Know Your Worth

We’ve seen it all when it comes to looking over business owners’ books, but there’s one bookkeeping mistake that we see again and again: undeposited funds.

Undeposited funds is an account in QuickBooks Online, and it is an automatic account that is created if you are invoicing out of QuickBooks. 

If you see that account growing, it’s a big red flag. 

Tune into this episode to understand: 

02:51 — What are undeposited funds

03:29 — Why undeposited funds create issues on your financial statements

05:35 — How undeposited funds happen

11:47 — How undeposited funds might be making you double-counting your revenue 

12:31 — Why remedying undeposited funds is crucial for tax savings

13:44 — How to spot the warning signs of undeposited funds on your balance sheet

🧹Get a Quickbooks Cleanup to Get Your Books Back on Track 

If you’ve run into issues with undeposited funds, or you're looking to re-categorize existing transactions, reconcile accounts, examine journal entries, etc, our QuickBooks Cleanup will get your books in order so you have an accurate financial view of your business so you can scale more effectively and give your accountant the best numbers to reduce your tax bill. 

When you book a call, we’ll get to know your business and needs and determine exactly what needs to get accomplished during the Quickbooks Cleanup process. 

https://knowyourworthpgh.com/bookkeeping

📈 UNDERSTANDING YOUR PROFIT AND LOSS GUIDE

Get the Profit and Loss Guide

❓TAX PLANNING QUESTIONS TO ASK YOUR ACCOUNTANT

Get the Tax Planning Questions Guide

🛍 75+ TAX WRITE OFFS

Get the Tax Write Offs

✅ BOOKKEEPING CHECKLIST

Get the Book Keeping Checklist

💵 BOOKKEEPING AND FINANCIAL ANALYSIS SERVICES FOR BUSINESS OWNERS

Apply for Bookkeeping or Financial Analysis Services

👋 CONNECT WITH SYDNEY & KRISTEN 

Website: https://knowyourworthpgh.com/

Instagram: https://www.instagram.com/knowyourworth_pgh/ 

YouTube: https://www.youtube.com/channel/UC3wzOVSDSC-xsmLg8JJ8MJg/

As your business grows, reporting sales tax gets a whole lot more complicated. 

From adding new types of products or services with different sales tax requirements to navigating the different sales tax laws in different states, the more your business grows, the more complex collecting and reporting sales tax becomes. 

In this episode, Sydney and Kristen explore what you need to know about sales tax so you understand how it evolves as your business grows and the role your bookkeeper can play in supporting you with collecting and reporting the right amount. 

Tune in to hear: 

03:28 — What types of businesses need to pay sales tax (including a few that commonly get overlooked) 

08:52 — What is Nexus and how to prepare for it (this is especially important if you sell in multiple states) 

12:01 — Sales tax exemptions to know 

23:05 — How to make sure you're paying the right amount on sales tax and the common mistake that leads many entrepreneurs to overpay

📈 UNDERSTANDING YOUR PROFIT AND LOSS GUIDE

Get the Profit and Loss Guide

❓TAX PLANNING QUESTIONS TO ASK YOUR ACCOUNTANT

Get the Tax Planning Questions Guide

🛍 75+ TAX WRITE OFFS

Get the Tax Write Offs

✅ BOOKKEEPING CHECKLIST

Get the Book Keeping Checklist

💵 BOOKKEEPING AND FINANCIAL ANALYSIS SERVICES FOR BUSINESS OWNERS

Apply for Bookkeeping or Financial Analysis Services

👋 CONNECT WITH SYDNEY & KRISTEN 

Website: https://knowyourworthpgh.com/

Instagram: https://www.instagram.com/knowyourworth_pgh/ 

YouTube: https://www.youtube.com/channel/UC3wzOVSDSC-xsmLg8JJ8MJg/

As entrepreneurs, we can fall into the headspace of always focusing on quantitative goals: a revenue number, a certain number of clients, or a profit margin. 

But we can burn out by focusing too much on those without the right motivators. 

By taking a look at quantitative goals, which are those goals that aren’t measurable like spending more time with your family or feeling more work/life balance, we can actually better determine what our quantitative goals need to be. 

You might be surprised to find that you don’t need to push yourself quite as hard to have the lifestyle you want. 

