10. 5 Mistakes Business Owners Make with Cash Flow

In today's episode of Purposeful Profit, I'm helping answer one of the most common questions I get from business owners:  

"Should I be an S corp or an LLC?"

And the answer is, they really are not mutually exclusive. 

You can be an LLC as a legal form AND still elect S corp status. And doing so, can generate significant tax savings under the right circumstances. 

Join me for this week's episode of Purposeful Profit where I'm exploring LLC and S corp tax treatment and when an S corp makes sense (and why talking to your tax advisor is so important). 

You'll learn:

• The difference between LLC and s corp tax treatment
• When to consider an S corp election
• How and when to file for S corp election

Mentioned in this episode:

• S Corp Tax Calculator
• Ready to put more profit in your pocket? Book your financial health assessment to continue the conversation

Other resources:
Get your Simple Financials Bookkeeping template
Get Your 30 Days of Money Mindset Prompts

DISCLAIMER: The information in this podcast is for informational purposes only and does not constitute an accountant-client relationship. While we use reasonable efforts to furnish accurate and up-to-date information, we assume no liability or responsibility for any errors, omissions or regulatory updates.

The best bookkeeping system for your business is the one you'll use.

A system, no matter how full featured, that you don't use, isn't any better than no system.

So if you don't have a system or you aren't using the system you have and are overwhelmed by the idea of using QBO or adding the cost, you are who Simple Financials was designed to serve.

Alex Mitchell is an integrative hypnotist and business coach. She'd been running her business like many coaches or business owners do: without paying attention to her finances and just waiting until tax season. Her system was a shoebox. She felt the need to start treating her business like a business - enter Simple Financials.

In this episode of Purposeful Profit, you'll hear how Alex using the Simple Financials bookkeeping template to get control over her finances and in the process, change how she thought about her numbers and how hypnosis can help you in your business.

Mentioned in this episode:

Get your Simple Financials Bookkeeping template
Ready for done for you bookkeeping? Book a free call and let's talk about your business.

Other resources:

Get Your 30 Days of Money Mindset Prompts

Connect with Alex:

Alex Mitchell is an integrative hypnotist and works with women in all aspects of their lives, whether it be personal transformation or business coaching. After a long career in technology, Alex found a new path to explore when she discovered the power to change her own brain through hypnosis. She starts her sessions with the simple question "what do you want to change today?"

Instagram: https://instagram.com/alex.mitchell.coach
Free Focused Fifty Co-Working Session: https://alex-mitchell-hypnosis-coaching.ck.page/a9ee21ede7
Website: https://alexmitchellcoaching.com

DISCLAIMER: The information in this podcast is for informational purposes only and does not constitute an accountant-client relationship. While we use reasonable efforts to furnish accurate and up-to-date information, we assume no liability or responsibility for any errors, omissions or regulatory updates.

Is your bookkeeping system a shoebox? A file folder?

A bookkeeping system provides a way to record and classify transactions and a shoe box or file folder can't do that.

But not everyone needs (or wants) a full featured system like QBO. And bookkeeping doesn't have to be complicated.

🎧 Tune into this week's episode where I talk about the simplest bookkeeping system. You'll learn:

 ▶️ Why you need a bookkeeping system, even at the very beginning
 ▶️ The 4 requirements of any bookkeeping system
 ▶️ How Simple Financials solves your bookkeeping in the simplest way possible

Mentioned in this episode:

• Get your Simple Financials Bookkeeping template
• Continue the conversation and book a free call

Other resources:

• Get Your 30 Days of Money Mindset Prompts

For the full show notes, including the transcript, go to www.carlamoats.com/podcast/episode27

DISCLAIMER: The information in this podcast is for informational purposes only and does not constitute an accountant-client relationship. While we use reasonable efforts to furnish accurate and up-to-date information, we assume no liability or responsibility for any errors, omissions or regulatory updates.

It's tax season and that often brings a lot of stress, handwringing and anxiety to business owners.

