042: Bookkeeping & Taxes, Amy Northard

Get set up for success

Bookkeeping & Taxes. Ugh. The bane of most small business owners existence. We've got Amy Northard here today to help us understand the most important things we need to be aware of (especially at the beginning of our businesses) and how we can set ourselves up for success when it comes to tax time. This is a must listen episode for all small business owners!!

Show Notes

First things first

Get a business bank account!!! Separating your business money from your personal money will drastically help set you set up yourself for success

NerdWallet.com <----use to compare banks

Should everyone outsource?

Depends on the stage or level of business you are at. If you can't afford it from the beginning, use something that is simple and makes sense to you.

Spend 1-2 hours per month (on average) per month to reconcile all of your accounts

3 Strategies

Set up a bank account
Set up a "money date" for yourself every month to take care of your tasks
Get someone else to help keep you accountable

Biggest Mistakes

When you don't have enough money to pay your taxes. Make sure to set aside 25-30% every single time you get paid so it is not something you spend.
Planning for retirement
You can't payroll yourself until you are an S-Corp. Read Profit First
You can't expense your taxes as a business expense