Small Business Accounting Made Easy with Catherine Fairweather

So on today's mini-episode, I explain where I've been the last couple of weeks. I'm working on something to help the small business owner that I think you're really going to like and find helpful and valuable.To find out more, head over to www.catherinefairweather.com/founder.

After 30+ years of shopping for a swimsuit, I finally found something that works. I buy the same thing every year in a different color. It’s a tankini from Lands End that features shorts and a high neck tank. It’s more like a swim outfit, but it’s comfortable and it covers what needs to be covered.If you’ve ever gone bathing suit shopping, you know that some suits are more flattering than others. You have to know what compliments your body type. Finding “the one” can involve a lot of trial and error, but when you find it, it makes going on vacation and hanging at the pool a lot less stressful.The same can be said about shopping for your small business accounting software. Sure the right program won’t make hanging out at the pool any better, but it can decrease stress in other areas of your life.So how do you pick one out? That’s what we are going to talk about in today’s episode.If you’ve done any research on this topic, you know that there are a ton of choices when it comes to accounting software. It can feel overwhelming to make the right choice. The goal of this post is not to help you make a definitive decision on accounting software, but to start thinking about what you need from your software. You can start to eliminate the options that don’t serve your needs.Check out the show notes at www.catherinefairweather.com/021.

Do you ever get in a super frugal mood? You decide to start mercilessly slashing unnecessary expenses from your budget. You cancel some online streaming services, switch to basic cable or cancel it entirely. Maybe you start making coffee at home, instead of buying it.If you have a business, there is one area that you should never scrimp on or cut back on – that’s your business’s accounting software.Sure, a lot of experts will tell you that it’s perfectly fine to keep your accounting records on a spreadsheet - especially in the beginning.This couldn’t be further from the truth.I get pretty fired up about this topic and could probably come up with 100 reasons why you should use spreadsheets sparingly and with caution. But in this episode, I will stick to just the top 5.This is seriously one of my favorite topics so it’s going to be juicy. Let’s get started. Check out the show notes at www.catherinefairweather.com/020.

Maybe you’ve tried to figure out your bookkeeping on your own and have encountered words you’ve never heard before. Not understanding the verbiage can be super frustrating and overwhelming. It sounds like it’s English, and some people seem to understand it, and you wish you could too!That’s why I’m here.In today’s episode, we are talking about the most common words used in bookkeeping. I also am going to explain these concepts and how they relate to your small business. Check out the show notes at www.catherinefairweather.com/019.

If you own your own business or are planning to start your own business, you probably know that you need to do your business’s bookkeeping and keep records of all your business transactions.However, getting to do your company’s books is probably not the reason you wanted to start a business. More likely, your business is a reflection of your gifts, talents, and interests. You want to make a living doing the work you were born to do. You’re a creative person. You want to spend the time creating your products and services, not figuring out the numbers stuff.Bookkeeping might seem like a necessary evil and the last thing in the world you want to do. How can you just do what needs to be done so that you can get back to the work that you want to do.I hear you.But I think I might be able to change your mind. Maybe by the time you finish listening to this episode, you won’t be enamored with bookkeeping, but I do hope that you’ll begin to look at it in a new way.I want to walk through 6 ways a good bookkeeping and accounting system can help you run a more profitable business.Check out the show notes at www.catherinefairweather.com/018.

Not all expense is created equal.Some expense is incurred for products and services that have a finite useful life or cover a finite period: office supplies, the electric bill, employee wages. These are known as operating expenses.But purchases of equipment, furniture, fixtures, land, and buildings can (and should!) last for several years or even decades. These purchases are known as capital expenses.It doesn’t make sense to account for the purchase a commercial oven in the same way you would record your purchase of printer paper.On today’s episode, I explain how to account for your business’s capital expenses.Check out the show notes at www.catherinefairweather.com/017.

Have you been thinking about hiring someone to help you out with the bookkeeping and taxes part of your business? Who should you hire? Do you need a bookkeeper, a CPA, or an Enrolled Agent? What's the difference between these professional designations anyway? On today's episode, I'm going to explain what these different credentials are and share my best tips for picking the best accounting professional for your business.Check out the show notes at www.catherinefairweather.com/016.

In today's episode, I want to talk to you about the five most common small business tax mistakes. So whether you're thinking about starting a new business or you've been at this awhile, I'm going to cover the five areas where people tend to get tripped up. I'm also going to share ideas and solutions to fix these mistakes if you are making them now.Don't forget to check out the show notes for resources mentioned at www.catherinefairweather.com/015.

In today's episode, I want to talk to you about the five most common small business bookkeeping mistakes. So whether you're thinking about starting a new business or you've been at this awhile, I'm going to cover the five areas where people tend to get tripped up. I'm also going to share ideas and solutions to fix these mistakes if you are making them now. Don't forget to check out the show notes for resources mentioned at www.catherinefairweather.com/014.

In today's episode we're talking about income tax deductions. I promise this episode is a lot more interesting than that sentence just sounded. Income tax deductions are important to your business because without them you'd pay a lot more in income tax than you need to.Learn how income tax deductions help you legally minimize the amount you pay in taxes on today's episode.Don't forget to check out the show notes for resources mentioned at www.catherinefairweather.com/013.

I’m not a healthcare professional, but I want to help in the way I know how.I recorded this episode in the hopes of providing much needed information to small businesses who need relief during this time.Know that this information is constantly changing so refer to the resources linked to for the latest and greatest programs available to small business owners.Be sure to check out the resources at: www.catherinefairweather.com/covid19

What does this make possible now?When I originally planned today's episode I wanted to answer frequently asked questions about small business income tax. I still might do in the future, but I really didn't think I could create an episode this week without addressing the elephant in the room.COVID-19, the new Coronavirus, has taken the world by storm. Federal, State, and Local governments have been taking action to help flatten the curve. We want to slow the spread of the virus so we don't inundate our healthcare system with a lot of cases all at once.But what does this mean for your business. How can we use this opportunity to come back from this stronger than ever.Don't forget to check out the show notes for resources mentioned at www.catherinefairweather.com/012.

