Podcasts about Bookkeeping

This Podcast Is Episode Number 542, And It's About What Is A Fractional CFO And How Can It Help Your Construction Business? A fractional CFO, or Chief Financial Officer, is a finance professional working part-time, retainer, or contract. They bring the experience and expertise of a high-level CFO to your business – without the cost of hiring a full-time, in-house employee.   Fractional CFOs service several clients simultaneously, typically on a part-time, retainer, or contract basis. Their specialty is providing outsourced CFO services to small and medium businesses.   Because their financial management skills are so well-developed, it's common to bring one on board to help navigate a challenge.   Every construction business can benefit from dedicated financial management expertise, but very few small companies have the means to hire someone full-time—particularly in the lean early years.   Unfortunately, it's those first few years when a company is just starting up that establishing good habits with managing financial resources is so important, and, over time, can even make or break a construction business.   Outsourcing a CFO is affordable for business owners like you who recognize the need for a financial expert with construction business experience. CFOs provide top-level advice when needed, offering incredible value and cost savings to companies focused on growth and long-term success. But what happens when you hire a CFO without a construction business experience? At the very least, you and your CFO would constantly struggle between having all the documents needed for data entry and providing the tools to the Bookkeeper to deliver the reports correctly. As a construction business owner, you want answers to the following questions: Am I making any money? Where am I making any money? Why isn't there a report that gives me all the answers at the push of the button? Furthermore, a financial challenge sometimes comes beyond your team's skill or experience level. This is where a fractional construction CFO can be of great benefit. Some of the issues they assist with include: Cash flow problems High expenses Existing systems that are no longer working Cost-cutting analysis Getting through an audit Hopefully, these situations don't come up often, but when they do, it's beneficial to have an expert on your side to guide you through. Your small construction business might want to consider the benefits of working with a fractional construction CFO. Achieving goals A fractional CFO can help you realize your dreams by deciphering the numbers. They will look at where you are now and help you plan where to go next. This includes: Ensuring the books are in order Performing financial forecasts Helping with strategic relationships Overseeing due diligence There are plenty of ways a fractional CFO improves your operations. The specific skills and experience they provide will clarify your situation and help you achieve what you want. Managing growth Taking your construction business to the next level can seem daunting. You want to grow but don't want to risk your success by taking on too much or making a damaging misstep. A CFO will help you navigate the steps ahead. If you're already growing at a rate that makes you feel like losing control, they will help you retake the reins. A fractional CFO will help by: Breaking down large amounts of financial information into helpful data Making a plan to develop existing employees and their skills Identifying the need to hire new employees to manage growth Implementing systems that will work in the future Exploring causes of revenue loss and cost overruns and developing solutions to address them Ultimately, a fractional CFO is helpful to guide you through the growth process so that you can feel confident as your business expands. High-level decision making A CFO can analyze your construction company finances and provide expert advice to help you make more informed, strategic decisions for ongoing profitability. That senior-level financial oversight can help you understand any risks or weak spots, identify opportunities, and create a realistic and actionable business plan that steers the company precisely where you want it to go. Managing risk Your business is an asset that needs protection from any potential risk that may threaten its ongoing success. A fire or flood, cyber attack, or employee theft can all cause long-term damage if you don't protect your business. A CFO can undertake a risk assessment and ensure that you invest wisely, have appropriate insurance, and secure sensitive data, equipment, and inventory. Field tools are a given. The truck has a rack for ladders and lumber. Vans have shelves and bins; they are tall enough to stand in, saving wear and tear on employees' knees. Less strain on knees can keep or postpone possible Worker's Compensation claims. Worker Comp claims lead to increased premiums. Once the Tools and Equipment are updated, it is much easier to see which employees are productive. In the Field – Who is bringing their jobs in on time, under budget is reasonable. Jobs without warranty work and signing billable change orders add to the bottom line. Simple Efficiency is a "Win-Win" for everyone: The Contractor Owner receives the reports needed to make good, proactive decisions. The CFO has a smooth-running operation and can focus on the "Money Management" duties necessary to run the business. The Office Manager or Bookkeeper can efficiently enter the day-to-day paperwork into the QuickBooks file, answer the phones, and complete other daily tasks without frustration. The Field Staff know they have turned in all their paperwork (paper and digital) in a timely fashion with limited stress and are greeted warmly by the Office Manager or Bookkeeper. Everyone is ending their day on a "Happy Friendly Note" and looking forward to tomorrow. Everyone Wins When: 1. The Contractor Owner knows the accounting records are accurate and can make decisions 2. The CFO can be confident that clients are billed, and no one is paid twice. 3. The Office Manager or Bookkeeper can easily track Job Costing and Timecards 4. The Field Staff stays on top of the job and gets signed Change Orders 5. The Customer is happy with an excellent job without any warranty work. Final thoughts When you hire a fractional CFO, you decide how often their services are required and only pay for the services you need. Hiring a financial expert on contract is a cost-effective solution for construction businesses that only need part-time support. Staying on top of your company's financial management is a struggle for many small business owners, who spend much time attending to clients and profit-generating activities. Working with a team of accountants, bookkeepers, and a CFO can help you better manage the most critical aspect of your business for ongoing growth: your bottom line. About The Author: Sharie DeHart, QPA, co-founded Business Consulting And Accounting (Fast Easy Accounting) in Lynnwood, Washington. She is the leading expert in managing outsourced construction bookkeeping and accounting services companies and cash management accounting for small construction companies across the USA. She encourages Contractors and Construction Company Owners to stay current on their tax obligations. She offers insights on managing the remaining cash flow to operate and grow their construction company sales and profits so they can put more money in the bank. Call 1-800-361-1770 or sharie@fasteasyaccounting.com  

"This episode was brought to you by Reconciled.com. Helping M&A Entrepreneurs just like you with Bookkeeping, CFO & Controller Services, Outsourced Enterprise Accounting and Tax Services. Reconciled.com"Watch it on Youtube: https://youtu.be/3N3Bk-JzMtUAbout The Guest(s): Dawn Bloomer is a business strategist and former veterinarian. With over 20 years of experience as a racehorse veterinarian, she understands the challenges and opportunities that come with running a professional service practice. Dawn helps service professionals and businesses plan their exit strategies and navigate the complexities of mergers and acquisitions. ​Summary: Dawn Bloomer, a business strategist and former veterinarian, shares her journey from being a racehorse veterinarian to helping service professionals plan their exit strategies. She emphasizes the importance of preparing a business for sale and highlights the common challenges faced by professional service practice owners. Dawn also discusses the need for a strong brand and the role of technology in scaling businesses. She encourages professionals to shift their mindset and integrate their work with the rest of their lives. ​Key Takeaways: Professional service practice owners often lack the necessary business training to prepare their businesses for sale.Building a strong brand and transferring goodwill to the brand instead of an individual is crucial for a successful exit.Leveraging technology can help professionals scale their businesses and improve customer service.The timeline for preparing a business for sale should ideally be 5 to 10 years to maximize options and value.--------------------------------------------------Contact Dawn onLinkedin: https://www.linkedin.com/in/dawnbloomer/Website: http://www.productivepressure.com/--------------------------------------------------How2Exit Joins IT ExchangeNet's Channel Partner Network!-Why IT ExchangeNet?Since 1998, IT ExchangeNet has created $5 billion in value by selling more than 225 IT businesses in 20 countries. IT ExchangeNet works exclusively with IT-enabled businesses generating between $5M and $30M who are ready to be sold, and M&A decision-makers who are ready to buy. For over 25 years IT ExchangeNet has developed industry knowledge that helps them determine whether a seller is a good fit for their buyers before making a match."Out of all of the brokers I've met, this team has the most experience and I believe the best ability to get IT service businesses sold at the best price" - Ron SkeltonThe IT ExchangeNet M&A Marketplace we partnered with has a proprietary database of 50,000+ global buyers seeking IT Services firms, MSPs, MSSPs, Software-as-a-Service platforms, and channel partners in the Microsoft, Oracle, ServiceNow, and Salesforce space.If you are interested in learning more about the process and current market valuations, complete the contact form and we'll respond within one business day. Everything is kept confidential.Are you interested in what your business may be worth? Unlock the value of your IT Services firm, visit https://www.itexchangenet.com/marketplace-how2exit and complete the contact form.Our partnership with IT ExchangeNet focuses on deals above $5M in value. If you are looking to buy or sell a tech business below the $5M mark, we recommend Flippa.--------------------------------------------------

"This episode was brought to you by Reconciled.com. Helping M&A Entrepreneurs just like you with Bookkeeping, CFO & Controller Services, Outsourced Enterprise Accounting and Tax Services. Reconciled.com"Watch it on Youtube: https://youtu.be/REsThPG72wkAbout The Guest(s): Robert Nance is the founder of Small Biz Acquisitions, a partnership program that helps individuals buy their first small business in the US. With over 24 years of experience in buying businesses, Robert brings a wealth of knowledge and expertise to his partners. He emphasizes the importance of operational experience and financial investment for success in the small business acquisition space.Summary: Robert Nance of Small Biz Acquisitions joins the How2Exit podcast to discuss his unique partnership program for individuals looking to buy their first small business. The program offers one-on-one mentorship, access to Robert's expertise, and financial support for the acquisition. Robert highlights the value of having an experienced partner who can provide guidance and access to experts. He also emphasizes the scalability and sustainability of his program, which has seen significant demand since its inception. The long-term goal of Small Biz Acquisitions is to continue expanding and partnering with more first-time business buyers.Key Takeaways: Small Biz Acquisitions offers a partnership program for individuals looking to buy their first small business.The program provides one-on-one mentorship, financial support, and access to experts.Operational experience and a financial investment are crucial for success in the small business acquisition space.Small Biz Acquisitions aims to partner with first-time business buyers and help them navigate the acquisition process.The program is scalable and sustainable, with plans for continued expansion and growth. Quotes:"This is a real partnership. And, that it has to be an equitable situation.""We target the baby boomers for retirement. It's old school. I know who these guys are.""We only target companies who have key employees in place.""We create value just by implementing absentee owners.""There's zero risk here. There's risk of time, there's risk of opportunity cost, but there's no risk like an SBA loan.""Building a company is a completely different skill set than buying a company.""My firm doesn't invest in people who don't go through this program.""We're here to partner with first-time business buyers who may not have the capital or knowledge.""The model's proven. We're building an infrastructure, and we're here for you."--------------------------------------------------Contact Robert onLinkedin: https://www.linkedin.com/in/smallbizbuyer/Website: www.smallbizacquisitions.com/exit--------------------------------------------------How2Exit Joins IT ExchangeNet's Channel Partner Network!-Why IT ExchangeNet?Since 1998, IT ExchangeNet has created $5 billion in value by selling more than 225 IT businesses in 20 countries. IT ExchangeNet works exclusively with IT-enabled businesses generating between $5M and $30M who are ready to be sold, and M&A decision-makers who are ready to buy. For over 25 years IT ExchangeNet has developed industry knowledge that helps them determine whether a seller is a good fit for their buyers before making a match."Out of all of the brokers I've met, this team has the most experience and I believe the best ability to get IT service businesses sold at the best price" - Ron SkeltonThe IT ExchangeNet M&A Marketplace we partnered with has a proprietary database of 50,000+ global buyers seeking IT Services firms, MSPs, MSSPs, Software-as-a-Service platforms, and channel partners in the Microsoft, Oracle, ServiceNow, and Salesforce space.If you are interested in learning more about the process and current market valuations, complete the contact form and we'll respond within one business day. Everything is kept confidential.Are you interested in what your business may be worth? Unlock the value of your IT Services firm, visit https://www.itexchangenet.com/marketplace-how2exit and complete the contact form.Our partnership with IT ExchangeNet focuses on deals above $5M in value. If you are looking to buy or sell a tech business below the $5M mark, we recommend Flippa.--------------------------------------------------

