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How to Hire the Best Bookkeeper in 2025

From Chaos to Clarity: Unleash Your Business Potential

Release Date: 02/06/2025

Can Joining GIP Academy Change Your Business Forever? show art Can Joining GIP Academy Change Your Business Forever?

From Chaos to Clarity: Unleash Your Business Potential

Can Joining GIP Academy Change Your Business Forever?   Summary: In this episode of the From Chaos to Clarity podcast, host Sonya Jones interviews Torri Jones, founder of The Learning Group, a STEM consulting firm. They discuss Torri's entrepreneurial journey, the importance of financial management, and how GIP Academy has supported her business growth. Torri shares her experiences with bookkeeping, the lessons learned in tracking finances, and the benefits of being part of a supportive community. The conversation emphasizes the significance of knowing your numbers and investing in...

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From Chaos to Clarity: Unleash Your Business Potential

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From Chaos to Clarity: Unleash Your Business Potential

Summary: In this episode of the Chaos to Clarity podcast, hosts Sonja Jones and Jackie discuss the importance of accounting software, specifically WAVE, and its suitability for different types of businesses. They share best practices for using accounting software, the significance of access and security, and the implications of merchant processing fees. The conversation also highlights the importance of bookkeeping for tax deductions and when to consider hiring a professional bookkeeper. Additionally, they provide insights from a recent workshop on cash flow management and the foundational...

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From Chaos to Clarity: Unleash Your Business Potential

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Avoiding Common Pitfalls in Grant Applications with Broderick Womble   Summary: In this episode, host Sonja Jones engages with Broderick Wamble, Community Affairs Officer at Simmons Bank, to discuss the importance of financial literacy, the intricacies of grant applications, and the support available for small businesses and home ownership initiatives. They explore the role of banks in community development, the significance of understanding one's financial position, and the common pitfalls in grant applications. The conversation also highlights the unique challenges faced by...

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How to be a Bankable Business Summary:  In this episode, Sonia Jones interviews Chasity Monroe, the founder of Pink Noir, a beauty supply store in Memphis, Tennessee. Chasity shares her journey of starting Pink Noir to meet the needs of the community, the challenges she faced in securing funding from River City Capital, and the importance of financial preparedness and understanding one's numbers in business. The conversation highlights the emotional impact of receiving funding, the strategic approach to loan repayment, and the critical nature of financial literacy for entrepreneurs,...

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From Chaos to Clarity: Unleash Your Business Potential

How to be a Bankable Business Summary:In this live Q&A session, Sonia Jones and Latasha discuss the common tax mistakes entrepreneurs make, emphasizing the importance of proper bookkeeping and financial literacy. They cover topics such as mixing personal and business expenses, tracking cash transactions, underreporting income, and the significance of timely filing to avoid penalties. The conversation highlights the need for entrepreneurs to understand their financials to make informed decisions and avoid costly mistakes with the IRS. Takeaways:  Mixing personal and business expenses...

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How to be a Bankable Business Summary:  In this episode, the hosts discuss how to become a bankable business, focusing on the importance of financial preparedness, investment in time and resources, and understanding financial records. They emphasize the need for entrepreneurs to solidify their personal finances before starting a business and the significance of maintaining clear financial records to build trust with lenders. The conversation also covers key financial metrics that businesses should be aware of to ensure success and stability. In this conversation, the speakers discuss the...

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From Chaos to Clarity: Unleash Your Business Potential

Summary: In this episode, Sonja Jones discusses the tax literacy gap among small business owners and highlights the common mistakes they make when it comes to taxes. She emphasizes the importance of separating personal and business expenses, tracking cash transactions, reporting all income accurately, maintaining proper records to avoid missing deductions, and the consequences of filing taxes late. Additionally, she promotes GIP Academy as a resource for financial education and support for business owners.   Takeaways: There is a significant tax literacy gap among small business owners....

