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Gift biz unwrapped episode 366.

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It might look good on your taxes,

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but it's not going to show you a profit and you're

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going to be very discouraged.

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Attention. Gifters bakers,

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crafters, and makers pursuing your dream can be fun.

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Whether you have an established business or looking to start one.

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Now you are in the right place.

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This is gift to biz unwrapped,

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helping you turn your skill into a flourishing business.

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Join us for an episode,

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packed full of invaluable guidance,

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resources, and the support you need to grow.

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Your gift biz.

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Here is your host gift biz gal Sue moon Heights.

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Hi there.

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It's Sue.

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And thanks for joining me here today.

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I can't believe we're already coming up to our second gift

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biz bash.

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Not sure what this is.

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It's something new that I recently started for you.

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The gift BizBash is a zoom party that provides a short

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session of free live training,

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and then a chance for you to highlight your company and

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any promotions you currently have going on.

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Or if you're interested in doing a collaboration,

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you can give us the details on that and perhaps find

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your next biz buddy.

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The first one was a couple of weeks ago.

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Oh my gosh,

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we had so much fun and it's going to be coming

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up as a podcast episode here shortly.

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Why don't you join us for this next one?

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Spots are limited so that I can keep the bash to

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about 45 minutes or so.

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You can sign up for as many as you like or

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pick and choose based on your availability to see the schedule

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and to sign up,

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go to gift biz,

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unwrapped.com forward slash bash.

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It's a hundred percent free for you to pick up a

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growth tip and get eyeballs on your business,

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to what could be better.

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Gift biz,

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unwrapped.com forward slash bash.

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I'll see you at the next one.

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And now onto the show today,

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do you recall the old vaudeville films where they'd have a

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big hook that would come out from behind a curtain and

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grab a bad actor around the waist and pull them off

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stage? Please don't do that to me.

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When you hear what we're talking about today,

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it's a topic that I know you've heard enough about lately,

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and probably want to forget until this time next year,

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that is Ugh taxes,

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but what if you didn't have to dread tax season?

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I mean,

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it's going to come around again,

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whether you like it or not,

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and putting a blindfold on now,

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won't make your experience with filing any better next year.

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But listening to this episode can our expert today is going

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to walk through what you can do now so that your

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tax filing experience can be less painful.

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Next time around we cover who should be part of your

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financial team and what actions to take and tools to use,

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whether you're a newbie in business or a seasoned pro,

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I think you'll pick up a tip or two to ensure

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that tax filing sanity is in your future.

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Today. It is my pleasure to introduce you to Danielle Hayden

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of kickstart accounting.

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Danielle is a reformed corporate CFO.

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Who's on a mission to help rule-breaking female entrepreneurs understand their

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numbers so they can gain the confidence needed to create sustainable

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profits. After spending 10 years in the boardroom,

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Danielle is now in her sweet spot as the CEO of

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kickstart accounting,

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Inc, where she helps business owners with bookkeeping analysis education.

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And she's also the author of the profit planner book series.

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When Danielle isn't crunching numbers on our client's behalf or crafting

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the next iteration of the profit planner,

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you can find her hanging out with her two kids as

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she inspires them to lead their fullest lives or any,

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and almost every fitness related activity ranging from Spartan races to

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Pilates. Hmm,

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Spartan races.

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That's interesting.

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Danielle, welcome to the gift biz on repped podcast.

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Thank you so much for having me here.

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I'm very excited to have this conversation with you,

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Me too.

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But before we even go into the candle question,

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what our Spartan races,

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They are an obstacle mud run.

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Very odd that I got into this.

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I had a friend who invited me a few years ago

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to train and go to one and my fiance and I

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had a blast.

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So I'm as girly as it gets.

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I do not want to get dirty at all.

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And then it comes to race day and you're climbing into

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mud. And it's the funniest thing in the world so much.

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Oh my gosh.

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That does sound amazing.

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And your shoes probably come off as you're running through the

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mud and some points.

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Oh yes.

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I can't tell you how many people have lost their shoes

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in there and something that you don't do that in real

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life. You're not going playing in mud like kids and monkey

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bars and lifting heavy stuff.

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It's a really,

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really challenging events,

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but it's so much fun and you leave feeling like a

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million bucks.

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It sounds amazing.

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And you've kind of gotten like a mud spa treatment at

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the same time.

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I said that in my last race,

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I said,

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you know what,

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guys? I said,

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people pay good money for this.

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And just toughen up.

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There you go.

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All right,

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well, we've already gotten a little bit of a peek into

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who you are besides just your intro.

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But I also want to do this by way of a

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motivational candle because we've been doing it all these years.

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So I can't stop.

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Now, Danielle,

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if you were to describe yourself by way of a motivational

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candle, what would it look like?

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Bike a color,

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and then maybe a sane or a motto or a quote

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that would resonate with you.

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So my favorite color is red.

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I love the smell of cherry almond.

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Everything is cherry almond in my routine.

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And then my quote for long as I can possibly remember

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is mind over matter.

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And I really do truly believe that.

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Yeah, my kids roll their eyes.

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My mom laughs my team.

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I'll ask every time I say it,

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because I truly believe that our mind controls what actually becomes

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our reality.

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I agree with you.

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It can limit us or it can open us up to

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opportunity. It depends which switch you want to flip.

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Yeah, absolutely.

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Okay. And we are going to have to flip some switches

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here, Danielle,

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because these are the topics that I know people who are

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listening, shy away from all the accounting and the numbers and

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all of that.

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Talk to me a little bit about how numbers became such

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a passion for you.

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Yeah, it's really interesting.

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I actually didn't do very well in math growing up.

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So I wasn't a math nerd.

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I never thought I was going into school for math,

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but I was actually working as a hairdresser and I realized

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that I loved the numbers side of how to make money,

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right? Like that is how you made a living.

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There was understanding,

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you know,

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how many haircuts or how many hair colors that you had

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to do in order to hit your different quotas.

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And then I started talking to the other stylists and saying,

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Hey, you know,

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if you do this,

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you'll meet the same quotas.

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And then if we all do this,

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the salon will have to pay us even more money.

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And so I got the whole team rallied around understanding the

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numbers that they needed to hit in order for us to

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all achieve our goals.

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I didn't know it at the time I went back to

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school for accounting and fast forward,

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it all came back full circle.

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As I'm sitting in the corporate boardroom,

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I realized this is the same thing that I was doing

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10 years ago at the hair salon,

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but in a different way,

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using the numbers to ensure that we hit our goals and

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rallying the team behind those numbers and understanding those numbers so

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that we can all hit our goals together.

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And so I fell in love with the process and that's

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what we do today at kickstart is helping other business owners

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understand the numbers and what they need to do in order

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to be able to find the success in their business and

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not feel so overwhelming in this topic.

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I love it.

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And I know you've had a lot of experience with handmade

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creators, you know,

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or smaller businesses too.

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And one of the things that we continue to see all

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of us is that sometimes we're not looking at the right

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numbers because we'll look at,

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let's say how many products we sold at a certain event,

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but we're not looking at how we priced the products.

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You know?

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So we're not really seeing margin.

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We're just seeing revenue,

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but that's not what you're bringing home and putting in your

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pocket. So that's a big issue here.

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Yeah. I told you before we pressed record,

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when we first started kickstart,

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we worked with that was our first customers was a lot

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of I'm from Cleveland,

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Ohio. And we have a really big market here that we

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were able to really help transform a lot of handmade creative

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entrepreneurs in understanding it's not the number of products you sold.

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It's not the gross because that's a number that people focus

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all the time.

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How much revenue did you bring in?

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It's the expenses.

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People forget that the expenses are just as important as how

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much they brought in and then their time.

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Okay. Yeah.

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Time. I mean time is something I think as makers we

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think, well comes naturally to me and it's just me and

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I'm the owner of the business,

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you know,

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it's kind of like the old fashion.

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You don't tip the owner type thing.

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We don't charge for our time.

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If we're the maker.

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And if you're in business,

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that's not going to work for very long.

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And if you enjoy it,

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so a lot of our clients will tell me,

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I don't mind it.

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It's therapeutic because that's the whole reason you started this business

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to begin with because you had something that you enjoy doing

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and that you were good at,

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and then you started selling it.

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And so a lot of our clients will say to us,

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I enjoy this so much that my time really shouldn't be

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included, but that's not true.

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As you continue to grow your time has to be included

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just like all the other expenses in order to truly understand

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your business Completely.

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Okay. I'd like to guide the conversation into a specific topic

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here. And that is something that everyone wants to like shove

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to the side because this time of year it's for many

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of us over as of like within the last couple of

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days, and that is taxes,

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you know,

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so often as April 15th approaches,

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then all of a sudden it comes to light that,

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oh my gosh,

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what do I need to do to prepare?

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I've got to get my numbers going,

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you know,

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all of that.

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And then even when we submit taxes,

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the question,

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did I do it right?

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Did I give it to my accountant properly?

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You know,

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if you're not doing it yourself,

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all these questions.

267
00:10:30,690 --> 00:10:33,360
And I'd really like us all to get to a point

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where we're feeling comfortable early on in the process of what

269
00:10:38,130 --> 00:10:39,690
we need to prepare for taxes.

270
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So that come a year from now,

271
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everyone listened to this show can be like,

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00:10:44,130 --> 00:10:47,940
okay, I'm so glad I put in play an easier way

273
00:10:47,940 --> 00:10:51,030
to manage taxes so that we can focus on our business

274
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and not just that stressful time.

275
00:10:53,370 --> 00:10:56,910
Right? So that's the conversation I'd like to go with.

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How does that sound for you?

277
00:10:58,440 --> 00:10:59,490
Sounds amazing.

278
00:10:59,520 --> 00:11:02,460
Definitely a conversation that needs so much time and attention,

279
00:11:02,460 --> 00:11:03,510
especially this time of year.

280
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I can't tell you how many clients come to us,

281
00:11:05,730 --> 00:11:07,530
overwhelmed and frantic.

