Keeping Accounting Records Up-to-Date for Easier Tax Prep with Michelle Carley Ep 151

Enthusiastically Self-Employed: business tips, marketing tips, and LinkedIn tips for coaches, consultants, speakers, authors, solopreneurs & small business owners

Keeping Accounting Records Up-to-Date for Easier Tax Prep with Michelle Carley

Where do we even get started with this process?

What do we need to know about our accounting records as it relates to getting things ready for tax prep?

What advice would you give to someone who's just getting started?

What about somebody who's already well established, working with a CPA?

Who does a good support team consist of?

Could you give us some examples of what a startup cost would be compared to what is an operating cost?

What are those common mistakes or pitfalls that we need to be avoiding?

What do you recommend for someone who hasn't done their mileage yet and needs to before tax time?

Do you recommend people try to do their taxes themselves?

What's the difference between cash base versus accrual base?

In this replay of a LinkedIn Live episode from Summer 2024, Brenda Meller speaks with accounting expert Michelle Carley. They discuss the importance of keeping accounting records up-to-date for easier tax prep, particularly for the self-employed, such as coaches, consultants, and small business owners. Michelle, CEO and founder of Big Easy Bookkeeping Company, shares valuable tips, including knowing your numbers, scheduling regular bookkeeping time, and distinguishing between startup and operating costs. They also explore common pitfalls in bookkeeping and the benefits of having a suitable support team and a well-designed bookkeeping system. Michelle offers resources like a startup checklist and a list of tax-deductible expense categories, aiming to help solopreneurs manage their books effectively and confidently.

00:00 Introduction and Episode Context

00:33 Meet Michelle Carley: Bookkeeping Expert

01:43 The Importance of Organized Accounting

07:17 Top Tips for Tax Preparation

10:40 Advice for Solopreneurs and Established Businesses

16:36 Common Bookkeeping Mistakes to Avoid

21:15 Cash Basis vs. Accrual Basis Explained

22:10 QuickBooks: Overkill or Essential?

22:35 Navigating QuickBooks Challenges

24:01 Live Q&A Session Begins

25:23 Mileage Tracking for Self-Employed

27:25 Tax Preparation Tips for Self-Employed

29:22 Profit First: A Money Management System

31:37 Free Resources and Offers

32:32 Connecting on LinkedIn and Final Thoughts

Originally aired in July 2024
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My name is Brenda Meller. I'm a LinkedIn coach, consultant, speaker, and author. My company is Meller Marketing and I help business professionals get a bigger slice of the LinkedIn pie.
Visit mellermarketing.com
Let's connect on LinkedIn: linkedin.com/in/brendameller
(click MORE to invite me to connect and mention you listened to my podcast)

Capítulos

1. Tips for Organizing Accounting Records (00:00:00)

2. Essential Tips for Solopreneurs (00:11:03)

3. Bookkeeping System Mistakes and Solutions (00:15:00)

4. Navigating QuickBooks and Accounting Challenges (00:22:10)

5. Managing Bookkeeping for Business Success (00:28:12)

6. LinkedIn Engagement Strategy for Viewers (00:37:07)