In this episode, you're going to learn about some expert tips on accounting and bookkeeping to help you set up a strong financial foundation for your private practice.   As a private practice owner, you may often focus on the clinical side of your business, providing quality care to your clients and helping them on their journey to wellness. However, it's crucial not to overlook the financial aspects of running a private practice.    It may not be sexy, but accounting, bookkeeping, and tax management are essential components of a successful business, and neglecting them can lead to unnecessary stress and financial difficulties down the line.   In this episode, I speak with Andrew Riesen, co-founder of Heard, a platform that offers accounting and bookkeeping services for clinicians in private practice.    Andrew shares valuable insights and advice on accounting and tax-related matters that are often overlooked by small business owners. He emphasizes the importance of separating personal and business finances, setting aside money for taxes, and tracking income and expenses.    Andrew also discusses various deductions that clinicians can take advantage of, such as professional development expenses, home office deductions, and retirement contributions.    He highlights the significance of planning for time off and taking care of mental health as a business owner. Andrew also provides an overview of the services offered by Heard, including software, reporting, and access to a team of professionals who can provide guidance and support throughout the year. In This Episode, You'll Learn: The importance of separating your business accounts from your personal accounts How much should you save for taxes? Some expenses you maybe didn't realize you could write off on your taxes Lessons I (Daniel) have learned from working with my own accountant Some of the accounting nuances therapists think about when setting up a private practice Retirement Accounts and why you should be thinking about retirement now How to plan for PTO in your business so that you can avoid burnout and feeling guilty about time off  

 In this special episode Steven is joined by Brook Cecil, Directory of Accounting Services at Belay Solutions to tackle a topic most advisors probably need help on themselves (and potentially could benefit some of your clients. Brook and Steven discuss the value of good bookkeeping, how bookkeeping needs evolve overtime and provide a framework for the key functions your bookkeeper needs to cover for you (and if you are your own bookkeeper, is that really your highest and best use?). Brook also shares how you can use a delegation matrix to judge ROI on adding a bookkeeper to your team and was kind enough to share an example that is linked in the show notes. https://bit.ly/3PeT4O1

The IRS has announced an immediate moratorium on new Employee Retention Tax Credit claims through the end of the year amidst a surge of questionable submissions. Tune in for details on the ERC crackdown, including new criminal probes, longer processing times, and options for withdrawing improper claims.Show NotesEmployee Retention Credit Eligibility Checklist: Help understanding this complex credithttps://www.irs.gov/newsroom/employee-retention-credit-eligibility-checklist-help-understanding-this-complex-creditRed flags for Employee Retention Credit claims; IRS reminds businesses to watch out for warning signs of aggressive promotion that can mislead people into making improper ERC claimshttps://www.irs.gov/newsroom/red-flags-for-employee-retention-credit-claims-irs-reminds-businesses-to-watch-out-for-warning-signs-of-aggressive-promotion-that-can-mislead-people-into-making-improper-erc-claimsNeed CPE? Subscribe to the Earmark Accounting Podcast: https://podcast.earmarkcpe.comGet CPE for listening to podcasts with Earmark CPE: https://earmarkcpeGet in TouchThanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook, and if you like what you hear, please do us a favor and write a review on iTunes or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus, and NOW, you can see our smiling faces on Instagram! You can now call us and leave a voicemail, maybe we'll play it on the show. DIAL (202) 695-1040Need Accounting Conference Info? Check out our new website: accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePublic Store: http://cloudacctpod.link/merchSubscribe Apple Podcasts: http://cloudacctpod.link/ApplePodcasts Podchaser: http://cloudacctpod.link/podchaser Spotify: http://cloudacctpod.link/Spotify Stitcher: http://cloudacctpod.link/Stitcher Overcast: http://cloudacctpod.link/Overcast YouTube: https://www.youtube.com/c/CloudAccountingPodcast Want to get the word out about your newsletter, webinar, party, Facebook group, podcast, e-book, job posting, or that fancy Excel macro you just created? Why not let The Cloud Accounting Podcast listeners know by running a classified ad? Hit the link below to get more info.Go here to create your classified ad: https://cloudacctpod.link/RunClassifiedAd The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

This Podcast Is Episode Number 541, And It's About The Value Of Documenting Effective Construction Business Systems Many entrepreneurs operate with their business processes and systems in their heads. They know what they must do daily and how they want to get things done.   Unfortunately, when a construction business grows, and staff need to be hired – or the owner needs to take time away from the company – it's an absolute liability not having processes and systems documented in one place.   To be in business and to remain in business, become a business person! To run a construction business, you must be business-like. It's not sufficient just to be very good at what you do. Many people who are 'very good at what they do' have failed. The familiar cry: "I'm far too busy for that," is also no excuse. Are you 'too busy' to be a competent businessperson? If so, your construction business won't last long. You must continue to develop your business skills.   To be a businessperson, you must try to become an all-rounder, not just a specialist player. You can offer outstanding goods or services, but if you don't develop sound business systems, you are not a fully rounded businessperson, and your construction business will be in danger of failing. Remember that other stakeholders in your business - such as the building material suppliers who give you credit and the bankers who extend loans and financing terms, are constantly assessing your business skills. If you consistently pay people late or can't meet the duration of your debt agreements, they will draw obvious conclusions about your business skills. Here are the top five reasons to record your company processes and systems so your business can run more efficiently and effectively even when you're not there. 1. Improve efficiency When you sit down to record your processes and systems, you may discover gaps where improvements could be made. You might find better ways to perform routine tasks, reducing bottlenecks and eliminating extra steps. You may decide that some tasks are too time-consuming, and you'd save time and money switching to an automated solution. Reviewing how you do things as you record systems can help create better systems, improving productivity. 2. Support staff training When hiring new talent, a systems manual can dramatically reduce the time you spend training. Documenting your processes can also ensure that jobs are consistently performed to a high standard. Sharing your procedure guidelines can help new employees and casual staff quickly get up to speed on expectations and give them a reference to check before asking questions. 3. Sell your systems Develop a unique turnkey system that other construction businesses can implement to save time and cut costs, and you can increase profits by selling your operating manual. Those documented processes are part of your company's intellectual property and can be licensed like your brand name. 4. Getaway One of the perks of running your own business is setting your schedule. But without systems, it can be challenging to get away for a vacation, let alone retire. To build a company that can run without you, you need to be able to delegate the tasks and processes to someone else with confidence that they'll be performed correctly and consistently. Another excellent reason to make sure your systems are recorded and your manual is updated regularly. 5. Sell your business When it comes time to sell your construction business, you'll get top dollar if you can provide a buyer with an operating manual. A potential buyer wants to know that the company will continue to run smoothly without you throughout the transition period and that institutional memory will be retained when there's staff turnover. The greater ease with which someone can step in and operate the business, the greater the value and the higher your compensation when you're ready to sell. As we've seen, several excellent reasons exist to review your systems and record them, even if you're just starting. You might update it yearly, just like your business plan, to discover best practices and ensure it maintains its usefulness to you and your staff. Too many businesses fall over because the owner has not established efficient business systems. This typically happens because the business owner is so caught up in the day-to-day running of the business that the fundamentals of good business management get forgotten. It must be often said that the owner doesn't like bookkeeping or other administrative tasks, so these get put on the back burner. The symptoms are familiar, and their results are disastrous: Poor or non-existent record-keeping. Tax obligations are not met. Invoices go out late, and debts remain uncollected. There is one cash flow crisis after another. Goods and services are incorrectly costed and priced. Any of these factors can lead the business down the slippery path to failure, but all are avoidable. The whole point about using sound systems is that they free you to spend more time working ON your business, not in it. How good business systems will help you? Good systems will make your construction business more substantial, efficient, and manageable. They will also make your business far more attractive to future buyers because if you have developed clear operating and procedure manuals, the business will be seen as an independently viable unit and less dependent on you. Consider, for instance, what makes franchises so successful: they are designed so that people can buy a proven system and operate it after minimal training. They can do this because the business procedures are captured in simple, clear operating manuals. You don't have to be an expert at everything in your construction business. For example, you might hate bookkeeping. Okay—but do get someone else to do it for you; don't rely on a shoebox for your accounts! And you should at least understand the processes and the overall accounting picture, even if you don't want to do the 'drudge work' yourself. Final thoughts Large, profitable construction companies have known and used some form of Business Process Management (B.P.M.) for hundreds of years. We've always used M.A.P. to help our clients find the treasure hidden inside their construction business. (You can download our free toolkit here if you haven't done so). Having poor systems is the road to stress and burnout. On the other hand, good business systems will enable you to work smarter, not harder. They free you to work on your business rather than in it. That way, you're more likely to avoid burnout, and you'll be able to take time off work because you can train others to follow your documented systems and procedures. Build a better construction business and liberate yourself from it. About The Author: Sharie DeHart, QPA, co-founded Business Consulting And Accounting (Fast Easy Accounting) in Lynnwood, Washington. She is the leading expert in managing outsourced construction bookkeeping and accounting services companies and cash management accounting for small construction companies across the USA. She encourages Contractors and Construction Company Owners to stay current on their tax obligations. She offers insights on managing the remaining cash flow to operate and grow their construction company sales and profits so they can put more money in the bank. Call 1-800-361-1770 or sharie@fasteasyaccounting.com    

"This episode was brought to you by Reconciled.com. Helping M&A Entrepreneurs just like you with Bookkeeping, CFO & Controller Services, Outsourced Enterprise Accounting and Tax Services. Reconciled.com"Also Sponsored by www.SmallBizAcquisitions.com/exit - Expert 1:1 mentorship program to help you buy your first U.S. Based Small Business. From training, then funding, and post acquisition support.About The Guest(s): Joshua Catlett is an investor and advisor in the private healthcare sector. He has a background in physiotherapy and has successfully built and sold multiple businesses in the industry. He is now the founder of an M&A advisory consultancy and brokerage, helping private practices in the healthcare sector prepare for sale and find buyers.Summary: Joshua Catlett shares his entrepreneurial journey in the private healthcare sector, from selling protein powders to building and selling a successful physiotherapy business. He discusses the challenges and lessons he learned along the way, including the importance of communication during acquisitions and the value of corporate governance when working with private equity. He also highlights the current state of the healthcare market and the opportunities for investors and buyers in the sector.Key Takeaways:Joshua Catlett started his entrepreneurial journey by selling protein powders and later founded a physiotherapy business. He learned the importance of communication during acquisitions and the impact of staff turnover on the success of a business. Private healthcare practices in the UK are in high demand, with limited supply and a growing need for services.The healthcare market is experiencing growth, especially in mental health and physical health services. Telemedicine has seen some adoption in the industry, but in-person visits are still preferred for physical therapy. Watch it on Youtube: https://youtu.be/FVHDiIgG7tk--------------------------------------------------Contact Joshua on Linkedin: https://www.linkedin.com/in/joshua-catlett-2639ba22/Website: http://verilo.co.uk/--------------------------------------------------How2Exit Joins IT ExchangeNet's Channel Partner Network!-Why IT ExchangeNet?Since 1998, IT ExchangeNet has created $5 billion in value by selling more than 225 IT businesses in 20 countries. IT ExchangeNet works exclusively with IT-enabled businesses generating between $5M and $30M who are ready to be sold, and M&A decision-makers who are ready to buy. For over 25 years IT ExchangeNet has developed industry knowledge that helps them determine whether a seller is a good fit for their buyers before making a match."Out of all of the brokers I've met, this team has the most experience and I believe the best ability to get IT service businesses sold at the best price" - Ron SkeltonThe IT ExchangeNet M&A Marketplace we partnered with has a proprietary database of 50,000+ global buyers seeking IT Services firms, MSPs, MSSPs, Software-as-a-Service platforms, and channel partners in the Microsoft, Oracle, ServiceNow, and Salesforce space.If you are interested in learning more about the process and current market valuations, complete the contact form and we'll respond within one business day. Everything is kept confidential.Are you interested in what your business may be worth? Unlock the value of your IT Services firm, visit https://www.itexchangenet.com/marketplace-how2exit and complete the contact form.Our partnership with IT ExchangeNet focuses on deals above $5M in value. If you are looking to buy or sell a tech business below the $5M mark, we recommend Flippa.--------------------------------------------------

How I do short term rental bookkeeping in under 30 minutes a weekLinks to help with creating your chart of accounts (you do not need these softwares, these are just to reference to get your chart of accounts)https://blog.bnbtally.com/airbnb-costs-and-chart-of-accounts-to-considerhttps://www.doorloop.com/blog/property-management-chart-of-accountsConnect with Me: john@vacationhomehelp.comThis episode is brought to you by the Vacation Rentals with John Newsletter my very own email newsletter every Friday that features 4 bullet points highlighting cool things I found this week in the short term rental world including apps, books, tech, new hacks, tricks, articles, and other weird but interesting short term rental stuff of value that I stumbled upon. It's free and will always be free. You can subscribe here.

