Episode 050:
Happy 50th Episode!! Thank you so much for all the support, and getting us this far with over 30,000 downloads to date. (You guys are amazing!) Today I have a special interview for you, of a livestream I did last Friday with Katie Ferro! Katie is a licensed CPA with over 10 years of tax & accounting experience. She’s worked for a local CPA firm focusing on small business clients in all stages of their businesses and has managed the sales tax department of a multi billion dollar company. You are going to want to take notes, because you will learn SO MUCH! And be sure to sign up for her challenge! Let’s dive in.
Takeaways:
- Katie shares that the numbers side of your business can be overwhelming, but it can be so empowering. Once you get good habits and really dive in, you see where it is you can save money, what you are doing right, and what your last months look like. You can learn from it, and create goals from looking at your numbers.
- Use your numbers to see how to make improvements and what you can do to make more money!
- Katie’s tips to keep things simple:
- 1. Separate business and personal funds.
- 2. Keep your receipts using Dropbox (or anywhere you can organize it)!
- 3. Keep a daily journal, spreadsheet, or log. (Miles, where you went, what you did etc)
- 4. Use some sort of bookkeeping software. (Xero)
- Sometimes when you’re traveling, you might need to know how long you were there for travel. This is something that over time is important to keep track of.
- Katie recommends not using paper, it’s too easy to lose when keeping these important notes that could be crucial for tax season.
- Katie’s challenge starts TODAY! Be sure to check under resources to take part in it.
- Her fear is that entrepreneurs will not keep track of their deductions. You have to be so organized as an entrepreneur, and it’s so important. Income is so easy to trace, so you have to keep track of your deductions.
- A lot of people don’t know what value a CPA can bring. Don’t be afraid to pay some money for major advice. It will be worth it in the long run. Invest in your business, and the things you don’t know.
- Katie shares that one of her struggles was mindset, and the emotional part of considering her business a business. She shares that it took her a while to come to terms with her business, that it can really make a difference in the online space. She kept seeing free webinars, and worried how she could sell hers. She modeled what I was doing for what her business could do, so she signed up for Impact Blogging Academy (IBA).
- Confidence and clarity are two things she has seen change since signing up for IBA.
- Katie says her idea of making an impact is to really change women’s lives, and empower them to go out and make a difference, and start educating entrepreneurs of what she knows about. Using her voice to help other women succeed in their business and beyond.
Highlights:
- (3:24) A little more about Katie, and how she got started in the business.
- (5:45) Why entrepreneurs should be excited about the numbers side of business.
- (6:54) MY story about paying taxes, and saving this money. My main mistake.
- (7:30) Katie’s suggestions to reduce your tax bill.
- (10:10) Katie’s 4 Tips to Keep It SIMPLE!
- (15:24) What is Trello, and why I use it!
- (16:24) What can you do to get things under control and clean up your goals and business for the upcoming year?
- (18:49) Why does Katie worry about today’s entrepreneurs?
- (22:01) Mistakes Katie sees entrepreneurs making.
- (26:23) Katie’s biggest struggle so far in her years as an entrepreneur.
- (28:41) Changes she’s seen in her business since joining Impact Blogging Academy.
- (31:12) What’s the best book Katie’s ever read?
- (32:50) What does it mean to Katie to make an impact?
- (33:29) What is for her? Be sure to sign up for her challenge!
- (34:06) Where to connect with Katie Ferro, and how to sign up for her challenge!
Quotes:
“The reason you’re in business is to make money, otherwise you wouldn’t be calling it a business”
“Receipts are only there in case you get audited”
“If they don’t keep track of their deductions, they may end up with a big tax bill”
“I had no list before IBA.”
“There’s this huge movement of women empowering women”
“My idea is to really boost it for 2019”
Resources:
Xero: new software for bookkeeping that Katie recommends.
Gusto: Payroll service Katie recommends.
“Building A Storybrand” by Donald Miller
“12 Week Year” by Brian P. Moran
Connect with Katie:
Katie’s Challenge! www.katieferro.com/p/challenge
Instagram: @orderlyaccountingbykatie
Blogs: https://www.katieferro.com/blog
Starter Kit: https://orderlyaccounting.mykajabi.com/offers/4P3gPHFy/checkout
Watch Full Interview:
Thanks so much for Listening! Comment below with your #1 takeaway!
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Want more?
Listen to Episode 41 (First Steps on Starting a Business, and How to Take it to the Next Level with Helen Munshi)
Listen to Episode 42 (How To Get In Front of MORE People and Build An Influential Online Brand with Erika Ashley)
Listen to Episode 43 (Talking Money Mindset with Intuitive Business Coach Emily Aarons)
Listen to Episode 44 (Uncovering the Next Evolution of Your Brand Message with Adria Decorte)
