Ask Andi: Biz Finance Advice for Solopreneurs artwork

Ask Andi: Biz Finance Advice for Solopreneurs

34 episodes - English - Latest episode: over 3 years ago - ★★★★★ - 22 ratings

Dealing with the money side of running a business is hard. In fact, it sucks. Every week, Andi Smiles, small business financial consultant and recovering financial hot mess, answers real questions from real business owners about their money. If your business finances have you scratching your head and saying WTF, this podcast is for you.

Entrepreneurship Business Management accounting entrepreneur finance quickbooks smallbusiness smallbusinessowners
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Episodes

How the heck do you wrap your head around the bookkeeping stuff?

August 18, 2020 09:00 - 20 minutes - 34 MB

One of the most asked questions I receive is how to wrap your head around all of the bookkeeping stuff. It’s the most overwhelming and daunting task for most business owners and yet, it’s not indicative of how good (or bad) you are with money. Bookkeeping doesn’t have to do anything with math if you use a digital program and can become a very easy task once you flex your bookkeeping muscle and put it into practice. I’m giving you some actionable tips today to tackle bookkeeping head on and m...

How do you keep yourself motivated with your business finances?

August 11, 2020 09:00 - 21 minutes - 36.2 MB

Staying motivated as an entrepreneur and business owner can be hard, but staying motivated when it comes to your finances can be even more difficult.  Today we are talking about how to stay on top of your business finances and stay motivated. Discover how knowing your numbers will increase your comfort level and make the task of doing your numbers will come with ease and comfort. I’m sharing some tips and tricks on how you can also avoid falling back into the pattern of avoiding the busine...

How do you deal with collecting money from clients?

August 04, 2020 09:00 - 21 minutes - 35.9 MB

As a business owner, one thing we all have to deal with is how to collect money from clients for our products and services. Today we are discussing how you to deal with collecting money from clients, otherwise known as collections or accounts receivable or A/R. We’re going to start with how to create expectations from the very start with your clients to defining your payment terms and what to do if a client ends up not paying you at all. I’m covering what forms of communication you can utili...

How do you prepare for unexpected business costs?

July 28, 2020 09:00 - 21 minutes - 35.7 MB

As a business owner you are bound to have unexpected expenses come up at some point, but are you ready for it? How do you prepare for unexpected business costs? These costs could be big or small and being prepared to take any kind of financial hit is something that we want to prepare for as best we can. We’re going to discuss how you can ensure you’re not only prepared for costs throughout the year, but how to save for the rainy day that could pop up.  It’s time to prepare for the unexpect...

Is QuickBooks Online better than Wave?

July 21, 2020 09:00 - 21 minutes - 35.4 MB

When deciding what accounting software to use, it can be confusing and hard to compare one to another without diving in and actually using them. I have used several, and today we’re going to compare two I have used and have quite a bit of experience with. No one wants to make this seemingly daunting task any harder than it has to be, and I’m going to share a couple time hacks to help you make it even faster! We’ll talk about how each of these cloud based systems can feel almost automatic onc...

How do I get back on track if I've been slacking on my bookkeeping?

July 14, 2020 09:00 - 20 minutes - 34.8 MB

We are halfway through 2020 and in addition to being busy with COVID-19 and combating social injustices, some business owners are also realizing they are behind in their bookkeeping. I feel your pain because I’ve been there as well and it’s nothing to be ashamed of because it’s actually not uncommon. Your bookkeeping should be a focus now though so that you aren’t going into the last quarter of the year needing to catch up even more. Let’s dive into how you can catch up on many months of you...

What Are the Top Five Things Business Owners Should Be Tracking and Understand Completely?

July 07, 2020 09:00 - 30 minutes - 50.3 MB

As you’ve probably guessed, business owners should be tracking their finances- but what does that really mean?! One of the most asked questions I get is what business owners should be tracking and what to do with the information you’re tracking.  We track for two reasons: taxes and information. Tracking for taxes is the technical side of things and the part of tracking that helps you stay legally compliant with the IRS.  Tracking for information is the analysis side of things. It’s how y...

What's the number one..?