282
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And then it brings on all the other mindset issues,

283
00:11:10,050 --> 00:11:11,610
right? In the shame and guilt.

284
00:11:11,850 --> 00:11:14,430
This is a really good opportunity to be able to do

285
00:11:14,430 --> 00:11:15,270
it differently next year.

286
00:11:15,600 --> 00:11:16,860
Perfect. All right,

287
00:11:16,860 --> 00:11:19,470
so let's take it from somebody who's brand new.

288
00:11:19,470 --> 00:11:21,390
Let's just go with a clean slate.

289
00:11:21,450 --> 00:11:24,990
Okay. How do you frame getting ready for taxes?

290
00:11:24,990 --> 00:11:27,300
Like just an overall statement to start with.

291
00:11:27,540 --> 00:11:30,390
Is it going to be time-consuming do we put processes in

292
00:11:30,390 --> 00:11:33,810
place? Like what's the value of doing this now versus just

293
00:11:33,810 --> 00:11:34,740
wait until the end?

294
00:11:34,740 --> 00:11:36,210
Yeah. It's going to be a mad rush,

295
00:11:36,240 --> 00:11:37,410
but that's okay.

296
00:11:37,440 --> 00:11:39,030
I just don't want to deal with it right now.

297
00:11:39,090 --> 00:11:41,190
What would be the advantage of addressing it today?

298
00:11:41,760 --> 00:11:45,330
Yeah, so I am a big believer in that we have

299
00:11:45,330 --> 00:11:48,510
the opportunity as business owners to be able to make business

300
00:11:48,510 --> 00:11:51,450
decisions for our taxes throughout the year.

301
00:11:51,720 --> 00:11:56,680
So this should never something that you're only thinking about between

302
00:11:56,680 --> 00:11:57,670
January and April.

303
00:11:57,940 --> 00:12:00,100
This should be something that you are thinking about at the

304
00:12:00,100 --> 00:12:01,810
end of every month.

305
00:12:02,080 --> 00:12:05,560
And so if you are just starting out part of your

306
00:12:05,590 --> 00:12:09,250
process as a business owner at the end of each month

307
00:12:09,280 --> 00:12:10,060
or quarter,

308
00:12:10,150 --> 00:12:13,720
is the process of reviewing your numbers and looking at,

309
00:12:13,780 --> 00:12:15,700
do I have a net income or do I have a

310
00:12:15,700 --> 00:12:16,420
net loss?

311
00:12:16,720 --> 00:12:19,120
And if you have a net income,

312
00:12:19,180 --> 00:12:21,910
either setting aside the appropriate amount of funds,

313
00:12:21,970 --> 00:12:25,870
or if your tax accountant advised you to make tax payments

314
00:12:25,870 --> 00:12:26,530
throughout the years,

315
00:12:26,620 --> 00:12:28,540
the year be able to make those tax payments.

316
00:12:28,780 --> 00:12:30,910
Now, when you get to year end,

317
00:12:30,970 --> 00:12:33,730
you've made business decisions throughout the year,

318
00:12:33,790 --> 00:12:35,080
according to your taxes.

319
00:12:35,080 --> 00:12:37,600
So if you have a huge profit you've saved,

320
00:12:37,690 --> 00:12:39,370
you've spent accordingly,

321
00:12:39,400 --> 00:12:42,220
you've had a conversation with your tax accountant about maybe becoming

322
00:12:42,220 --> 00:12:42,970
an S-corp.

323
00:12:43,090 --> 00:12:45,490
You understand how much you took an owner's draws.

324
00:12:45,790 --> 00:12:47,830
You understand the information.

325
00:12:47,830 --> 00:12:49,300
So everything's put together.

326
00:12:49,300 --> 00:12:50,470
So you've saved time,

327
00:12:50,920 --> 00:12:51,370
you know,

328
00:12:51,370 --> 00:12:52,270
where you stand.

329
00:12:52,270 --> 00:12:54,010
So you have confidence.

330
00:12:54,070 --> 00:12:56,260
You're not surprised by your tax bill.

331
00:12:56,260 --> 00:12:59,080
So you have a sense of calmness and a sense of

332
00:12:59,230 --> 00:13:02,470
ease. So those are some of the emotions that you can

333
00:13:02,500 --> 00:13:06,190
enjoy. If you start this process now for next year.

334
00:13:06,760 --> 00:13:09,100
Wonderful. And I'm going to tell you right now,

335
00:13:09,100 --> 00:13:12,130
a lot of us have no idea what that process even

336
00:13:12,220 --> 00:13:13,600
should be like.

337
00:13:13,600 --> 00:13:14,500
A lot of people,

338
00:13:14,500 --> 00:13:14,770
you know,

339
00:13:14,770 --> 00:13:16,840
you're talking about having a tax accountant.

340
00:13:16,840 --> 00:13:17,560
If we're just starting,

341
00:13:17,560 --> 00:13:18,310
we don't have one.

342
00:13:18,700 --> 00:13:19,060
You know,

343
00:13:19,090 --> 00:13:21,220
if we're farther along than we do,

344
00:13:21,430 --> 00:13:25,330
give us an idea of what financial team could look like

345
00:13:25,330 --> 00:13:26,770
as you grow your business.

346
00:13:26,800 --> 00:13:29,410
Because right now let's just talk to the person who is

347
00:13:29,410 --> 00:13:31,450
just starting out selling products.

348
00:13:31,750 --> 00:13:34,990
What eventually should they evolve into in terms of help with

349
00:13:34,990 --> 00:13:35,650
their numbers?

350
00:13:36,010 --> 00:13:38,260
So I want you to have what I call the financial

351
00:13:38,260 --> 00:13:41,020
triangle. You have your bookkeeper.

352
00:13:41,050 --> 00:13:43,930
So this is the person who is entering all of the

353
00:13:43,960 --> 00:13:47,020
transactions into your accounting system.

354
00:13:47,290 --> 00:13:49,330
You are never too early for a bookkeeper.

355
00:13:49,360 --> 00:13:51,460
I truly believe that as soon as we're making money,

356
00:13:51,460 --> 00:13:53,860
we need to have our systems in place to be able

357
00:13:53,860 --> 00:13:55,570
to have this information recorded.

358
00:13:55,870 --> 00:13:59,050
They are also the person who will help you understand the

359
00:13:59,050 --> 00:14:02,470
information throughout the year and be prepared for tax season.

360
00:14:03,040 --> 00:14:05,650
The second person is your CPA.

361
00:14:05,680 --> 00:14:08,230
So this doesn't need to be anybody fancy.

362
00:14:08,470 --> 00:14:10,390
This could be a local CPA,

363
00:14:10,540 --> 00:14:12,730
a tax partner to your bookkeeper.

364
00:14:12,760 --> 00:14:14,410
So not the same firm,

365
00:14:14,530 --> 00:14:15,670
not the same company,

366
00:14:15,670 --> 00:14:16,750
not the same person,

367
00:14:17,050 --> 00:14:19,870
your bookkeeper and your CPA should be two different people so

368
00:14:19,870 --> 00:14:21,610
that you have a checks and balance.

369
00:14:21,610 --> 00:14:22,390
You know,

370
00:14:22,450 --> 00:14:25,000
that two people are looking at those numbers and that they

371
00:14:25,000 --> 00:14:27,460
are accurate and they can work together.

372
00:14:27,760 --> 00:14:30,400
So your CPA is a person who's coming in at year

373
00:14:30,400 --> 00:14:31,600
end to file the taxes.

374
00:14:31,660 --> 00:14:34,000
However, I do want you to talk to that person at

375
00:14:34,000 --> 00:14:35,950
least one other time throughout the year,

376
00:14:36,220 --> 00:14:38,590
maybe that time is summer or quarter three,

377
00:14:38,590 --> 00:14:40,540
to make sure that you are prepared for the end of

378
00:14:40,540 --> 00:14:41,020
the year.

379
00:14:41,290 --> 00:14:43,630
And then the third person is your financial advisor.

380
00:14:43,660 --> 00:14:46,480
And I know starting out that might be surprising that I'm

381
00:14:46,480 --> 00:14:48,430
telling you if to have a financial advisor,

382
00:14:48,700 --> 00:14:51,470
however, as self-employed individuals,

383
00:14:51,530 --> 00:14:55,280
we still need to be thinking about our long-term strategies in

384
00:14:55,280 --> 00:15:00,530
terms of our retirement disability insurance for your business.

385
00:15:00,800 --> 00:15:03,200
So thinking about who is in your corner,

386
00:15:03,200 --> 00:15:07,130
to be able to help advise on those long-term financial strategies,

387
00:15:07,190 --> 00:15:08,780
to make sure that you are protected.

388
00:15:09,080 --> 00:15:09,860
And ideally,

389
00:15:09,860 --> 00:15:13,460
again, these three people should be three different companies,

390
00:15:13,490 --> 00:15:14,780
three different individuals,

391
00:15:14,810 --> 00:15:16,850
however you want them to work together.

392
00:15:16,850 --> 00:15:19,160
So you want them to be able to communicate and be

393
00:15:19,160 --> 00:15:19,970
able to work together.

394
00:15:20,360 --> 00:15:23,300
Wonderful. And I just want to make mention to everyone who's

395
00:15:23,300 --> 00:15:27,860
listening. I want you to reference back to episode number 360

396
00:15:27,890 --> 00:15:29,390
1 with Aaron Bridgeman.

397
00:15:29,480 --> 00:15:30,620
And there,

398
00:15:30,620 --> 00:15:33,560
we talked about how the income that you make in your

399
00:15:33,560 --> 00:15:36,800
business bridges over to your personal life.

400
00:15:37,070 --> 00:15:40,340
And that's very compatible with what Danielle's talking about.

401
00:15:40,340 --> 00:15:44,150
I almost look at these as two twin episodes that you

402
00:15:44,150 --> 00:15:45,800
should listen to together.

403
00:15:46,100 --> 00:15:47,210
I know her very well.