"This episode was brought to you by Reconciled.com. Helping M&A Entrepreneurs just like you with Bookkeeping, CFO & Controller Services, Outsourced Enterprise Accounting and Tax Services. Reconciled.com" Also Sponsored by www.SmallBizAcquisitions.com/exit - Expert 1:1 mentorship program to help you buy your first U.S. Based Small Business. From training, then funding, and post acquisition support.About The Guest(s): Laurie Barkman is the CEO of a privately held company and a certified mergers and acquisitions advisor. She is also the host of the "Succession Stories" podcast and the author of the book "Business Transition Handbook."Summary: Laurie Barkman shares her journey from being the CEO of a privately held company to becoming a mergers and acquisitions advisor. She discusses the emotional and practical aspects of business transitions and highlights the importance of planning for the future. Laurie also emphasizes the need for a transition mindset and the value of understanding the different types of buyers in the market. The book "Business Transition Handbook" is a valuable resource for business owners, family businesses, next-gen leaders, and acquisition entrepreneurs who are looking to navigate the complexities of business transitions.Key Takeaways:Begin with the end in mind and have a transition mindset.Understand the different types of buyers and find the best fit for your business.Take an inventory of your assets and determine their attractiveness and transferability.Foster a team that can run the business without you and create a sales process that involves others.Time is on your side when it comes to creating options for your business transition.Watch it on Youtube: https://youtu.be/FwbUShy3eTg--------------------------------------------------Contact Laurie onLinkedin: https://www.linkedin.com/in/lauriebarkman/Website: https://thebusinesstransitionsherpa.com/--------------------------------------------------How2Exit Joins IT ExchangeNet's Channel Partner Network!-Why IT ExchangeNet?Since 1998, IT ExchangeNet has created $5 billion in value by selling more than 225 IT businesses in 20 countries. IT ExchangeNet works exclusively with IT-enabled businesses generating between $5M and $30M who are ready to be sold and M&A decision-makers who are ready to buy. For over 25 years IT ExchangeNet has developed industry knowledge that helps them determine whether a seller is a good fit for their buyers before making a match."Out of all of the brokers I've met, this team has the most experience and I believe the best ability to get IT service businesses sold at the best price" - Ron Skelton TheIT ExchangeNet M&A Marketplace we partnered with has a proprietary database of 50,000+ global buyers seeking IT Services firms, MSPs, MSSPs, Software-as-a-Service platforms, and channel partners in the Microsoft, Oracle, ServiceNow, and Salesforce space.If you are interested in learning more about the process and current market valuations, complete the contact form and we'll respond within one business day. Everything is kept confidential.Are you interested in what your business may be worth? Unlock the value of your IT Services firm, visit https://www.itexchangenet.com/marketplace-how2exit and complete the contact form.Our partnership with IT ExchangeNet focuses on deals above $5M in value. If you are looking to buy or sell a tech business below the $5M mark, we recommend Flippa.--------------------------------------------------

Discover the biggest mistakes ranchers make with their finances in the cattle industry. From not knowing their financial direction to relying on ineffective bookkeeping, find out how these errors can leave ranchers in a precarious financial situation. This episode is brought to you by Vitalix. Enhance your nutrition program with products that generate an ROI. https://vitalix.com/ In this episode, you will be able to: Decipher the fundamental importance of in-depth financial understanding in the smooth operation of ranching businesses. Realize the effectiveness of disclosing financial information to employees, in turn enhancing overall business operations. Extract the nuanced disparities between the practices of tax accounting and management accounting in the sphere of ranching. Detect and separate the profitable aspects from the unprofitable within your ranching venture. Comprehend the significant benefit of teamwork and collective decision-making in improving financial understanding and management. My special guest is John Haskell Introducing John Haskell, a financial expert in the ranching industry. His unique experiences, particularly working at Deseret Land and Livestock Ranch, revolutionized his understanding of the sector's nuts and bolts. Driven by a novel approach to financial stewardship, John set up Ranch Right LLC, a firm dedicated to enabling smarter financial management in ranching. His commitment to helping cattle producers navigate their finances to improve operational results is truly commendable. The key moments in this episode are: 00:00:02 - Introduction, 00:01:48 - Importance of Financial Knowledge, 00:08:51 - Two Sets of Books, 00:11:13 - Lack of Financial Framework, 00:15:01 - The Importance of Working on Strengths, 00:15:53 - Leveraging Expertise in Bookkeeping, 00:18:21 - Structuring Data to Answer Critical Questions, 00:19:59 - Confidence in Financial Data, 00:23:27 - Starting the Process of Cleaning Up Finances, 00:29:47 - The Materialistic Fallacy: Assets vs. Intellectual Capital 00:31:46 - Cash Flow and Financial Focus 00:33:32 - Cash Flow Focus vs. Appreciation Focus 00:34:32 - Building a Financial Team 00:45:36 - The Importance of Controlling What You Can, 00:46:22 - The Impact of Learning, 00:47:18 - The Power of Mentality, 00:48:43 - Techniques vs. Relationships, 00:50:06 - Eliminating the Victim Mentality,   Full Show Notes: https://www.casualcattleconversations.com/casual-cattle-conversations-podcast-shownotes  Free Weekly Resources: https://www.casualcattleconversations.com/ranching-resources  • Take Your Ranch to the Next Level Once a month Shaye hosts Q&A calls between cattle producers and beef industry leaders to help ranchers find answers to their questions and improve their bottom lines. The best part is you get expert insight from the comfort of your own ranch and get to ask any question you want relating to the topic! Learn More About RancherMinds: https://www.casualcattleconversations.com/ranchermind-events  Connect with me on Social Media Facebook - https://www.facebook.com/cattleconvos Instagram - https://www.instagram.com/cattleconvos/ Podcast Coaching Do you have an existing podcast or want to start a new one but don't know where to start? Connect with Shaye and she will lay out everything you need to know to get you started on the right foot. Book a one-time coaching call using this link: https://calendly.com/cattleconvos/podcast-coaching  Interested in a coaching package? Email Shaye at casualcattleconversations@gmail.com and tell her about the podcast you want to start!

Today, I want to talk about the Big Bad Wolf of Bookkeeping: artificial intelligence technology. A lot of people have been wondering if artificial intelligence technology is going to huff and puff and blow the entire bookkeeping industry down. But I don't believe that at all. Even if AI took over 80% of bookkeeping, our clients would still need us. And even if it took over 100% of what we currently do, it would only open up space for us to do higher-level tasks that we currently don't have the capacity to do for our clients. If you're afraid of AI taking over the bookkeeping industry, this episode is for you. Let me put your mind at ease.   EPISODE RESOURCES: If you're looking for more tips for bookkeeping, insight on how to become a bookkeeper, and how to say hello to a more confident business model, enroll in Become A Bookkeeper (BABs).  To learn about the programs and get a peek behind the curtain, head to www.katieferro.com/6-secrets. Learn how to take your bookkeeping skills and turn them into a business that allows you to replace (or surpass) your corporate salary, be present for your life, and profoundly impact your clients without selling your life in the process by joining Life by the Books (LIBBY).   Get access to my monthly Tech Talks: www.katieferro.com/tech-talks  If you have enjoyed this post, head on over to Instagram, share your IG stories, and tag me: @orderlyaccountingbykatie   CONNECT WITH KATIE: Website: https://www.katieferro.com/  

Ever thought about adding another income stream to your business? I mean who doesn't love a new way to make money! Well that's what I did earlier this year when I added an online course to my business. So, if you've been toying with the idea of adding a course, have a listen to this episode.I'm sharing my journey, the challenges, the wins,  everything you should consider before you add a course to your business.In this episode, I take you through the entire process - from understanding your audience, researching platforms, and navigating competitor analysis to deciding the pricing model. I share my secret sauce recipe for launching a successful digital course, ensuring you're equipped with each detail from outlining modules, and making content accessible, to robust marketing strategies. There's a wealth of knowledge, actionable strategies, and a whole new perspective on running a profitable business packed into this episode. Enjoy!Support the showThis episode is brought to you by Flossi Creative and Business Money Formula, join the waitlist NOW!Want 30 Ways to Save Money in your Business? Download the guide here.Need a business finance coach or want to get your pricing sorted? Book a Strategy Call NOW.Join the conversation Connect with Justine:InstagramFacebookLinkedInWebsiteDiscover the Secrets of Successful Business Facebook page Follow Justine on Instagram @flossifiles or @secretsofsuccessfulbusiness Host: Justine McLean – Flossi CreativeProducer: Leah Stanistreet ...

"This episode was brought to you by Reconciled.com. Helping M&A Entrepreneurs just like you with Bookkeeping, CFO & Controller Services, Outsourced Enterprise Accounting and Tax Services. Reconciled.com"Also Sponsored by www.SmallBizAcquisitions.com/exit - Expert 1:1 mentorship program to help you buy your first U.S. Based Small Business. From training, then funding, and post acquisition support.About The Guest(s):Trish Higgins is a partner at Chenmark Holdings, a family-run business that specializes in acquiring and managing small to medium-sized businesses. With a background in finance, Trish and her team have successfully acquired and grown multiple companies across various industries.Summary:Trish Higgins, partner at Chinmark Holdings, shares her journey in the world of mergers and acquisitions (M&A) and holding companies. She discusses the importance of building a diverse portfolio of businesses with steady cash flows to provide long-term stability and resilience. Trish emphasizes the challenges of finding the right operators for acquired businesses, highlighting the need for values alignment, trust, and analytical capabilities. She also delves into the psychology of emotional sellers and the importance of approaching negotiations with empathy and understanding. Additionally, Trish emphasizes the significance of creating a positive company culture and the role of talent pipelines and training programs in ensuring a smooth transition and cultivating potential leaders for acquired businesses.Key Takeaways:Building a diverse portfolio of businesses with steady cash flows can provide long-term stability and resilience.Finding the right operators for acquired businesses requires time, patience, and a focus on shared values and analytical capabilities.Emotional sellers may have difficulty letting go of their businesses, so it's important to approach negotiations with empathy and understanding.Having a talent pipeline and training program can help ensure a smooth transition and provide a pool of potential leaders for acquired businesses.Quotes:"The more uncorrelated the cash flows of your portfolio, the more durable and valuable it becomes." - Trish Higgins"When hiring operators, values alignment and trust are key, followed by analytical capabilities." - Trish Higgins"Understanding the psychology of sellers and being patient can lead to better outcomes in deal negotiations." - Trish HigginsWatch it on Youtube: https://youtu.be/xlkZtivkERE--------------------------------------------------Contact Trish onLinkedin: https://www.linkedin.com/in/trish-higgins-330a948/Website: https://chenmark.com/--------------------------------------------------How2Exit Joins IT ExchangeNet's Channel Partner Network!-Why IT ExchangeNet?Since 1998, IT ExchangeNet has created $5 billion in value by selling more than 225 IT businesses in 20 countries. IT ExchangeNet works exclusively with IT-enabled businesses generating between $5M and $30M who are ready to be sold, and M&A decision-makers who are ready to buy. For over 25 years IT ExchangeNet has developed industry knowledge that helps them determine whether a seller is a good fit for their buyers before making a match."Out of all of the brokers I've met, this team has the most experience and I believe the best ability to get IT service businesses sold at the best price" - Ron SkeltonThe IT ExchangeNet M&A Marketplace we partnered with has a proprietary database of 50,000+ global buyers seeking IT Services firms, MSPs, MSSPs, Software-as-a-Service platforms, and channel partners in the Microsoft, Oracle, ServiceNow, and Salesforce space.If you are interested in learning more about the process and current market valuations, complete the contact form and we'll respond within one business day. Everything is kept confidential.Are you interested in what your business may be worth? Unlock the value of your IT Services firm, visit https://www.itexchangenet.com/marketplace-how2exit and complete the contact form.Our partnership with IT ExchangeNet focuses on deals above $5M in value. If you are looking to buy or sell a tech business below the $5M mark, we recommend Flippa.--------------------------------------------------

