Purposeful Profit

All businesses need bookkeeping. It’s part of doing business and it’s part of being a business owner. First you have to decide if you are going to DIY it or hire someone.  But most business owners don’t have an accounting background and don’t know much about bookkeeping (and don’t really have the time to do it right).  And if they decide to hire it out, they often don’t know what to look for to fi...

Recently, I was talking to someone, and they asked me why profit mattered.  I'll admit, was taken aback a bit. I felt like they were asking me why I needed to breath. It seemed so obvious to me.   Businesses need profit to survive over the long-term. And business owners need profit if they want financial freedom or just to support their lifestyle.     But profit is actually discussed very lit...

Sometimes what we mistake for fear or avoidance of our business finances, is really money trauma, which is a deeper issue than just being overwhelmed or confused or fearful of your finances. Join me for a conversation with Hailee, a trauma coach, as we talk about and try to normalize money trauma. We talk about how money trauma is different from fear or anxiety, how to recognize the signs of money...

Do you have an LLC but are confused about how to file your taxes? This week's podcast episode is just for you. April 15th is less than a month off, which means you need to get those LLC taxes done. Tax laws can be complicated and overwhelming., but whether you are doing your own or hiring a pro, it's important as a business owner to know the basics.  Quite simply, informed business owner...

Freedom is my top value. It's really why I started my business.  I wanted more financial AND time freedom. It's also usually a top 3 value of my clients as well. But freedom means different things to everyone. Knowing what freedom means to you is important if you ever want to achieve it. In this week's episode of Purposeful Profit, I'm talking all about freedom, what it means t...

In today's episode of Purposeful Profit, I'm helping answer one of the most common questions I get from business owners:   "Should I be an S corp or an LLC?" And the answer is, they really are not mutually exclusive.  You can be an LLC as a legal form AND still elect S corp status. And doing so, can generate significant tax savings under the right circumstances.  Join me for th...

The best bookkeeping system for your business is the one you'll use. A system, no matter how full featured, that you don't use, isn't any better than no system. So if you don't have a system or you aren't using the system you have and are overwhelmed by the idea of using QBO or adding the cost, you are who Simple Financials was designed to serve. Alex Mitchell is an integr...

Is your bookkeeping system a shoebox? A file folder? A bookkeeping system provides a way to record and classify transactions and a shoe box or file folder can't do that. But not everyone needs (or wants) a full featured system like QBO. And bookkeeping doesn't have to be complicated. 🎧 Tune into this week's episode where I talk about the simplest bookkeeping system. You'll lea...

It's tax season and that often brings a lot of stress, handwringing and anxiety to business owners. But tax prep can be a breeze if you are prepared. Before you go to your tax preparer, there's some easy steps you can take to reduce the questions you get from your tax preparer and makes sure you've maximized your deductions. 🎧 Tune into this week's episode and be prepared for...

In this week's episode of Purposeful Profit, I'm clearing up the confusion I see among small business owners around the requirements for 1099 reporting.  And this confusion is leading to 1099's being issued for incorrect amounts, to people who should not receive one, not being issue to those who should get one. Tune into this week's episode and get the 1099 rules broken down fo...

Is your business built on a solid foundation? Or is it built on dirt or soft ground? When you build a house on soft ground, it might stand for a time, but eventually it caves in. Same goes for your business. And your finances are the basement of your business. It’s the part that’s invisible to most outsiders, but what holds up the upper floors - your sales, marketing and your own personal zone of...

There is one thing that absolutely every business needs: bookkeeping. You need it not just to report taxes properly, but to understand the finances of your business. Selecting your bookkeeping system is one of the earliest decisions you'll make in your business. But, let's face it, you are not an accountant and may not know what you need or understand your options. And selecting a system...

The only thing worse than no bookkeeping is bad bookkeeping. It costs you time and money, both today and in the future. I know because I'm often working with clients to clean up shoddy bookkeeping work. It's the starting point for a good financial foundation. There are a lot of great bookkeepers and accountants out there. But it's also an unregulated field and anyone can hang out a...

Are your finances for 2023 all in order? Or are they a bit of hot mess? Are you going to be able to spend Q1 focused on your 2024 goals or are you going to spend it in mad rush, full of anxiety, trying to pull all your numbers together. What if this time next year, your finance were all in order and you were not scrambling for the tax guy. What if you had put the annual mad rush and tax anxiety to...

The cash flow statement is one of the three standard financial statements for businesses. Yet it's an engima for many business owners.  It's typically the least used and understood of the 3 standard financial statements. Yet it's a vital tool to helping you understand how your business generates and uses cash flow.  And that understanding and knowledge is key to managing your cash f...

Do you lose sleep worrying about whether you have enough cash in your business to pay your bills? Whether you can invest in your business so you can grow?  Well, you are not alone. 70% of business owners say they have cash flow issues.  When you are running a small business, cash is king. Because if you can't pay your bills or don't have money to invest in the business, you won't be...

Making more profit in your business and more money in your life doesn't start with your numbers. Or your strategies. It starts between your ears with your mindset. The money stories we tell ourselves directly impact our ability to build profitable businesses and create wealth and money in our lives. These stories, many of which we accept as fact, are really just thoughts and beliefs we keep r...

One common mistake I see with business owners who want to make more profit is that they are putting profit last. Profit is what happens to them after all their expenses are paid. But sustainable project requires a Profit First mindset. In this week's podcast, I'm talking about how a Profit First mindset can transform your business.  A profit last mindset is a sure way to unending hustle,...

When you hang out with entrepreneurs with a vision for their business, there’s one thing you’re bound to hear them talking about: scaling But there’s a word missing from almost every discussion: PROFIT And profit, not revenue, is the real point of scaling. But for various reasons, all the conversation about scaling centers around revenue. And this is resulting in businesses scaling prematurely and...

This week I'm blowing the lid off one of the biggest myths out there about improving your profit. Profit improvement isn't just about increasing revenue or cutting costs. In this week's episode, I'm sharing 5 much more nuanced strategies that can improve your profit without you hustling to chase more revenue or taking an axe to your expenses. You'll learn: Why increasing y...

I'm going all Brené Brown on you in this week's episode and talking about shame. Specifically financial shame.  Financial shame is costing you money every day in your business. It's keeping you stuck in your business because shame leads to inaction, buffering and continuing on the same path.  I hear from clients all the time about how ashamed or embarrassed they are by the state of...

All businesses need bookkeeping. It's usually one of the first things business owners will outsource. Yet, 90% of all clients that come me have bookkeeping issues. They don't know what they don't know. A good bookkeeper is a huge asset and a key part of your financial team. But it's an unregulated field and business owners often don't know what they don't know. When c...

Profit isn't just the way your business survives and thrives. It's you you build personal wealth and achieve financial freedom.  It's how you invest and grow your business. Profit is how you have an impact.  Profit = Impact And profit is personal. Your purpose for your profit is personal to you. Knowing your personal profit keeps you grounded and centered in your business.  In this...

This week's episode is a little different. Since I started my business, I found that a lot of business owners don't really know what a fractional CFO, what they do, or that they were even an option for smaller business. So today, I'm letting you get to know me and giving you an inside look at what I do and how I help businesses. I'll talk about how my 30-year career brought me...

Cash flow is one of the biggest issues businesses, and my clients, face. 82% of businesses that fail, fail because of cash flow issues.  It's the business killer. A pattern of cash flow issues results in not being able to pay your bills or invest in your business.  Not to mention the money anxiety that is always running in the background. Here's a little secret, when a client brings me c...