But tax prep can be a breeze if you are prepared.

Before you go to your tax preparer, there's some easy steps you can take to reduce the questions you get from your tax preparer and makes sure you've maximized your deductions.

🎧 Tune into this week's episode and be prepared for your smoothest tax season ever. You'll learn:

 ▶️ QBO housekeeping tasks you should do before going to your tax preparer
 ▶️ Key deductions that are not part a part of your bookkeeping
 ▶️ Tips for managing receipts to make tax prep easier
 ▶️ How to prepare for tax season if you don’t have a bookkeeping system

Mentioned in this episode:

• Continue the conversation and book a free call
• Get your Simple Financials Bookkeeping template

Other resources:

• Get Your 30 Days of Money Mindset Prompts

For the full show notes, including the transcript, go to www.carlamoats.com/podcast/episode26

DISCLAIMER: The information in this podcast is for informational purposes only and does not constitute an accountant-client relationship. While we use reasonable efforts to furnish accurate and up-to-date information, we assume no liability or responsibility for any errors, omissions or regulatory updates.

In this week's episode of Purposeful Profit, I'm clearing up the confusion I see among small business owners around the requirements for 1099 reporting. 

And this confusion is leading to 1099's being issued for incorrect amounts, to people who should not receive one, not being issue to those who should get one.

Tune into this week's episode and get the 1099 rules broken down for you in simple terms. You'll learn:

➡️ Who you should be issuing 1099’s to and who you shouldn’t
➡️ How to ensure you are applying the rules correctly
➡️ What to do if you get a request for a W9

Mentioned in this episode:

• Continue the conversation and book a free call
• IRS Form W9
• IRS 1099-NEC Instructions

Other resources:
Get your Simple Financials Bookkeeping template
Get Your 30 Days of Money Mindset Prompts


For the full show notes, including the transcript, go to www.carlamoats.com/podcast/episode25

DISCLAIMER: The information in this podcast is for informational purposes only and does not constitute an accountant-client relationship. While we use reasonable efforts to furnish accurate and up-to-date information, we assume no liability or responsibility for any errors, omissions or regulatory updates.

Is your business built on a solid foundation? Or is it built on dirt or soft ground?

When you build a house on soft ground, it might stand for a time, but eventually it caves in. Same goes for your business.

And your finances are the basement of your business. It’s the part that’s invisible to most outsiders, but what holds up the upper floors - your sales, marketing and your own personal zone of genius.

Your bookkeeping system is one of the first bricks in that foundation. And since you probably aren't an accountant, you need expert help building that foundation. That's where I come in.

With over 30 years of finance and accounting, I offer accounting and bookkeeping services to serve female CEOs up to $5 million in revenue.

In this episode of Purposeful Profit, you'll get an introduction to the 6 bookkeeping and accounting services I offer to help you build that strong foundation:

1️⃣ QBO Assessment
2️⃣ QBO Cleanup
3️⃣ QBO Setup
4️⃣ Monthly Bookkeeping Services
5️⃣ Simple Financial Bookkeeping Template
6️⃣ Ask-an-Expert

🎧 Listen in and you'll learn:

- The 6 bookkeeping services I offer to support your accounting needs
- Who each service is for and what’s involved
- How to take the next step

Mentioned in this episode:

Get your Simple Financials Bookkeeping template
Continue the conversation and book a free call

For the full show notes, including the transcript, go to www.carlamoats.com/podcast/episode24

DISCLAIMER: The information in this podcast is for informational purposes only and does not constitute an accountant-client relationship. While we use reasonable efforts to furnish accurate and up-to-date information, we assume no liability or responsibility for any errors, omissions or regulatory updates.

There is one thing that absolutely every business needs: bookkeeping.

You need it not just to report taxes properly, but to understand the finances of your business.

Selecting your bookkeeping system is one of the earliest decisions you'll make in your business.

But, let's face it, you are not an accountant and may not know what you need or understand your options. And selecting a system with those is like throwing darts blindfolded. Not every business has the same needs.

