Small Business Accounting Made Easy with Catherine Fairweather
27 episodes - English - Latest episode: about 4 years ago -Are you a small business owner who needs help with taxes and bookkeeping? Then you’ve come to the right place. Catherine Fairweather, CPA breaks down complex topics into easy to understand concepts. Discover your tax and bookkeeping responsibilities as a small business owner. Learn about small business tax deductions so that you can maximize tax savings. Understand your financial data so that you can make better business decisions. Learn how to automate and outsource these tasks so that you can get back to the work you enjoy doing. Start taking action today. Hit subscribe and let’s do this!
Homepage Google Podcasts Overcast Castro Pocket Casts RSS feed
Episodes
I Have a Big Announcement!
June 18, 2020 12:00 - 5 minutes - 3.66 MBSo on today's mini-episode, I explain where I've been the last couple of weeks. I'm working on something to help the small business owner that I think you're really going to like and find helpful and valuable. To find out more, head over to www.catherinefairweather.com/founder.
021. How to Pick the Right Accounting Software for Your Small Business
May 28, 2020 04:00 - 17 minutes - 12.2 MBAfter 30+ years of shopping for a swimsuit, I finally found something that works. I buy the same thing every year in a different color. It’s a tankini from Lands End that features shorts and a high neck tank. It’s more like a swim outfit, but it’s comfortable and it covers what needs to be covered. If you’ve ever gone bathing suit shopping, you know that some suits are more flattering than others. You have to know what compliments your body type. Finding “the one” can involve a lot of tr...
020. 5 Reasons Why Spreadsheets Make Really Bad Accounting Software
May 21, 2020 04:00 - 13 minutes - 9.08 MBDo you ever get in a super frugal mood? You decide to start mercilessly slashing unnecessary expenses from your budget. You cancel some online streaming services, switch to basic cable or cancel it entirely. Maybe you start making coffee at home, instead of buying it. If you have a business, there is one area that you should never scrimp on or cut back on – that’s your business’s accounting software. Sure, a lot of experts will tell you that it’s perfectly fine to keep your accounting r...
019. 18 Important Bookkeeping Terms All Business Owners Need to Know
May 14, 2020 22:00 - 17 minutes - 11.8 MBMaybe you’ve tried to figure out your bookkeeping on your own and have encountered words you’ve never heard before. Not understanding the verbiage can be super frustrating and overwhelming. It sounds like it’s English, and some people seem to understand it, and you wish you could too! That’s why I’m here. In today’s episode, we are talking about the most common words used in bookkeeping. I also am going to explain these concepts and how they relate to your small business. Check out...
018. 6 Reasons Why You Should Care About Your Business's Bookkeeping
May 07, 2020 04:00 - 8 minutes - 6.04 MBIf you own your own business or are planning to start your own business, you probably know that you need to do your business’s bookkeeping and keep records of all your business transactions. However, getting to do your company’s books is probably not the reason you wanted to start a business. More likely, your business is a reflection of your gifts, talents, and interests. You want to make a living doing the work you were born to do. You’re a creative person. You want to spend the time...
017. You Need to Know This Before You Make a Big Purchase for Your Business
April 30, 2020 04:00 - 14 minutes - 9.77 MBNot all expense is created equal. Some expense is incurred for products and services that have a finite useful life or cover a finite period: office supplies, the electric bill, employee wages. These are known as operating expenses. But purchases of equipment, furniture, fixtures, land, and buildings can (and should!) last for several years or even decades. These purchases are known as capital expenses. It doesn’t make sense to account for the purchase a commercial oven in the same way ...
016. How to Hire an Accounting Pro For Your Business
April 24, 2020 01:00 - 15 minutes - 10.4 MBHave you been thinking about hiring someone to help you out with the bookkeeping and taxes part of your business? Who should you hire? Do you need a bookkeeper, a CPA, or an Enrolled Agent? What's the difference between these professional designations anyway? On today's episode, I'm going to explain what these different credentials are and share my best tips for picking the best accounting professional for your business. Check out the show notes at www.catherinefairweather.com/016.
015. The 5 Most Common Small Business Tax Mistakes
April 16, 2020 16:00 - 26 minutes - 18.3 MBIn today's episode, I want to talk to you about the five most common small business tax mistakes. So whether you're thinking about starting a new business or you've been at this awhile, I'm going to cover the five areas where people tend to get tripped up. I'm also going to share ideas and solutions to fix these mistakes if you are making them now. Don't forget to check out the show notes for resources mentioned at www.catherinefairweather.com/015.
