH SYDNEY & KRISTEN
Website: https://knowyourworthpgh.com/
Instagram: https://www.instagram.com/knowyourworth_pgh/
YouTube: https://www.youtube.com/channel/UC3wzOVSDSC-xsmLg8JJ8MJg/
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As your business grows, your tax advisor will likely recommend that you transition from an LLC to an S Corp to gain a few tax advantages once youโre at about a $50,000 profit mark for the year.
When you do, you will become an official W2 employee of your company.
Plus, as youโre growing at that level, youโll likely start considering bringing on one or more full-time employees..
In this episode, Sydney and Kristen discuss this transition and what it looks like, plus some considerations you need to keep in mind from an accounting and bookkeeping perspective that might change based on whatโs required of you.
01:29 โ Making the switch to become an employee of your business and to hire W2 employees
03:18 โ When should you make your LLC an S Corp?
04:54 โ The requirements you must meet to maintain an S Corp
07:09 โ How to properly onboard yourself as an employee
11:29 โ Identifying a "reasonable" salary to pay yourself
13:33 โ How becoming an S Corp can affect the way your bookkeeping and accounting needs to be managed
RESOURCES MENTIONED:
Gusto Payroll Software: https://gusto.com/r/sydney0959 ADP Payroll Software: https://www.adp.com/what-we-offer/products.aspx๐ RESOURCES MENTIONED:
Gusto Payroll Software: https://gusto.com/r/sydney0959
ADP Payroll Software: https://www.adp.com/what-we-offer/products.aspx
๐ BOOK A CALL TO WORK TOGETHER
Changing your business structure, hiring contractors or employees, or any other big changes can require different bookkeeping and accounting needs.
Our team at Know Your Worth will make sure that you have everything you need from the bookkeeping side to best ensure you donโt raise any red flags to the IRS, plus make it easier for your CPA to file your taxes and get you the best return!
Schedule a call with us today to see how we can support your bookkeeping needs: https://knowyourworthpgh.com/contact
๐ UNDERSTANDING YOUR PROFIT AND LOSS GUIDE
Get the Profit and Loss Guide
โ BOOKKEEPING CHECKLIST
Get the Book Keeping Checklist
๐ CONNECT WITH SYDNEY & KRISTEN
Website: https://knowyourworthpgh.com/
Instagram: https://www.instagram.com/knowyourworth_pgh/
YouTube: https://www.youtube.com/channel/UC3wzOVSDSC-xsmLg8JJ8MJg/
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As the business owner, itโs your responsibility to set up 1099 contractors properly and issue them the 1099s on time.
A 1099 contractor is anyone you have paid $600 or more, cumulatively, for that year.
Sydney shares with us everything to know about 1099 contractors so you can onboard them properly, track what youโre paying them and issue the 1099s on time.
In this episode, youโll learn:
01:52 โ What is a 1099 contractor?
03:58 โ Avoid this IRS red flag that can lead to an audit
07:13 โ How business owners determine whether someone is an employee or is this a 1099 contractor
11:29 โ Why would a business want contractors over employees or vice versa?
๐ UNDERSTANDING YOUR PROFIT AND LOSS GUIDE
Get the Profit and Loss Guide
โTAX PLANNING QUESTIONS TO ASK YOUR ACCOUNTANT
Get the Tax Planning Questions Guide
๐ 75+ TAX WRITE OFFS
Get the Tax Write Offs
โ BOOKKEEPING CHECKLIST
Get the Book Keeping Checklist
๐ต BOOKKEEPING AND FINANCIAL ANALYSIS SERVICES FOR BUSINESS OWNERS
Apply for Bookkeeping or Financial Analysis Services
๐ CONNECT WITH SYDNEY & KRISTEN
Website: https://knowyourworthpgh.com/
Instagram: https://www.instagram.com/knowyourworth_pgh/
YouTube: https://www.youtube.com/channel/UC3wzOVSDSC-xsmLg8JJ8MJg/
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As business owners, the start of the New Year is an easy opportunity to reevaluate our businesses, reflecting back on whatโs worked, what hasnโt, and what weโre focused on throughout the next 12 months.
And that goes for your business finances too.
In this episode, Sydney and Kristen dive into the 12 things every business owner should do at the start of the year to help understand their finances, evaluate their income and spending, and plot goals for the year ahead.
These 12 focus areas will allow you to get a full understanding of your business finances and help you see whatโs needed to achieve your financial goals in the New Year.
02:08 โ Financial planning
02:14 โ Tax planning
02:39 โ Reflect on the previous year
06:29 โ Set clear goals
10:29 โ Review and update your business plan
12:01 โ Evaluate your marketing strategies
14:42 โ Employee review and development
16:42 โ Technology
17:56 โ Customer feedback
19:44 โ Risk management
22:58 โ Networking
31:14 โ Personal and professional development
33:14 โ Share your 2024 goals with us!
๐ UNDERSTANDING YOUR PROFIT AND LOSS GUIDE
Get the Profit and Loss Guide
โTAX PLANNING QUESTIONS TO ASK YOUR ACCOUNTANT
Get the Tax Planning Questions Guide
๐ 75+ TAX WRITE OFFS
Get the Tax Write Offs
โ BOOKKEEPING CHECKLIST
Get the Book Keeping Checklist
๐ต BOOKKEEPING AND FINANCIAL ANALYSIS SERVICES FOR BUSINESS OWNERS
Apply for Bookkeeping or Financial Analysis Services
๐ CONNECT WITH SYDNEY & KRISTEN
Website: https://knowyourworthpgh.com/
Instagram: https://www.instagram.com/knowyourworth_pgh/
YouTube: https://www.youtube.com/channel/UC3wzOVSDSC-xsmLg8JJ8MJg/
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