In this week's episode of Purposeful Profit, I'm going to take the blindfold off and help you figure out the best system for YOUR business (or evaluate whether your current system is the right one).

You'll learn:
- The primary purpose of a bookkeeping system
- The difference between single and double entry accounting (and why you care)
- The major bookkeeping options in each category and advantages and disadvantages of each

Mentioned in this episode:

• Get your Simple Financials Bookkeeping template
• Continue the conversation and book a free call

For the full show notes, including the transcript, go to www.carlamoats.com/podcast/episode23

DISCLAIMER: The information in this podcast is for informational purposes only and does not constitute an accountant-client relationship. While we use reasonable efforts to furnish accurate and up-to-date information, we assume no liability or responsibility for any errors, omissions or regulatory updates.

The only thing worse than no bookkeeping is bad bookkeeping. It costs you time and money, both today and in the future. I know because I'm often working with clients to clean up shoddy bookkeeping work. It's the starting point for a good financial foundation.

There are a lot of great bookkeepers and accountants out there. But it's also an unregulated field and anyone can hang out a shingle.

It's also one of the first tasks business owners will hire out, but many don't really know what to look for or what to avoid. And this often adds up to bad hires that leave you with inaccurate and incomplete bookkeeping.

In this week's episode of Purposeful Profit, I'm sharing the 5 red flags to watch out for when hiring your next bookkeeper (or assessing your current one) so you can make better hiring decisions.

Mentioned in this episode:

• Get your Simple Financials Bookkeeping template
• Continue the conversation and book a free call
• Episode 21: 10 Habits to Get Your Business Finances Organized in 2024

For the full show notes, including the transcript, go to www.carlamoats.com/episode22

DISCLAIMER: The information in this podcast is for informational purposes only and does not constitute an accountant-client relationship. While we use reasonable efforts to furnish accurate and up-to-date information, we assume no liability or responsibility for any errors, omissions or regulatory updates.

Are your finances for 2023 all in order? Or are they a bit of hot mess?

Are you going to be able to spend Q1 focused on your 2024 goals or are you going to spend it in mad rush, full of anxiety, trying to pull all your numbers together.

What if this time next year, your finance were all in order and you were not scrambling for the tax guy. What if you had put the annual mad rush and tax anxiety to bed and were able to just focus on growing your business?

It doesn't come from making resolutions, but rather from establishing solid financial practices and habits.

Listen to this episode and learn 10 habits you can build so that 2024 is the year you get your business finances in order.

Mentioned in this episode:

• Get your Simple Financials Bookkeeping template
• Continue the conversation and book a free call

For the full show notes, including the transcript, go to www.carlamoats.com/episode21

DISCLAIMER: The information in this podcast is for informational purposes only and does not constitute an accountant-client relationship. While we use reasonable efforts to furnish accurate and up-to-date information, we assume no liability or responsibility for any errors, omissions or regulatory updates.

The cash flow statement is one of the three standard financial statements for businesses. Yet it's an engima for many business owners.  It's typically the least used and understood of the 3 standard financial statements. Yet it's a vital tool to helping you understand how your business generates and uses cash flow. 

And that understanding and knowledge is key to managing your cash flow.

Join me for this week's episode where I help you understand your cash flow statement. You'll learn:

• What the cash flow statement is and how it's different from the other financial statements
• The 3 activities that drive your cash flow
• Why the cash flow statement is important

Mentioned in this episode:

• Get your free guide to 10 Ways to Improve Your Cash Flow
• Continue the conversation and book a free call

For the full show notes, including the transcript, go to www.carlamoats.com/podcast/episode20

This episode was produced by The Podcast Teacher.

DISCLAIMER: The information in this podcast is for informational purposes only and does not constitute an accountant-client relationship. While we use reasonable efforts to furnish accurate and up-to-date information, we assume no liability or responsibility for any errors, omissions or regulatory updates.