404
00:15:47,480 --> 00:15:49,850
Yeah. I think you should just had her on your podcast

405
00:15:49,850 --> 00:15:50,660
too. Didn't you?

406
00:15:50,960 --> 00:15:51,830
I did.

407
00:15:52,010 --> 00:15:54,230
I will second that we speak the same love language.

408
00:15:54,560 --> 00:15:57,410
Yes. And so she was talking a lot about how you

409
00:15:57,410 --> 00:16:00,620
transition your profits over to your personal life.

410
00:16:00,650 --> 00:16:03,020
All that you were just talking about here in these last

411
00:16:03,020 --> 00:16:04,370
comments. So again,

412
00:16:04,370 --> 00:16:06,380
I think these are to just listen to them back to

413
00:16:06,380 --> 00:16:08,600
back. You'll get a wealth of information.

414
00:16:08,840 --> 00:16:11,030
Okay. So let's get back to your financial triangle.

415
00:16:11,030 --> 00:16:12,170
So we've got your bookkeeper,

416
00:16:12,200 --> 00:16:14,780
your CPA and your financial advisor.

417
00:16:15,230 --> 00:16:19,220
That is the optimal image of the partners that you should

418
00:16:19,220 --> 00:16:22,100
have in place as part of your financial team.

419
00:16:22,760 --> 00:16:23,630
What do you say?

420
00:16:23,630 --> 00:16:26,210
Because now I'm going to bring in a layer of reality.

421
00:16:26,450 --> 00:16:29,570
Someone who is just starting out is going to do their

422
00:16:29,570 --> 00:16:31,370
own bookkeeping for some time.

423
00:16:31,670 --> 00:16:31,910
I mean,

424
00:16:31,910 --> 00:16:32,720
you just know they are,

425
00:16:32,750 --> 00:16:33,800
even though they probably shouldn't,

426
00:16:33,800 --> 00:16:34,910
unless they have a friend,

427
00:16:35,780 --> 00:16:38,510
how can we kick them off in the right way?

428
00:16:38,510 --> 00:16:42,560
So they're prepared as best they can be for tax season

429
00:16:42,560 --> 00:16:46,550
two. Like what basic things should they be doing with,

430
00:16:46,640 --> 00:16:49,580
for sure the statement that they should be handing this off

431
00:16:49,580 --> 00:16:50,570
as soon as they can.

432
00:16:50,870 --> 00:16:52,070
So, you know,

433
00:16:52,070 --> 00:16:53,930
you'll still have an accounting system.

434
00:16:53,930 --> 00:16:58,250
So I would recommend QuickBooks or zero wave as a free

435
00:16:58,250 --> 00:16:59,300
option. However,

436
00:16:59,330 --> 00:17:01,880
long-term, it is not an effective option.

437
00:17:02,480 --> 00:17:07,310
And those systems will help you create the necessary profit and

438
00:17:07,310 --> 00:17:08,000
loss statement,

439
00:17:08,000 --> 00:17:10,190
which you will need in order to be able to file

440
00:17:10,190 --> 00:17:12,230
your own taxes or have a CPA,

441
00:17:12,230 --> 00:17:13,400
do your taxes for you.

442
00:17:13,400 --> 00:17:15,350
So you want to make sure that you are in an

443
00:17:15,350 --> 00:17:16,250
accounting system.

444
00:17:16,550 --> 00:17:19,700
The mistake that I see people make is that they use

445
00:17:19,730 --> 00:17:22,070
a Google doc or an Excel spreadsheet.

446
00:17:22,400 --> 00:17:26,720
And unfortunately that is not full-proof and it leaves a lot

447
00:17:26,720 --> 00:17:29,210
of room for error and can cause a lot of issues.

448
00:17:29,300 --> 00:17:32,210
It can result in you overpaying on your return.

449
00:17:32,510 --> 00:17:35,990
It can result in you not taking enough deductions.

450
00:17:36,020 --> 00:17:38,450
So you really want to make sure that you have a

451
00:17:38,450 --> 00:17:42,530
system in place that's going to help you capture the information

452
00:17:42,620 --> 00:17:45,140
in order to be able to then use that profit and

453
00:17:45,140 --> 00:17:45,830
loss statement,

454
00:17:45,830 --> 00:17:47,180
to be able to file your taxes.

455
00:17:47,510 --> 00:17:48,440
Right. And you know,

456
00:17:48,440 --> 00:17:50,670
if you're just putting it on an Excel spreadsheet,

457
00:17:50,760 --> 00:17:53,700
you still then have to figure everything out from the numbers

458
00:17:53,700 --> 00:17:54,870
that you've put down.

459
00:17:55,170 --> 00:17:56,460
It does take a little bit of time.

460
00:17:56,490 --> 00:17:59,520
I've heard of zero before we use QuickBooks.

461
00:17:59,550 --> 00:18:00,990
And you're saying wave long-term,

462
00:18:00,990 --> 00:18:01,950
isn't a good solution.

463
00:18:01,950 --> 00:18:04,260
I'm all for putting people on the right tool,

464
00:18:04,290 --> 00:18:05,580
right from the beginning.

465
00:18:05,610 --> 00:18:07,020
So you'd say zero or QuickBooks,

466
00:18:07,020 --> 00:18:08,760
right? I would say Xero or QuickBooks.

467
00:18:08,880 --> 00:18:11,760
QuickBooks is by far our long-term favorite.

468
00:18:11,950 --> 00:18:15,600
We find that QuickBooks offers a shift in mentality is going

469
00:18:15,600 --> 00:18:19,140
to be able to give you long-term support in your reports.

470
00:18:19,470 --> 00:18:21,540
And because entrepreneurs,

471
00:18:21,600 --> 00:18:25,590
business owners understand that when they start to work in QuickBooks,

472
00:18:25,620 --> 00:18:27,720
it shifts their mindset and saying,

473
00:18:27,810 --> 00:18:28,950
I got this right?

474
00:18:28,950 --> 00:18:30,000
Like I'm doing this.

475
00:18:30,090 --> 00:18:35,040
I am considering myself official enables that growth opportunity,

476
00:18:35,040 --> 00:18:36,240
that growth mindset.

477
00:18:36,630 --> 00:18:38,670
Okay. And something that I learned,

478
00:18:38,670 --> 00:18:42,570
I had a quick book specialist actually in our VIP coaching

479
00:18:42,570 --> 00:18:43,500
call this week.

480
00:18:43,560 --> 00:18:47,250
And we were talking about the differences between QuickBooks online and

481
00:18:47,250 --> 00:18:48,870
QuickBooks desktop.

482
00:18:49,170 --> 00:18:53,310
And what I understand is that for people who are inventory

483
00:18:53,340 --> 00:18:57,000
rich, QuickBooks desktop is better.

484
00:18:57,450 --> 00:19:01,110
Unless you want to do an add on like an additional

485
00:19:01,170 --> 00:19:03,210
app, I guess you call it that you would add on

486
00:19:03,210 --> 00:19:04,830
to QuickBooks online.

487
00:19:04,830 --> 00:19:05,580
Is that right?

488
00:19:05,910 --> 00:19:06,900
That is correct.

489
00:19:06,900 --> 00:19:07,800
Yes. Okay.

490
00:19:07,800 --> 00:19:12,810
So would you then given that recommend QuickBooks desktop for a

491
00:19:12,810 --> 00:19:13,800
maker community?

492
00:19:14,100 --> 00:19:15,090
I would not.

493
00:19:15,270 --> 00:19:19,200
Okay. Most of the makers that we work with use either

494
00:19:19,200 --> 00:19:22,500
an inventory add-on that syncs with their point of sale system.

495
00:19:22,500 --> 00:19:26,310
So it's a little bit different from the traditional marketing that's

496
00:19:26,310 --> 00:19:29,010
out there for systems most marketing,

497
00:19:29,010 --> 00:19:29,280
right? When,

498
00:19:29,280 --> 00:19:30,960
so when you're marketed a software,

499
00:19:31,110 --> 00:19:33,780
a big highlight for marketing teams to give you is that

500
00:19:33,810 --> 00:19:35,100
we sync with QuickBooks.

501
00:19:35,190 --> 00:19:38,460
However, what I think is more important is sinking with your

502
00:19:38,460 --> 00:19:39,540
point of sale system.

503
00:19:39,870 --> 00:19:42,300
And so you want your inventory as part of your point

504
00:19:42,300 --> 00:19:44,820
of sale systems that every time an item is sold,

505
00:19:44,940 --> 00:19:46,980
it's being removed from that system.

506
00:19:47,370 --> 00:19:48,030
Makes sense.

507
00:19:48,030 --> 00:19:50,820
Yeah. So then when you need to replenish your inventory,

508
00:19:50,850 --> 00:19:51,720
you can easily see,

509
00:19:51,720 --> 00:19:53,910
you can do an inventory report and there you go.

510
00:19:53,970 --> 00:19:54,780
You've got what you need.

511
00:19:55,170 --> 00:19:55,980
Yes, exactly.

512
00:19:56,370 --> 00:19:57,270
Okay. Wonderful.

513
00:19:57,270 --> 00:19:58,230
And honestly,

514
00:19:58,350 --> 00:20:00,000
QuickBooks, you know,

515
00:20:00,000 --> 00:20:03,720
it sounds big and scary and any accounting system to someone

516
00:20:03,720 --> 00:20:04,950
who's never done this before,

517
00:20:05,010 --> 00:20:08,490
it sounds difficult and challenging really what it is,

518
00:20:08,520 --> 00:20:10,170
is inputting data.

519
00:20:10,170 --> 00:20:12,930
And then that tool does the work for you.

520
00:20:13,260 --> 00:20:13,470
You know,

521
00:20:13,470 --> 00:20:17,250
it produces your profit and loss statement or your inventory report,

522
00:20:17,280 --> 00:20:18,000
all of that.

523
00:20:18,000 --> 00:20:20,400
So it's really just a matter of making sure that you're

524
00:20:20,430 --> 00:20:23,430
inputting the information it needs to do its job.