02:04 —  The trend we're seeing with business goals

04:26 — What are qualitative goals? Plus examples you may want from a business and personal perspective

19:21 — How to think about your money goals in a way that will support your lifestyle goals

📈 UNDERSTANDING YOUR PROFIT AND LOSS GUIDE

Get the Profit and Loss Guide

❓TAX PLANNING QUESTIONS TO ASK YOUR ACCOUNTANT

Get the Tax Planning Questions Guide

🛍 75+ TAX WRITE OFFS

Get the Tax Write Offs

✅ BOOKKEEPING CHECKLIST

Get the Book Keeping Checklist

💵 BOOKKEEPING AND FINANCIAL ANALYSIS SERVICES FOR BUSINESS OWNERS

Apply for Bookkeeping or Financial Analysis Services

👋 CONNECT WITH SYDNEY & KRISTEN 

Website: https://knowyourworthpgh.com/

Instagram: https://www.instagram.com/knowyourworth_pgh/ 

YouTube: https://www.youtube.com/channel/UC3wzOVSDSC-xsmLg8JJ8MJg/

As your business grows, your tax advisor will likely recommend that you transition from an LLC to an S Corp to gain a few tax advantages once you’re at about a $50,000 profit mark for the year. 

When you do, you will become an official W2 employee of your company. 

Plus, as you’re growing at that level, you’ll likely start considering bringing on one or more full-time employees.. 

In this episode, Sydney and Kristen discuss this transition and what it looks like, plus some considerations you need to keep in mind from an accounting and bookkeeping perspective that might change based on what’s required of you. 

01:29 — Making the switch to become an employee of your business and to hire W2 employees

03:18 — When should you make your LLC an S Corp? 

04:54 — The requirements you must meet to maintain an S Corp

07:09 —  How to properly onboard yourself as an employee

11:29 — Identifying a "reasonable" salary to pay yourself 

13:33 — How becoming an S Corp can affect the way your bookkeeping and accounting needs to be managed

RESOURCES MENTIONED: 

• Gusto Payroll Software: https://gusto.com/r/sydney0959 
• ADP Payroll Software: https://www.adp.com/what-we-offer/products.aspx 

📚 RESOURCES MENTIONED:

Gusto Payroll Software: https://gusto.com/r/sydney0959

ADP Payroll Software: https://www.adp.com/what-we-offer/products.aspx

📞 BOOK A CALL TO WORK TOGETHER

Changing your business structure, hiring contractors or employees, or any other big changes can require different bookkeeping and accounting needs.

Our team at Know Your Worth will make sure that you have everything you need from the bookkeeping side to best ensure you don’t raise any red flags to the IRS, plus make it easier for your CPA to file your taxes and get you the best return!

Schedule a call with us today to see how we can support your bookkeeping needs: https://knowyourworthpgh.com/contact

📈 UNDERSTANDING YOUR PROFIT AND LOSS GUIDE

Get the Profit and Loss Guide

✅ BOOKKEEPING CHECKLIST

Get the Book Keeping Checklist

👋 CONNECT WITH SYDNEY & KRISTEN 

Website: https://knowyourworthpgh.com/

Instagram: https://www.instagram.com/knowyourworth_pgh/ 

YouTube: https://www.youtube.com/channel/UC3wzOVSDSC-xsmLg8JJ8MJg/

As the business owner, it’s your responsibility to set up 1099 contractors properly and issue them the 1099s on time. 

A 1099 contractor is anyone you have paid $600 or more, cumulatively, for that year. 

Sydney shares with us everything to know about 1099 contractors so you can onboard them properly, track what you’re paying them and issue the 1099s on time. 

In this episode, you’ll learn: 

01:52 — What is a 1099 contractor?

03:58 — Avoid this IRS red flag that can lead to an audit 

07:13 — How business owners determine whether someone is an employee or is this a 1099 contractor

11:29 — Why would a business want contractors over employees or vice versa?