In this episode of Drink While You Think, Kenji Kuramoto & Matthew May share a beer and revisit the Entrepreneurial Operating System, talking about how implementing EOS is going at Acuity, seven months in!Tune in for topics like...

This Podcast Is Episode Number 540, And It's About Key Financial Concepts For Construction Company Owners Not everyone knows construction accounting, and it is easy to assume all accounting is the same. Even if you have outsourced your financial functions, as a small construction business owner, having a solid understanding of critical financial concepts is crucial to work with your advisor and 'speak their language". This article outlines several essential concepts that every small business owner should know.   Construction is a tricky business, and people's failure is expected. Most of our clients have either failed or come very close. It doesn't matter how many times you are knocked down; it only matters that you learn your lessons, get up, and go again. We noted these lessons years ago, owning and operating our construction company. By building a system and gaining insight from us, you can pick up from our mistakes, which you don't have to go through and can start avoiding before it comes crashing down.    Get that one thing working, then move on to the next one. What is the most annoying thing you can quickly fix? We talk about accounting because that is our primary focus. Start with the basics: Open a business checking account. Use a dedicated credit card for the business (if using a personal card). Create invoices, present them to your customers, collect the money, and get it in the bank (Do you have an easy way for your clients to pay you?). Collect the money ASAP because, without cash flow, you are out of business. Basics of income and expenses As a construction business owner, you must understand how you generate and spend money. This way, you can maintain fiscal responsibility while also promoting business growth. Income statements (Profit & Loss) versus cash flow Business owners should always stay on top of the latest cash flow analyses and projections to make smart short-term financial decisions. Remember, a P&L doesn't tell you if you can pay your bills or how liquid your business is. Keep that in mind! Operating cash flow Understanding a company's operating cash flow is vital for assessing its performance and cash runway. Gross sales versus net profits As a small business owner, paying attention to sales and expenses is vital to ensure a healthy and well-managed business. Remember, gross sales don't equal net profits. Understanding every expense, knowing the industry averages, and having enough cash to thrive long-term are crucial. Reading a balance sheet It's important to understand the line items on a balance sheet. Taking a deep dive into these details can provide valuable insights into your financial well-being. Soon, you will instinctively know if something doesn't look right. Return on equity This concept helps us decide whether to keep investing in the business or look into other investment options. You see, there are always opportunity costs to consider for every investment. Materials A construction contractor may purchase material and resell it to their customer. Thereby thinking it is a reimbursable expense. (You lose money when doing this).  Remember all invoices to the Customer (Retail, General Contractor, Spec Builder, Developer) are income. Every line item on a customer invoice is ALL INCOME. If the words are on the invoice, then the invoice is either taxable or non-taxable based on other factors. Washington State, for instance, has a clear explanation.  Purchases for the material are Cost of Goods Sold or are expenses if you are short-cutting your accounting. I have seen financial statements backed out because they will reflect reimbursable income as a negative number, thereby showing it as a deduction. (The net effect is double dipping on the expense side.) The cause is that the accounting software is not correctly set up.  Cost of goods sold It's imperative to clearly understand the cost involved in producing your products or services. If you're unsure how much it costs to provide your services, it's hard to know how much you'll have left to cover your overhead expenses. For example, a material receipt arrives at the regular bookkeeper's desk from a lumber supplier, and they open the QuickBooks contractor file, look up the supplier to determine how the previous lumber purchase was coded, and proceed to code the new transaction the same way. The problem is that each transaction is unique and could go into any of a dozen accounts or item codes depending upon whether it is a direct cost, indirect cost, WIP, retention, warranty, overhead, administrative, or other costs, or simply an expense. The cumulative effect of these bookkeeping errors in one month can do enough damage to the financial and job cost reports to bankrupt a contractor eventually. Accounts payable and accounts receivable Managing cash flow through digital tools for accounts payable (AP) and accounts receivable (AR) is crucial. After all, cash is king for small businesses! No - the company with the most Accounts Receivable or Accounts Payable does not win a prize. Accounts Receivable means your customers owe you money. Accounts Payable means you owe money to your suppliers. Net Profit is the money left over. You want lots of Net Profit! You are not a banker! Stop borrowing money using your credit cards, Loans, and Lines of Credit, then finance customers' projects at 0% interest. Working capital Monitoring working capital is vital for ensuring the business has enough funds to operate smoothly. You can get loans if you can't get enough working money because of seasonality or other external factors. A working capital ratio between 1.2 and 2 signifies a healthy business to lending companies. The operating capital ratio shows the percentage of assets to liabilities, i.e., how often a company can pay off its current liabilities with its existing assets. The working capital ratio calculation is Working Capital Ratio = Current Assets / Current Liabilities. We are deeply passionate and committed to the construction industry and want to support you, our clients, and our readers to achieve your definition of success. Whether you're a contractor, owner, spouse, business professional, bookkeeper, or accountant, we understand your frustrations because we've been where you are now and are here to help. We have proudly produced 12 classes in our Construction Accounting Academy. Each course was designed for QuickBooks users from all levels - Beginner to Experienced. Our goal is to provide the student with suitable and valuable information to build a construction accounting system specific to their type of construction business and company role. As with every type of business, having the right tools can help you work efficiently and effectively. The key to your business profitability lies in understanding the critical concepts of construction accounting. Now that the tools are available online and accessible 24/7, it's up to you to leverage and implement the power of knowledge. To wrap things up A solid understanding of these key financial concepts enables you to make informed decisions, effectively manage your finances, and strategically drive your businesses' growth and long-term success. With financial acumen, you can identify expansion opportunities, mitigate risks, and build a sustainable foundation for your business ventures. Don't navigate your finances alone – we're here to help. About The Author: Sharie DeHart, QPA, co-founded Business Consulting And Accounting (Fast Easy Accounting) in Lynnwood, Washington. She is the leading expert in managing outsourced construction bookkeeping and accounting services companies and cash management accounting for small construction companies across the USA. She encourages Contractors and Construction Company Owners to stay current on their tax obligations. She offers insights on managing the remaining cash flow to operate and grow their construction company sales and profits so they can put more money in the bank. Call 1-800-361-1770 or sharie@fasteasyaccounting.com  

"This episode was brought to you by Reconciled.com. Helping M&A Entrepreneurs just like you with Bookkeeping, CFO & Controller Services, Outsourced Enterprise Accounting and Tax Services. Reconciled.com"Also Sponsored by www.SmallBizAcquisitions.com/exit - Expert 1:1 mentorship program to help you buy your first U.S. Based Small Business. From training, then funding, and post acquisition support.Krystof Bartos is an experienced investor and entrepreneur with a background in financial advisory and real estate. Originally from the Czech Republic, Krystof has a global perspective and has focused his business ventures in the United States. He is currently involved in the marketing agency space, acquiring and growing businesses in the sector.He discusses his interest in business and investment, his decision to focus on the US market, and his realization that he is better suited to acquiring existing businesses rather than starting from scratch. Krystof explains his current focus on marketing agencies and the challenges and opportunities in the industry. He also discusses his plans for the future, including the possibility of starting a fund and taking companies public.Watch it on Youtube: https://youtu.be/V-fnwaYhqpw--------------------------------------------------Contact Krystof onLinkedin: https://www.linkedin.com/in/krystofbartos/Website: www.krystofbartos.com--------------------------------------------------How2Exit Joins IT ExchangeNet's Channel Partner Network!-Why IT ExchangeNet?Since 1998, IT ExchangeNet has created $5 billion in value by selling more than 225 IT businesses in 20 countries. IT ExchangeNet works exclusively with IT-enabled businesses generating between $5M and $30M who are ready to be sold, and M&A decision-makers who are ready to buy. For over 25 years ITX has developed industry knowledge that helps them determine whether a seller is a good fit for their buyers before making a match."Out of all of the brokers I've met, this team has the most experience and I believe the best ability to get IT service businesses sold at the best price" - Ron SkeltonThe IT ExchangeNet M&A Marketplace we partnered with has a proprietary database of 50,000+ global buyers seeking IT Services firms, MSPs, MSSPs, Software-as-a-Service platforms, and channel partners in the Microsoft, Oracle, ServiceNow, and Salesforce space.If you are interested in learning more about the process and current market valuations, complete the contact form and we'll respond within one business day. Everything is kept confidential.Are you interested in what your business may be worth? Unlock the value of your IT Services firm, visit https://www.itexchangenet.com/marketplace-how2exit and complete the contact form.Our partnership with IT ExchangeNet focuses on deals above $5M in value. If you are looking to buy or sell a tech business below the $5M mark, we recommend Flippa.Flippa - Real Buyers, Real Sellers - Where the Real Deals Are MadeVisit Flippa - https://www.dpbolvw.net/click-100721038-15233003--------------------------------------------------

Crypto accounting is a new ball game, significantly different from the traditional accounting for fiat currency we were used to. Hence, the conventional principles may not apply as is. Due to its volatile nature, tracking crypto transactions can be complex as their value at a point can drastically differ a few hours apart. Moreover, the absence of physical presence and international borders induces much ambiguity. In this episode, Crypto Tax Made Easy Founder Matthew Walrath will help us ride the crypto wave without drowning in it. With his "Do-It-For-You" tax service and "Do-It-Yourself" crypto tax course, Matthew has successfully assisted numerous crypto investors, leading to aggregate savings of tens of millions of dollars on cryptocurrency taxes. By offering a promise of completing their tax reports within the next 21 days, he not only ensures monetary savings for his clients but also saves them considerable time and provides them the assurance of properly filed taxes.Listen in as JP and Matthew help us navigate the tricky world of crypto and taxation. Jump aboard as they unpack crucial topics such as tax regulations in crypto, its software underpinnings, the implications of mass adoption, how AI is optimizing crypto transactions, and how data privacy concerns are being addressed. Connect with Your Host, JP: WebsiteFacebookXInstagramLinkedInShowEpisode Highlights:02:28 Crypto Investment05:15  How Crypto Tax Software Works 09:57 The Network Effects13:10 Crypto Mass Adoption19:07 Crypto and AI 23:36 Tech Impact on the Future 25:42 Life Surfing

