Choosing the right retirement plan just got easier! In this episode, Danielle Hayden highlights various retirement options available to business owners and provides insights to help you understand which plan best suits your business. She breaks down the pros and cons of each plan, diving into their tax benefits, contribution limits, and level of administrative work. Whether you’re looking for a low-cost option or plans that don’t require an employer match, this episode covers everything you need to know about retirement planning and picking the perfect plan for your business!

Key Takeaways:

• Your business structure and financial goals are a key factor in choosing the right retirement plan.

• Learn the importance of retirement planning and what options are available to small business owners and solopreneurs.

• Discover which plans offer greater tax benefits, which will attract employees, and which are easier (and cheaper) to manage.

• Consult with your CPA and financial advisor to make the best retirement decisions for your business and future.

Topics Discussed:

Defined benefit plans (1:47)

401k plans (4:47)

The Solo 401k plan (9:07)

Traditional and Roth IRA plans (11:18)

How to pick your ideal plan (13:42)

Resources:

Gusto 401K Retirement Plans for Small Business

Wellington Retirement Solutions, Inc.

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Want to level up your business without taking on more debt? In this episode, CEO Danielle Hayden introduces three types of grants and explores how business owners can secure free money to fuel growth. She highlights the unique benefits of grants, specifically the Ohio TechCred Grant which she’s leveraged in her own business. Chris Kiec also joins the conversation to share real-world success stories from the TechCred program, showing how it can boost productivity and employee retention. Tune in for actionable tips to do the same for your business.

Key Takeaways:

• Grants are a valuable resource for business owners looking to expand or optimize operations without taking on debt.

• Learn the three types of grants and where to find those that align with your business.

• Understand how grants offer business owners the ability to grow their skills along with their employees.

• Explore the professional development opportunities available through the Ohio TechCred Grant.

• Find out if your business is eligible for the Ohio TechCred Grant or similar grants.

Topics Discussed:

Advantages of using grants in your business (0:43)

Types of grants (1:43)

What is the Ohio TechCred Grant? (2:59)

Introduction to Chris Kiec and her company (4:23)

Eligibility and benefits of the Ohio TechCred Grant (7:37)

Training options in the TechCred program (10:37)

TechCred Grant programs in other states (16:17)

The importance of professional development for business owners (16:55)

Real-world applications of TechCred training (20:18)

Resources:

Apply for the Ohio TechCred Grant for your business!

https://kickstartaccountinginc.com/techcred/

Learn more about Chris Kiec’s firm, Adventures In Automation!

https://adventuresinautomation.com/

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As the kids head into a new school year, it’s time for you to get back into business mode. This episode is packed with strategies to capitalize on slower periods of business, better manage your time, and close out the year with success. Danielle Hayden outlines five steps to help you reflect on your progress, set new goals, manage your time, and create balance between your professional and personal life. Learn how to make intentional decisions that will drive your business forward in the coming months!

Key Takeaways:

• Discover the five steps you can take to realign your goals and finish the year with intention.

• Learn strategies to manage your time, prioritize tasks, and create work-life balance.

• Understand the importance of assessing and adapting to the seasonality of your business.

• Business owners should evaluate the role that technology plays in supporting or complicating their workflow.

Topics Discussed:

Why seasonality in business matters (1:25)

Step one: budget assessment (2:39)

Step two: setting realistic goals (6:56)

Step three: achieving work-life balance (10:20)

Step four: team roles and delegation (13:31)

Step five: leveraging technology (15:27)

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Bookkeeping is more than just tracking expenses; it's the backbone of any business. In this episode, CEO Danielle Hayden breaks down the fundamentals of bookkeeping for small business owners. She explains why bookkeeping is essential for driving growth, preparing for tax season, making informed financial decisions, and more. Whether you’re doing your own bookkeeping or working with a money team, these insights will help you save money and confidently manage your business financials. Tune in now!

Key Takeaways:

• Why bookkeeping is essential for small businesses to see the impact of their financial decisions and make changes according to their goals.

• Discover how this one type of accounting can simplify bookkeeping for your small business.

• Explore the many ways to leverage bookkeeping, from increasing the value of your business to ensuring IRS compliance.

• Understand your role as a business owner to review financial reports and communicate with your money team.