525
00:20:26,400 --> 00:20:29,880
We'll continue this conversation after a quick break to hear from

526
00:20:29,910 --> 00:20:31,020
my other company,

527
00:20:31,110 --> 00:20:33,720
which also happens to be the sponsor of the show.

528
00:20:34,920 --> 00:20:39,300
Yes, it's possible increase your sales without adding a single customer.

529
00:20:39,540 --> 00:20:42,990
How you ask by offering personalization with your products,

530
00:20:43,230 --> 00:20:46,380
rapid cake box with a ribbon saying happy 30th birthday,

531
00:20:46,380 --> 00:20:49,840
Annie, or at a special message and date to wedding or

532
00:20:49,840 --> 00:20:52,300
party favors for an extra meaningful touch.

533
00:20:52,420 --> 00:20:55,660
Where else can you get customization with a creatively spelled name

534
00:20:55,660 --> 00:20:56,590
or find packaging?

535
00:20:56,590 --> 00:20:59,080
That includes a saying whose meaning is known to a select

536
00:20:59,080 --> 00:21:01,780
to not only our customers willing to pay for these special

537
00:21:01,780 --> 00:21:04,960
touches. They'll tell their friends and word will spread about your

538
00:21:04,960 --> 00:21:06,250
company and products.

539
00:21:06,460 --> 00:21:09,820
You can create personalized ribbons and labels in seconds,

540
00:21:09,910 --> 00:21:13,240
make just one or thousands without waiting weeks or having to

541
00:21:13,240 --> 00:21:16,510
spend money to order yards and yards print words in any

542
00:21:16,510 --> 00:21:17,500
language or font,

543
00:21:17,710 --> 00:21:18,460
add logos,

544
00:21:18,550 --> 00:21:20,320
images, even photos,

545
00:21:20,590 --> 00:21:24,400
perfect for branding or adding ingredient and flavor labels to for

546
00:21:24,400 --> 00:21:25,240
more information,

547
00:21:25,240 --> 00:21:27,370
go to the ribbon print company.com.

548
00:21:28,120 --> 00:21:31,390
Yeah. I cannot tell you how important it is for the

549
00:21:31,390 --> 00:21:34,870
information to be categorized correctly and set up correctly.

550
00:21:35,140 --> 00:21:37,930
When we work with new clients,

551
00:21:37,960 --> 00:21:40,060
one of the first things that we do is use our

552
00:21:40,060 --> 00:21:43,960
strategic framework to make sure that the QuickBooks chart of accounts

553
00:21:43,960 --> 00:21:47,260
and income statement is set up accurately so that you can

554
00:21:47,350 --> 00:21:48,670
understand your numbers.

555
00:21:48,970 --> 00:21:52,120
Unfortunately, what comes out and QuickBooks tends to just be an

556
00:21:52,180 --> 00:21:54,220
alphabetical list of accounts.

557
00:21:54,280 --> 00:21:55,360
And long-term,

558
00:21:55,360 --> 00:21:58,210
that's very difficult for you to understand what is going,

559
00:21:58,210 --> 00:21:59,260
where and why.

560
00:21:59,530 --> 00:22:03,130
And so I do encourage anyone who can to take the

561
00:22:03,130 --> 00:22:05,890
opportunity to work with an expert who can help you make

562
00:22:05,890 --> 00:22:08,830
sure that QuickBooks is set up accurately and that things are

563
00:22:08,830 --> 00:22:10,660
being categorized in the right places,

564
00:22:10,720 --> 00:22:12,040
not just for taxes,

565
00:22:12,040 --> 00:22:15,100
but for you as the manager of the business,

566
00:22:15,100 --> 00:22:18,460
to be able to manage your expenses and understand the numbers.

567
00:22:18,880 --> 00:22:19,150
All right.

568
00:22:19,150 --> 00:22:22,930
So with the understanding that everything needs to be set up

569
00:22:22,960 --> 00:22:27,760
correctly and not just the automatic a to Z listing,

570
00:22:28,090 --> 00:22:31,090
right? Let's say that all of that is set up because

571
00:22:31,090 --> 00:22:32,770
I want to take this from the basics.

572
00:22:32,800 --> 00:22:36,730
What's the information we're supposed to be putting in Into QuickBooks.

573
00:22:36,970 --> 00:22:37,660
Yeah. I mean,

574
00:22:37,660 --> 00:22:39,430
that sounds very general.

575
00:22:39,430 --> 00:22:39,970
I get it.

576
00:22:40,270 --> 00:22:40,960
No, that's okay.

577
00:22:40,990 --> 00:22:44,200
So QuickBooks will walk you through a process of setting up

578
00:22:44,230 --> 00:22:45,640
what's called a bank feed.

579
00:22:45,850 --> 00:22:49,000
So you will set up the bank feed for your checking

580
00:22:49,000 --> 00:22:50,800
account, your savings accounts,

581
00:22:50,860 --> 00:22:52,540
any credit cards that you have,

582
00:22:52,570 --> 00:22:54,010
PayPal can be a bear.

583
00:22:54,010 --> 00:22:56,890
So you want to link your PayPal correctly.

584
00:22:56,890 --> 00:23:00,100
So depending on how you have your PayPal account set up,

585
00:23:00,130 --> 00:23:02,440
you'll want to make sure you link your PayPal accordingly and

586
00:23:02,440 --> 00:23:06,430
QuickBooks. But once all of those systems are set up or

587
00:23:06,440 --> 00:23:08,020
once all those feeds are set up,

588
00:23:08,050 --> 00:23:10,990
it will automatically upload each transaction.

589
00:23:10,990 --> 00:23:12,400
So you're out making money,

590
00:23:12,400 --> 00:23:13,240
spending money,

591
00:23:13,330 --> 00:23:17,770
and QuickBooks is bringing all of those transactions into the system

592
00:23:17,800 --> 00:23:21,940
for you then to categorize for each expense and each income

593
00:23:21,940 --> 00:23:22,840
line. Now,

594
00:23:23,110 --> 00:23:25,990
one thing that we see a big error that we see

595
00:23:26,080 --> 00:23:28,870
when we first start working with clients is that historical information

596
00:23:28,870 --> 00:23:30,790
will not have the vendor name.

597
00:23:31,120 --> 00:23:33,280
And so no matter where you're spending money,

598
00:23:33,310 --> 00:23:35,320
you actually want to click on the transaction and make sure

599
00:23:35,320 --> 00:23:38,320
you're putting in the vendor and then the category or the

600
00:23:38,320 --> 00:23:40,120
account and what you want it to go to.

601
00:23:40,420 --> 00:23:42,910
The other piece of this would be your sales.

602
00:23:42,940 --> 00:23:45,560
So depending on what point of sales system you're using,

603
00:23:45,620 --> 00:23:46,970
let's say you're using square.

604
00:23:47,030 --> 00:23:49,760
You'll also sync your square system to QuickBooks,

605
00:23:49,850 --> 00:23:53,210
or have a mechanism to pull all those transactions in as

606
00:23:53,210 --> 00:23:53,870
you're making money.

607
00:23:54,200 --> 00:23:58,130
Okay. So anywhere where you have purchasing,

608
00:23:58,190 --> 00:23:59,360
once that's connected,

609
00:23:59,420 --> 00:24:02,720
all of your sales will come in and then with your

610
00:24:02,720 --> 00:24:03,920
credit card,

611
00:24:04,010 --> 00:24:04,970
which is your credit card,

612
00:24:04,970 --> 00:24:06,260
when you charge on a credit card,

613
00:24:06,260 --> 00:24:07,760
does that sync into QuickBooks?

614
00:24:07,970 --> 00:24:08,630
Yep. Oh,

615
00:24:08,630 --> 00:24:11,240
I didn't know that clearly I have a bookkeeper,

616
00:24:12,890 --> 00:24:14,360
All of your checking account.

617
00:24:14,360 --> 00:24:17,300
So your deposits and your expenses or your credit cards as

618
00:24:17,300 --> 00:24:18,980
you're making money and spending money,

619
00:24:19,070 --> 00:24:20,750
everything is pulling into QuickBooks.

620
00:24:20,960 --> 00:24:23,660
The most important part of a bookkeeper job is to make

621
00:24:23,660 --> 00:24:26,690
sure that they're maintaining the integrity of the income statement.

622
00:24:26,930 --> 00:24:29,150
They're maintaining the integrity of the chart of accounts.

623
00:24:29,420 --> 00:24:29,990
So again,

624
00:24:30,020 --> 00:24:32,750
what I think is most important when we do our accounting,

625
00:24:32,840 --> 00:24:35,030
our end goal is always for business owners to be able

626
00:24:35,030 --> 00:24:36,350
to understand the information.

627
00:24:36,620 --> 00:24:39,020
And so you need to have the right categories put in

628
00:24:39,020 --> 00:24:41,420
place in order when the expenses come in,

629
00:24:41,450 --> 00:24:43,400
they're going to the right categories.

630
00:24:43,520 --> 00:24:44,000
That way,

631
00:24:44,000 --> 00:24:45,740
when you're looking at the income statement,

632
00:24:45,800 --> 00:24:47,270
it makes sense.

633
00:24:47,510 --> 00:24:51,410
Well, and it's actually representative of what's really happening.

634
00:24:51,530 --> 00:24:54,320
Like heaven forbid you have a cost of sales.

635
00:24:54,410 --> 00:24:58,370
That's really showing us income or something like totally off you're

636
00:24:58,370 --> 00:25:00,290
in the wrong side of the accounting.

637
00:25:00,650 --> 00:25:01,730
Exactly. Right.

638
00:25:01,730 --> 00:25:03,170
And that could really throw you off.

639
00:25:03,170 --> 00:25:04,310
Totally. All right.

640
00:25:04,310 --> 00:25:06,740
So if you have everything connected up,

641
00:25:06,740 --> 00:25:10,010
then it's important to make sure that the categories are correct.