June 30, 2020 09:00 - 15 minutes - 25.5 MB

Today we are mixing things up a bit and not focusing on one topic, but the questions of what’s the number 1….I get a lot of questions that usually start with “what’s the number 1…?” because people want a straight answer on what my favorite thing is or my biggest piece of advice. Today I am sharing those questions and sharing the most common number one type of questions I receive. We’re still tackling topics such as accounting platforms, managing your finances when you start your business, an...

How To Raise Your Prices Without Losing Clients

June 23, 2020 09:00 - 21 minutes - 35.1 MB

As an entrepreneur, one of the trickiest aspects of business can be raising your rates, even if it’s very well deserved. Today we are not only talking about why raising your rates is acceptable, but how to do it with confidence, and without losing clients! What we’re talking about Business Is Booming It’s All In Your Approach Keeping Your Existing Clients Through A Price Increase Business Is Booming! So, you’ve been consistently working for your same rate, but your schedule is comp...

How do I save more in my business and when should I invest?

June 16, 2020 09:00 - 27 minutes - 44.7 MB

Many would like to start saving more money in their business, but are unsure of where to begin. Today we are talking about knowing when is the best time to start saving, a couple super easy ways to get started, and how to ramp up the momentum without feeling a huge pinch in your operating budget. Are you ready to see the balance in your business savings grow rapidly? What we’re talking about Getting Started Saving Without Feeling the Pinch How Do I Know What to Invest In? Sticking W...

How do I turn my side hustle into a full time business?

June 09, 2020 09:00 - 21 minutes - 35.8 MB

Business strategy is one of my favorite topics to consult and coach on, so today’s question of “How do I turn my side hustle into a full-time business?” is one that excites me. My bookkeeping business started as a side job. A side job in addition to 3 other jobs, but it started to take on a life of its own bringing in more clients and more money, until I was finally able to quit one of the three jobs, then another and finally going full-time working for myself. It seemed accidental at the ti...

How do you overcome procrastination with your business finances?

May 26, 2020 09:00 - 30 minutes - 49.8 MB

SHOW NOTES   Today we’re tackling something that we all struggle with, procrastination. Sometimes we’re off to the races knocking things off of our list and other times it’s a certain topic or task that we put off  again and again. We will discuss some ways to kill the procrastination bug, as well as how to make a list of tasks that need to be done on a regular basis so you’re not always racing to catch up. Learn about how to find and put together a financial task list to help keep you...

How Do I Pay Quarterly Taxes?

May 19, 2020 09:00 - 21 minutes - 35.7 MB

We’ve talked about how to save for your taxes and how to do your taxes, so today I am sharing how you can pay your quarterly taxes. We are also diving into what to do if you are behind in your tax payments or owe money on back taxes. In addition to all of this, I’ve got some great tips on how you can create additional income to pay off or pay more towards your taxes without touching your current revenue stream.  It’s time to start preparing for your quarterly tax payment! What we’re talk...

Why is my monthly P&L report different from what I have in the bank?

May 12, 2020 09:00 - 21 minutes - 36 MB

We are following up to last week’s episode about your Profit & Loss Report by asking the question of why is your profit different from your bank balance each month? Which numbers are the ones you should be focusing on? Simply put, the answer is BOTH! Your profit and your cash flow play important roles in your business finances and you should look closely at both of them on a monthly basis and more.  Let’s start comparing numbers! What we’re talking about  What’s A Profit & Loss Report? ...

What reports do I need to look at for my business?

May 05, 2020 09:00 - 21 minutes - 40.9 MB

Regardless of whether you are a salon owner, a landscaper or an online business owner, there’s one report that you should run regularly to know your numbers. Knowing your numbers means knowing exactly how much money you’re making, spending, your profit and knowing how to use that information to assess the financial health of your business.  So what’s the most important report for your business finances? Your Profit & Loss Report, or your Profit & Loss report. You might be familiar with a P...

How do I make a financial emergency plan for my business?

April 28, 2020 09:00 - 29 minutes - 48.4 MB

During an emergency financial crisis, or time of financial distress, how do we respond in our business with our business finances? When we’re overwhelmed, and having natural stress responses, it’s helpful to have some pre-planned decisions made that you have thought strategically about. We're going to go through the different phases of a financial emergency plan, just so you can get a sense of what this might look like in your business and some of the actions you may take. Discover how you...

How much time should I spend on my business finances?

