Episode 016 – Bank Reconciliations: The What, When, & Why

Episode 016 – Bank Reconciliations: The What, When, & Why

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About This Episode

Bank reconciliations aren’t just for bookkeeping and accounting professionals.  

They aren’t some useless report that we like to do for the heck of it…

This is a report that can actually save you for losing money… so I bet you’re wondering… 

What the heck are bank reconciliations? And why do you need to do them? (yes, NEED)… and since you NEED to do them, when should you do them…

Mentioned in this episode: 

  • Answers to all those questions 
  • briefly touch on for how you can get it done
  • with the help of accounting software (if you’re already using it). 

Additional resources:

Highlights of this episode:

  • 01:22  What is a bank reconciliation? (or a credit card reconciliation)
  • 02:39  Why you want to do your bank reconciliations
  • 03:32  When you should be doing your bank reconciliations
  • 05:06  What you should get from your reconciliation report and what various parts of it means
  • 05:55  Recap of the what, why and when of bank recs

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Episode 015 – Getting Paid: How To Pay Yourself (Part Two)

Episode 015 – Getting Paid: How To Pay Yourself (Part Two)

Listen On: iTunes | Google PlaySpotify Stitcher

About This Episode

Still not sure how to pay yourself from your business?  Or what to pay yourself? Or how much you should put to the side to pay income taxes?

Last week, we discussed deciding what you should pay yourself as a solopreneur (DBA, single member LLC treated as a sole proprietor, etc)… but what do you do when you’re a S-Corporation, C-Corporation, etc?

Deciding what you should pay yourself as a business owner can be a confusing matter to resolve but I’ve got you covered. 

Note:  This episode is especially for you if you’re the owner of a corporation (S-Corporation, C-Corporation or Partnerships).  There is a separate episode for a solopreneurs (DBAs/doing business as; sole proprietors or a single-member LLCs treated as a sole proprietor)

Mentioned in this episode: 

  • the question you should ask yourself before you start transferring money from your business
  • what you need to have in place (like a board of directors)
  • what you may want/need to get in writing
  • how to figure out a reasonable salary

Highlights of this episode:

  • 00:57  Part Two of Question:  “How do I pay myself as a self-employed business owner?”
  • 01:35  The Caveat:  How you pay yourself depends on the legal structure of your business (see Episode 014)
  • 02:33  How to pay yourself as a multi-member LLC, partnership, S Corporation, C Corporation, etc), legal structures that are separate or treated as separate entities
  • 03:46  What tax documents do you get as the owner of these types of businesses (K1s and W2s)
  • 04:55  How to pay yourself as an SCorp and how to define a “reasonable salary”
  • 05:48  How to pay yourself as a multi-owner corporation or a partnership
  • 08:14  Quick recap and some things to consider when paying yourself

Thanks for listening…Don’t miss an episode, subscribe on: Anchor | iTunes | Spotify | Stitcher

Episode 014 – Getting Paid: How To Pay Yourself (Part One)

Episode 014 – Getting Paid: How To Pay Yourself (Part One)

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About This Episode

Not sure how to pay yourself from your business?  Or what to pay yourself?  Or how much you should put to the side to pay income taxes?

There are a lot of percentages and formulas floating all around but is it right for you and your business?  How can you be sure?  

Deciding what you should pay yourself as a business owner can be a confusing matter to resolve but I’ve got you covered. 

Note:  This episode is especially for you if you’re a solopreneur (DBA/doing business as; sole proprietor or a single-member LLC treated as a sole proprietor). There’s a separate episode for business owners of corporations.

Mentioned in this episode: 

  • the question you should ask yourself BEFORE you start transferring money from your business
  • the quick calculation you can use to figure how much to pay yourself
  • The Pay Yourself Calculator (part of the Money Metrics Tracker Bundle)

Highlights of this episode:

  • 00:38  Question:  “How do I pay myself as a self-employed business owner?”
  • 01:49  Why paying yourself depends on your legal & tax business structure
  • 02:35  How to pay yourself if you are a sole proprietor, a DBA/doing business as or a single member LLC (treated as a sole proprietorship)
  • 02:52  How to pay yourself if you’re anything else (multi-members LLC, partnership, S Corporation, C Corporation, etc), legal structures that are separate or treated as separate entities (continued in Episode 015)
  • 04:05  More on how to pay yourself as a solopreneur (1040-Schedule C businesses)
  • 05:07  What are the recommended distribution percentages
  • 06:59  Why I recommend that you pay yourself from the very beginning
  • 08:24  How often do you pay yourself

Thanks for listening…Don’t miss an episode, subscribe on: Anchor | iTunes | Spotify | Stitcher

Episode 013 – Getting Paid: Do You Really Need A Separate Bank Account

Episode 013 – Getting Paid: Do You Really Need A Separate Bank Account

Listen On: iTunes | Google PlaySpotify Stitcher

About This Episode

Wondering if you need a separate bank account as a DBA?  As a sole proprietor? As a solopreneur?