📈 UNDERSTANDING YOUR PROFIT AND LOSS GUIDE

Get the Profit and Loss Guide

❓TAX PLANNING QUESTIONS TO ASK YOUR ACCOUNTANT

Get the Tax Planning Questions Guide

🛍 75+ TAX WRITE OFFS

Get the Tax Write Offs

✅ BOOKKEEPING CHECKLIST

Get the Book Keeping Checklist

💵 BOOKKEEPING AND FINANCIAL ANALYSIS SERVICES FOR BUSINESS OWNERS

Apply for Bookkeeping or Financial Analysis Services

👋 CONNECT WITH SYDNEY & KRISTEN 

Website: https://knowyourworthpgh.com/

Instagram: https://www.instagram.com/knowyourworth_pgh/ 

YouTube: https://www.youtube.com/channel/UC3wzOVSDSC-xsmLg8JJ8MJg/

As business owners, the start of the New Year is an easy opportunity to reevaluate our businesses, reflecting back on what’s worked, what hasn’t, and what we’re focused on throughout the next 12 months. 

And that goes for your business finances too. 

In this episode, Sydney and Kristen dive into the 12 things every business owner should do at the start of the year to help understand their finances, evaluate their income and spending, and plot goals for the year ahead. 

These 12 focus areas will allow you to get a full understanding of your business finances and help you see what’s needed to achieve your financial goals in the New Year. 

02:08 – Financial planning

02:14 – Tax planning

02:39 – Reflect on the previous year

06:29 – Set clear goals

10:29 – Review and update your business plan

12:01 – Evaluate your marketing strategies

14:42 – Employee review and development

16:42 – Technology

17:56 – Customer feedback

19:44 – Risk management

22:58 – Networking

31:14 – Personal and professional development

33:14 – Share your 2024 goals with us!

📈 UNDERSTANDING YOUR PROFIT AND LOSS GUIDE

Get the Profit and Loss Guide

❓TAX PLANNING QUESTIONS TO ASK YOUR ACCOUNTANT

Get the Tax Planning Questions Guide

🛍 75+ TAX WRITE OFFS

Get the Tax Write Offs

✅ BOOKKEEPING CHECKLIST

Get the Book Keeping Checklist

💵 BOOKKEEPING AND FINANCIAL ANALYSIS SERVICES FOR BUSINESS OWNERS

Apply for Bookkeeping or Financial Analysis Services

👋 CONNECT WITH SYDNEY & KRISTEN 

Website: https://knowyourworthpgh.com/

Instagram: https://www.instagram.com/knowyourworth_pgh/ 

YouTube: https://www.youtube.com/channel/UC3wzOVSDSC-xsmLg8JJ8MJg/

Sexy Money Goals are about what your revenue can do for your life. 

The end of the year is the perfect time to realign with your money values and what you envision your money doing for you in the next 12 months. 

In today’s episode, Sydney and Kristen share what their Sexy Money Goals are in their businesses and for their personal lives so you can see the behind-the-scenes of what they’re working on in 2024 and inspire some thoughts for what you want money to do for you in the New Year.

These Sexy Money Goals aren’t just about saying $1,000,000 year or something like that, but rather focusing on what the money can do for you. That’s how we create a business that fuels a life we love — not just one that has a big bank account but everything else feels off.

📈 UNDERSTANDING YOUR PROFIT AND LOSS GUIDE

Get the Profit and Loss Guide

❓TAX PLANNING QUESTIONS TO ASK YOUR ACCOUNTANT

Get the Tax Planning Questions Guide

🛍 75+ TAX WRITE OFFS

Get the Tax Write Offs

✅ BOOKKEEPING CHECKLIST

Get the Book Keeping Checklist

💵 BOOKKEEPING AND FINANCIAL ANALYSIS SERVICES FOR BUSINESS OWNERS

Apply for Bookkeeping or Financial Analysis Services

👋 CONNECT WITH SYDNEY & KRISTEN 

Website: https://knowyourworthpgh.com/

Instagram: https://www.instagram.com/knowyourworth_pgh/ 

YouTube: https://www.youtube.com/channel/UC3wzOVSDSC-xsmLg8JJ8MJg/

If you’re a sole proprietor or have an LLC, as a business owner, it’s inevitable that you’ll find yourself googling “quarterly taxes explained.” 

We all get started needing to figure out how to pay them, but they cause so much confusion, and that can create a lot of anxiety — have I saved enough for my quarterly taxes? How do I pay my quarterly taxes? Am I paying too much in my quarterly taxes? 