For so many working moms, there's a strange duality that occurs when your kids are finally all in school… On one hand, you expect it to be a relief. You have so much more time on your hands, a quiet house to work in, and no one to feed or change or carry on your hip. But on the other hand…there's grief in it, too. Because you have no one to feed or change or carry on your hip. Because you have a quiet house. Because you have almost too much time. Back when I was in the thros of new motherhood, if you'd told me I would one day have six whole hours to myself every day to work, I would have been utterly blown away. Six MINUTES would have been a godsend when I was in that place. But now…having six hours doesn't quite look like I thought it would. In some ways, it's actually more difficult to get things done. Here's the truth about working as a mom…and what happens when you finally get your long-lost time back.   EPISODE RESOURCES: If you're looking for more tips for bookkeeping, insight on how to become a bookkeeper, and how to say hello to a more confident business model, enroll in Become A Bookkeeper (BABs).  To learn about the programs and get a peek behind the curtain, head to www.katieferro.com/6-secrets. Learn how to take your bookkeeping skills and turn them into a business that allows you to replace (or surpass) your corporate salary, be present for your life, and profoundly impact your clients without selling your life in the process by joining Life by the Books (LIBBY).   To take a peek at all my offerings, head over to my coaching page! If you have enjoyed this post, head on over to Instagram, share your IG stories, and tag me: @orderlyaccountingbykatie   CONNECT WITH KATIE: Website: https://www.katieferro.com/

Description: In today's episode, we're thrilled to have Caryn Silvius (Olive Branch Book), a seasoned bookkeeper with over 15 years of experience, who has navigated her way from small hydraulic cylinder repair shops to major CAD engineering companies. Caryn is not just a bookkeeper; she's an entrepreneur at heart. She joins us to share her insights on the importance of bookkeeping, creative ways to track investments, and how to structure your business for maximum profitability and security. Key Takeaways: The Importance of Structuring a Business: Caryn explains why a well-structured business is the cornerstone of financial security and how it can protect you personally. Investment Tracking: Caryn delves into why investors should consider hiring a bookkeeper to track their investments, even when they already have a manager. Creative Ways to Track Real Estate Investments: Caryn shares some innovative methods she's developed to make tracking investments easier and more effective. How to Become More Profitable in Business: Caryn reveals her top tips for increasing profitability, including why understanding your Profit and Loss statement is crucial. Questions Caryn Answers: What are some of the biggest struggles business owners have? What is the difference between a balance sheet and a profit and loss? Why does Caryn believe that in the investment realm, investments should be treated as income and expenses rather than assets? How would Caryn structure multiple businesses for a investor or someone like herself who holds many different companies? Why should you have more than one business bank account? How can debt be utilized as an asset in your business? What are some ways a business owner can become more profitable? Why should investors track their investments with a bookkeeper when they have a manager? What are the differences between a bookkeeper and a manager? Whether you're a seasoned business owner or just starting out, this episode is packed with actionable advice that you won't want to miss. Tune in now! Disclaimer: Not advice. Educational purposes only. Not an endorsement for or against. Results not vetted. Views of the guests do not represent those of the host or show. Do your due diligence. Click here to join PodMatch (the "AirBNB" of Podcasting): https://www.joinpodmatch.com/drchrisloomdphd We couldn't do it without the support of our listeners. To help support the show: CashApp- https://cash.app/$drchrisloomdphd Venmo- https://account.venmo.com/u/Chris-Loo-4 Buy Me a Coffee- https://www.buymeacoffee.com/chrisJx Thank you to our sponsor, CityVest: https://bit.ly/37AOgkp Click here to schedule a 1-on-1 private coaching call: https://www.drchrisloomdphd.com/book-online Click here to purchase my books on Amazon: https://amzn.to/2PaQn4p Follow our YouTube channel: https://www.youtube.com/chL1357 Thank you to our advertisers on Spotify. Financial Freedom for Physicians, Copyright 2023

Connect with Caryn:Website: https://www.olivebranchbk.com/contactFacebook: https://www.facebook.com/OliveBranchBK/Linkedin: https://www.linkedin.com/in/caryn-silvius-55bb32132/ Connect with Chris: WomenCreatingWealth.net

"This episode was brought to you by Reconciled.com. Helping M&A Entrepreneurs just like you with Bookkeeping, CFO & Controller Services, Outsourced Enterprise Accounting and Tax Services. Reconciled.com"Jay D. Rodgers is the entrepreneur's mentor. He has founded and sold numerous successful ventures including Smart Start, now the nation and the world's largest breath-alcohol, ignition-interlock company. Rodgers was the visionary for and cofounder of Biz Owners Ed, a nonprofit organization that provides an entrepreneurial program and community for business owners seeking knowledge, advice, and tools to take the next leap forward in their businesses. He and his wife, Bettye, have homes in Fort Worth and Flower Mound, Texas, where he mentors small-business owners.Watch it on Youtube: https://youtu.be/1fHtBXsUdaA--------------------------------------------------Big Shout Out to our new Primary Sponsor - Reconciled! Their team of skilled professionals is ready to empower you to grow your business and prepare for a successful exit. Find out more at https://Reconciled.com. #Partnership #businessgrowth--------------------------------------------------Contact onLinkedin: https://www.linkedin.com/in/jay-rodgers-679058b3/Website: https://www.jayrodgersauthor.com/--------------------------------------------------How2Exit Joins ITX's Channel Partner Network!-Why ITX?Since 1998, ITX has created $5 billion in value by selling more than 225 IT businesses in 20 countries. ITX works exclusively with IT-enabled businesses generating between $5M and $30M who are ready to be sold, and M&A decision-makers who are ready to buy. For over 25 years ITX has developed industry knowledge that helps them determine whether a seller is a good fit for their buyers before making a match."Out of all of the brokers I've met, this team has the most experience and I believe the best ability to get IT service businesses sold at the best price" - Ron SkeltonThe ITX M&A Marketplace we partnered with has a proprietary database of 50,000+ global buyers seeking IT Services firms, MSPs, MSSPs, Software-as-a-Service platforms, and channel partners in the Microsoft, Oracle, ServiceNow, and Salesforce space.If you are interested in learning more about the process and current market valuations, complete the contact form and we'll respond within one business day. Everything is kept confidential.Are you interested in what your business may be worth? Unlock the value of your IT Services firm, visit https://www.itexchangenet.com/marketplace-how2exit and complete the contact form.Our partnership with ITX focuses on deals above $5M in value. If you are looking to buy or sell a tech business below the $5M mark, we recommend Flippa.Flippa - Real Buyers, Real Sellers - Where the Real Deals Are MadeVisit Flippa - https://www.dpbolvw.net/click-100721038-15233003--------------------------------------------------

This Podcast Is Episode Number 539, And It's About Construction Company Contract Traps And The Advantages Of Legal Help Mistakes can be expensive in the construction business, and as an entrepreneur, although you'll know many of the regulations that apply to your business, there are so many that you can't possibly remember all of them. Depending on the type of contracting business you run, you could face laws regarding taxation, employment, product liability, premises liability, discrimination, health and safety, and various other regulations.   Keeping on top of all the laws that affect you and the changes to those laws while still being mindful of all the other aspects involved in running a business is almost impossible.   That's why you need legal help. A legal professional can identify the rules and regulations that apply to your business and advise you on operating within those laws. They can also help you draw up necessary contracts that could prevent legal action in the future, and they can prepare a case in the unfortunate event that you wind up facing or filing a lawsuit.   For instance, a new contractor meets an experienced customer, and money changes hands, not how you expect it. Typically, this happens when you first get started: You bid on a project and are the low bidder. You are given the client's standard contract, which contains the client's favorite set of commercial terms and conditions, to sign as a condition of getting the project. You close and sign the contract because you don't want to ask for changes in the terms or consult your construction attorney. You put the signed contract in your bottom desk drawer and pray that nothing will happen during the project that will cause you to reread the contract. Before it is too late, consider these contract traps to look out for: 1. Poorly defined scopes of work create claims and disputes. 2. The completion schedule is too short and exposes you to monetary damages for failure to finish on time. 3. Payment terms put you in never-ending negative cash flow by loaning the customer money at 0% and borrowing on your credit cards at 24%. 4. The customer keeps 5%-10% of the contract price as retention for up to a year or more after the entire project is finished, which could be all your profit. 5. Indemnity clauses could make you financially responsible for bodily injury and property damage claims caused by customer negligence. 6. Indemnity clauses could make you pay the customer's attorney fees and costs. 7. Your insurance company may be required to provide additional insured coverage for the project, giving the customer free insurance and full access to the policy coverage and limits. 8. Often, the terms and coverage of the warranty are beyond reasonable industry standards. 9. Dispute resolution clauses that require arbitration first and then litigation are probably the two worst ways ever invented to resolve disputes. 10. The client's pre-printed final waiver of the lien document (necessary for the contractor to receive final payment) waives all contractor's rights to recover unpaid extra work and to pursue any claims that arose during the project. Here are three reasons you need a professional to help. They help set up your construction business In the early stages of your business, they can help you make vital decisions and understand the consequences of those decisions. Is your business going to incorporate? Do you know what that means from a legal standpoint compared to other business entities? Do you understand the difference between hiring employees and working with contractors? Do you know the employment laws surrounding hiring and firing if you hire employees? Law experts understand each of those and can explain how they affect your business. They can help you make an informed decision that is in the best interests of your organization and protects you in the future. They help with contracts At some point, your business will enter into contracts. Whether those are employment contracts with employees, service contracts with clients, or business agreements with other partners, you will need legally-binding documents to protect yourself. Not all contracts are easy to read or understand, and some may have confusing clauses. They will help determine if the contract is in your best interest and if there are inclusions you need to know about—such as whether parts of the contract can be assigned to third parties or how to terminate the agreement. They can also revise the contract or change anything you deem problematic. If you're drawing up the contract, getting a qualified legal opinion can ensure the agreement represents your needs and goals. This will definitely prevent experiencing contract traps, as mentioned earlier. We recommend seeking the advice of a qualified construction attorney to put together a contract that fits your specific needs. Your arrangements need a well-defined scope of work, clear payment terms, a reasonable schedule, and a proper change order clause. No work should ever be performed based on verbal agreements. Get everything in writing, always, with no exceptions. They help prevent lawsuits When you own a small business, there's always a chance you'll wind up in litigation. You could have a dissatisfied customer or an angry former employee. You may file a lawsuit because someone else infringes on your trademark or copyright. Usually, there are steps you can take in those situations before filing or facing an expensive lawsuit, and a lawyer can help you navigate those steps, possibly avoiding the cost of going to court. If you wind up in court and already have legal representation, that person will be familiar with your business, making representing you much more manageable. Many small construction business owners and entrepreneurs wait until it's too late to seek help. They wait until a lawsuit has been filed or need to file it. A lawyer can advise you of ways to avoid those situations in the first place, saving you unnecessary legal expenses in the long run. Final thoughts Yes, attorneys cost money. The benefits of having one, however, far outweigh the expenses. They will not only advise you on business decisions and contracts that protect your business in the future; they will help defend your construction company, product, or yourself if a lawsuit arises, either with you as the plaintiff or the defendant. Smart construction business owners know there is a time and a place to spend money. Spending your money in intelligent ways saves you time and energy. It can save you money in the long run by reducing turnover and preventing costly mistakes. About The Author: Sharie DeHart, QPA, co-founded Business Consulting And Accounting (Fast Easy Accounting) in Lynnwood, Washington. She is the leading expert in managing outsourced construction bookkeeping and accounting services companies and cash management accounting for small construction companies across the USA. She encourages Contractors and Construction Company Owners to stay current on their tax obligations. She offers insights on managing the remaining cash flow to operate and grow their construction company sales and profits so they can put more money in the bank. Call 1-800-361-1770 or sharie@fasteasyaccounting.com

