All businesses need bookkeeping. It’s part of doing business and it’s part of being a business owner.

First you have to decide if you are going to DIY it or hire someone. 

But most business owners don’t have an accounting background and don’t know much about bookkeeping (and don’t really have the time to do it right).  And if they decide to hire it out, they often don’t know what to look for to find a good bookkeeper (it’s an unregulated field and anyone can hang out a shingle).

This often leads to mistakes and those mistakes can lead to:

• frustration and overwhelm
• missed tax deductions
• ignoring business finances
• bad business decisions from a lack of good data
• underearning
• costly bills down the road for accounting cleanup

When clients come to me with profit and cash flow issues, I often see a direct link with the  quality of their bookkeeping.  After all, you can't manage profit and cash flow effectively if you don't have books you can trust and don’t know where your money is going.

In this week's episode of Purposeful Profit, 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
• What you’re really paying for when you hire a bookkeeper (and it’s not their time)
• Reasons your books may not be accurate

Mentioned in this episode:

• Ready for bookkeeping help? Or want a financial mentor to help you get your finances organized? I invite you to book a call to continue the conversation.

Other resources:

• S Corp Tax Savings Calculator
• 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.

Recently, I was talking to someone, and they asked me why profit mattered. 

I'll admit, was taken aback a bit. I felt like they were asking me why I needed to breath. It seemed so obvious to me.  

Businesses need profit to survive over the long-term. And business owners need profit if they want financial freedom or just to support their lifestyle.  
 
But profit is actually discussed very little in marketing you will see aimed at your business. Most strategists, business coaches, and consultants are focused on revenue.  Very few are discussing profit.

And profit, more than revenue, is what really matters in determining if your business is financially healthy.

So it's no wonder the question gets asked. If no one is really talking about, does it really matter?

Hell yeah!

Profit funds investments that help you scale your business. 

Profit creates generational wealth.

Profit provides money to invest in real estate.

Profit pays for college educations.

For private school for your special needs child.

It allows your spouse to retire. 

To pay off your parents' mortgage.

To take that 1 month trip to Europe you've dreamed of.

Profit helps create that life you dreamed of when you started your business.

🎧 Tune into this week's episode and learn:

• Why revenue isn’t the best measure of your business’s financial health and what to use instead
• What entrepreneurial poverty is 
• 3 actionable steps you can take to improve your profitability

Mentioned in this episode:

• Want to create more profit in your business. This is what I help clients do in my Purposeful Profit financial coaching and mentoring program. Book a call to continue the conversation.

Other resources:

• S Corp Tax Savings Calculator
• 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.

Sometimes what we mistake for fear or avoidance of our business finances, is really money trauma, which is a deeper issue than just being overwhelmed or confused or fearful of your finances. Join me for a conversation with Hailee, a trauma coach, as we talk about and try to normalize money trauma.

We talk about how money trauma is different from fear or anxiety, how to recognize the signs of money trauma and how Hailee used Simple Financials to slowly start getting control of her finances.

Mentioned in this episode:

Ready to be like Hailee and get started with your business finances? Get your Simple Financials Bookkeeping template

Ready for get your finances in order? Book a call to continue the conversation.

Other resources:

• S Corp Tax Savings Calculator
• Get Your 30 Days of Money Mindset Prompts

Connect with Hailee:

Hailee is a Certified Professional Life Coach who specializes in treating teens and adults experiencing a variety of issues including mental health (primarily mood, trauma, anxiety, body focused repetitive behaviors and neurodevelopmental disorders), relational/attachment issues, and life transition challenges). As a healing companion, she brings hope, understanding, direction, and support to those who feel stuck or broken by debilitating stress, anxiety and past trauma.

Instagram: www.instagram.com/haileemaecoaching
Website: www.haileemae.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.

Do you have an LLC but are confused about how to file your taxes? This week's podcast episode is just for you.

April 15th is less than a month off, which means you need to get those LLC taxes done. Tax laws can be complicated and overwhelming., but whether you are doing your own or hiring a pro, it's important as a business owner to know the basics. 

Quite simply, informed business owners make better decisions.

In this week's episode of Purposeful Profit I break down how to file your taxes if you are a single member LLC or if you are a multi-member LLC. I also explain the 2 components of the taxes on your LLC's earnings and explain what you can deduct and what you can't. 

🎧 Tune into this week's episode and be ready to get those taxes done.

Learn:

• How single and multi-member LLC’s report their taxes
• What self employment taxes are and how they are calculated
• 3 tax deductions to not forget about

Mentioned in this episode:

Want more help on your taxes? Tax planning and literacy is part of what I do with my clients in my financial mentoring and coaching program. Book a call to continue the conversation.


Other resources:

• S Corp Tax Savings Calculator
• 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.

Freedom is my top value. It's really why I started my business.  I wanted more financial AND time freedom.

It's also usually a top 3 value of my clients as well.

But freedom means different things to everyone.

Knowing what freedom means to you is important if you ever want to achieve it.

In this week's episode of Purposeful Profit, I'm talking all about freedom, what it means to me and how to get clarity on what it means to you.

Mentioned in this episode:

Ready to build a business that gives you the freedom you crave? Book your financial health assessment to continue the conversation.

Other resources:

S Corp Tax Calculator
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.

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.