Keep What You Earn

In this episode of Keep What You Earn, Shannon discusses the common dilemma faced by business owners of not knowing who to ask for important business and financial advice. She addresses the challenges of finding the right professionals to answer questions about setting up a business bank account, forming an LLC, and handling personal finances. Shannon provides insights on when to consult a lawyer,...

In this episode of Keep What You Earn, Shannon breaks down the complex topic of S Corp salary in a way that's easy for anyone to understand. She explains the important requirement for S Corp owners to pay themselves a reasonable salary and delves into the internal and external factors that come into play when determining this salary. Shannon shares expert tips and real-life examples, emphasizing t...

Today, Shannon shares three simple steps to ease tax season anxiety. She emphasizes the importance of proactive bookkeeping and offers practical tips to make it more manageable. Additionally, she discusses the significance of organizing tax-related documents and suggests strategies to effectively communicate with your tax professional. Dive into this episode to learn how to alleviate tax season st...

In this episode of "Keep What You Earn," Shannon continues her insightful conversation with franchise expert Liz Leonard on the intricacies of being a successful franchisee. They delve into the challenges and experiences of franchise owners, including the importance of working capital and building a strong team. They also discuss the support provided by franchise companies, ongoing requirements, a...

In this episode, Shannon dives into the world of franchise businesses with expert Liz Leonard. They explore the lesser-known side of franchising, beyond the typical fast food and restaurant models, and discover the wide range of opportunities available in home services, healthcare, education, and more. Liz shares her expertise as a franchise advisor and owner, shedding light on the different types...

In this episode of Keep What You Earn, Shannon delves into the internal voices that entrepreneurs must silence in order to succeed. She identifies three key voices: comparison, overwhelm, and the fear of making someone feel bad. Through personal anecdotes and reflections, Shannon provides insights on the impact of these voices and strategies to silence them. From embracing beginner status to manag...

In this episode, Shannon dives into the complex world of tax estimates and how they apply to entrepreneurs. Addressing a question from CFO On Demand, Shannon breaks down the intricacies of paying estimated taxes throughout the year as an S corporation, emphasizing the need to understand the practicalities beyond traditional accounting advice. She offers valuable insights on how to handle fluctuati...

In this episode, Shannon shares her insights on what to consider when investing in businesses. She breaks down the essential questions to ask and factors to evaluate when approached for investment opportunities, providing valuable perspective for both potential investors and business owners seeking capital. From understanding the team and their expertise to assessing financial management and futur...

Today, Shannon is into the second part of her enriching conversation with Lindsey Pollak, a renowned career and workplace expert. Shannon and Lindsey continue unraveling the complexities and opportunities of cross-generation communication within your business.   Last time, Lindsey gave valuable insights into the shifting career landscape, and today she will explore further the dynamics of a multig...

In today's episode, Shannon dives into the intriguing world of generational differences with guest Lindsey Pollak, a renowned career and workplace expert. Together, they explore the impact of cross-generational communication and the various challenges that arise from miscommunication. Discover the official definitions of different generations according to the Pew Research Center, and gain valuable...

Today, Shannon dives into the often overlooked aspect of bookkeeping - the customization and organization of accounts in QuickBooks Online. She shares valuable insights on how to create a chart of accounts tailored to your business, including tips on tracking income and expenses more effectively. As the episode unfolds, Shannon reveals key strategies for maximizing tax deductions and leveraging fi...

In this episode of Keep What You Earn, Shannon explores the misconception of scaling in business. Providing insights into differentiating between growth and operational efficiency, Shannon emphasizes the importance of understanding when not to scale. Drawing from personal experiences, she encourages entrepreneurs to prioritize genuine connections over automated processes, highlighting the value of...

In this episode, Shannon delves into the complexities of compensation planning, particularly exploring the dilemma of choosing between commission-based or flat-rate compensation plans. Unraveling the intricacies of cash flow forecasts, she provides practical insights and strategic considerations for structuring compensation packages that align with business goals and attract top talent. Drawing fr...

Today, Shannon continues her discussion with guest Peter Vander Wall about the intricacies of paid content, specifically focusing on Facebook ads. Shannon and Peter delve into the different strategies for using paid content to the advantage of professional service firms and provide valuable insights into creating paid content that converts. They explore the nuances of direct response funnels and s...

In this episode, we dive into the world of organic content and how to make it work for your professional services firm. Our guest, Peter Vander Wall, a marketing consultant specializing in helping professional service firms scale their client acquisitions, shares insights on creating relatable and valuable content. From agitating the pain of your ideal audience to the power of storytelling, Peter...

In this episode of Keep What You Earn, Shannon tackles an important question for business owners: how to put more money into your business. She breaks down two key ways to inject capital into your business, highlighting the importance of understanding the accounting implications to avoid unnecessary taxes. Shannon provides valuable insights on the strategies to pour money into your business while...

In this episode of Keep What You Earn, Shannon discusses the importance of building a business with an exit strategy in mind, even if selling the business is not in your immediate plans. She emphasizes the need to create a business that is sellable and appeals to potential buyers, and shares her own insights on how she is working to make her own business more attractive. Shannon delves into the co...

In this episode, discover how to empower your children with valuable money lessons, even if you're not a financial expert yourself. By actively involving them in financial decisions and experiences, you can lay the foundation for a healthier relationship with money and help shape their positive financial narratives. Tune in to learn practical strategies for initiating this journey with your kids....

In this episode, Shannon continues the conversation with bookkeeping expert Misa Bacon. They dive into what to expect from a bookkeeper, how to vet the right professional for your business, and the importance of communication and personalization in the bookkeeping relationship. Misa shares valuable insights on the different types of bookkeepers, the costs involved, and how small business owners ca...

In this episode, Shannon welcomes Misa Bacon, founder of Perfectly Kept Books, to discuss the misunderstood world of bookkeeping. Misa shares her passion for helping women entrepreneurs and creatives understand their finances and turn their data into decisions. The episode highlights the importance of customizing bookkeeping to gain valuable insights and addresses the common misconceptions surroun...

On this episode of Keep What You Earn, Shannon gets into the topic of quarterly estimated taxes. Advocating for a nontraditional approach, she emphasizes the importance of good bookkeeping and understanding how to save money for taxes. Through real-life examples and practical advice, Shannon challenges the conventional wisdom around paying quarterly estimates and urges entrepreneurs to take contro...

In this episode of Keep What You Earn, Shannon gets into a topic that many entrepreneurs grapple with: the decision of whether to hire family members in their business. She discusses the potential benefits and drawbacks of this choice, offering insights into the unique dynamics and considerations involved. From the inherent sense of loyalty and tax advantages to the challenges of maintaining bound...

In this episode of Keep What You Earn, Shannon shares her insights on mastering recruitment and marketing strategies. She discusses the value of being intentional in job descriptions and how it can enhance the hiring process. Shannon sheds light on the success she has had in attracting quality candidates and emphasizes the importance of understanding and demonstrating company values in job descrip...

In this episode of Keep What You Earn, Shannon continues her conversation with guest Amanda Adams about their experiences in corporate careers and how they have shaped their approach to building their own practices as self-employed accountants. They discuss the importance of setting boundaries, work-life balance, and prioritizing the type of work and clients they choose to engage with. They also s...

Today we're joined by Amanda Adams, a fellow CPA and business owner who's here to share her journey and the trials we face in the corporate accounting world. Amanda sheds light on the demanding work culture in big accounting firms and we dive into our shared experiences as women navigating this space while juggling family life.   Together, we tackle the uncomfortable but critical conversations abo...