Topics Discussed:

The definition and role of bookkeeping in business (1:04)

Bookkeeping for small versus big businesses (2:09)

Cash accounting for small businesses (3:41)

Why every business needs bookkeeping (4:43)

The importance of bookkeeping for S Corps (10:50)

How bookkeeping increases business value (11:25)

Business owners’ responsibility to maintain accurate bookkeeping (12:53)

Book a Call with Kickstart Accounting, Inc.:

www.kickstartaccountinginc.com/book

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Unsure what counts as a fixed asset or business expense? Confused about how depreciation works? This episode will help you better understand important financial terms like fixed assets, business expenses and depreciation. Danielle Hayden walks through when to invest in fixed assets or focus on business expenses, how to handle home office expenses, and more. Listen to gain clarity on what all this means for the growth and value of your business!

Key Takeaways:

• Discover the difference between fixed assets and business expenses, their impact on the balance sheet, and how they contribute to long-term business value.

• Learn how to manage home office expenses as an S-corp versus an LLC.

• Understand capitalization and depreciation, including their effect on the balance sheet and the impact of loans.

• Get guidance on making smart purchase decisions that align with your business goals.

• It’s crucial to maintain records and consistently communicate with your money team in order to effectively manage your business financials.

Topics Discussed:

Fixed assets versus business expenses (1:28)

Fixed assets for a brick and mortar versus online business (3:56)

Determining when to capitalize assets (4:45) 

Depreciation basics (7:16)

How loans impact the balance sheet (8:35)

Home office business expenses (10:41)

The role of assets and expenses in building a valuable business (15:45)

Best purchasing practices for small businesses (19:42)

Who on your team is responsible for tracking depreciation? (22:30)

Resources:

Listen to episode 182: 8 Game-Changing Strategies to Boost Your Business’s Value! https://kickstartaccountinginc.com/8-game-changing-strategies-to-boost-your-businesss-value-ep-182/

Book a Call with Kickstart Accounting, Inc.:

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You deserve to earn more, but actually paying yourself more can be a challenge! In this episode, Danielle Hayden breaks down three strategies to increase profitability, ensuring you can sustain your business and boost your income. She also shares two methods to determine the right amount to pay yourself and explains why it’s important (and sometimes legally required) for business owners to pay themselves. Tune in to learn how to confidently pay yourself more while keeping your business financially healthy!

Key Takeaways:

• Understanding your dual role as a business owner and operator is crucial for determining how much to pay yourself.

• Discover three key strategies to boost profits in your business over time.

• Find out how to accurately calculate your pay using two methods: reasonable compensation and the rule of averages.

• Get advice on budgeting, paying yourself a fair salary, and why it's important for LLCs to adopt this practice early.

Topics Discussed:

The first method of paying yourself: reasonable compensation (1:47)

Paying yourself as an LLC versus S Corp (3:08)

The second method: the rule of averages (5:15)

Why it’s important to create a personal budget (9:31)

Three strategies to increase profits (11:33)

This week’s homework: 3 steps to start paying yourself more (15:24)

Resources:

Download this Kickstart Accounting Inc. worksheet to calculate your pay using the rule of averages! https://kickstartaccountinginc.com/payyourself/

Book a Call with Kickstart Accounting, Inc.:

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Are you building a legacy or lifestyle business? Regardless of your vision, creating value should be central to your strategy to maintain a sustainable business. In this episode, you’ll learn how to use your balance sheet to measure and grow the value of your business. CEO Danielle Hayden breaks down the basics of a balance sheet, what business owners do wrong when trying to increase the value of their business, and effective strategies to add value beyond the balance sheet.

If you want to sell or create generational wealth through your business, this episode is a must-listen. Tune in now!

Key Takeaways:

• Understand the role of the balance sheet in evaluating your business's financial health and value, including its components: assets, liabilities, and equity.

• Identify common mistakes business owners make when growing their business and how to avoid them.

• Learn key lessons from Jon Warrillow’s book, Built to Sell, and how to apply its framework to create a more valuable and sellable business.

• Get actionable tips for building a valuable business that supports long-term, sustainable growth.

Topics Discussed:

Basics of the balance sheet (2:34)

What a healthy balance sheet looks like (4:43)

Using the balance sheet to increase your business value (6:07)

Strategies to create value beyond the balance sheet (7:54)

The importance of recurring revenue (17:53)

How to balance the balance sheet with operational efficiency (20:18)

Book a Call with Kickstart Accounting, Inc.:

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Your books may be full and your revenue may be up, but is your business truly profitable? In this episode, host Danielle Hayden explains how to use your income statement to see what’s really going on in your business. You’ll learn the difference between revenue and profit, strategies to increase profitability, how to avoid common pitfalls of growing a business, and much more. Tune in for tips on balancing productivity and profitability during a season of growth!