"This episode was brought to you by Reconciled.com. Helping M&A Entrepreneurs just like you with Bookkeeping, CFO & Controller Services, Outsourced Enterprise Accounting and Tax Services. Reconciled.com"Richard Parker has been in the world of buying and selling businesses for over 30 years. He has purchased 13 of his own companies and has represented buyers and sellers in the lower market. Richard is the author of the 'How To Buy A Good Business At A Great Price' series, which is a comprehensive program that takes prospective buyers through every step of the process teaching them what they need to know, what to do, and how to do it. The program has been used by over 100,000 prospective business buyers in more than 80 countries. Richard was also the Managing Director of P-Squared, an investment firm funded by Ray Dalio's family office. Today, in addition to the buyer programs he has developed, Richard runs Roy Street Advisors a lower-market boutique investment bank representing companies with earnings of $1.0 - $10 million that are looking to exit.--------------------------------------------------Big Shout Out to our new Primary Sponsor - Reconciled! Their team of skilled professionals is ready to empower you to grow your business and prepare for a successful exit. Find out more at https://Reconciled.com. #Partnership #businessgrowth --------------------------------------------------Contact Richard onLinkedin: https://www.linkedin.com/in/richparker1/Website: http://roystreet.com/--------------------------------------------------How2Exit Joins ITX's Channel Partner Network!-Why ITX?Since 1998, ITX has created $5 billion in value by selling more than 225 IT businesses in 20 countries. ITX works exclusively with IT-enabled businesses generating between $5M and $30M who are ready to be sold, and M&A decision-makers who are ready to buy. For over 25 years ITX has developed industry knowledge that helps them determine whether a seller is a good fit for their buyers before making a match."Out of all of the brokers I've met, this team has the most experience and I believe the best ability to get IT service businesses sold at the best price" - Ron SkeltonThe ITX M&A Marketplace we partnered with has a proprietary database of 50,000+ global buyers seeking IT Services firms, MSPs, MSSPs, Software-as-a-Service platforms, and channel partners in the Microsoft, Oracle, ServiceNow, and Salesforce space.If you are interested in learning more about the process and current market valuations, complete the contact form and we'll respond within one business day. Everything is kept confidential.Are you interested in what your business may be worth? Unlock the value of your IT Services firm, visit https://www.itexchangenet.com/marketplace-how2exit and complete the contact form.Our partnership with ITX focuses on deals above $5M in value. If you are looking to buy or sell a tech business below the $5M mark, we recommend Flippa.Flippa - Real Buyers, Real Sellers - Where the Real Deals Are MadeVisit Flippa - https://www.dpbolvw.net/click-100721038-15233003--------------------------------------------------

Join Andrew Morgans and Nathan Hirsch, Co-Founder of EcomBalance, as they talk about how to perfect your monthly bookkeeping routine. Hear Andrew and Nathan discuss the added difficulties in managing the books of a traditional e-commerce company. They also talk about why it is so essential to have a clean, clear, and accurate book, along with the value of keeping communication lines open.    Find Startup Hustle Everywhere: https://gigb.co/l/YEh5   This episode is sponsored by Full Scale: https://fullscale.io   Learn more about EcomBalance: https://ecombalance.com   Learn more about Marknology: https://www.marknology.com  See omnystudio.com/listener for privacy information.

Billie Anne Grigg, the Chief Strategic Guide for Profit First Professionals and Danielle delve into cash flow and explore the role of AI in the context of bookkeeping.. Lastly, they shift their focus to the concept of a "piece of the pie." This seemingly unrelated notion is profoundly relevant to businesses. The discussion underscores how companies often diversify beyond their core focus when they should engage complementary business professionals to serve the client. Metaphorically, the pie can and should be shared by all.   IN THIS EPISODE: [01:06] Why do we focus on cashflow projections with Profit First, and what is baseline selling [09:04] Working off the “process” of the Profit First plan [11:54] Ai can be beneficial but will not replace bookkeepers and accountants [20:17] Doing what you do best and collaborating with business owners who can provide complementary services to yours [24:28] How to access resources on the Profit First Nation website   KEY TAKEAWAYS:  You need to know your cash flow projection, but you also need Profit First. It's not an either-or; it's both. There is truth in the saying, “garbage in, garbage out.” So if you are using Ai, it must be set up correctly. However, Ai does not eliminate the need for an accountant or bookkeeper who can assess the financial situation. Trying to do every service for a client is a mistake. Stay with what you do well and find complementary businesses you can co-op with so everyone gets a piece of the pie.   GUEST BIOGRAPHY: Billie Anne Grigg Billie Anne has been a bookkeeper since before the turn of the century. She is a QuickBooks Online ProAdvisor, LivePlan Expert Advisor, FreshBooks Certified Partner and a Mastery Level Certified Profit First Professional. She is also a guide for the Profit First Professionals organization. In 2012, she started Pocket Protector Bookkeeping, a virtual bookkeeping and managerial accounting service for small businesses. Billie Anne Grigg - Linkedin Pocket Protector Bookkeeping - Website ABOUT THE HOSTS: Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to “HOW TO IMPLEMENT” workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.   Additionally, Danielle authored the book The Rapid Read™ Guide to The 5-Star Employee Rating System™ and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams. RESOURCES: Danielle Mulvey - Website Danielle Mulvey - Linkedin The All In Company - Website Profit First Nation - Website  

Over the weekend, I got y'alls attention with a post about bookkeeping software. And I FIRED QuickBooks Online. Based on your response, I think it is time to have a discussion about the struggles of a creative addressing things in business that are outside our areas of talent and priority. I will share the things I must make myself do and how I handle it. Just because I am not inclined toward a thing does not mean I should ignore it. Featured Event: Back to the Land Festival: Backtothelandfestival.com Sponsor 1: AgoristTaxAdvice.com Sponsor 2: The Wealth Steading Podcast: InvestableWealth.com Email feedback to nicole@livingfreeintennessee.com Livestream Schedule

Are there money blocks impacting your business or even the way you think about life right now? Join me as I chat to the insightful Kerry Rowett, renowned Kinesiologist, Reiki Master, and author. We're pulling back the curtains on the often-misunderstood concept of Money Mindset, and how it's constantly shaping the outcome of your business and your life. Kerry brings a wealth of knowledge from her transformative personal journey with kinesiology, sharing how it helped unshackle her from her own financial and energetic restraints.You know that gut-feeling you often suppress when making business decisions? Kerry unveils how deeply connected our hearts are to decision-making, underlining the importance of intuition in successful entrepreneurship. In this episode, we explore how release deep-rooted beliefs so we can create new possibilities and shifts in our lives. And if you've ever wondered how to move past stress in your business, Kerry also shares her client success stories, shedding light on the transformative power of inner wisdom, self-belief, and focusing on incremental steps towards your goals. Join us for an enlightening conversation that will reshape your relationship with money and steer your business towards success.Kerry Rowett is the secret weapon of many of the online entrepreneurs you know and love. Kerry uses her skills as a Kinesiologist, Reiki Master, Positive Psychology, NLP and her intuitive gifts to support her ambitious entrepreneurial clients to get out of their own way and achieve their goals with more ease. Kerry has a podcast and book called Align + Attract. She teaches other female entrepreneurs to identify what they really want, release their specific blocks and align to their goals in her signature program also called Align + Attract. If creating alignment in your business is important to you - you'll want to get to know Kerry. Find Kerry at alignandattract.com and on Instagram at kerryrowett. Get a free copy of her book at alignandattract.com/freebookSupport the showThis episode is brought to you by Flossi Creative and Business Money Formula, join the waitlist NOW!Want 30 Ways to Save Money in your Business? Download the guide here.Need a business finance coach or want to get your pricing sorted? Book a Strategy Call NOW.Join the conversation Connect with Justine:InstagramFacebookLinkedInWebsiteDiscover the Secrets of Successful Business Facebook page Follow Justine on Instagram @flossifiles or @secretsofsuccessfulbusiness Host: Justine McLean – Flossi CreativeProducer: Leah Stanistreet ...

There are three things that you need to remember when you're building a business for the first time: It doesn't have to be perfect. Professionalism is overrated. And mistakes are not permanent. Over the past couple weeks, I've been reflecting back on what I would do if I had to try starting a bookkeeping business all over again…what I would repeat, what I would avoid, and what I would recommend you do.  To finish out this mini-series, I want to talk about the beliefs that didn't serve me when I was first starting a bookkeeping business…and tell you why they won't serve you, either.   EPISODE RESOURCES: If you're looking for more tips for bookkeeping, insight on how to become a bookkeeper, and how to say hello to a more confident business model, enroll in Become A Bookkeeper (BABs).  To learn about the programs and get a peek behind the curtain, head to www.katieferro.com/6-secrets. Learn how to take your bookkeeping skills and turn them into a business that allows you to replace (or surpass) your corporate salary, be present for your life, and profoundly impact your clients without selling your life in the process by joining Life by the Books (LIBBY).   If you have enjoyed this post, head on over to Instagram, share your IG stories, and tag me: @orderlyaccountingbykatie   CONNECT WITH KATIE: Website: https://www.katieferro.com/  

In this episode of Drink While You Think, Kenji Kuramoto & Matthew May share a beer to celebrate Matthew's 10-year anniversary at Acuity! The two take a walk down memory lane, reflecting on the past ten years together in business.Tune in for topics like...

Welcome! In this week's episode, we're diving deep into the world of bookkeeping and tax preparation for beauty business owners. Our guest, Cassandra Galan, a seasoned expert in bookkeeping and tax preparation for lash artists and beauty business owners, is here to share her wealth of knowledge and insider tips. Running a successful beauty business goes beyond just creating stunning looks – it's also about managing your finances effectively. Join us as Cassandra unveils common bookkeeping and tax mistakes that beauty business owners often make and, more importantly, how to rectify them. From confusing bookkeeping processes to tax preparation nightmares, Cassandra has seen it all and is here to guide us through the maze. Ever wondered about the distinction between bookkeeping and filing taxes? Cassandra breaks it down for us, making it super simple to understand and offering actionable advice. Feeling overwhelmed by the thought of sorting out your bookkeeping? Cassandra shares her expert strategies to help you organize your financial records and get your ducks in row before tax time rolls around again. You'll walk away with a newfound sense of confidence in handling your business's financial data. But that's not all – we explore the often-overlooked aspect of choosing the right professionals to handle your tax filing. Cassandra shares red flags to watch out for when selecting a tax preparer, ensuring you don't fall victim to unscrupulous practices that could harm your business. Tune in to this episode of Lash Biz Babes and get ready to transform your approach to beauty business finances. Cassandra Galan's insights are a treasure trove for lash artists and beauty entrepreneurs alike. Whether you're a lash veteran or just starting, there's something invaluable here for everyone. Get ready to take your bookkeeping game to the next level! Remember to subscribe, rate, and review the podcast – your feedback fuels our passion to bring you the best insights and strategies to rock your beauty business! And it helps us to reach more beauty business owners just like you who are working on growing & thriving in our industry :) About Cassandra: "I am a tax professional and bookkeeper with 5 years' of experience. I thrive in helping Beauty Professionals with their business accounting by helping them set themselves up correctly for taxes, organizing their books, and streamlining their processes. Being a mama of two and a small business owner myself, I can understand the frustration it is doing this on your own, and it doesn't have to be that way. I take a lot of pride in my work and focus on trying to save you as much as I legally can with taxes and doing things the right way." Where You Can Find Cassandra Online: Instagram: @galanconsulting Facebook: https://www.facebook.com/casigalan?mibextid=LQQJ4d Website: https://cassandragalan.com/ FREE Guide! 75+ Tax Write Offs: https://ericaschramm.ck.page/d06f19b4a3 Let's be friends on Instagram! https://www.instagram.com/xoericaschramm/ Lash Biz Babes Meetup at LashCon in October! Are you going to LashCon this year? We are getting together for brunch before all the festivities start on Saturday, October 14th in Anaheim, CA! Come meet me & fellow listeners and have some yummy food! Please RSVP here if you'd like to come: https://www.ericaschramm.com/lbb-meetup --- Support this podcast: https://podcasters.spotify.com/pod/show/lashbizbabes/support

