Tag: ALL

  • 12 Week Year

    12 Week Year

    By Octavia Conner While growing your business, have you ever felt that setting and achieving goals can often be daunting?  The truth is the traditional yearly planning cycle might leave you overwhelmed and struggling to stay focused and make significant progress.  But what if there was a strategy that could transform the way you approach…

  • Corporate Transparency Act

    Corporate Transparency Act

    By Octavia Conner The Corporate Transparency Act (CTA) is the new scary kick on the block created by Congress! In this episode, I’m going to give you the history of CTA, its purpose, filing deadlines, and consequences, and I’m going to show you the FinCen website and how to file. Hello Profit Squad! Welcome back!…

  • Budget or Forecast: Unveiling the Differences

    Budget or Forecast: Unveiling the Differences

    By Octavia Conner In the world of finances and financial planning, two terms often find themselves at the forefront: budget and forecast. These terms are sometimes used interchangeably; however, they serve two distinct purposes when it comes to the financial management aspect of your business.  In this episode, we will explore the differences between budgeting…

  • The Rise, Fall & Return of Toys R Us (An Entrepreneur Lesson)

    The Rise, Fall & Return of Toys R Us (An Entrepreneur Lesson)

    By Octavia Conner The rise, fall, and return of Toys “R” Us provides a cautionary tale for entrepreneurs and business leaders such as yourself (and me too). Their story offers insights into how to manage finances (how NOT to manage finances, hello), navigate debt, and ensure the long-term sustainability of your business. In this episode,…

  • Line of Credit or Business Loan

    Line of Credit or Business Loan

    By Octavia Conner Do You Need A Little Extra Cash? Should You Do A Line Of Credit or Business Loan? Which One? When it comes to borrowing money, [business] owners often have two popular options: a line of credit and a business loan.   While both options provide access to funds, they differ in several key…

  • IRS Audit Triggers for Consultants

    IRS Audit Triggers for Consultants

    By Octavia Conner The IRS looks for businesses to audit. Will it be you? I sure hope not! No one ever wants to be audited by the Internal Revenue Service, right? So that you don’t receive that threatening letter in the mail, I will tell you the most common things that will trigger an IRS…

  • Advantages & Disadvantages of LLC vs  S Corp

    Advantages & Disadvantages of LLC vs S Corp

    By Octavia Conner When starting and growing a business, one of the most important decisions is choosing the right business structure. The business structure determines the legal and financial responsibilities of the owners, as well as the tax implications for the company. Two of the most commonly used structures are Limited Liability Companies (LLCs) and…

  • Tax Implications of S Corps and LLCs

    Tax Implications of S Corps and LLCs

    By Octavia Conner When choosing between an S Corporation (S Corp) and a Limited Liability Company (LLC), one important consideration is the tax implications of each entity type. Both S Corps and LLCs offer unique tax benefits and drawbacks, so it’s important to understand the differences before making a decision. https://youtu.be/zFcrITESRlc S Corporation Tax Implications…

  • Benefits of Virtual CFO Services

    Benefits of Virtual CFO Services

    By Octavia Conner As your consulting firm grows, so does the need for strategic financial planning, enhanced cash flow strategies, and comprehensive financial insight based on the firm financial circumstances.  https://youtu.be/tXlY2mYUxQA All of the above plus more goes beyond the scope and skill set of a bookkeeper or CPA. A bookkeeper is responsible for the…

  • How To Purchase A Business Vehicle & Use It As A Tax Write-Off

    How To Purchase A Business Vehicle & Use It As A Tax Write-Off

    By Octavia Conner Purchasing a business vehicle can significantly benefit small business owners. Not only can it help you improve business credit, but you can also use the heavy vehicle deduction as a tax write-off. Let’s explore this in detail.https://youtu.be/tep7LSE0YP4 As a small business owner, you should always look for ways to lower your taxes.…