In this episode, Sydney and Kristen explain exactly what you need to understand about quarterly taxes so you can feel confident you know what they are, how much you need to save for them, and why paying quarterly is beneficial to you, plus how to avoid penalties.

📚 MENTIONED IN THIS EPISODE: 

1040-ES: https://www.irs.gov/pub/irs-pdf/f1040es.pdf

📈 UNDERSTANDING YOUR PROFIT AND LOSS GUIDE

Get the Profit and Loss Guide

❓TAX PLANNING QUESTIONS TO ASK YOUR ACCOUNTANT

Get the Tax Planning Questions Guide

🛍 75+ TAX WRITE OFFS

Get the Tax Write Offs

✅ BOOKKEEPING CHECKLIST

Get the Book Keeping Checklist

💵 BOOKKEEPING AND FINANCIAL ANALYSIS SERVICES FOR BUSINESS OWNERS

Apply for Bookkeeping or Financial Analysis Services

👋 CONNECT WITH SYDNEY & KRISTEN 

Website: https://knowyourworthpgh.com/

Instagram: https://www.instagram.com/knowyourworth_pgh/ 

YouTube: https://www.youtube.com/channel/UC3wzOVSDSC-xsmLg8JJ8MJg/

Knowing what and when to outsource in business is a balance between managing your revenue well while also investing in the growth of your business. 

As a business owner, you need to be able to recognize what’s more important for you to outsource from the very start and through each stage of the business. 

In this episode, Sydney and Kristen share how and what to outsource from the start of your business and the most important elements you’ll want to think about to make those decisions. 

01:57 – Website

06:20 – Social media

12:02 – Bookkeeping

13:51 – Shipping

15:07 – Assistants

19:53 – What order do I hire in?

24:53 – Scaling and replicating your work

📈 UNDERSTANDING YOUR PROFIT AND LOSS GUIDE

Get the Profit and Loss Guide

❓TAX PLANNING QUESTIONS TO ASK YOUR ACCOUNTANT

Get the Tax Planning Questions Guide

🛍 75+ TAX WRITE OFFS

Get the Tax Write Offs

✅ BOOKKEEPING CHECKLIST

Get the Book Keeping Checklist

💵 BOOKKEEPING AND FINANCIAL ANALYSIS SERVICES FOR BUSINESS OWNERS

Apply for Bookkeeping or Financial Analysis Services

👋 CONNECT WITH SYDNEY & KRISTEN 

Website: https://knowyourworthpgh.com/

Instagram: https://www.instagram.com/knowyourworth_pgh/ 

YouTube: https://www.youtube.com/channel/UC3wzOVSDSC-xsmLg8JJ8MJg/

Whether you’re a new or established business owner, figuring out exactly what you need to know to manage and protect your business finances can make a huge difference in the success of your business.

When we work with new clients at Know Your Worth bookkeeping, we see even the most established businesses missing or overlooking some key elements for how to best manage and protect their finances. 

In this episode, we’re breaking down exactly what you should be considering when it comes to your business finances so you can be sure you’ve set yourself up properly and your revenue is best protected. 

02:21 – Setting up a bank account

10:45 – Income and expense tracking

13:22 – Insurance

16:36 – Contracts

📈 UNDERSTANDING YOUR PROFIT AND LOSS GUIDE

Get the Profit and Loss Guide

❓TAX PLANNING QUESTIONS TO ASK YOUR ACCOUNTANT

Get the Tax Planning Questions Guide

🛍 75+ TAX WRITE OFFS

Get the Tax Write Offs

✅ BOOKKEEPING CHECKLIST

Get the Book Keeping Checklist

💵 BOOKKEEPING AND FINANCIAL ANALYSIS SERVICES FOR BUSINESS OWNERS

Apply for Bookkeeping or Financial Analysis Services

👋 CONNECT WITH SYDNEY & KRISTEN 

Website: https://knowyourworthpgh.com/

Instagram: https://www.instagram.com/knowyourworth_pgh/ 

YouTube: https://www.youtube.com/channel/UC3wzOVSDSC-xsmLg8JJ8MJg/