Key Takeaways:

• High productivity does not always equate to high profitability, so it’s essential to review your financials regularly to assess how business growth impacts profitability.

• Understand the purpose of the income statement and how it can help you balance productivity with profitability as you grow your business.

• Discover the most important number on the income statement, what healthy percentages look like in a growing business, and why revenue is a misleading metric.

• Learn what you can do as a business owner to manage expenses without sacrificing productivity or quality of service.

Topics Discussed:

Client case study: when productivity doesn’t equal profitability (1:12)

Breakdown of the income statement (2:41)

The most important number on the income statement (5:33)

How business growth impacts profitability (6:15)

Using the income statement to assess productivity versus profitability (7:54)

Managing costs during a period of growth (11:06)

Four tips to balance productivity and profitability (17:48)

This week’s homework (19:26)

Resources:

Listen to the Business By The Books Podcast Hiring Series! https://kickstartaccountinginc.com/the-ultimate-hiring-strategy-with-kickstart-accounting-inc/

Connect with Kickstart Accounting Inc.:

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By understanding your business financials, you can make informed choices that align with your goals. That’s exactly how Carol Cox, CEO of Speaking Your Brand, pivoted from a career in software development to coaching women on public speaking and thought leadership. In this episode, Carol shares how she’s leveraging financial insights to make strategic decisions in her business, from cash flow management to adapting to market changes. We also discuss her decision to keep her team small, the use of AI in business, and more.

Tune in for an engaging conversation on strategic decision-making in every season of business!

Key Takeaways:

• Discover how Carol has adapted to changing economic realities and shifted strategies to maintain the financial health of her business.

• Understand the pitfalls and benefits of integrating AI in your business.

• Learn how tracking your financials can help you make informed business decisions and avoid cash flow issues.

• Hear the importance of balancing profit and purpose in your entrepreneurial journey.

Topics Discussed:

Introduction to Carol and her company, Speaking Your Brand (1:28)

The biggest financial lesson learned owning and operating three businesses (2:53)

Navigating the seasons of business and economic shifts (5:47)

Business expense review: marketing, advertising, and software (10:27)

Carol’s decision to play a client-facing role in her business (13:58)

Balancing payroll expenses with profit (18:03)

How AI can help or hurt a business (20:30)

Using numbers to assess business performance (22:39)

The importance of tracking KPIs and leveraging data in your business (26:41)

Resources:

Listen to Danielle’s episode with Carol on her podcast, Speaking Your Brand! https://www.speakingyourbrand.com/integrating-thought-leadership-and-lead-generation-in-your-signature-talk-with-danielle-hayden-case-study-podcast-ep-362/

Take the Speaker Archetype Quiz! https://www.speakingyourbrand.com/quiz/

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Book a Call with Kickstart Accounting, Inc.:http://kickstartaccountinginc.com/book

Does tax season sneak up on you every year? Consistent communication with your CPA can save you both time and money, and Sarah Quinlan and Kelsey Chester of KSA Tax Partners join CEO Danielle Hayden in this episode to explain how. They discuss the importance of tax prep calls and mid-year check-ins to ensure your business is ready to tackle tax season, capturing all deductions, and complying with IRS guidelines.

By the end of this episode, you’ll know how to access your reasonable compensation report, avoid costly tax mistakes, and work effectively with a tax advisor. Tune in now!

Key Takeaways:

• Learn the KSA Tax Partners framework for strategic tax planning and client engagement.

• Find out how mid-year check-ins can help you avoid tax liabilities and optimize your financial strategy for the rest of the year.

• Understand reasonable compensation, how to get your reasonable compensation report, and ensure you meet IRS requirements to maximize tax benefits.

• Discover your role in preparing your business for tax season and communication with your tax team.

Topics Discussed:

The purpose and benefits of tax prep calls (1:12)

Why KSA Tax Partners does client return reviews (5:47)

Leveraging mid-year check-ins to plan ahead and manage tax liabilities (9:04)

What to expect from a mid-year tax check-in call (12:52)

The importance of reasonable compensation (15:09)

Utilizing the benefits of being an S Corp (17:29)

How to be proactive in your business’s tax planning strategy (19:38)

Resources:

Learn more about the services at KSA Tax Partners! https://ksataxpartners.com/

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