When you start a business, there are a lot of things to do.  It’s really easy to be unsure of yourself. What do you NEED to do right now?  What can you save for later? 

In this episode, I answer the question “Do I really need a separate bank account for my new business?”  

The answer should be no surprise…in addition to answering the query, I give you accounting, tax and just practical reasons to back up my answer, I go into quite a bit of detail behind WHY you should absolutely have a separate bank account for your solo-business.   

Mentioned in this episode: 

  • The various reasons supporting my answer – from the practical, to the accounting based, to the IRS-audit based reasons
  • A quick tip – the first place you should look to open a business bank account

Additional resources:

Highlights of this episode:

  • 00:57  Question:  “Do I really need a separate checking account/bank account for my business?”
  • 01:16  Answer is two fold – from the accounting perspective and from a practical perspective
  • 01:30  Why the short answer is always YES, you do need a separate business bank account
  • 02:50  The longer answer – practical reasons & starting with at least one bank account for your business
  • 04:06  Why doing business and personal banking at the same place makes your life easier
  • 04:56  The longer answer – accounting reasons & starting with “tidy” money management
  • 06:33  Why separating business and personal transactions makes your life easier
  • 07:08  Why I think you should have a separate bank account even if you’re a DBA

Thanks for listening…Don’t miss an episode, subscribe on: Anchor | iTunes | Spotify | Stitcher

Episode 012 – Quarter In Review: My Q2 CEO Debrief

Episode 012 – Quarter In Review: My Q2 CEO Debrief

Listen On: iTunes | Google PlaySpotify Stitcher

About This Episode

​What is a CEO Debrief?  What does a CFO really do?  I’m so glad you asked!

In this episode, I run through a sampling of the questions I ask myself and my clients each and every quarter to get down to what’s working and what’s not working…so that I can help them hit and exceed their money targets.

Mentioned in this episode: 

  • The 12 Week Year by Moran & Lennington*
  • Smart Leaders Sell by Lorimer*
  • What is a CEO/CFO Debrief?
  • The questions to ask yourself when looking back and doing your debrief
  • The questions to ask yourself when planning your coming quarter (or year)
  • The answer and action that surprised even me
  • Business pruning and readjustments that I needed to make
  • How to break down your goals into money goals
  • Money Metrics Tracker Bundle

*Both on my Amazon reading list here

Thanks for listening…Don’t miss an episode, subscribe on: Anchor | iTunes | Spotify | Stitcher

Episode 011 – Getting Paid: How To Request Payment

Episode 011 – Getting Paid: How To Request Payment

Listen On: iTunes | Google PlaySpotify Stitcher

About This Episode

Requesting payment for outstanding invoices doesn’t have to be a manual affair.  Chasing invoice payments isn’t fun…especially if it leaves you stuck in your inbox when you’d rather be following your purpose and providing extraordinary services to your clients.  

Once you have all of the tech stack pieces in place, this is actually something that you can easily automate.  

In this episode, I’m going to walk you through what you can do today to start automating your payment requests so that you don’t have to babysit your invoices and your inbox.

Mentioned in this episode: 

  • What you can do today to automate the payment request process
  • What you can do going forward, like setting boundaries, establishing rules for your business and outlining consequences for nonpayment
  • How you can automate the process with accounting software like Xero or business management software like Dubsado
  • My everything checklist to help you keep all of your money matters straight so that you don’t forget anything – Money Matters Checklist

Highlights of this episode:

  • 01:21  Summary of the Question:  “How can I invoice and get paid timely, instead of spending all of my time chasing payments?”
  • 01:59  Two levels of recommendation – one for now/short-term and another for long-term
  • 02:34  How and when to send manual invoice/payment reminders
  • 03:09  Sending request for payment through systems like Paypal, Stripe, Freshbooks, Xero and Quickbooks Online
  • 04:04  Payment alternatives: timing, requiring a deposit, etc
  • 05:33  How to automate invoices/payment reminders with accounting software
  • 06:59  How to automate with business management tools like Dubsado

Thanks for listening…Don’t miss an episode, subscribe on: Anchor | iTunes | Spotify | Stitcher

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