642
00:25:10,340 --> 00:25:14,630
It's either money going out money going in and then allocated

643
00:25:14,630 --> 00:25:15,170
to, you know,

644
00:25:15,170 --> 00:25:17,420
there are all the other separate categories too,

645
00:25:17,420 --> 00:25:20,360
right? Like entertainment or education,

646
00:25:20,390 --> 00:25:21,170
all of that.

647
00:25:21,800 --> 00:25:23,120
Yeah. So those are awesome,

648
00:25:23,120 --> 00:25:24,320
important categories.

649
00:25:24,440 --> 00:25:27,560
And I would recommend you have your categories grouped by types

650
00:25:27,590 --> 00:25:28,820
of expenses.

651
00:25:28,820 --> 00:25:30,560
So under travel could be,

652
00:25:30,710 --> 00:25:32,210
this is a random example,

653
00:25:32,210 --> 00:25:33,110
but like airlines,

654
00:25:33,110 --> 00:25:35,240
hotels, parking gas,

655
00:25:35,340 --> 00:25:36,680
all under travel,

656
00:25:37,040 --> 00:25:40,580
and then under payroll would be contractors.

657
00:25:40,610 --> 00:25:43,760
Any payroll fee is if you're paying any employees,

658
00:25:43,790 --> 00:25:46,790
those would be all be under your payroll sub category.

659
00:25:47,000 --> 00:25:48,530
So grouping them in that way.

660
00:25:48,650 --> 00:25:50,060
Our advertising is another one.

661
00:25:50,060 --> 00:25:53,090
It's anything that you have under advertising and marketing might be

662
00:25:53,090 --> 00:25:54,170
like booth fees,

663
00:25:54,260 --> 00:25:55,640
marketing, contractors,

664
00:25:55,640 --> 00:25:56,810
website developers,

665
00:25:56,840 --> 00:26:00,050
so that everything under advertising and marketing is grouped together.

666
00:26:00,350 --> 00:26:02,270
And the reason that this is so important is that there

667
00:26:02,270 --> 00:26:05,270
is a beautiful report called percent of sales.

668
00:26:05,360 --> 00:26:08,660
And it will show you where you're spending money,

669
00:26:08,690 --> 00:26:10,430
how much of your sales,

670
00:26:10,460 --> 00:26:12,950
your spending in each category.

671
00:26:12,950 --> 00:26:15,440
And so it really allows you very quickly to say,

672
00:26:15,500 --> 00:26:17,780
am I spending too much money in advertising?

673
00:26:17,780 --> 00:26:18,590
Like, whoa,

674
00:26:18,650 --> 00:26:21,800
that's 30% of my sales going to advertising.

675
00:26:21,830 --> 00:26:24,230
We should probably do something in order to get that down

676
00:26:24,230 --> 00:26:25,340
closer to 10%.

677
00:26:25,370 --> 00:26:29,090
So it allows you to be able to have that analytical

678
00:26:29,120 --> 00:26:32,000
conversation with yourself or with your money team to be able

679
00:26:32,000 --> 00:26:34,430
to decide on what would be a good idea to continue

680
00:26:34,430 --> 00:26:35,120
to spend money on.

681
00:26:35,420 --> 00:26:38,510
Okay. And what if you've really upped your game this year,

682
00:26:38,540 --> 00:26:40,790
now that we're out face-to-face again,

683
00:26:41,120 --> 00:26:45,150
and this is someone who finds selling their product face to

684
00:26:45,150 --> 00:26:46,380
face through craft shows,

685
00:26:46,380 --> 00:26:47,280
farmer's markets,

686
00:26:47,280 --> 00:26:49,260
all of that is a really good idea.

687
00:26:49,620 --> 00:26:51,630
And they want to be able to analyze which shows are

688
00:26:51,630 --> 00:26:53,640
really performing for them with,

689
00:26:53,700 --> 00:26:54,300
like you said,

690
00:26:54,390 --> 00:26:55,260
booth fees,

691
00:26:55,290 --> 00:26:57,240
travel, hotel booth,

692
00:26:57,240 --> 00:27:00,000
set up all the different things that go into a show.

693
00:27:00,270 --> 00:27:03,630
Is there a way to pull out and allocate keeping them

694
00:27:03,630 --> 00:27:05,730
in travel or booth fees or,

695
00:27:05,730 --> 00:27:05,910
you know,

696
00:27:05,910 --> 00:27:06,900
all of those expenses,

697
00:27:06,900 --> 00:27:08,670
but allocated on a show level.

698
00:27:09,000 --> 00:27:11,220
Yeah, you absolutely can do that in QuickBooks.

699
00:27:11,790 --> 00:27:14,790
Okay. So there's a way to tag expenses.

700
00:27:15,060 --> 00:27:17,730
Is it a sub level tagging type thing?

701
00:27:17,760 --> 00:27:21,510
So there's a few different options you can create depending on

702
00:27:21,510 --> 00:27:23,460
how many shows that you're going to do.

703
00:27:23,640 --> 00:27:26,610
You can create an account for each type of show.

704
00:27:26,640 --> 00:27:28,650
So some of our clients will they'll do it by the

705
00:27:28,710 --> 00:27:31,020
each account as a type of show that they're going to

706
00:27:31,020 --> 00:27:31,650
be attending.

707
00:27:31,650 --> 00:27:33,420
And then the fees and expenses,

708
00:27:33,480 --> 00:27:35,460
according to those types of shows,

709
00:27:35,760 --> 00:27:38,610
if you want to do it specifically for each show,

710
00:27:38,640 --> 00:27:41,190
you can tag it by source.

711
00:27:41,460 --> 00:27:44,430
It is on a higher level of QuickBooks account.

712
00:27:44,430 --> 00:27:46,680
So if you have essential oils or basics,

713
00:27:46,710 --> 00:27:49,920
you can not tag each sale by source.

714
00:27:50,100 --> 00:27:52,800
So that would need to be done by a journal entry.

715
00:27:52,830 --> 00:27:55,230
And I would partner with your bookkeeper or your money team

716
00:27:55,230 --> 00:27:57,600
in order to be able to get that level of detail

717
00:27:57,600 --> 00:27:57,870
in there.

718
00:27:58,230 --> 00:27:59,250
Okay. And it really,

719
00:27:59,250 --> 00:27:59,970
in the end,

720
00:27:59,970 --> 00:28:02,100
it's circling back to what you said before.

721
00:28:02,160 --> 00:28:04,350
If you're just starting like get someone who really knows what

722
00:28:04,350 --> 00:28:07,590
they're doing to help you set up your QuickBooks account and

723
00:28:07,590 --> 00:28:08,310
then you're good,

724
00:28:08,340 --> 00:28:10,680
then it's just a matter of inputting all the information.

725
00:28:10,920 --> 00:28:13,170
Yeah. What we're talking about here is kind of the next

726
00:28:13,170 --> 00:28:14,580
level of information.

727
00:28:14,580 --> 00:28:16,250
And so I don't want anyone to get in there and

728
00:28:16,250 --> 00:28:16,620
like, wait,

729
00:28:16,620 --> 00:28:17,610
where am I going for this?

730
00:28:17,640 --> 00:28:20,190
Because it's not in the more basic levels,

731
00:28:20,220 --> 00:28:22,380
but if you're in a more basic level of QuickBooks,

732
00:28:22,410 --> 00:28:26,700
you can do it by having different accounts for each event

733
00:28:26,730 --> 00:28:28,230
and have all the expenses,

734
00:28:28,230 --> 00:28:29,100
the booth fees,

735
00:28:29,130 --> 00:28:31,530
everything that's associated with that show go to that account.

736
00:28:31,920 --> 00:28:32,640
Okay. All right.

737
00:28:32,640 --> 00:28:35,970
Wonderful. So let's swing back and talk again about taxes.

738
00:28:36,510 --> 00:28:39,420
We're merging into all of the accounting stuff and it all

739
00:28:39,420 --> 00:28:39,990
starts with,

740
00:28:39,990 --> 00:28:40,800
as you're saying,

741
00:28:40,800 --> 00:28:43,710
with having a source where you can actually understand what your

742
00:28:43,710 --> 00:28:44,250
numbers are.

743
00:28:44,250 --> 00:28:46,710
So you know what you're going to be reporting when it

744
00:28:46,710 --> 00:28:47,910
comes to taxes,

745
00:28:48,000 --> 00:28:49,410
a couple of questions for you.

746
00:28:49,590 --> 00:28:51,540
What about saving all your receipts?

747
00:28:51,540 --> 00:28:53,040
Do we need to do that anymore?

748
00:28:53,280 --> 00:28:57,240
So the IRS says that anything under $75,

749
00:28:57,240 --> 00:29:00,180
you do not need a receipt for anything over 75.

750
00:29:00,210 --> 00:29:01,170
Technically you do.

751
00:29:01,620 --> 00:29:04,470
I would not recommend putting them into QuickBooks.

752
00:29:04,470 --> 00:29:07,980
So we still see a lot of self-employed individuals who,

753
00:29:07,980 --> 00:29:09,090
when they're first starting out,

754
00:29:09,090 --> 00:29:12,420
we'll take a picture and import that information to QuickBooks.

755
00:29:12,720 --> 00:29:15,450
What ends up happening is that you end up doubling up

756
00:29:15,450 --> 00:29:19,770
your expenses between having that manual entry and then the entry

757
00:29:19,770 --> 00:29:20,970
from your bank feed.

758
00:29:21,570 --> 00:29:24,900
So it's registering twice as what you're saying Per rocked.

759
00:29:24,900 --> 00:29:25,950
Yeah. Okay.

760
00:29:26,010 --> 00:29:26,940
Yeah. That's not good.

761
00:29:27,720 --> 00:29:28,710
No, it's not good.

762
00:29:28,800 --> 00:29:30,000
It might look good on your taxes,

763
00:29:30,000 --> 00:29:31,710
but it's not going to show you a profit and you're

764
00:29:31,710 --> 00:29:32,730
going to be very discouraged.

