profit first

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.

In today's episode of Small Business School, we dive into ‘Profit First’, a method designed to transform the way you handle your business expenses. I am breaking down the core concepts from Mike Michalowicz's phenomenal book, emphasizing the importance of setting limits and strategically managing your finances. Let's get into it!

Topics Covered:

• Profit First; the method of allocating funds to specific bank accounts, including employee pay, operating expenses, owner compensation, profits, and taxes.
• Why some entrepreneurs struggle with Profit First and discover ways to overcome challenges.
• The non-negotiable aspects of setting aside money for taxes and strategically using profit accounts.
• The importance of having a strategic mindset, seeking mentorship, and gaining a comprehensive understanding of your business to maximize Profit First's effectiveness.

A Profit First financial plan can be the right financial pressure you need to experience  transformation in your small business!

Have questions about what this looks like for you or topic ideas for a future episode? Let me know! I would love to connect with you!

Links:
Profit First by Mike Michalowicz: Link to purchase book off amazon

Staci's Links:
Instagram. Website.

The School for Small Business Podcast is a proud member of the Female Alliance Media.

To learn more about Female Alliance Media and how they are elevating female voices or how they can support your show, visit femalealliancemedia.ca.

Head over to my website https://www.stacimillard.com/ to grab your FREE copy of my Profit Playbook and receive 30 innovative ways you can add more profit to your business AND the first step towards implementing these ideas in your business!

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.

We haven't met a contractor who likes to pay taxes, but many take avoiding taxes to the extreme. What are the true implications of making it your goal to pay no taxes every year? Let's talk about it.

Topics we cover in this episode include:

• Four ways contractors can be taxed
• An example of an extreme outcome of tax avoidance
• The purchases and tax choices that get many contractors in trouble
• How Profit First can help you save enough for taxes and remain profitable

LINKS

Visit the episode page at https://carpentercpas.com/taxdeferral for more details and a transcript of the show.

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs

FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

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.

You may have heard the term real revenue, but how do you define it? In construction, it's a powerful concept worth knowing, but what can you do with it and how can you use it to run your construction company? Let's talk about it.

Topics we cover in this episode include:

• What is real revenue and where does the term come from?
• Real revenue avoids confusion around job cost vs. overhead
• How real revenue lets you know if you're using the right overhead rate
• Real revenue and cash flow management

LINKS

Visit the episode page at https://carpentercpas.com/realrevenue for more details and a transcript of the show.

Find all episodes and related links at ContractorSuccessForum.com.

Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs

FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

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.

Do you lose sleep worrying about whether you have enough cash in your business to pay your bills? Whether you can invest in your business so you can grow? 

Well, you are not alone. 70% of business owners say they have cash flow issues. 

When you are running a small business, cash is king. Because if you can't pay your bills or don't have money to invest in the business, you won't be able to sustain growth or last long. 

Here is a sobering statistic: 82% of all business that fail, fail because of cash flow issues. 

If you don't want to be part of that 82%, learning to effectively manage your cash flow is a key skill. 

But there's good news:  effective cash flow is largely a matter of building good financail habits. 

Tune into this week's episode where I share 5 habits you can start building now to improve your business's cash flow, whether you are a new business or you've been around for years. 

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/episode19

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.

Making more profit in your business and more money in your life doesn't start with your numbers. Or your strategies. It starts between your ears with your mindset.

The money stories we tell ourselves directly impact our ability to build profitable businesses and create wealth and money in our lives. These stories, many of which we accept as fact, are really just thoughts and beliefs we keep repeating to ourselves. They've been framed by our lifetime experiences, upbringing, and societal messages.

And buried in these thoughts are our limiting beliefs about money. And those limiting beliefs hold us back in our business daily. By getting in touch with our stories and deciding what we want to keep and what we want to let go, we can directly impact our ability to create more profit and money.

Join me for this week's episode and I talk about where our money stories come from, how to find our money stories and 4 questions to ask ourselves about our stories.

Mentioned in this episode:

• Get your 30 Days of Money Prompts
• Get your free guide to 10 Ways to Improve Your Cash Flow
• Get your free guide to 3 Reasons You Aren't Making More Profit  (and How to Fix It)
• Continue the conversation and book a free call

For the full show notes, including the transcript, go to www.carlamoats.com/podcast/episode18

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.

One common mistake I see with business owners who want to make more profit is that they are putting profit last. Profit is what happens to them after all their expenses are paid.