In today's episode, Kimberly is chatting with bookkeeper, CEO, and fellow mom, LoriAnn Kuntz. LoriAnn shared the importance of finding balance, delegating tasks, and setting boundaries in order to be able to be fully dedicated to both her worlds of business and family. Links: loriannkuntz.com https://www.instagram.com/loriannkuntz.co/ Profit Priority PodcastJoin the Fall Financial Reset WorkshopGrab Our 118 Tax Deductions Guide: https://www.taracpafirm.com/downloadConnect with Kimberly on Instagram: https://www.instagram.com/taracpafirm/ Website: https://www.taracpafirm.com/

This Podcast Is Episode Number 538, And It's About Pros And Cons Of Working With Family And Friends In Construction Ever dreamed of starting a family business? Investing in a franchise opportunity with friends?   Businesses owned and operated by families can have incredible staying power. All family-owned companies, Volkswagen, Samsung, and Nike, are among the world's most successful, leading brands.   Working with family and friends can be fun and rewarding, especially in the construction industry. I know because we've been in one. But before you hire the people you care about most, it's wise to consider the pros and cons.   Pro: Dynamics When you hire family and friends, working together can feel comfortable and pleasant. You can vouch for their work ethic and values upfront. You already know their natural talents, abilities, preferences, and skill sets – their strengths, weaknesses, and how you can best work together. Con: Dynamics Regarding family and friends, modifying negative behavior or communication patterns can be challenging. What's more, it can be complicated to confront a loved one when they aren't acting in the company's best interest. The temptation to avoid conflict or hurt feelings can make managing a friend or relative tricky at best – at worst, it can become a severe liability. Always practice clear communication. Share business policies, practices, and expectations just as you would with any employee. Pro: Streamlined hiring You'll save time and money when you have a crew of committed workers ready to go before you're set to launch. With family and friends willing to help you, you won't have to screen and interview candidates – or spend precious time following up on background checks and qualifications. You can hit the ground running, focusing on generating income and profit. Con: The company has to come first Building a profitable and sustainable business requires effective management without exception. That means sometimes it may be in the company's best interest to re-train an employee for a different role, ask a worker to take on additional responsibilities – or, in some cases, to let someone go. When it comes to complex personnel matters, it can help to seek guidance from an independent advisor. Pro: Tradition is seen as a strength Strong brands are quickly built on the values we associate with family, such as honesty, trust, and enduring relationships. A recent study showed customers prefer family-owned businesses for their perceived stability, trustworthiness, and consistent service. Con: Too much tradition can hold you back When a family business does things as they've always been, the company can suffer from a lack of diversity and innovation. It's essential to keep an eye on market trends and changes in your industry, so you can adapt quickly and avoid missing opportunities. Solution: Set up a board consisting of family members and an equal number of independent advisors. A note on the spouse doing the construction bookkeeping and divorce Here is what we see repeated many times over. Contractors cross the line and treat their spouses as indentured servants who should be grateful for a place to live, eat and sleep in exchange for maintaining a household and being an overworked, underpaid contractor's bookkeeper. They become incredibly frustrated and desperate. In some cases, you are not at fault; you are being hammered by customers who are doing everything they can to drive the price of everything and everyone into the ground in a twisted attempt to get something for nothing, and I have a suggestion for how to fix that. The answer is simple. We have helped save many marriages by working with contractors' spouses and showing them how to do what they are good at, like managing the money, paying the bills, customer service, and other management tasks, and letting us take care of the contractors' bookkeeping services. Having your spouse handle construction bookkeeping can be a recipe for disaster. Mixing business and personal relationships can lead to conflicts of interest and communication breakdowns. It's best to keep these two areas of your life separate to maintain a healthy work-life balance and avoid potential complications down the line. Ultimately, going through a divorce after being in the construction business together can be challenging. It's not just about separating personal and professional lives, dividing assets, and determining who gets what. It's important to approach the situation with a level head and seek legal counsel to ensure a fair and amicable outcome.  Remember to prioritize the well-being of any children involved and communicate openly with your former partner to minimize conflict. It may be a difficult process, but with patience and cooperation, you can move forward and begin a new chapter in your life. Having family and friends involved in a business can have advantages and disadvantages.  On the one hand, having family members or close friends as business partners or construction crew can provide a sense of trust and loyalty that may not be present with outside partners. It can also be easier to communicate and make decisions with people you know well and trust.  On the other hand, working with family and friends can also lead to conflicts and emotional tension that can spill over into personal relationships. It can be difficult to separate business and personal disagreements, which can quickly become heated and damaging. Additionally, working with family and friends may limit the pool of talent and ideas available to the business, as outside perspectives and expertise may be overlooked.  Whether involving family and friends in a business is beneficial depends on the specific situation and individuals involved. It is essential to consider the potential risks and benefits before making any decisions and to prioritize clear communication and boundaries to maintain healthy personal and professional relationships. Final Thoughts Because family members and friends are personally invested in your business – both emotionally and financially – they can make fantastic employees. They'll work hard, put in the extra hours when needed, and do everything they can to ensure your venture succeeds. The biggest challenge can be to draw the lines between work, family, friendship, and home. As an employer, it's crucial that you set boundaries, practice clear communication, and be willing to make difficult decisions so your business and personal relationships can thrive. About The Author: Sharie DeHart, QPA, co-founded Business Consulting And Accounting (Fast Easy Accounting) in Lynnwood, Washington. She is the leading expert in managing outsourced construction bookkeeping and accounting services companies and cash management accounting for small construction companies across the USA. She encourages Contractors and Construction Company Owners to stay current on their tax obligations and offers insights on managing the remaining cash flow to operate and grow their construction company sales and profits so they can put more money in the bank. Call 1-800-361-1770 or sharie@fasteasyaccounting.com

Tonight, Republican hopefuls will take to the stage in Milwaukee for Fox News' GOP primary debate, with two notable exceptions – one by choice, the other by force. Donald Trump, the 2024 frontrunner, made the decision to skip the primary debates and instead sit down with Tucker Carlson while his competition dukes it out in Wisconsin. Also absent from tonight's pomp and circumstance in the Badger State is Larry Elder. Unlike Trump, however, the decision was not Elder's to make. The Republican National Committee says that Elder failed to meet the polling criteria to receive an invitation. Jason says that's a terrible mistake on the part of the RNC, especially coming off the momentum of Elder's dismantling of Charlamagne tha God on “The Breakfast Club.” The longtime radio host and former California gubernatorial candidate joins “Fearless” to discuss his exclusion from the debate and how the conservative movement is poised to make headway in black communities. Steve Kim joins Jason and T.J. Moe to discuss Caitlin Clark breaking Instagram and women's college basketball fans' hearts with one photo. In Tennessee Harmony, Jason, T.J., Anthony Walker, and Virgil Walker sit down to discuss a recent hit piece in “Christianity Today” taking aim at viral sensation and “Rich Men North of Richmond” singer Oliver Anthony. We want to hear from the Fearless Army!! Join the conversation in the show chat, leave a comment or email Jason at FearlessBlazeShow@gmail.com ​​Today's Sponsors: Collective is the all-in-one financial solution for businesses-of-one. It handles all of your Business formation and compliance paperwork, Taxes, Bookkeeping, Accounting and Even payroll. Go to https://Collective.com/FEARLESS  Tired of someone else telling you where to go when you have a medical need? Are you ready to take control of your health care? Samaritan Ministries could be the solution you're looking for. Check it out today at https://Samaritanministries.org/fearless Get 10% off Blaze swag by using code Fearless10 at https://shop.blazemedia.com/fearless Make yourself an official member of the “Fearless Army!” Support Conservative Voices! Subscribe to BlazeTV at https://get.blazetv.com/FEARLESS and get $10 off your yearly subscription. Learn more about your ad choices. Visit megaphone.fm/adchoices

Your WakeUp Call begins when you start to challenge conventional thinking. When you empower yourself to break free from the daily grind. When you choose to design your own lifestyle and economy.    In this episode of “The WakeUp Call” podcast, Host Paul Thompson is joined by CEO Joe Camberato of “National Business Capital” as they discuss the current lending landscape, Joe's background in building and growing his company without any private equity, and financial predictions into the next year and beyond. The two share an absolutely can't-miss discussion, highlighting benefits and areas of opportunity for business owners in Real Estate, Service Industries, and countless others as well.   Key Points From This Episode:    For owners of the Small/Medium Size Company, there has never been greater access to Capital than there is right now. Most People underestimate the time it takes to Grow and Scale, especially if you're doing it without private equity. It's not enough to be GREAT at what you do. You need to have the processes in place for your business to grow and thrive. Know when it's time to HIRE OUT. You Have to Figure out When to Go Slow in order to get your company in order, so you are prepared to build and scale to the next level. Outsource your Bookkeeping!   Follow Paul Thompson • LinkedIn | https://www.linkedin.com/in/paulthompson-onecallcapital/ • Website | https://pauldavidthompson.com • Tiktok | https://www.tiktok.com/@pauldavidthompson Resource   1CallCapital.com - accredited investors can earn 12%+ annually by investing in my Fund PaulDavidThompson.com - Real estate resources, past episodes, and information on my mastermind I want to help you achieve financial and personal freedom. Check out THIS link for some valuable resources Click for a FREE WEBINAR to learn about your 12% ROI. If you're ready to take action now, let's hop on a CALL now!   About Today's Guest:   Long Island's Joe Camberato (@GrowbyJoe) is the CEO and founder of National Business Capital – the leading fintech marketplace, helping entrepreneurs access competitive financing fast, through an easy-to-use online platform and experienced team. He has been mentioned in Forbes, NASDAQ, Business Insider, and Entrepreneur magazine. He is recognized as a national thought leader in business growth and is consistently ranked among top business leaders.  

