Business Accounting

with Kesha Monk

Paying taxes is a good thing! Anne and guest host Kesha Monk tell you why in this episode of the Entrepreneur Hustle series. How are you tracking expenses and receipts? What counts as a business expense? Do you need tips to save yourself from potential headaches? If numbers aren’t your jam, listen to these VO Bosses for ideas to manage your business finances. You can rock every part of your VO business like a BOSS … even the not-so-fun stuff like accounting.


Takeaways

Quick Concepts from Today’s Episode:

  1. Establish yourself as an independent business so you can get a separate business account to help keep your finances organized

  2. It can be helpful to use a separate business credit card so your monthly statements can be digitally downloaded

  3. You should have separate online payment accounts for your business so that customers can conveniently pay you 

  4. Get a business credit card that offers rewards and benefits, so you can reinvest into your business

  5. You should get a separate TAX ID (EIN) to use instead of your SSN

  6. When your business starts to take off, it can be beneficial to hire an accountant

  7. If you are using online accounting software, you can give your accountant online access 

  8. Keep a digital record of everything you buy for your business

  9. Old receipts fade – Immediately digitize any paper receipts or checks

  10. You can get an app for your phone to scan all of your business receipts

  11. Accepting more methods of payment opens yourself up to more business opportunities

  12. Evaluate everything you use for your business to ensure that it can be categorized as a business expense

  13. Make sure to check your business statements monthly to see if there are any irregularities


Referenced in this Episode

Direct links to things we brought up ++


KESHA
VOICEOVER
LIVE ANNOUNCER
Some options for online record keeping are: Quickbooks and Freshbooks
A good place to do your taxes online is TurboTax
A common way to accept money is PayPal.
An alternative to PayPal is Wise, formerly known as Transferwise
Recorded on ipDTL


Transcript

>> It’s time to take your business to the next level, the BOSS level! These are the premiere Business Owner Strategies and Successes being utilized by the industry’s top talent today. Rock your business like a boss, a VO BOSS! Now let’s welcome your host, Anne Ganguzza.

Anne: Hey, hey, everyone, welcome to the VO BOSS podcast. I’m your host, Anne Ganguzza, along with the illustrious, most beautiful Miss Kesha Monk. Hey Kesha.

Kesha: Bonjour. Comment allez-vous?

Anne: [laughs] Ah you know, I’m doing good, except last week I had to pay, I had to prepay my taxes.

Kesha: Oh God!

Anne: That is never [laughs] That is never something that I look forward to doing. However I feel accomplished that at least I’m paying, I’m prepaying taxes, because that means I must be making money. So that’s a good thing.

Kesha: Exactly.

Anne: That is a good thing. I will be grateful for that, and I will be grateful, I will be grateful to my accountant. [laughs]

Kesha: I’m sure.

Anne: You know, it’s always something that people ask about when they start their businesses. And you know, I saw a couple of questions on the groups today about, what are some, you know, tips for, you know — it’s getting towards that time, where we’re gonna have to do the taxes.

Kesha: Yeah.

Anne: So what do you think?

Kesha: Man…

Anne: Shall we talk about it? Or at least let’s talk about our practices. I mean…

Kesha: Yeah, we can. Let’s do it.

Anne: I will say like right here and now that I [laughs] love my accountant. It was one of the best business decisions that I ever made, was to hire an accountant and keep her on retainer. So literally it became painful for me to start keeping track of all the finances and all that good stuff. I don’t know about you, Kesha. That’s not a thing I like to do.

Kesha: That’s the worst! It totally isn’t, and — but you know what? It’s a good thing I’m feeling kind of frustrated because now I think I’m coming into my, my flavor. And now I actually am working enough where I literally have to worry about it at this point. [laughs] You know what I mean?

Anne: We’re grateful for that. We’re grateful for that. But then so what, you know, what are some good practices for BOSSes out there to do? Well I would say first of all, make sure that you are a company. Like, in whatever state you work or whatever is required, that you have a separate account, a separate business account, where you can, you know, draw from and deposit your income into. And that way you can have an accountant and just give them that business account. So it’s important to first of all —

Kesha: Super important.

Anne: — yeah, establish the business. I’ll tell you what, Kesha, I was a DBA for many years, because in the state of California, that’s really all I needed in order to get myself a special account, a business account. And it just served me. It was, it was relatively cost-effective. I know I’ve talked about this on past podcasts, but what are you — so what are you doing for your business? Do you — are you a DBA? Are you LLC?

Kesha: The thing is, before I even get into that, if you’re listening, BOSSes, try not to co-mingle your funds. You will have a headache.

Anne: Oh God, yes.

Kesha: I have had plenty of headaches —

Anne: Yeah.

Kesha: — I can tell you about. But once you establish yourself as — for me, I am a sole proprietorship. And get your tax ID, and you go ahead and open up that bank account, it makes life so much easier to deposit all of your, you know, voiceover checks into that account, and draw, you know, for the business — I mean, there are [laughs] I write off a lot of things, like you know.

Anne: Oh yeah, absolutely.

Kesha: You know, carpet. I needed carpet for my studio, you know? I mean, I did! I did. Even when I purchase —

Anne: Exactly. It’s sound absorption material right there.

Kesha: For sure, absolutely. I mean, anything from — I put my AA batteries that go on my little light.

Anne: Oh my gosh, yes. Absolutely.

Kesha: As far as, those batteries kind of, you know, they pile up, girl. It certainly is. Yeah, I am a sole proprietorship. I’ve got my, I’ve got my little bank account. That’s how I operate.

Anne: So I’ll tell you that it makes it — gosh. I’m gonna say being at least part of the digital age [laughs] makes me a little happy because I don’t have to keep track of the paper receipts as much —

Kesha: Right.

Anne: — as I used to, which was always so, oh my gosh, that used to just give me a knot in my stomach. At the end of the year, when I hadn’t really done much during the year to, you know, checks and balances with my accounts, to go and find those receipts and make sure that they were available in a folder — I had one big folder where I threw all the receipts.

Kesha: Me too, me too.

Anne: But then it was like, you know, I forgot to rotate that folder when the year changed. Then it just became messy. You know, sometimes those receipts, when you go to the office supply store, they’re on that thermal paper. And so if they’re almost a year old —

Kesha: They’ll fade.

Anne: Oh my gosh, and so I don’t even know like what it was [laughs] that I paid. And so I’m thankful now that things are more digital. And so if, you know, I would always give this tip, you know, if you guys are getting receipts, if you can get digital receipts or emailed receipts, that is really awesome. Or if you can do things electronically for example. You know, I, when I got my bank account, it was wonderful. I also made sure that I got a business credit card as well. That is probably another thing that really saved me a lot of work was just anything that I purchased went on that business credit card. And I paid that credit card off every month. It was just one of those things that I was like, I’m not paying interest on that.

Kesha: Right. Exactly, exactly.

Anne: That way all of my monthly statements could be digitally downloaded.

Kesha: Yeah, absolutely. And if you can’t do the credit card, definitely do the debit card so you’ll have that.

Anne: Yes, yes, absolutely.

Kesha: You know what I mean?