765
00:29:33,600 --> 00:29:36,690
I would recommend there's a million different apps out there.

766
00:29:36,720 --> 00:29:38,610
I personally use genius scan.

767
00:29:38,940 --> 00:29:40,920
It allows you to save right to drop box.

768
00:29:40,920 --> 00:29:42,670
So you can take a picture of all your receipts,

769
00:29:42,670 --> 00:29:44,170
save them in a Dropbox file.

770
00:29:44,500 --> 00:29:45,760
If you are traveling,

771
00:29:45,790 --> 00:29:48,100
I want you to make sure that you have those receipts

772
00:29:48,100 --> 00:29:50,710
saved. That is a big audit red flag,

773
00:29:50,740 --> 00:29:53,650
but even so any of your day to day transactions that

774
00:29:53,650 --> 00:29:54,970
are over $75,

775
00:29:55,060 --> 00:29:56,710
you could take a picture of them,

776
00:29:56,740 --> 00:29:58,360
save them in a Dropbox file.

777
00:29:58,390 --> 00:29:59,890
Do not put them in a shoe box.

778
00:30:00,070 --> 00:30:01,720
We all know at this point,

779
00:30:01,870 --> 00:30:02,980
the ink fades.

780
00:30:03,100 --> 00:30:04,600
So I take a picture of them,

781
00:30:04,630 --> 00:30:05,980
save them electronically.

782
00:30:06,010 --> 00:30:07,870
You can do it by month or by year,

783
00:30:07,900 --> 00:30:09,700
but how those receipts electronically.

784
00:30:09,970 --> 00:30:11,500
Okay. So all you need to do,

785
00:30:11,500 --> 00:30:14,290
let's say you are out at a show and you have

786
00:30:14,290 --> 00:30:15,820
a food receipt or something.

787
00:30:16,120 --> 00:30:18,700
You just use genius scan,

788
00:30:18,730 --> 00:30:19,720
take a receipt.

789
00:30:19,780 --> 00:30:22,750
It automatically goes into your Dropbox and then you can throw

790
00:30:22,750 --> 00:30:23,590
away the receipt.

791
00:30:23,920 --> 00:30:25,360
Correct. Yay.

792
00:30:26,620 --> 00:30:30,370
Okay. Everyone scan all of your receipts and then get rid

793
00:30:30,370 --> 00:30:31,150
of that box.

794
00:30:31,590 --> 00:30:32,320
You can do that.

795
00:30:32,530 --> 00:30:33,970
Yes. Get rid of the box.

796
00:30:34,030 --> 00:30:37,090
Yay. That feels they're very refreshing.

797
00:30:37,210 --> 00:30:40,210
A little spring clean to our accounting systems right there,

798
00:30:40,720 --> 00:30:41,290
for sure.

799
00:30:41,560 --> 00:30:45,820
So what do you say and what do we do to

800
00:30:45,820 --> 00:30:48,880
manage and balance year end and inventory?

801
00:30:49,210 --> 00:30:52,000
You know how people at the year end see that they've

802
00:30:52,000 --> 00:30:53,980
got some money to spend?

803
00:30:54,340 --> 00:30:55,660
Well, these are two separate things.

804
00:30:55,660 --> 00:30:58,060
So let me start over year end inventory.

805
00:30:58,300 --> 00:30:59,080
As makers,

806
00:30:59,140 --> 00:31:00,730
we have a lot of ingredients,

807
00:31:00,730 --> 00:31:03,490
elements, cost of sales that go into the creation of our

808
00:31:03,490 --> 00:31:05,740
product. And at the end of the year,

809
00:31:05,740 --> 00:31:07,960
we're not all zeroed out necessarily.

810
00:31:08,320 --> 00:31:11,950
Do you have any guidance or recommendations for us or suggestions

811
00:31:11,950 --> 00:31:13,930
on how we manage that at year end?

812
00:31:13,930 --> 00:31:16,960
Anything that we're able to control to make our tax bill

813
00:31:16,960 --> 00:31:20,410
less. So it really depends on how you're filing your taxes.

814
00:31:20,710 --> 00:31:23,710
If you are filing your taxes on a cash basis,

815
00:31:23,740 --> 00:31:26,260
which want to say 90% of our maker,

816
00:31:26,260 --> 00:31:28,870
clients are filing their taxes on a cash basis.

817
00:31:29,200 --> 00:31:31,960
You are taking the tax deduction,

818
00:31:31,990 --> 00:31:33,340
the tax expense,

819
00:31:33,430 --> 00:31:35,410
the day you make that purchase.

820
00:31:35,470 --> 00:31:39,910
And you're considering it income the day you make that sale.

821
00:31:40,300 --> 00:31:42,640
And this is really important because you actually won't have year

822
00:31:42,640 --> 00:31:43,630
end inventory.

823
00:31:43,900 --> 00:31:44,980
You can count it.

824
00:31:45,010 --> 00:31:47,500
I suggest you understand your inventory and know what you have

825
00:31:47,500 --> 00:31:48,070
on hand.

826
00:31:48,340 --> 00:31:51,850
However, from a tax perspective and an accounting perspective,

827
00:31:51,910 --> 00:31:55,240
you will not actually be keeping your inventory on the balance

828
00:31:55,240 --> 00:31:57,370
sheet. You will be taking the expense,

829
00:31:57,400 --> 00:32:00,430
you'll be taking the deduction as you spend money throughout the

830
00:32:00,430 --> 00:32:01,270
year. Okay.

831
00:32:01,270 --> 00:32:04,570
So if you're buying wax for your candles,

832
00:32:04,750 --> 00:32:07,330
that is an expense at the time of that purchase.

833
00:32:07,630 --> 00:32:10,750
Correct. And if you're showing a large profit,

834
00:32:10,870 --> 00:32:12,850
so let's just say for this year,

835
00:32:12,940 --> 00:32:14,440
you're heading towards the end of the year.

836
00:32:14,470 --> 00:32:17,230
And because you have bookkeeping in place and you're reviewing your

837
00:32:17,230 --> 00:32:18,700
numbers on a regular basis,

838
00:32:18,970 --> 00:32:20,740
you see in October,

839
00:32:20,740 --> 00:32:21,640
November, oh,

840
00:32:21,640 --> 00:32:23,830
wow. I'm really profitable this year.

841
00:32:24,070 --> 00:32:25,900
What should I do to make sure I'm not overpaying in

842
00:32:25,900 --> 00:32:29,440
taxes? You can go out and buy a bunch of wax.

843
00:32:29,530 --> 00:32:33,220
And now that wax now do not spend money just for

844
00:32:33,220 --> 00:32:34,060
a tax deduction.

845
00:32:34,150 --> 00:32:35,020
Only spend money.

846
00:32:35,020 --> 00:32:37,120
If you know that you need that material.

847
00:32:37,660 --> 00:32:39,920
Yeah. You'll be using it into the year.

848
00:32:40,160 --> 00:32:42,770
Right. We've seen people spend money just to get the tax

849
00:32:42,770 --> 00:32:46,010
deduction. Don't spend a dollar to save 40 cents,

850
00:32:46,040 --> 00:32:49,370
but you can go and buy that wax in December.

851
00:32:49,370 --> 00:32:52,220
And it counts as an expense in that year.

852
00:32:52,220 --> 00:32:54,800
And then you'll use it in the following year.

853
00:32:54,800 --> 00:32:59,300
Okay. So how does that work if you flip over your

854
00:32:59,300 --> 00:32:59,720
calendar year?

855
00:32:59,750 --> 00:33:02,120
So let's say you by the end of December,

856
00:33:02,120 --> 00:33:04,250
because you're going to need it to your example,

857
00:33:04,280 --> 00:33:08,390
but you don't actually receive it until the following calendar year.

858
00:33:08,390 --> 00:33:13,100
So it doesn't actually come into inventory until that following January,

859
00:33:13,550 --> 00:33:14,960
It doesn't matter because your cash.

860
00:33:15,390 --> 00:33:17,840
So it's all about when the cash comes in and the

861
00:33:17,850 --> 00:33:19,880
cash comes out and Cassius king.

862
00:33:20,660 --> 00:33:21,800
Alright, wonderful.

863
00:33:21,800 --> 00:33:22,910
Perfect. So,

864
00:33:23,000 --> 00:33:23,270
I mean,

865
00:33:23,270 --> 00:33:25,190
I know you're not a tax advisor.

866
00:33:25,460 --> 00:33:25,760
I mean,

867
00:33:25,760 --> 00:33:29,540
I have seen people buy a new vehicle for delivery for

868
00:33:29,540 --> 00:33:33,620
their business or all sorts of things to get their taxes

869
00:33:33,620 --> 00:33:34,370
down, you know,

870
00:33:34,370 --> 00:33:35,960
because they have that income,

871
00:33:36,320 --> 00:33:37,730
any suggestions for people,

872
00:33:37,730 --> 00:33:39,530
if they're looking at a huge tax bill,

873
00:33:39,530 --> 00:33:41,480
but they feel like they could be doing something to their

874
00:33:41,480 --> 00:33:42,920
advantage. I mean,

875
00:33:42,920 --> 00:33:46,160
should you move it over and pay yourself more or I'm

876
00:33:46,160 --> 00:33:48,080
sure you've seen more examples than I have,

877
00:33:48,320 --> 00:33:51,800
but any suggestions on that end Talk to your money team.

878
00:33:51,860 --> 00:33:53,330
They know your situations.

879
00:33:53,540 --> 00:33:55,700
So taxes are not cut and dry.

880
00:33:55,730 --> 00:33:58,460
There's not a one fits all solution here.

881
00:33:58,730 --> 00:34:01,040
You need to talk to your money team in order to

882
00:34:01,040 --> 00:34:04,700
understand what your financials are telling you that you need to

883
00:34:04,700 --> 00:34:05,330
do this year.

884
00:34:05,600 --> 00:34:07,370
It would be unfair of me to say,

885
00:34:07,430 --> 00:34:10,370
everybody, go create an S-corp and put yourself on payroll.

