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.
Quick Concepts from Today’s Episode:
Establish yourself as an independent business so you can get a separate business account to help keep your finances organized
It can be helpful to use a separate business credit card so your monthly statements can be digitally downloaded
You should have separate online payment accounts for your business so that customers can conveniently pay you
Get a business credit card that offers rewards and benefits, so you can reinvest into your business
You should get a separate TAX ID (EIN) to use instead of your SSN
When your business starts to take off, it can be beneficial to hire an accountant
If you are using online accounting software, you can give your accountant online access
Keep a digital record of everything you buy for your business
Old receipts fade – Immediately digitize any paper receipts or checks
You can get an app for your phone to scan all of your business receipts
Accepting more methods of payment opens yourself up to more business opportunities
Evaluate everything you use for your business to ensure that it can be categorized as a business expense
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 ++
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
>> 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.
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.
Anne: So what do you think?
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.