Running a business is fun, but we don’t always talk about an aspect of it - finances! Do you know the most common pitfalls with finances? Not everyone is a fan of sorting through numbers, but I guarantee it will be such an insightful and FUN episode! In Episode 78 Entrepreneurs: Most Common Pitfalls With Finances Revealed of the Total Fit Boss Chick Podcast, we’re joined by Heather Zeitzwolfe! She’s a CPA and profit advisor. She loves to do what so many of us hate, which is keeping those numbers. We’ll discuss the most important aspects of your business, such as keeping your financial books in order. Also, common pitfalls that many entrepreneurs get into; are we paying attention to so that we can pay OURSELVES TOO! When it comes to finances, many of us can get awkward about it - but there is no shame! We’re all learning in this journey together. With that said, when was the last time you actually paid yourself? We can go to the ATM and think, “yup, I have this much money in my bank account,” but we don’t break it down to expenses, capital, and how much are we going to pay ourselves for all the hard work. Sometimes it can be difficult to even track how much money goes in and out. Hence, Heather suggests having a platform where you can easily see the flow of your finances right on your desktop! Don’t miss any of all the details in Episode 78 of the Total Fit Boss Chick Podcast - so tune in!
Like I’ve said previously, there’s no shame in falling into these rabbit holes as an entrepreneur. Sometimes, we don’t even realize it!
Listen to Episode 78 Most Common Pitfalls With Finances Revealed of the Total Fit Boss Chick Podcast as Heather takes us on a journey in highlighting and correcting these pitfalls so we can truly finance our freedom!
Co-mingling Funds
Co-mingling is when we don’t necessarily separate our business account from our personal accounts. This can get tricky pretty quickly. It can be more difficult if you have a bigger company - imagine needing to go through all the transactions and figuring out what’s a business expense and not?
Creating a business account is the best and easiest way to rectify it! Additionally, it’s a great way to ensure you pay yourself.
Taxes
Tax is something not taught in schools, and it can get very confusing very quickly. The tax you have to pay will be different based on your business. For example, a sole owner versus a partnership will have different tax regulations.
It can get confusing if you also operate in different states. You might be getting mail asking you to pay tax or not even be aware that you had to pay tax in a different state. It’s important to know that taxes work differently for each state!
It’s important for you to contact a CPA or lawyer, especially if you operate in a partnership. Also, you can look into the IRS website and get an EIN (employee identification number), which you can use and open a business bank account with.
Fees and Expenses
We might think we’re earning a certain about of money - but have we considered fees and expenses? Sometimes we can end up earning more than we realize, but fees and tax make it look like we might not have. Hence, it’s important to differentiate revenue, dales, fees, and expenses!
We can automate separating out fees and expenses with software to help you find the true number of your sales! This is also useful when paying taxes!
There are loads of insightful points in Episode 78 of the Total Fit Boss Chick Podcast! Don’t forget to listen!
If it feels like all this information is overwhelming, I highly suggest you check out the “One Day at a Time” Daily Planner ((https://www.totalfitbosschick.com/onedayatatime) it’s the FREE tool that helps everyday people do extraordinary things. Start with a brain dump and free your finances!
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Suggested Products and Quiz:
Connect with Heather:
https://www.zeitzwolfeaccounting.com/
https://www.getthebalanceright.net/
https://linktr.ee/getthebalanceright
https://www.instagram.com/zeitzwolfe/