014. The 5 Most Common Small Business Bookkeeping Mistakes
April 09, 2020 14:00 - 21 minutes - 14.5 MBIn today's episode, I want to talk to you about the five most common small business bookkeeping mistakes. So whether you're thinking about starting a new business or you've been at this awhile, I'm going to cover the five areas where people tend to get tripped up. I'm also going to share ideas and solutions to fix these mistakes if you are making them now. Don't forget to check out the show notes for resources mentioned at www.catherinefairweather.com/014.
013. What Every Small Business Owner Needs to Know to Pay Less in Taxes
April 02, 2020 04:00 - 18 minutes - 12.5 MBIn today's episode we're talking about income tax deductions. I promise this episode is a lot more interesting than that sentence just sounded. Income tax deductions are important to your business because without them you'd pay a lot more in income tax than you need to. Learn how income tax deductions help you legally minimize the amount you pay in taxes on today's episode. Don't forget to check out the show notes for resources mentioned at www.catherinefairweather.com/013.
Bonus: How to Get Help if Your Small Business is Impacted by COVID-19
March 23, 2020 04:00 - 16 minutes - 11.2 MBI’m not a healthcare professional, but I want to help in the way I know how. I recorded this episode in the hopes of providing much needed information to small businesses who need relief during this time. Know that this information is constantly changing so refer to the resources linked to for the latest and greatest programs available to small business owners. Be sure to check out the resources at: www.catherinefairweather.com/covid19
012. A New Way to Look at the Impact of COVID-19 on Your Business.
March 19, 2020 04:00 - 20 minutes - 13.9 MBWhat does this make possible now? When I originally planned today's episode I wanted to answer frequently asked questions about small business income tax. I still might do in the future, but I really didn't think I could create an episode this week without addressing the elephant in the room. COVID-19, the new Coronavirus, has taken the world by storm. Federal, State, and Local governments have been taking action to help flatten the curve. We want to slow the spread of the virus so we ...
011. What You Need to Know About Your Balance Sheet
March 05, 2020 05:00 - 17 minutes - 12.4 MBHave you ever heard of the balance sheet? The balance sheet is one the three core financial statements every small business owner should know how to read. It's also the subject of today's podcast episode. I’m going to explain what it is, how to read it, and what it reveals about your business. For resources mentioned in this episode, be sure to check out the show notes at www.catherinefairweather.com/011
010. All You Need to Know About the Chart of Accounts
February 06, 2020 05:00 - 14 minutes - 10.2 MBDid you know that bookkeeping can be (and should be) more than just something else that needs to be done? When you understand some basics about bookkeeping and what your accounting software is doing behind the scenes, you’ll know how to extract valuable data about your business performance. Data that can help you make decisions and run a more profitable business. I want to help you begin to build your foundation of accounting knowledge. We are starting super slow and building a solid fo...
009. The 3 Reasons Why You Need to Track Inventory
January 30, 2020 05:00 - 13 minutes - 9.15 MBDo you sell physical products in your business? Maybe you own a shop or a spa where you’re purchasing items from a wholesaler and then are reselling those items. Or perhaps you manufacture the items you sell. You make jewelry or you’re a woodworker. Maybe your sales are done on an online storefront. If you’re selling products in any way, you want to catch today’s episode which is all about managing and accounting for your business’s inventory. If you’re trying to figure out bookkeepi...
008. Should You Use the Cash or Accrual Method of Accounting
January 23, 2020 05:00 - 11 minutes - 8.15 MBWhen you complete a business tax return, you’ll see a question about your accounting method. You have to check either cash or accrual. Have you ever wondered what the difference is and which method is right for your business? And what is an accounting method anyway? An accounting method defines the way a company records its revenue and its expenses. You can choose to either record revenue and expense when cash changes hands. This is known as the cash method of accounting. Or, you can...
007. Are Your Independent Contractors Really Employees? Why the Difference Matters.
January 16, 2020 05:00 - 13 minutes - 9.39 MBSo you know you have to file and pay taxes on your business income, but did you know, you might have other tax filing obligations? If you hire employees or independent contractors, you’re required to provide the IRS with information about how much compensation you paid to that individual. There are two main types of information filings for workers. The format of the filing depends on how you classify the worker - whether as an employee or independent contractor. So at this point you mi...
