In this episode, Erica welcomes Julie Maison, a Chief Communications Officer for nonprofits and churches. This episode is an open Q&A session where Erica answers questions many new business owners have, including accounting concepts like cash and accrual basis accounting, the differences between an LLC and S-Corp, and the importance of accurate bookkeeping.

00:00 Introduction

00:54 Meet Julie Maison: Communications Expert

02:08 Julie's Journey to Entrepreneurship

04:20 Navigating the Challenges of a New Business

09:55 Understanding Accounting Basics

10:58 Cash vs. Accrual Accounting Explained

17:32 Planning for Financial Success

19:35 Example of Setting Aside Money for Taxes

20:11 Owner's Distribution vs. Salary

23:51 Owner's Distribution Framework

25:43 Sole Proprietorship vs. S Corp

30:05 Strategic Cash Flow Planning

32:43 Common Financial Mistakes

37:28 Retirement Savings for Entrepreneurs

EricaGoode.com

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Resources Referenced:

Ep4 - Ep7 Consultants & Money: Business Money 101 series

Ep86 - Retirement Plans for Consultants

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