Have you ever heard of the balance sheet? The balance sheet is one the three core financial statements every small business owner should know how to read. It's also the subject of today's podcast episode.I’m going to explain what it is, how to read it, and what it reveals about your business.For resources mentioned in this episode, be sure to check out the show notes at www.catherinefairweather.com/011

Did you know that bookkeeping can be (and should be) more than just something else that needs to be done?When you understand some basics about bookkeeping and what your accounting software is doing behind the scenes, you’ll know how to extract valuable data about your business performance. Data that can help you make decisions and run a more profitable business.I want to help you begin to build your foundation of accounting knowledge. We are starting super slow and building a solid foundation episode by episode. In today’s episode, we're talking about the backbone of your accounting system – the chart of accounts.For resources mentioned in this episode, be sure to check out the show notes at: www.catherinefairweather.com/010.

Do you sell physical products in your business? Maybe you own a shop or a spa where you’re purchasing items from a wholesaler and then are reselling those items. Or perhaps you manufacture the items you sell. You make jewelry or you’re a woodworker. Maybe your sales are done on an online storefront. If you’re selling products in any way, you want to catch today’s episode which is all about managing and accounting for your business’s inventory. If you’re trying to figure out bookkeeping on your own, inventory can feel a little overwhelming, but it doesn’t have to be. In this episode, I break down the reasons why you need to account for inventory and then explain the elements of a good inventory system. For resources mentioned in this episode, be sure to check out the show notes at: www.catherinefairweather.com/009.

When you complete a business tax return, you’ll see a question about your accounting method. You have to check either cash or accrual. Have you ever wondered what the difference is and which method is right for your business? And what is an accounting method anyway?An accounting method defines the way a company records its revenue and its expenses.You can choose to either record revenue and expense when cash changes hands. This is known as the cash method of accounting. Or, you can choose to record revenue and expense when revenue is earned and expense is incurred. This is known as the accrual method of accounting.Learn more about the difference between these two accounting methods and how to choose one for your business in this week's episode.For resources mentioned in this episode, be sure to check out the show notes at: www.catherinefairweather.com/008.

So you know you have to file and pay taxes on your business income, but did you know, you might have other tax filing obligations? If you hire employees or independent contractors, you’re required to provide the IRS with information about how much compensation you paid to that individual. There are two main types of information filings for workers. The format of the filing depends on how you classify the worker - whether as an employee or independent contractor. So at this point you might be wondering, what’s the difference between an employee and an independent contractor? Does it really matter how I classify workers? Yes it does! Learn the difference and understand what you need to do be compliant with your year-end tax filing obligations in this week's episode.For resources mentioned in this episode, be sure to check out the show notes at: www.catherinefairweather.com/007

If the thought of figuring out how to pay income tax on your small business income is making you anxious or sweaty, don’t worry. I’m here to help. Today’s episode is the third in a series on the basics of paying taxes on small business income. In this week’s episode, I am going to cover five basic things every business owner needs to know about paying federal income tax on corporation income.For resources mentioned in this episode, be sure to check out the show notes at: www.catherinefairweather.com/006

If the thought of figuring out how to pay income tax on your small business income is making you anxious or sweaty, don’t worry. I’m here to help. Today’s episode is the third in a series on the basics of paying taxes on small business income. In this week’s episode, I am going to cover five basic things every business owner needs to know about paying federal income tax on corporation income.For resources mentioned in this episode, be sure to check out the show notes at: www.catherinefairweather.com/005

If the thought of figuring out how to pay income tax on your small business income is making you anxious or sweaty, don’t worry. I’m here to help. Today’s episode is the second in a series on the basics of paying taxes on small business income. In this week’s episode, I am going to cover four basic things every partner needs to know about paying federal income tax on partnership income.For resources mentioned in this episode, be sure to check out the show notes at: www.catherinefairweather.com/004

If the thought of figuring out how to pay income tax on your small business income is making you anxious or sweaty, don’t worry. I’m here to help. Today’s episode is the first in a series on the basics of paying taxes on small business income. In this week’s episode, I am going to cover three basic things every sole proprietor needs to know about paying federal income tax on sole proprietorship income.For resources mentioned in this episode, be sure to check out the show notes at: www.catherinefairweather.com/003

A small business owner asked me the other day, "What is the best type of business organization?" I couldn't answer her question. The truth is, there is no single answer to this question. Each type of business organization has advantages and disadvantages. In today’s podcast, I explain how you can weigh the pros and cons and figure out how to make the best decision for you and your business. Maybe you haven’t started a business yet or you have a business, but you’re not sure if you picked the right organization type. Either way, this episode is for you.For resources mentioned in this episode, be sure to check out the show notes at www.catherinefairweather.com/002.

If you're a small business owner or someone interested in starting a small business, you're in the right place...especially if you find the bookkeeping and taxes part of owning a business to be a little overwhelming. When you have a website to launch, social media profiles to build, and customers to serve, you don't have a whole lot of extra time to figure out the accounting stuff. Each week Catherine breaks down a bookkeeping or tax concept and teaches you how to take action so this whole accounting thing doesn't feel quite so daunting. Take it with you as you exercise, walk the dog, or clean the house! Get to know Catherine in this first episode where she tells you what you can expect from this podcast.To find out more about how Catherine can help your small business check out: http://www.catherinefairweather.com/For the links mentioned in this episode, check out the show notes at:http://www.catherinefairweather.com/001