Today, we have an amazing guest, Matt Bontrager, who makes a lot of impact talking about bookkeeping and accounting, the power of working with a team, and the game of saving more money and building wealth by minimizing taxes and avoiding audits! Matt Bontrager is a CPA, and Managing Partner at TrueBooks, a platform that provides Tax, Accounting, Bookkeeping, and CFO Services for real estate investors. He is also the Founder of Bookkeeping Blueprint, a groundbreaking bookkeeping course that leverages AI technology to help you build a 6-figure business from scratch. Through Matt's entrepreneurial spirit, and expertise in accounting, in 2020, he jumped off the cliff from a solid W2 role to engage partnership and build a firm. He always makes accounting attractive, and able to help people pay less (sometimes zero) in taxes.   Some Questions I Ask: Where did these all start and how TrueBooks came to be? How did you exercise that confidence and lean into that identity as a business owner? How did you position yourself and what did you do to make yourself an attractive partner? Why is Accounting so important and why so many people neglect this area when it comes to finances? What are some of those mistakes that you see entrepreneurs and business owners making with their taxes and finances? How do you dissect P&L and Balance Sheets? What is the healthy rhythm and approach for how to stay intimate with your P&L and Balance Sheet? When should people be thinking about how far and advance should they be talking with their CPA or thinking about tax planning to save much money? How should business owners be thinking and approaching the budget for proper accounting and tax planning? Is there any new IRS code that's changing for investors and entrepreneurs to be paying attention to in the near future? What are the best practices that people should take to avoid getting audited? What are some of the best proven tax loopholes that people should be consistently looking at taking advantage of these and they aren't?   In This Episode, You Will Learn: Mitigating risk and cloud thoughts on shifting career path.  The power of working with a team to succeed faster. The importance of getting in tune with your income and expenses.  Saving a ton of money with bookkeeping.  Matt's best tax planning advice.  How to avoid big audits.    Quotes: “[Accounting] It is truly a language of business.” “Your accounting should be saving you a ton of money, much more than what you are paying them.”   Resources Mentioned: Quickbooks   Connect with Matt Bontrager on:  https://www.instagram.com/mattbontrager/ https://www.truebookscpa.com/   Sponsor Links: Brevo: Visit https://brevo.com/mindcast or Use the code MINDCAST and get 50% off your first 3 months!   Show Brought To You By: www.MillionaireMindcast.com Questions? Comments? Do you have a success story you would like to share on the show?  Send us an email to: Questions@MillionaireMindcast.com

Wish bookkeeping and tracking your business income was easier? The good news is...it can be! In this week's episode, I chat with Meagan Smith, a virtual bookkeeper who helps independent beauty pros get a handle on their finances. Through Meagan's own journey as an esthetician turned online business owner, she grew to love tracking her own finances! She switched career paths to virtual bookkeeping. Knowing how many solo beauty pro's feel overwhelmed by bookkeeping and all of the numbers, she set out to create a course (Pretty Profitable) specifically for you!In our conversation, Meagan shares the tips & knowledge you need to successfully manage your business income and feel in control of your numbers. From common mistakes beauty pro's make, to simple tools you can use right now, to clearing up confusion around Venmo and keeping cash, she answers the most commonly asked questions by solo beauty pro's.In this episode:How Meagan went from esthetician to bookkeeper for beauty prosWhy you should open a business banking account vs using your personalThe difference between a bookkeeper and an accountantWhy Meagan doesn't recommend Quickbooks for solo beauty pro'sIncredible feedback from Meagan's course plus details about Pretty ProfitableWhy knowing your numbers is important to your business growthVenmo, cash payments and keeping your finances in line for tax timeIf you feel overwhelmed by the financial side of your beauty biz, don't miss Meagan's wisdom in this episode! She'll inspire you to face your finances with confidence.More about Meagan:I am an Esthetician turned Bookkeeper. I realized that I had a passion for bookkeeping while running my first business, a handmade makeup company. I then opened a bookkeeping firm specializing in the beauty industry. While running that business, I found that there was a great need to help independent beauty pros learn to manage their finances. So I started Solo Beauty Pros, where I help beauty professionals learn how to easily manage their finances so they can grow a more profitable business!Connect with MeaganWebsite & Pretty Profitable CourseFacebook GroupConnect with Abby:Instagram: BeautyProWellnessPodcastInstagram: CoachAbbyOEmail: coachabbyosullivan@gmail.comResources:Self Care CEO VIP Day 1-1 Wellness CoachingIf you enjoy this podcast and know your beaBeauty Pro Mobility Flowuty industry pro friends and family would as well, please go ahead and hit the subscribe button and share this podcast!The Beauty Pro Wellness Podcast is crafted and managed by Wonder Podcast Productions. 

Youtube https://youtu.be/khSu8TutGoo www.abundancebookkeeper.com Hi! I'm Diana. It's my passion to help soul-led entrepreneurs align with the financial prosperity through easy-to-understand bookkeeping, and coaching support. Abundance is your birthright, and feeling secure about your books plays a huge part in that. I'm a certified bookkeeper with a track record of helping clients in the coaching industry and self-development space clean up their books and optimize their earnings.

When I look back on starting my bookkeeping business, there are many things I would do differently now… But there are also plenty of things I would do exactly the same—and recommend that you do, too. If I had to build my bookkeeping business again from the ground up, there are five things that I did the first time I would absolutely do again…some that are easy, and some that are not so easy.  But I promise you, each and every one of these steps will make your journey to starting your own bookkeeping business so much smoother…and significantly shorten your own list of things you wish you would have done differently!   EPISODE RESOURCES: If you're looking for more tips for bookkeeping, insight on how to become a bookkeeper, and how to say hello to a more confident business model, enroll in Become A Bookkeeper (BABs).  To learn about the programs and get a peek behind the curtain, head to www.katieferro.com/6-secrets. Learn how to take your bookkeeping skills and turn them into a business that allows you to replace (or surpass) your corporate salary, be present for your life, and profoundly impact your clients without selling your life in the process by joining Life by the Books (LIBBY).   If you have enjoyed this post, head on over to Instagram, share your IG stories, and tag me: @orderlyaccountingbykatie Learn about S Corps: https://open.spotify.com/episode/4lZXy8J1MMfDhWoAblXTLK  Learn about LLCs: https://open.spotify.com/episode/3PH8tr35ZprBR61MzWOW8y  Learn why you need to drop perfectionism: https://open.spotify.com/episode/562IGN7rzhlCQdVIOvqBXL  Learn why you should hire early: https://open.spotify.com/episode/3nVjnMLkKVbUwmSyr3mjT9   CONNECT WITH KATIE: Website: https://www.katieferro.com/  

Here's the million-dollar question that every entrepreneur grapples with - how can you maximise your profits and reduce your operational costs? In this episode, we're sharing  hot to optimise your revenue streams and save money simultaneously with 10 money making tips and 10 money  saving tips!Whether you're struggling to get your sales strategy on point, need help leveraging your digital marketing, want to innovative your products and services, or create tactical product launches, we've got you covered. We also explore the potential of upselling and cross-selling to augment your revenue. But that's not all. In this episode, we're sharing how to save money by going energy-efficient, negotiating with suppliers, and optimising your website, plus much more. We'll guide you on reducing your marketing expenses and reveal the secret to effective bulk buying. So gear up and tune in to this episode, as we navigate the road to a successful business together.Support the showThis episode is brought to you by Flossi Creative and Business Money Formula, join the waitlist NOW!Want 30 Ways to Save Money in your Business? Download the guide here.Need a business finance coach or want to get your pricing sorted? Book a Strategy Call NOW.Join the conversation Connect with Justine:InstagramFacebookLinkedInWebsiteDiscover the Secrets of Successful Business Facebook page Follow Justine on Instagram @flossifiles or @secretsofsuccessfulbusiness Host: Justine McLean – Flossi CreativeProducer: Leah Stanistreet ...

This Podcast Is Episode Number 537, And It's About How To Safeguard Your Construction Company From Employee Expense Fraud As a small business owner, you always look to keep your company running efficiently. Expense reimbursement fraud is the last thing you want to face. Not only can it hurt your bottom line, but it can also damage your construction company's reputation. Here we discuss employee expense fraud, the reasons behind it, and, most importantly, how to prevent it from happening to your construction business.   What is expense fraud?   Expense fraud is submitting falsified or inflated expense claims to receive reimbursement from the employer or avoid paying out of pocket. It is illegal, unethical, and detrimental to your business.   Employees can commit expense fraud in several ways, such as using personal expenses as business, submitting fake receipts, inflating costs, duplicating submissions, falsifying mileage, and using company funds for personal use. Why do employees commit expense fraud? There can be multiple reasons behind expense fraud. Financial gain is the most common motivation, but some employees may do it for personal reasons, misunderstanding of policies, pressure to achieve targets, or simply apathy. As a business owner, it is essential to understand the reasons behind expense fraud, as it can help you identify and address them proactively. Understand The Employee Theft 10-10-80 Rule - Discovered over many years of experience and first-hand observation by auditors, accountants, fraud examiners, and anyone involved in detecting employee theft. Ten Percent of all employees, including bookkeepers, will steal in various ways from office supplies, petty cash, graft, kickbacks, and payoffs from your suppliers, vendors, and sub-contractors, and even hundreds of thousands or even millions of dollars. They will do it regardless of how many security systems are in place because they lack integrity. They cannot be stopped, only caught! And only then, if you have systems in place and can convince the criminal justice system to take action, good luck with that! Ten Percent of all employees, including bookkeepers, will never steal because they have integrity and a "Producer's" paradigm. Ultimately, these people will add so much value to your company that you cannot help but reward them with more money, benefits, and recognition. Because if you do not, they will be recruited by your competitors.  Eighty Percent  of all employees, including bookkeepers, will steal if they feel confident they can get away with it and if circumstances allow for it due to weak integrity and a sense of "Redistributing The Wealth, But Not The Work Or The Responsibility." Signs to watch out for your employee: Asks for signature authority on your checking/savings/payroll accounts Has a lifestyle that seems above what they are earning Takes Records Home to work on, or they want to work in the office when no one is around (Fraudulent activities are more accessible when nobody is around) Gets defensive when you or your CPA asks questions. Has access to your credit/debit cards Your bookkeeping is a complete mess, and you cannot understand it. Tries to explain away delinquency tax notices. Is the primary contact for your company's banks, auditors, creditors, etc. Misplaces payroll receipts, deposit records, supplier letters, and estimates. Makes bank deposits, and they seem to be too small. Show signs of drinking, drug, gambling, or family financial problems. Suggested they could save money by eliminating the outside accounting firm. Gets angry when you ask for a QuickBooks report. Tries to blame the previous Bookkeeper or outside accounting firm for messy QuickBooks. Does not get along well with other employees and staff members. There are more warning signs, so be aware of and action steps you can take. How can you effectively prevent expense fraud? The first step in preventing expense fraud is to have a comprehensive and clear expense policy. It should be up-to-date, relevant, and easily accessible for all employees. Ensuring that the policy covers all necessary expenses, acceptable limits, documentation requirements, and reporting procedures is essential. It would be best to encourage employees to ask questions or seek clarification regarding the policy. Require detailed receipts and proper documentation to support the expense claims. Expense receipts should be original and include the date, amount, vendor name, and a clear description of the expense. For instance, credit card statements are not acceptable as receipts because they need to provide detailed information about the payment. Conduct regular audits of expense reports to identify any patterns or suspicious claims. Audits not only help you detect fraudulent activities but can also identify internal control gaps or process deficiencies. Providing policy training and raising awareness of employees regarding business ethics can also help prevent expense fraud. All employees should be trained on these measures and regularly communicate a zero-tolerance policy for fraud and misconduct.  Additionally, implement systems for reviewing and approving all expenses and ensure checks and balances are in place to prevent unauthorized spending. By taking these steps, we can maintain a culture of integrity and honesty in your business and protect your construction company's reputation. You can leverage expense management software that automates the expense reporting process, thereby reducing errors and improving efficiency. It can also help monitor suspicious activities, such as multiple submissions for the same expense or expenses exceeding the allowable limit. Final thoughts Preventing expense fraud requires a collective effort from construction business owners, project managers, and employees. Having a clear and comprehensive expense policy, encouraging ethical culture, conducting regular audits, and leveraging technology can help prevent expense fraud. By implementing suitable prevention measures and promoting ethical conduct among employees, you can reduce the risk of expense fraud and protect your business from potential financial and reputational losses. Don't let expense fraud be a hidden cost in your business. If you need help creating policies or want to review your existing expense processes, we're here to help. Reach out to us today! About The Author: Sharie DeHart, QPA, co-founded Business Consulting And Accounting (Fast Easy Accounting) in Lynnwood, Washington. She is the leading expert in managing outsourced construction bookkeeping and accounting services companies and cash management accounting for small construction companies across the USA. She encourages Contractors and Construction Company Owners to stay current on their tax obligations. She offers insights on managing the remaining cash flow to operate and grow their construction company sales and profits so they can put more money in the bank. Call 1-800-361-1770 or sharie@fasteasyaccounting.com