But sustainable project requires a Profit First mindset. In this week's podcast, I'm talking about how a Profit First mindset can transform your business. 

A profit last mindset is a sure way to unending hustle, burnout and poor or inconsistent profitss. Instead, adopt a Profit First mindset and get off the hustle and burnout bus and start making more money.

Tune in and learn:

• What Profit First is and what isn't
• The 4 core principles behind Profit First
• How to start implementing Profit First today.

Mentioned in this episode:

• Get your free guide to 10 Ways to Improve Your Cash Flow
• Get your free guide to 3 Reasons You Aren't Making More Profit  (and How to Fix It)
• Continue the conversation and book a free call

For the full show notes, including the transcript, go to www.carlamoats.com/podcast/episode17




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.

When you hang out with entrepreneurs with a vision for their business, there’s one thing you’re bound to hear them talking about: scaling

But there’s a word missing from almost every discussion: PROFIT

And profit, not revenue, is the real point of scaling. But for various reasons, all the conversation about scaling centers around revenue. And this is resulting in businesses scaling prematurely and building outsized businesses as they scale, rather than building efficient, profitable businesses. 

Join me this week's episode where I'm up on my profit soapbox again, this time talking about it relative to scaling. 

Have a listen and you'll learn:

• The revenue trap that business owners ready to grow their business fall into
• What scaling means in financial terms
• The things to do BEFORE you start scaling so you set yourself up for success

Mentioned in this episode:

• Get your free cash flow guide
• Learn 10 ways you can improve your profit
• Continue the conversation and book a free call

For the full show notes, including the transcript, go to www.carlamoats.com/podcast/episode16





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.

This week I'm blowing the lid off one of the biggest myths out there about improving your profit. Profit improvement isn't just about increasing revenue or cutting costs.

In this week's episode, I'm sharing 5 much more nuanced strategies that can improve your profit without you hustling to chase more revenue or taking an axe to your expenses.

You'll learn:

• Why increasing your revenue or cutting expense isn’t a fix all for improving profit
• 5 ways you can improve your profit that don’t require you to go hustle to find new revenue and take an ax to your expenses
• The one thing that’s the secret ingredient to profit improvement 

Mentioned in this episode:

• Get your free cash flow guide
• Learn 10 ways you can improve your profit
• Continue the conversation and book a free call

For the full show notes, including the transcript, go to www.carlamoats.com/podcast/episode15





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.

I'm going all Brené Brown on you in this week's episode and talking about shame. Specifically financial shame. 

Financial shame is costing you money every day in your business. It's keeping you stuck in your business because shame leads to inaction, buffering and continuing on the same path. 

I hear from clients all the time about how ashamed or embarrassed they are by the state of their finances. 

And I tell them there is nothing I haven't seen. And once we face it and have a plan, they all experience a feeling of relief. And wish they hadn't waited.

You can stay in shame and judgement and  or you can decide to take action. Taking action is really about just leaning into the discomfort. 

In this week's episode, you'll learn:

• Why financial shame is all in your head
• How financial shame is costing you money everyday in your business
• How to move past financial shame and start moving forward

Mentioned in this episode:

• Ready to quit avoiding your finances and finally take charge of them? Book your free financial assessment to get started
• Get your profit guide with 10 ways to improve your profit

For the full show notes, including the transcript, go to www.carlamoats.com/podcast/episode14





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.

All businesses need bookkeeping. It's usually one of the first things business owners will outsource. Yet, 90% of all clients that come me have bookkeeping issues. They don't know what they don't know.

A good bookkeeper is a huge asset and a key part of your financial team. But it's an unregulated field and business owners often don't know what they don't know.

When clients come to me with profit and cash flow issues, I often see a direct link with the  quality of their bookkeeping.  You can't manage profit and cash flow effectively if you don't have books you can trust and rely on.  

In this week's episode, I'm sharing the 5 bookkeeping mistakes I most often see businesses owners make, so you can avoid them.

You'll learn

• Questions you should be asking when you hire a bookkeeper
• The delegation mistake most business owners are making
• Why bookkeeping shouldn’t operate in a silo in your business

Mentioned in this episode:

• Ready to quit avoiding your finances and finally take charge of them? Book your free financial assessment to get started
• Sign up for the September profit roundtable 

For the full show notes, including the  transcript, go to www.carlamoats.com/podcast/episode13





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.