Know Your Worth

In this bittersweet episode, Kristen and Sydney discuss the tough yet necessary decisions we've made in business to refocus and grow. Sydney shares her decision to close Maverick, her co-working space, as well as put a pause on the Know Your Worth Podcast.  Tune in to hear:  An easy way to think about decision making in your business that will help you grow every time Why Sydney is closi...

Let’s be honest — figuring out how to get a mortgage when you’re self-employed is a bit more complicated than if you had a W-2 job.  Lenders want to see that you have a steady income, but without a consistent paycheck, that becomes more difficult (even for super-high earners!)  Sydney just bought a new home and in this episode, she’s breaking down the entire process and exactly how home...

How do you break through a scarcity mindset with money when that’s been ingrained in you since childhood?  Even if you had your basic needs met, if you didn’t grow up around abundance, it’s going to be so much more difficult for you to even believe that’s possible to create. In this episode, we sit down with Annie Davis, a former classroom teacher who made the transition to becoming an insura...

What comes first — growing your business and then hiring or hiring so you can grow your business?  For Raquel and Anika, the sisters behind Glam to Go, a successful mobile hair and makeup business, they realized they needed to outsource and delegate if they wanted to grow.  They discuss their biggest financial mistake was trying to do everything themselves, from bookkeeping to scheduling...

Have you ever invested in an offer that sounded amazing, only to realize it wasn't what you expected?  In this episode of the Know Your Worth Podcast, Hannah Samlall, co-founder of Waterloo Street, shares the worst investment she made, and what she learned from it to avoid making that mistake again.  Sydney, Kristen, and Hannah chat through the type of research you should do before inves...

When Alysa Gumto was a child, her dad was diagnosed with MS and told he could no longer work. Her family went from two incomes to one.  While this might have created a mentality of lack for many people, this moment actually helped Alysa realize that she wanted to make her own money and needed to manage it well.  In this episode, she shares how from just 12 years old, she started making h...

Are you hiding bags and bringing them in?  Is your partner mad at you because you both agreed not to spend on something and you went and did it anyways? Emotional and impulse spending always have a cost beyond the financial side of it. In this episode, Sydney and Kristen explore the psychology of emotional buying and how our spending habits affect our mental health just as much as our financi...

When you’re in the thick of it, learning how to manage financial anxiety can feel really overwhelming to overcome.  (Or it can feel like the only solution is to win the lottery and never have to think about money again.) Financial anxiety is so common no matter your income level or skill set — it’s linked to our security and what we need to survive.  In this episode, Kristen and Sydney a...

Whether you’re a new or established business owner, figuring out exactly what you need to know to manage and protect your business finances can make a huge difference in the success of your business. When we work with new clients at Know Your Worth bookkeeping, we see even the most established businesses missing or overlooking some key elements for how to best manage and protect their finances.&nb...

Knowing your numbers is important, but so is your money mindset.  Money mantras can be a simple way to reinforce what you want your relationship with money to be in this season and use it as a daily reminder that can help you take actions that align with that energy.  Throughout different seasons of our lives, we can get so stuck in our current thinking, patterns, and financial situation...

If you currently feel overwhelmed with your money and business finances, it’s important to remember that money is just a skill.  We didn’t all wake up one day knowing all this information about how to manage our money and business finances. That’s why, in this episode, we’re sharing the top five financial tips shared by our listeners that have helped them the most in their financial journeys...

When we start working with clients, about 25% of the time, we see errors with how they’ve set up and managed the chart of accounts in QuickBooks.  The chart of accounts is the listing of accounts that you use to categorize transactions, which then turn into your financial statements.  When you don’t have this set up correctly, it could look like you have more income or cash on hand than...

Wondering what it’s like to be in the room of some of the most badass female founders like Elizabeth Elting, Suneera Madani, Rebecca Minkoff and Alison Wyat? The Female Founders Collective hosted a Build Your Empire Conference in New York City on Female Founder’s Day and gathered the most successful founders.  Sydney attended this conference and is sharing her 7 biggest takeaways from it with...

Knowing your numbers and understanding your financial statements is crucial to running a profitable and growing business. There are three financial statements that every business owner should be creating and using, or having a team member or bookkeeper create and review with them to get the full financial picture of your business.  In this episode, Sydney breaks down the 3 financial statement...

We know — reconciling bank and credit card accounts is probably the unsexiest topic we could have an episode on.  But, account reconciliation is crucial if you want to scale your business, and so many business owners we see are getting it wrong. Truth be told: it’s preventing them from growing.  Accurate numbers are essential for understanding your financial picture, and reconciling your...

Do you use Paypal or Venmo for business?  Maybe you’re at a trade show or working with a contractor on a one-off project, so the easiest thing that comes to mind is to pull out your phone, scan the QR code and you have an easy way to give or receive payment.  But using Paypal or Venmo can create a few challenges when it comes to your bookkeeping, like not accurately reporting your income...

Reinvesting all of the money you earn back into your business isn’t a retirement strategy.  While it can feel a lot sexier to bet on yourself and your ability to grow, it puts you at a huge risk if anything happens in your business and it’s not able to provide you the retirement fund you wanted.  But saving for retirement feels daunting for a lot of business owners. When we were at 9-5 j...

If you’re DIYing your books, you likely don’t know when to use accrual vs. cash basis accounting.  This is one of the red flags we see when new clients start working with us.  Most sole proprietorships, single-member LLCs, and S-corps are using cash basis accounting because it’s simple — it’s the cash you’ve collected.  But if you are ready to scale your business, you need to unders...

Even though we know we *should*, we don’t always remember to (or aren’t able to) put every business expense on our business card.  You might be out running an errand and pick up some office supplies and realize you only have your personal card with you. Or maybe you get more points for buying your business travel flights on your personal travel card rather than your business card.  When...

While you may be used to tracking your expenses, the home office deduction is a little more complicated (thanks IRS) than simply adding a line item to your books.  There are several rules and limitations for a home office, how much you can write off, and how to properly claim that deduction with the IRS.  If you’re self-employed or an independent contractor working from home most often a...

We’ve seen it all when it comes to looking over business owners’ books, but there’s one bookkeeping mistake that we see again and again: undeposited funds. Undeposited funds is an account in QuickBooks Online, and it is an automatic account that is created if you are invoicing out of QuickBooks.  If you see that account growing, it’s a big red flag.  Tune into this episode to understand:...

As your business grows, reporting sales tax gets a whole lot more complicated.  From adding new types of products or services with different sales tax requirements to navigating the different sales tax laws in different states, the more your business grows, the more complex collecting and reporting sales tax becomes.  In this episode, Sydney and Kristen explore what you need to know abou...

As entrepreneurs, we can fall into the headspace of always focusing on quantitative goals: a revenue number, a certain number of clients, or a profit margin.  But we can burn out by focusing too much on those without the right motivators.  By taking a look at quantitative goals, which are those goals that aren’t measurable like spending more time with your family or feeling more work/lif...

As your business grows, your tax advisor will likely recommend that you transition from an LLC to an S Corp to gain a few tax advantages once you’re at about a $50,000 profit mark for the year.  When you do, you will become an official W2 employee of your company.  Plus, as you’re growing at that level, you’ll likely start considering bringing on one or more full-time employees..  I...

As the business owner, it’s your responsibility to set up 1099 contractors properly and issue them the 1099s on time.  A 1099 contractor is anyone you have paid $600 or more, cumulatively, for that year.  Sydney shares with us everything to know about 1099 contractors so you can onboard them properly, track what you’re paying them and issue the 1099s on time.  In this episode, you’l...