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Five Things You Thought Your Accountant Was Doing

Five Things You Thought Your Accountant Was Doing

Accountants are smart, hard working, and they basically do everything for you, right?

Well, yes and no.

Typically your tax accountant (maybe you call them an EA or a CPA) is focused solely on filing your federal and state income taxes. This means there’s still a lot of “financial admin” you’ll have to take care of on your own to keep your business running.

Here are five financial tasks you’ll need to get done to keep your business running smoothly.

You’ll need to take care of these yourself or commission your accountant to do in addition to tax filing.

How to Make Money: Focus On Who You Serve

How to Make Money: Focus On Who You Serve

People talk about opportunities like they’re a nebulous, disembodied thing. Like they’re floating around and will land on your shoulder and boom, your life is changed forever. Let’s say they are. Imagine opportunities are all floating around in form of balloons. Every balloon is connected to a string. And at the end of the string, even though you might not be able to see it, there is a person holding the string.

You see, opportunities are not standalone. They’re always connected to a person.

This article is all about understanding who you serve. Who is your ideal customer, target market and what’s your niche?

How to Shift Your Mindset Around Money

How to Shift Your Mindset Around Money

I usually hate Maroon 5. But it’s Saturday night in Little Tokyo and a stranger is absolutely slaying his version of ‘Sunday Morning’. The crowd is feeling it and the next thing I know I’m totally grooving to the only thing crappier than an actual Maroon 5 song - a cover of a Maroon 5 song. But I don’t care that I look like a loser. After all, it’s a karaoke bar.

Understanding Your Mindset Around Money

Understanding Your Mindset Around Money

I really enjoy being married to an interior designer. There are a lot of perks: We spend a lot of our time engaging with the culture in whatever city we find ourselves in. Nearly every industry party is impeccably designed with delicious food. The bins and bins of fabric samples mean I have access to thousands of potential pocket squares. Since so much of my wife's work relies on being inspired, we’re constantly looking for beauty in the world. 

Stop Not Understanding Life Insurance: The Definitive Guide

Imagine a room full of people running the odds on how long a stranger will live or die and then making bets on those odds. It could sound like an interesting scene in a movie, where questionable characters indulge in some casual underground gambling, but what I’m actually describing is a room full of underwriters in the life insurance industry.

When you look at it that way, doesn’t the insurance industry sound fascinating? It’s one of the biggest industries in the world and it’s all based on risks and making bets.

Do You Need a Will?

"I have an app on my phone and it reminds me 5 times a day that I’m going to die,” is exactly what one of my friends told me recently. I stopped and thought about what she said, coming to the conclusion that I didn’t find it morbid. In fact, I think it’s a little weird that we don’t talk about dying more often; that we go around living our lives, putting things off as if we have all the time in the world.

Small Business Year-End Tax Strategies

It’s a common misconception that the tax code is rigged so the rich benefit and the poor are penalized. While the uber wealthy can definitely afford shrewd accountants and savvy tax attorneys to help, there’s another perspective to consider. The tax code favors employers versus employees. As a small business owner, you’re an employer. Employers have considerable more strategies available that can help you save money.

How to Stay on Top of Your Business Finances: The Weekly Checklist

My favorite dad-joke about being a freelancer or small business owner is how we end up getting jobs that we never applied for.

No matter what you do, when you first start out, you do it all. You’re the head of marketing, the VP of sales and the director of finance.

If you’re in business, and you’re a little lost on what you need to be doing to stay on top of your finances, here are the things you should be looking at every week to make sure your business will be sustainable in the long run.

Focus On Earning Money

Saving money is important. So is not spending more than you earn. And so is understanding the implications of big financial decisions like taking on student loans or a mortgage. All of these are crucial for long-term financial sustainability. 

But one huge piece of the equation that not a lot of people focus on is the earning money part. As you can imagine, I spend a lot of time thinking about this concept.

How an Income Account Can Help You Make More Money

For the past year, I’ve been using an income account as a part of my weekly accounting process.

Accounting process sounds fancy, but it’s just a workflow process that I use every week. The reason I started using an income account was because I wanted to have a better understanding of how much I truly needed to earn. I also wanted to see if I could run my business with less money each month by only giving my business a certain amount of money to work with.