In this episode of The One Small Change Podcast, host Yvonne McCoy welcomes Candy Messer, who shares her journey from an unexpected entrepreneurial path to becoming an expert in bookkeeping and compliance. Candy offers valuable insights into the common pitfalls entrepreneurs face when managing finances and compliance. She emphasizes the importance of understanding financials, staying organized, and investing in professional guidance to navigate the entrepreneurial journey successfully. Tune in to discover actionable steps and mindset shifts to ensure your business's financial health and compliance.

Guest Bio:

Candy Messer is a seasoned accounting professional with years of experience providing critical financial services to entrepreneurs. With a background that spans from retail to full-charge bookkeeping, Candy's journey into entrepreneurship was driven by a desire to balance family life and professional aspirations. As the owner of Affordable Bookkeeping and Payroll, she is passionate about helping business owners navigate financial complexities with ease, educating her clients on compliance, and empowering them to achieve financial success.

Key Points Discussed:

1. Candy's Unexpected Journey into Entrepreneurship (00:01:07): Candy shares how she never intended to become an entrepreneur, starting from a stay-at-home mom to helping a preschool with accounting and eventually launching her own business.
2. Importance of Financial Education for Entrepreneurs (00:04:24): Candy highlights how many business owners are unaware of compliance requirements, leading to penalties, and stresses the need for financial education.
3. Understanding Cash Flow vs. Profit (00:06:50): Candy clarifies common misconceptions about cash flow and profit, sharing how entrepreneurs can misinterpret their financial standing.
4. Role of Accountants as Business Partners (00:12:04): The conversation delves into how accountants can provide insights into business trends and develop a partnership with business owners to enhance profitability.
5. Practical Steps for Financial Organization and Compliance (00:17:04): Candy offers actionable advice on setting reminders for important deadlines and staying organized to prevent financial pitfalls.

Main Quote:

"If you're gonna be an entrepreneur, you can't just do the thing you love per se; someone has to do the financials and reporting to make sure your business stays compliant."

Links:

• 1099 guide: https://affordablebookkeepingandpayroll.com/1099-guide/
• Guide to financial lingo: https://affordablebookkeepingandpayroll.com/free-report/