In this episode of "The Basics of Accounting," Scott Hess (tax and business consultant) and John Barton (small business owner) break down the essentials every entrepreneur needs to know about accounting. From understanding the difference between cash and accrual accounting, to the importance of double-entry bookkeeping, Scott and John share practical advice, real-world stories, and hard-earned lessons.

They cover the four key financial statements—balance sheet, profit and loss, cash flow, and retained earnings—and explain why each matters for your business decisions. The conversation also dives into bookkeeping tips, choosing the right accounting software, handling invoicing and expenses, and the realities of taxes for small businesses.

Whether you’re just starting out or looking to sharpen your financial skills, this episode will help you build a solid foundation and avoid costly mistakes. Tune in for actionable insights, relatable anecdotes, and a few laughs along the way!

The Turtlesmith Podcast is aimed at people who want to take their step into entrepreneurship, and start a small business. We get into everything from Business strategies, actionable advice, taxes, and all the things it takes to build a profitable business. In our weekly episodes, we break down a step by step plan across 3 phases. Our motto is "Get Rich Slow". Tune in with Scott Hess, an expert tax accountant and business consultant, and John Barton, serial entrepreneur and business man, as we tackle the mystery and break down the walls of information to help you reach your dreams.