25-How to Pay Yourself from Your Business - Salary vs Owner Distributions vs Profit

Get my Monthly Newsletter here

This episode of a LIVE walkthrough of Erica filing her own BOI (Beneficial Ownership Information) reporting via the FinCEN website.

If you haven't already, listen to Episode 65 first.

Important links mentioned in this episode:

• Link to BOI Reporting | https://www.fincen.gov/boi

• BOI Brochure | https://www.fincen.gov/sites/default/files/shared/BOI%20Informational%20Brochure%20508C.pdf

• Exemption from Reporting | https://www.fincen.gov/boi-faqs#C_2

Connect with Erica:

Instagram 

LinkedIn

Get my Monthly Newsletter here

Today Erica talks about the brand new Beneficial Ownership Information (BOI) reporting law, which went into effect on January 1, 2024. Geared toward small business owners, consultants, and agency owners, this law mandates reporting to the Financial Crimes Enforcement Network (FinCEN), a branch of the U.S. Department of Treasury.

Inside, you’ll find the answers to such questions as:

• What is the Corporate Transparency Act?

• Who is exempt from these requirements?

• Can I file my BOI report myself, or do I need a professional?

• What information do I need to file my business's report?

• What are the deadlines for filing?

If you haven’t filed this yet, listen to the Bonus episode: Live BOI Application Walkthrough, where Erica walks you through the process as she completes it for her own business.

Important links mentioned in this episode:

• Link to BOI Reporting | https://www.fincen.gov/boi

• BOI Brochure | https://www.fincen.gov/sites/default/files/shared/BOI%20Informational%20Brochure%20508C.pdf

• Exemption from Reporting | https://www.fincen.gov/boi-faqs#C_2

Connect with Erica:

Instagram 

LinkedIn

Get my Monthly Newsletter here

Welcome to part 2 of the mini-series “To Hire or Not to Hire.”  

Today Erica talks with Geraldine Carter, a business coach who works with CPAs to help them go down to a forty-hour, then twenty-five-hour, and then eventually fifteen-hour work week without losing revenue.

Their deep-dive discussion covers strategies for optimizing work hours and productivity without necessarily expanding the team.

Just another approach to growing a profitable business!

Find the answer to these questions inside…

• How can coaches and consultants scale their business without hiring?

• What are the benefits of staying solo versus hiring in consulting?

• How can hiring experts help consultants avoid the hire-fire cycle?

• What strategies can be used to reduce work hours without losing revenue?

• Can you grow your consulting business profit without expanding your team?

Books mentioned in this episode:

Getting Things Done, David Allan

Value-Based Fees, by Alan Weiss

Business of Expertise, by David C Baker

If you missed the first part of this 2-part series, catch it here: https://www.ericagoode.com/podcast/ep62

Reach out to Geraldine:

• On her website - GeraldineCarter.com

• Listen to the Business Strategies for CPAs podcast - on Spotify: https://spoti.fi/3HPR37G

Connect with Erica:

Instagram 

LinkedIn

Get my Monthly Newsletter here

Welcome to part 1 of the 2-part mini-series “To Hire or Not to Hire.”  As a business owner, whether you choose to stay solo or grow a team is your decision. Think about your needs, your business model, and what’s right for you.  Then take the time to listen to this episode and the next one, and move forward.

Either way can be profitable!

Find the answer to these questions inside…

• What are the critical factors for small business owners to consider when deciding to hire their first employee?

• How can small business owners identify the right time to expand their team?

• What are the differences in hiring needs between solopreneurs and businesses with up to 200 employees?

• What strategies can help determine the best first hire for a small business?

• How does understanding business bottlenecks aid in making effective hiring decisions?

• What role does company culture play in the hiring process for small businesses?

• How can small business owners develop a clear picture of their ideal candidate?

• What are the best practices for onboarding new hires in a small business setting?

Reach out to Jamie:

• On her website - growingyourteam.com

• Listen to the Growing Your Team podcast - on Spotify: https://spoti.fi/3OnCL1M

• Follow her on Instagram - @growingyourteam

Connect with Erica:

Instagram 

LinkedIn

 → Don’t miss an episode! 

Get my Monthly Newsletter here

Is THIS the year that you are leaving the corporate cushion and heading out on your own? If so, here’s the “speed dating version” of what you need to get set up.

1. Set up an LLC
2. Get an EIN
3. Get a separate business bank account
4. Get business insurance
5. Set up a good bookkeeping system (and maybe hire a good bookkeeper, too!)

If you want a deeper dive into the items above, check out the episodes below:

Episodes in the “Business Money 101” series:

• Ep 3 - Financial Foundations - https://www.ericagoode.com/podcast/ep3
• Ep 4 - LLCs and EINs -https://www.ericagoode.com/podcast/ep4
• Ep 5 - Business Insurance - https://www.ericagoode.com/podcast/ep5
• Ep 6 - Bank Accounts - https://www.ericagoode.com/podcast/ep6
• Ep 7 - Bookkeeping Practices - https://www.ericagoode.com/podcast/ep7 

Connect with Erica:

Instagram 

LinkedIn

Email List

Enjoy this casual conversation I had with our 12-year-old daughter about money - and a little bit of life.

From our family to yours, we hope you're taking this time during the holiday season to relax and enjoy some time with family and friends!

This episode, we're talking through what type of accountant you need in your business and when to hire them.

And to keep it in the spirit of the Holidays, I’ve borrowed a page from The Christmas Carol to explain how each of “the ghosts of accounting” work, how to decide when you need each one - and why.

Talking through:

• Difference between an accountant and a CPA
• What type of tax preparer you should hire?
• When to invest in a bookkeeper
• What does a fractional CFO do?

Connect with Erica:

Instagram 

LinkedIn

Email List

We're talking all-things high-yield business savings account today:

• What's a high-yield savings account?
• How much should you put in a high-yield savings account
• Are they safe?
• How to find a good one

I'll even walk you through how I move money in and out of my high-yield savings account throughout the year. 

Connect with Erica:

Instagram 

LinkedIn

Email List