886
00:34:10,430 --> 00:34:12,410
Because if you are not ready for that,

887
00:34:12,440 --> 00:34:14,360
that is not doing you at any service.

888
00:34:14,660 --> 00:34:15,740
You need to talk to them.

889
00:34:15,740 --> 00:34:18,290
Does it make sense for you to purchase a vehicle?

890
00:34:18,380 --> 00:34:19,160
For instance,

891
00:34:19,190 --> 00:34:20,450
if you are an LLC,

892
00:34:20,540 --> 00:34:22,040
you can deduct your vehicle.

893
00:34:22,070 --> 00:34:24,140
But if you're showing a ton of profit,

894
00:34:24,290 --> 00:34:26,930
it might make more sense for you to become an S

895
00:34:26,930 --> 00:34:28,730
Corp and put yourself on payroll.

896
00:34:29,180 --> 00:34:31,610
Now you can't deduct the car in the same way.

897
00:34:31,610 --> 00:34:33,380
You would have to reimburse yourself for the car.

898
00:34:33,440 --> 00:34:37,250
However, you're getting a greater tax deduction by putting yourself on

899
00:34:37,250 --> 00:34:39,800
payroll. So you need to be talking to your money team.

900
00:34:39,800 --> 00:34:42,320
So that includes your bookkeeper and your tax account to make

901
00:34:42,320 --> 00:34:44,720
sure that you can get the right advice for you.

902
00:34:45,080 --> 00:34:47,840
I think as Corp is the biggest change that we've seen

903
00:34:47,840 --> 00:34:49,610
people make in the past few years,

904
00:34:49,850 --> 00:34:51,950
gone to the days of thinking that you have to take

905
00:34:51,950 --> 00:34:53,780
everything as an owner's draw,

906
00:34:54,050 --> 00:34:56,750
we have more and more of our small business clients becoming

907
00:34:56,750 --> 00:34:57,410
an S-corp,

908
00:34:57,440 --> 00:35:01,370
putting themselves on payroll and taking advantage of them becoming part

909
00:35:01,430 --> 00:35:03,200
of the business expenses of their business.

910
00:35:03,470 --> 00:35:06,800
Yeah. And I think the biggest thing that you're advising that

911
00:35:06,800 --> 00:35:10,580
I'm hearing besides all the detail underneath is have people in

912
00:35:10,580 --> 00:35:13,130
the know who are part of your team who can advise

913
00:35:13,130 --> 00:35:13,880
you properly.

914
00:35:13,910 --> 00:35:17,690
Because just because let's say a friend of yours through a

915
00:35:17,690 --> 00:35:20,600
chamber meeting or something has switched over to an S-corp and

916
00:35:20,600 --> 00:35:22,940
is reaping the benefits doesn't mean that's right for you.

917
00:35:23,210 --> 00:35:23,420
You know?

918
00:35:23,420 --> 00:35:24,110
So you really,

919
00:35:24,170 --> 00:35:24,950
to your point,

920
00:35:24,950 --> 00:35:28,280
Danielle need to look at individually what your situation is,

921
00:35:28,280 --> 00:35:29,510
what your numbers look like,

922
00:35:29,510 --> 00:35:32,360
and then take advice from that group that you've put together.

923
00:35:32,750 --> 00:35:35,090
Yeah. You really have to make sure that somebody is looking

924
00:35:35,090 --> 00:35:38,850
at your specific situation and not giving that overall guidance.

925
00:35:38,940 --> 00:35:42,630
Right. Which again is also why you want to establish these

926
00:35:42,630 --> 00:35:45,510
people early and keep them informed of your business.

927
00:35:45,510 --> 00:35:46,470
As you were saying,

928
00:35:46,800 --> 00:35:49,260
check in with your CPA at the mid-year point,

929
00:35:49,260 --> 00:35:50,160
too. You know,

930
00:35:50,160 --> 00:35:53,100
so any actions that could be taken can be taken before

931
00:35:53,100 --> 00:35:54,840
you're at the end of the year when you can't affect

932
00:35:54,840 --> 00:35:55,320
it again.

933
00:35:56,220 --> 00:36:00,030
Exactly. When you go home at the end of the day,

934
00:36:00,060 --> 00:36:03,210
Danielle, and you think back on your day or your week,

935
00:36:03,300 --> 00:36:06,360
and you see things that you wish people would have done

936
00:36:06,360 --> 00:36:08,790
differently just to make their life easier.

937
00:36:08,880 --> 00:36:10,320
What things come to mind?

938
00:36:10,650 --> 00:36:11,160
You know,

939
00:36:11,250 --> 00:36:12,960
the biggest thing that comes to mind for me,

940
00:36:12,960 --> 00:36:15,480
especially in this topic is we,

941
00:36:15,480 --> 00:36:18,630
as entrepreneurs are wearing all of the hats,

942
00:36:18,720 --> 00:36:20,100
right? We try to,

943
00:36:20,130 --> 00:36:21,120
we think we can,

944
00:36:21,480 --> 00:36:22,380
We try to write.

945
00:36:22,380 --> 00:36:22,950
And as women,

946
00:36:22,950 --> 00:36:23,580
for some reason,

947
00:36:23,580 --> 00:36:24,480
we think we have to,

948
00:36:24,480 --> 00:36:25,350
or we need to,

949
00:36:25,470 --> 00:36:27,540
as you attend more events,

950
00:36:27,600 --> 00:36:29,010
as you grow your business,

951
00:36:29,040 --> 00:36:30,480
it's really important to remember.

952
00:36:30,510 --> 00:36:31,800
You don't have to do it all.

953
00:36:32,220 --> 00:36:36,750
It was so rewarding for me to hire my first contractors

954
00:36:36,750 --> 00:36:37,710
and then employees.

955
00:36:37,980 --> 00:36:41,280
We have seen it with our staff members who are our

956
00:36:41,280 --> 00:36:45,360
clients who have needed support and got the support that they

957
00:36:45,360 --> 00:36:47,790
needed before burnout.

958
00:36:48,090 --> 00:36:51,570
And so if you are really overwhelmed with the numbers piece

959
00:36:51,570 --> 00:36:52,320
of your business,

960
00:36:52,440 --> 00:36:54,330
I want you to start to think about that money team.

961
00:36:54,630 --> 00:36:55,590
Yo, maybe this year,

962
00:36:55,590 --> 00:36:57,030
it's just getting a CPA in place.

963
00:36:57,090 --> 00:36:58,980
Maybe next year is getting a bookkeeper in place.

964
00:36:58,980 --> 00:37:01,110
And then the next year is getting a financial advisor in

965
00:37:01,110 --> 00:37:02,940
place. I just don't want you to feel like you have

966
00:37:02,940 --> 00:37:04,170
to do it all alone.

967
00:37:04,320 --> 00:37:07,170
Entrepreneurship is hard and this money conversation,

968
00:37:07,230 --> 00:37:11,130
it's freaking hard and it can be really confusing and overwhelming.

969
00:37:11,220 --> 00:37:12,450
You're not alone.

970
00:37:12,450 --> 00:37:13,770
You're not the only one thinking,

971
00:37:13,800 --> 00:37:15,510
gosh, this is really confusing.

972
00:37:15,780 --> 00:37:18,990
There's so many business owners out there who are really good

973
00:37:18,990 --> 00:37:19,830
at their craft.

974
00:37:20,190 --> 00:37:21,750
They didn't set out to beat an account.

975
00:37:21,780 --> 00:37:23,940
They didn't set out to understand the numbers.

976
00:37:24,240 --> 00:37:27,570
They set out to produce this amazing craft and give that

977
00:37:27,570 --> 00:37:28,290
to the world.

978
00:37:28,350 --> 00:37:29,100
And unfortunately,

979
00:37:29,100 --> 00:37:30,960
part of that is knowing your numbers.

980
00:37:31,020 --> 00:37:31,950
And just,

981
00:37:32,190 --> 00:37:34,140
if you tuned into this point in the podcast,

982
00:37:34,470 --> 00:37:35,100
first of all,

983
00:37:35,100 --> 00:37:36,030
I'm proud of you.

984
00:37:36,720 --> 00:37:39,180
You're doing the things that you need to do and keep

985
00:37:39,180 --> 00:37:40,620
doing them Perfect.

986
00:37:40,620 --> 00:37:41,820
And honestly,

987
00:37:41,940 --> 00:37:45,000
if you free yourself up of that time to make more

988
00:37:45,000 --> 00:37:46,740
product that you can then sell,

989
00:37:46,800 --> 00:37:49,050
you're going to recoup any costs that you have,

990
00:37:49,080 --> 00:37:51,630
and you're going to be happier and feel lighter and enjoy

991
00:37:51,630 --> 00:37:52,530
your business more.

992
00:37:52,800 --> 00:37:53,610
So Danielle,

993
00:37:53,640 --> 00:37:57,240
let's talk a little bit more about kickstart accounting and you

994
00:37:57,240 --> 00:38:00,030
were mentioning some resources that you have a little bit as

995
00:38:00,030 --> 00:38:01,380
we've been going through the conversation.

996
00:38:01,380 --> 00:38:03,030
So why don't you share some of that with us?

997
00:38:03,330 --> 00:38:05,160
Yeah. So kickstart accounting,

998
00:38:05,460 --> 00:38:09,990
our goal is to help business owners understand their numbers.

999
00:38:10,020 --> 00:38:12,720
And we do that through first of all,

1000
00:38:12,720 --> 00:38:15,000
taking bookkeeping off of their plates.

1001
00:38:15,300 --> 00:38:16,470
We understand,

1002
00:38:16,470 --> 00:38:16,650
you know,

1003
00:38:16,650 --> 00:38:20,040
like I was just saying how difficult businesses and we want

1004
00:38:20,040 --> 00:38:21,420
to be able to take one hat.

1005
00:38:21,420 --> 00:38:22,200
I always picture,

1006
00:38:22,230 --> 00:38:23,790
I got to get this like statue someplace.