April 21, 2020 09:00 - 21 minutes - 35.9 MB

The amount of time you spend on your business finances can vary, but if you utilize an automated bookkeeping system, then 30 minutes a week is a good expectation of time. There’s no one-size-fits-all amount of time estimate and your time spent may vary depending on the week, month and quarter. Today, we are discussing what financial tasks you should tackle on a daily, weekly, and monthly basis and how to maximize your bookkeeping system.  Find out how to maximize your time and your finance...

How do I build my business's credit?

April 14, 2020 09:00 - 25 minutes - 42 MB

Every person has credit and a credit score, but how does that differ from a business’s credit and credit score? Building credit takes time, but it’s never too late to start building your business’s credit and learning best practices. Let’s build your business credit! What we’re talking about Personal Credit Card vs. Business Credit Card  How To Build Your Business Credit Line & Worthiness General Credit Best Practices Personal Credit vs. Business Credit  If you’re a sole propriet...

Small Business Loans and Grants for Pandemic Relief

April 07, 2020 09:00 - 32 minutes - 53.1 MB

Things are rapidly changing due to the current pandemic, and so are the loan and grant options available to small businesses. There are two new loan options: the Paycheck Protection Program, and the Economic Injury Loan, as well as the option to apply for grants to help financially sustain your business during these unprecedented times.   Learn about SBA Loan options and grants to help keep your business moving forward!   What we’re talking about   The SBA Loan – Paycheck Protecti...

How do I make my business profitable?

March 31, 2020 09:00 - 24 minutes - 24.1 MB

Let’s talk about the P word... Profit! That elusive thing we are all striving to increase in our businesses. I want to help you gain a better understanding of what profit is, how to make your business more profitable, and how to manage and reduce expenses.    Let's start increasing your business profits! What we’re talking about What is Profit? How Do I Make My Business Profitable? Tips to Reduce Expenses What is Profit? In order to have a good understanding of profit, you have t...

Small Business Tax Updates & COVID-19

March 24, 2020 16:14 - 20 minutes - 48.8 MB

This time of year is usually crunch time for filing and paying taxes, however, a lot has changed in the past week with the Coronavirus pandemic. COVID-19 is affecting people in countless ways, especially financially. In order to alleviate part of the financial burden on Americans, an extension to the tax filing and payment deadline has been granted. I’m sharing important tax information, thoughts, and advice on filing business taxes during this unprecedented time and what you need to do to s...

When should I start outsourcing my bookkeeping?

March 17, 2020 09:00 - 29 minutes - 55 MB

Did you know that I started my career as a bookkeeper? I’ve helped many businesses with their finances and today, I’m going to share that knowledge with you! I’m going to dive into what the role of a bookkeeper is, how to know if it’s time to outsource your bookkeeping, and how to make sure your bookkeeper is getting the job done. It can be anxiety-inducing to let someone else take care of your finances, but with the right information, you can feel confident you’re making the right choice ...

How Do I Know What I Should Invest In?

March 10, 2020 09:00 - 30 minutes - 58 MB

We are talking about investing money into your business and how to make wise and thoughtful decisions so your money, time, and energy can propel your business forward. I’m sharing four steps that will lead you in the right direction when it comes to investing in your business. It’s time to make those big decisions about big investments!  What We’re Talking About Types Of Investments For Your Small Business Slowing Down To Consider Your Business Needs How To Be Realistic About Invest...

What is the best way to track my documents and receipts?

March 03, 2020 10:00 - 28 minutes - 47.1 MB

We are going back to our roots and talking about tracking your business finances. We’re discussing how you can ditch pen and paper and enter the digital world available for tracking expenses. I’m sharing what my favorite digital financial programs are, what you should look for when researching financial tracking software, and how to keep all of your receipts organized. It’s time to ditch that old shoe box full of receipts! What we’re talking about Creating A List Of Your Finance Softwar...

How Much Do I Need To Save For Self-Employment Taxes?

February 25, 2020 10:00 - 25 minutes - 41.6 MB

We are in the middle of tax season and being self-employed can be confusing and overwhelming. Today, we’re talking about how self-employed people are taxed, learning about income tax and self-employment tax, and discussing how much you should set aside for quarterly taxes.   Self-employment taxes aren’t as you may think! What We’re Talking About How Are Self-Employed People Are Taxed? Understanding Income Tax When You’re Self-Employed How To Calculate Self-Employment Tax How Much ...

