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money story Archives - The Accounting Department Inc

Three Ways to Create Abundance for Your Business

By | AskConnie, Cash Flow, CEO Mindset | No Comments

I wanted to share a secret with you. There was a time where I didn’t think about abundance in my business, either through creating profit or creating a plan. I know, that’s shocking and so embarrassingly true. During the growth stage of my business, if I did think of my business finances, it was after running around with my head cut-off and usually somewhere around 2am. Seriously, during that stage the only thoughts I had around cash or abundance or profit was lack. I now call that “Living in the Land of Lack”, where everything is lacking just a bit…

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Fable Time: What if You Exchanged Money and Chocolate?

By | Accounting 101, Cash Flow, CEO Mindset, Profit First | No Comments

Let’s create a little Fable where Money isn’t, well, the current currency. Let’s take a trip into a mind-bending fable today. I want you to dig deep into your inner trick or treater, and imagine… what if in our reality, candy was the form of currency and exchange? Do you remember when you traded your Halloween haul – like licorice for a Hershey’s or two KitKat bars … but let’s get more specific … What if Chocolate were Money? (A Modern Day Money Fable) Once upon a time, our heroine of this story would jump out of bed every day, excited and ready…

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Stop the Money Leaks in Your Business to Create More Profit

By | Accounting 101, AskConnie, Bookkeeping 101, Cash Flow, CEO Mindset, Profit First | No Comments

This month’s “Ask Connie series” question about Profit First even stopped ME in my tracks. Hint: this is often where a third party, one that isn’t emotionally attached to your business, makes for a helpful profit ally.. The Question: But I can’t even see how to cut my expenses – what’s your advice? Review your expenses In my last blog post we focused on how to increase our owner’s pay. As I mentioned, one of the fastest way to increase funds to pay yourself is going to come directly from the expenses your business is paying. Here are some items…

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Time to Celebrate and Take in the View at 500′

By | Accounting 101, Bookkeeping 101, Business 101, Profit First | No Comments

As we celebrate the end of 2nd quarter and get ready to calculate our Profit Distributions, it also signals time to pause and relook at our plans for the rest of the year. A chance to review our annual goals, our TAPs (intentional money use target allocations), and to give our plan that 500 foot level review. A mid-year review can be empowering and here is how I walk myself and my clients through the process. Profit First Celebration & Review Before we celebrate just a little administrative housekeeping. So let’s make sure everything has been accounted for: Close out…

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How to Think About Payments That Will Help You Be Profitable

By | Accounting 101, Business 101, Cash Flow, CEO Mindset, Recordkeeping 101 | No Comments

While the king of payment has changed from paper to plastic, not having multiple options of receiving payment can be a certain death for businesses. I’ve seen new businesses open their arms wide for multiple payment options, and I’ve seen older businesses go kicking and screaming into this new world. If you want to survive and be a healthy and profitable business, you need to be aware of the tools available and develop your preferred payment processing plan. So let’s talk payment options. Death of the Checkbooks – (almost) We as a society haven’t totally killed off checks as a…

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Creating an Intentional Payroll Will Save Your Profit

By | Accounting 101, Bookkeeping 101, Business 101, CEO Mindset | No Comments

Payroll, it can be confusing, especially when the question of the day seems to be around owner’s pay: what is the appropriate amount, and am I paying myself enough? When is payroll not payroll? That is a super good question and one where many business owners get stuck. When accounting professionals talk payroll, they mean setting your business up to process payroll as an employee, with employer taxes and processing fees. Which for some tax entities, is a requirement – yes I’m talking to all you S-Corporations out there. For those of you who are Partnerships, there is no payroll,…

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Unexpected Tax Bill? Survival Tips and Advice for This Year

By | Accounting 101, Bookkeeping 101, Business 101, Taxes | No Comments

This episode of Ask Connie is a question that comes up often when I talk to business owners, especially this time of year – tax season: I was shocked about my tax liability and am struggling on how to pay for that and not have that same situation happen next year. Perhaps I need to relook at my tax entity. Perhaps the tax professional made a mistake. Perhaps I should move. What do I do next? I have even had this question come up for myself in prior years, so I felt it was important to explore the question a…

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Profit First!

It’s Profit Time! Proof That Your Business Supports You

By | Accounting 101, Bookkeeping 101, Business 101, CEO Mindset, Profit First | No Comments

As the calendar pages flip, it signals the Profit First quarterly distribution moment – the first one for the year. I wanted to take a moment to explore these and discuss why they happen and more importantly, why I recommend to consistently take them even if your negative mindset gets in the way. It is also a fabulous time to celebrate and recognize that your business is actually supporting you with a pure profit distribution. Definition As Mike Michalowicz indicated in the book, Profit First, a quarterly distribution is the representation that “Your business is serving you.” So every calendar…

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Naked Look at the Budgeting Mistake I’m Embarrassed To Share

By | Accounting 101, Bookkeeping 101, Business 101, CEO Mindset, Outsourcing, Team Building | No Comments

There are some lessons you learn that you can’t wait to share with anyone that will listen. Then there are lessons that open up your possibilities and are slightly, well embarrassing. Embarrassing for yourself mostly because it was right there and you didn’t see it – even if it is part of your education and knowledge background. Sometimes those lessons hurt. This is one of those lessons. Problem Identified: My Plan didn’t support both me AND a larger team. When creating a budget for start-up or a plan for growth, it is important to have a clear understanding of the…

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Profit First!

Successful Beginners Guide for the Profit First System

By | Bookkeeping 101, Cash Flow, Profit First | No Comments

So by now, if you’re reading with us regularly, you have heard of the book Profit First by Mike Michalowicz. Maybe you even cracked the spine and gave it a quick read. If you resonated with it, but found your Negative Nelly mindset kick in, you may not have taken any forward movement on implementing the new system. Today I am going to share the five basic steps of Profit First. This is the same basic info I presented in my very first webinar, in fact, it is the same exact system I used more than a year ago. Look: just…

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