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From Chaos to Clarity: Unleash Your Business Potential

Summary: In this live Q&A session, Sonja Jones discusses various tax deductions relevant to small businesses, emphasizing the importance of understanding what qualifies as ordinary and necessary expenses. She covers deductions related to merchant fees, clothing, gifts, entertainment, and meals, while also promoting GIP Academy as a resource for entrepreneurs seeking assistance with bookkeeping and tax preparation.   Takeaways: Ordinary and necessary are key terms for tax deductions. Merchant account fees are deductible expenses. Clothing can be deducted if it serves a business...

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More Episodes
Summary:
In this episode, Sonja Jones discusses the critical differences between bookkeeping and accounting, the various pricing models for bookkeeping services, and the importance of understanding different financial roles within a business. She emphasizes the need for tax planning and the proactive measures business owners should take to manage their finances effectively. The conversation also covers the various levels of bookkeeping support available, from DIY options to full-service bookkeeping and the significance of asking the right questions when seeking financial assistance. In this conversation, Sonja Jones discusses the importance of understanding tax representation, the roles of CPAs and enrolled agents, and the nuances of nonprofit audits. She emphasizes the significance of proper tax filing for various business entities and the factors influencing pricing. The discussion also covers the selection of accounting software, the introduction of a DIY financial tracker, and the necessity of financial reports. Additionally, Sonja provides key questions for business owners to ask bookkeepers and tax preparers, highlighting the essentials of business compliance and best practices.
 
Takeaways:
  • Bookkeeping is primarily data entry, while accounting involves analysis.
  • Understanding the difference between bookkeeping and accounting is crucial for business owners.
  • Pricing for bookkeeping services can vary widely based on the level of support needed.
  • There are three main levels of bookkeeping support: DIY, done with you, and done for you.
  • Tax planning is essential for reducing tax liability and should be done proactively throughout the year.
  • Every bookkeeper does not file taxes; it's important to clarify roles and responsibilities.
  • Business owners should be aware of what constitutes a tax-deductible expense.
  • Consultations with financial professionals should be prepared with specific questions.
  • The relationship between bookkeepers and tax preparers is collaborative and essential for financial health.
  • Understanding financial roles helps in making informed decisions about business finances. You need a CPA or enrolled agent for serious tax matters.
  • Nonprofit audits differ significantly from for-profit audits.
  • Tax filing requirements vary by business entity type.
  • Pricing for tax preparation depends on the complexity of your business.
  • Understanding your accounting software is crucial for financial management.
  • The DIY tracker can help manage finances effectively without complex software.
  • Financial reports are essential for assessing business health.
  • Ask specific questions to ensure your bookkeeper understands your industry.
  • Investing in your business is necessary for growth and compliance.
  • Always check for compliance with local business regulations.
 
Chapters:
00:00 - Introduction to Bookkeeping and Accounting
01:28 - Understanding Bookkeeping vs. Accounting
05:22 - Pricing Models for Bookkeeping Services
12:04 - Different Levels of Bookkeeping Support
22:55 - Identifying Financial Roles: Bookkeeper, Tax Preparer, CPA
29:15 - The Importance of Tax Planning
32:35 - Understanding Tax Representation and Credentials
35:58 - Navigating Nonprofit Audits and Financial Reporting
36:55 - Tax Filing Essentials for Different Business Entities
40:55 - Choosing the Right Accounting Software
47:10 - Introducing the DIY Tracker for Financial Management
51:51 - The Importance of Financial Reports
55:10 - Key Questions for Bookkeepers and Tax Preparers
01:00:14 - Business Essentials: Compliance and Best Practices
 
bookkeeping, accounting, financial roles, tax planning, pricing models, bookkeeping services, business finance, financial documentation, tax preparation, bookkeeping support, tax representation, CPA, enrolled agent, nonprofit audits, tax filing, accounting software, financial reports, bookkeeping, business compliance, DIY tracker