Can I Do My Taxes Myself?

February 18, 2020 10:00 - 31 minutes - 59.4 MB

Today we’re talking about filing business taxes! Should you DIY? Hire a professional tax preparer? How do you know if you’re filing correctly? There’s a lot to consider before deciding if you should go solo or hire a pro, but it’s important to start the process today!  Discover my tips and tricks for bookkeeping and tax preparation and figure out if doing your own taxes is the right move for you and your business. Stop stressing about tax season and learn if you can do your business taxes ...

What can you deduct as a business expense?

February 11, 2020 10:00 - 20 minutes - 39 MB

Today we’re talking about tax deductions for your business! Do you ever catch yourself asking “is this a write-off?” It’s actually not as complicated as you might think! We’re going to talk about what you can and can’t deduct from your taxes and how much is too much! I’ll also update you on some recent changes to the tax code that you should know about.  Let me save you some time and money and get your business up to date with tax deductions!  What we’re talking about  What Counts As A ...

Should I Get A Business Credit Card?

February 04, 2020 23:40 - 28 minutes - 52.7 MB

Have you ever thought of opening a business credit card? It can be confusing to understand the pros and cons of opening a new card, but I’m here to help you figure out the next steps for your business finances. Learn how to determine which business credit card is right for you and how to best manage it. I’m even sharing tips on how to maximize those credit card perks and points.   So, join me as we dive in and explore all things business credit cards!   What We’re Talking About   ...

What Do I Need To Keep Track Of?

January 28, 2020 10:00 - 29 minutes - 68.8 MB

As a business owner, you’re told you need to track your numbers, but what does that actually mean? What are you tracking? Why are you tracking it? How do you track it? Tracking your finances in business should be something you start on day 1 so that you don’t need to go back in a year and try to remember all of your income and expenses and what category they should be filed under. When you start to track your finances, you get a different view of your business that is clear and it presents y...

How Can I Find A Tax Person I Can Trust?

January 21, 2020 10:00 - 24 minutes - 46.1 MB

Knowing where and how to start on your search for the right tax person can be daunting, but it doesn’t have to be. Today we are tackling how to find a tax person you can trust, how they should make you feel and how you can utilize them to their fullest extent. You’re going to walk away feeling comfortable and excited about your financial situation while also informed. A big takeaway from today’s episode is that you should have your tax person lined up sooner rather than later. April will be ...

How To Stay Organized With Your Business Finances

January 14, 2020 10:00 - 20 minutes - 49.3 MB

Today’s question is about how to stay organized with your business finances. I am covering how you can create a bookkeeping routine and the benefits of making it a consistent routine along with how to keep your bookkeeping easy to understand and what to do with all of the paper and digital clutter. I’ll also cover tips on how to keep your tracking organized and giving you tools to use so you don’t have to start from scratch.  Let’s get your finances organized! What we’re talking about H...

How Do You Separate Your Biz vs Personal $?

January 07, 2020 17:00 - 20 minutes - 34.3 MB

When you start your business, getting your finances in order should be step #1, but how do you separate your business versus your personal finances? We are going over what accounts you should open, how you should track your income and expenses and what to do if you can’t open a separate account. Think of your expenses as a box of tangled cords. Instead of having all of your personal and business cords (finances) in one big box, take the time to separate them into two boxes. With your finance...

What Are The Top 10 Things To Know When It Comes To Managing Your Business Finances?

December 31, 2019 17:00 - 31 minutes - 51.5 MB

Business finances can seem daunting, especially if you are new to the self-employed world. The truth is that you need to know your numbers and it’s best to start tracking them from the very beginning. I’ve created a list of the top 10 things you need to know and do when it comes to managing your business finances along with my biz survival kit that will ensure you are not only tracking your finances, but understanding them as well and saving for tax time. If you put practices in place, then ...

Who Is Andi?

December 24, 2019 15:11 - 21 minutes - 35.2 MB

Welcome to the Ask Andi podcast where you will gain financial advice from a recovering financial hot mess! In this episode we are discussing who I am, what my expertise is, my financial story and what this podcast is all about. There is a technical side to money and an emotional side to money and we are going to tackle them both. Learn financial best practices for your small business and have your financial questions answered.  Money is a journey, so let’s start walking! What we’re talki...