1007
00:38:23,790 --> 00:38:25,260
I picture the crazy white lady.

1008
00:38:25,800 --> 00:38:26,310
So that book,

1009
00:38:26,310 --> 00:38:26,850
one of our kids,

1010
00:38:27,330 --> 00:38:30,120
crazy hat lady and where she's just able to strip off

1011
00:38:30,300 --> 00:38:31,620
at least one hat,

1012
00:38:31,650 --> 00:38:34,740
right? So that you can get that time and get that

1013
00:38:34,870 --> 00:38:35,650
energy back.

1014
00:38:35,650 --> 00:38:37,030
I had a client say to me last week,

1015
00:38:37,240 --> 00:38:39,400
I spend Sundays doing all of my QuickBooks.

1016
00:38:39,700 --> 00:38:41,710
Well, how long do you think it's going to be until

1017
00:38:41,710 --> 00:38:43,090
you start to resent your business?

1018
00:38:43,390 --> 00:38:46,930
Yeah. We just take one hat off of our client's plates

1019
00:38:46,960 --> 00:38:49,120
and be able to give them some of their time and

1020
00:38:49,120 --> 00:38:49,720
energy back.

1021
00:38:49,720 --> 00:38:52,840
So if this is something that resonated with you and you

1022
00:38:52,840 --> 00:38:54,760
need that support in your business,

1023
00:38:55,000 --> 00:38:57,970
the kickstart accounting team is always here to help and talk

1024
00:38:57,970 --> 00:39:01,390
about your specific situation and you can contact us at kickstart

1025
00:39:01,390 --> 00:39:02,530
accounting, Inc com.

1026
00:39:02,920 --> 00:39:03,910
Okay, perfect.

1027
00:39:03,940 --> 00:39:06,310
And share a little bit about your podcast.

1028
00:39:06,370 --> 00:39:07,690
The kind of information.

1029
00:39:07,690 --> 00:39:08,980
If someone were to switch over,

1030
00:39:08,980 --> 00:39:10,600
we've got all podcasts listeners here,

1031
00:39:10,600 --> 00:39:13,480
obviously, what would they be learning from you from your show?

1032
00:39:13,840 --> 00:39:15,880
Yeah. Entrepreneur money stories.

1033
00:39:16,150 --> 00:39:17,590
We are talking about all things,

1034
00:39:17,590 --> 00:39:18,550
money mindset.

1035
00:39:18,850 --> 00:39:20,110
I mentioned it a little bit ago.

1036
00:39:20,140 --> 00:39:22,600
We think that we're the only one thinking,

1037
00:39:22,720 --> 00:39:23,890
why am I not good at this?

1038
00:39:23,890 --> 00:39:25,750
Right. Everybody else knows their numbers.

1039
00:39:26,140 --> 00:39:28,750
Everybody else has their money mindset in place,

1040
00:39:28,750 --> 00:39:31,330
or everybody else is good at understanding the accounting.

1041
00:39:31,480 --> 00:39:32,200
And that's not true.

1042
00:39:32,350 --> 00:39:34,540
And so we're talking about our best.

1043
00:39:34,840 --> 00:39:36,700
We have other entrepreneurs coming on,

1044
00:39:36,730 --> 00:39:40,210
talking about their best strategies for how to overcome their money

1045
00:39:40,210 --> 00:39:42,610
mindset. And then we're talking about some how to sew,

1046
00:39:42,640 --> 00:39:44,140
how to understand your numbers,

1047
00:39:44,140 --> 00:39:45,490
how to get this information.

1048
00:39:45,730 --> 00:39:47,470
We have a whole system series coming up.

1049
00:39:47,470 --> 00:39:48,250
That's going to be really,

1050
00:39:48,310 --> 00:39:49,300
really, really special,

1051
00:39:49,300 --> 00:39:51,490
especially for the people who are just starting up,

1052
00:39:51,520 --> 00:39:54,130
getting the systems in place so that you can track all

1053
00:39:54,130 --> 00:39:56,020
the numbers that are going to move your business forward.

1054
00:39:56,470 --> 00:39:59,080
All of us should be listening to your show because if

1055
00:39:59,080 --> 00:40:03,160
we're just starting out knowing and doing even just one step

1056
00:40:03,160 --> 00:40:04,570
better is helpful.

1057
00:40:04,600 --> 00:40:06,760
But I think you can get us to a number of

1058
00:40:06,760 --> 00:40:10,750
steps better in the whole money mindset and actually doing it.

1059
00:40:11,230 --> 00:40:13,480
The goal for all of us for next year,

1060
00:40:13,510 --> 00:40:17,830
this time is to feel really solid with having submitted a

1061
00:40:17,830 --> 00:40:18,640
tax report,

1062
00:40:18,670 --> 00:40:22,060
feeling good about the numbers and feeling confident as we move

1063
00:40:22,060 --> 00:40:24,670
forward so we can focus on growing the business.

1064
00:40:24,880 --> 00:40:25,870
Thank you so much,

1065
00:40:25,870 --> 00:40:27,820
Danielle. I really appreciate you being on the shelf.

1066
00:40:28,090 --> 00:40:29,050
You're so welcome.

1067
00:40:29,050 --> 00:40:29,650
It was a pleasure.

1068
00:40:29,650 --> 00:40:30,040
Thank you.

1069
00:40:33,250 --> 00:40:33,820
Promise me.

1070
00:40:33,820 --> 00:40:38,140
Okay. I mean really promise me you won't be like the

1071
00:40:38,140 --> 00:40:42,280
majority of people who breathe a sigh of relief that they've

1072
00:40:42,280 --> 00:40:45,610
made it through another tax season and can now coast,

1073
00:40:45,610 --> 00:40:47,500
along until it comes back again,

1074
00:40:48,340 --> 00:40:49,960
who needs that pressure?

1075
00:40:49,990 --> 00:40:51,040
When it circles back,

1076
00:40:51,760 --> 00:40:55,780
Danielle has given us the pathway to tax filing freedom.

1077
00:40:56,410 --> 00:40:57,970
I'm walking in that direction.

1078
00:40:58,570 --> 00:41:01,540
Are you going to join me before you move on to

1079
00:41:01,540 --> 00:41:03,220
your next activity today?

1080
00:41:03,550 --> 00:41:05,650
Make sure to get your name on the list for at

1081
00:41:05,650 --> 00:41:07,990
least one gift biz bash.

1082
00:41:08,350 --> 00:41:11,500
You can see the dates and times for upcoming sessions and

1083
00:41:11,500 --> 00:41:15,070
get signed up over@giftbizonwrapped.com

1084
00:41:15,250 --> 00:41:17,110
forward slash bash.

1085
00:41:18,160 --> 00:41:20,680
And if you're enjoying the podcast and would like to show

1086
00:41:20,680 --> 00:41:21,820
support for the show,

1087
00:41:22,180 --> 00:41:26,140
a rating and review is always fabulous and help spread the

1088
00:41:26,140 --> 00:41:27,640
word about the podcast,

1089
00:41:28,210 --> 00:41:31,180
but there's another way for you to get something tangible in

1090
00:41:31,180 --> 00:41:34,940
return for your support to visit my merch shop for a

1091
00:41:34,940 --> 00:41:38,180
variety of inspirational items like mugs,

1092
00:41:38,450 --> 00:41:40,310
journals, water bottles,

1093
00:41:40,670 --> 00:41:45,140
and even more featuring logos images and quotes to inspire you

1094
00:41:45,140 --> 00:41:46,040
throughout your day.

1095
00:41:46,520 --> 00:41:48,080
It makes a great gift to,

1096
00:41:48,590 --> 00:41:52,370
and we just added some new products for the season.

1097
00:41:52,880 --> 00:41:56,720
The turnaround is quick and the quality is top-notch nothing but

1098
00:41:56,720 --> 00:41:57,740
the best for you.

1099
00:41:58,730 --> 00:42:01,370
Take a look at all the options over at gift biz,

1100
00:42:01,370 --> 00:42:03,950
unwrapped.com forward slash shop.

1101
00:42:04,610 --> 00:42:08,240
All proceeds from these purchases goes to help offset the cost

1102
00:42:08,330 --> 00:42:12,350
of producing this podcast and now be safe and well.

1103
00:42:12,590 --> 00:42:15,260
And I'll see you again next time for the gift biz

1104
00:42:15,320 --> 00:42:16,730
unwrapped podcast.

1105
00:42:17,540 --> 00:42:20,210
I want to make sure you're familiar with my free Facebook

1106
00:42:20,210 --> 00:42:22,400
group called gift is breeze.

1107
00:42:23,120 --> 00:42:26,750
It's a place where we all gather and are a community

1108
00:42:26,750 --> 00:42:28,130
to support each other.

1109
00:42:28,580 --> 00:42:30,740
Got a really fun post in there.

1110
00:42:30,740 --> 00:42:32,120
That's my favorite of the week.

1111
00:42:32,120 --> 00:42:35,000
I have to say where I invite all of you to

1112
00:42:35,000 --> 00:42:38,090
share what you're doing to show pictures of your product,

1113
00:42:38,270 --> 00:42:41,510
to show what you're working on for the week to get

1114
00:42:41,510 --> 00:42:44,480
reaction from other people and just for fun,

1115
00:42:44,480 --> 00:42:48,080
because we all get to see the wonderful products that everybody

1116
00:42:48,080 --> 00:42:52,610
in the community is making my favorite post every single week,

1117
00:42:52,670 --> 00:42:53,900
without doubt.

1118
00:42:54,740 --> 00:42:55,580
Wait, what,

1119
00:42:56,690 --> 00:42:58,280
aren't you part of the group already,

1120
00:42:58,970 --> 00:43:02,360
if not make sure to jump over to Facebook and search

1121
00:43:02,360 --> 00:43:05,840
for the group gift biz breeze don't delay.

1122
00:43:06,320 --> 00:43:09,470
Come join us in gift biz breeze today.