006. How to file and pay taxes on your LLC
January 09, 2020 05:00 - 11 minutes - 8.25 MBIf the thought of figuring out how to pay income tax on your small business income is making you anxious or sweaty, don’t worry. I’m here to help. Today’s episode is the third in a series on the basics of paying taxes on small business income. In this week’s episode, I am going to cover five basic things every business owner needs to know about paying federal income tax on corporation income. For resources mentioned in this episode, be sure to check out the show notes at: www.catherinefa...
005. Five Things You Should Know About Paying Corporate Income Tax
January 02, 2020 05:00 - 15 minutes - 10.5 MBIf the thought of figuring out how to pay income tax on your small business income is making you anxious or sweaty, don’t worry. I’m here to help. Today’s episode is the third in a series on the basics of paying taxes on small business income. In this week’s episode, I am going to cover five basic things every business owner needs to know about paying federal income tax on corporation income. For resources mentioned in this episode, be sure to check out the show notes at: www.catherinefa...
Four Things Every Partner in a Partnership Should Know About Paying Taxes
December 26, 2019 05:00 - 14 minutes - 10.1 MB#004 - If the thought of figuring out how to pay income tax on your small business income is making you anxious or sweaty, don’t worry. I’m here to help. Today’s episode is the second in a series on the basics of paying taxes on small business income. In this week’s episode, I am going to cover four basic things every partner needs to know about paying federal income tax on partnership income. For resources mentioned in this episode, be sure to check out the show notes at: www.catherinef...
004. Four Things Every Partner in a Partnership Should Know About Paying Taxes
December 26, 2019 05:00 - 14 minutes - 10.1 MBIf the thought of figuring out how to pay income tax on your small business income is making you anxious or sweaty, don’t worry. I’m here to help. Today’s episode is the second in a series on the basics of paying taxes on small business income. In this week’s episode, I am going to cover four basic things every partner needs to know about paying federal income tax on partnership income. For resources mentioned in this episode, be sure to check out the show notes at: www.catherinefairweat...
Three Things Every Sole Proprietor Should Know About Paying Taxes
December 19, 2019 05:00 - 13 minutes - 9.53 MB#003 - If the thought of figuring out how to pay income tax on your small business income is making you anxious or sweaty, don’t worry. I’m here to help. Today’s episode is the first in a series on the basics of paying taxes on small business income. In this week’s episode, I am going to cover three basic things every sole proprietor needs to know about paying federal income tax on sole proprietorship income. For resources mentioned in this episode, be sure to check out the show notes at...
003. Three Things Every Sole Proprietor Should Know About Paying Taxes
December 19, 2019 05:00 - 13 minutes - 9.53 MBIf the thought of figuring out how to pay income tax on your small business income is making you anxious or sweaty, don’t worry. I’m here to help. Today’s episode is the first in a series on the basics of paying taxes on small business income. In this week’s episode, I am going to cover three basic things every sole proprietor needs to know about paying federal income tax on sole proprietorship income. For resources mentioned in this episode, be sure to check out the show notes at: www.c...
How to Select the Right Type of Organization for Your Business
December 12, 2019 05:00 - 19 minutes - 13.2 MB#002 - A small business owner asked me the other day, "What is the best type of business organization?" I couldn't answer her question. The truth is, there is no single answer to this question. Each type of business organization has advantages and disadvantages. In today’s podcast, I explain how you can weigh the pros and cons and figure out how to make the best decision for you and your business. Maybe you haven’t started a business yet or you have a business, but you’re not sure if ...
002. How to Select the Right Type of Organization for Your Business
December 12, 2019 05:00 - 19 minutes - 13.2 MBA small business owner asked me the other day, "What is the best type of business organization?" I couldn't answer her question. The truth is, there is no single answer to this question. Each type of business organization has advantages and disadvantages. In today’s podcast, I explain how you can weigh the pros and cons and figure out how to make the best decision for you and your business. Maybe you haven’t started a business yet or you have a business, but you’re not sure if you pic...
Welcome to the Small Business Accounting Made Easy Podcast
December 12, 2019 01:00 - 8 minutes - 6.06 MB#001 - If you're a small business owner or someone interested in starting a small business, you're in the right place...especially if you find the bookkeeping and taxes part of owning a business to be a little overwhelming. When you have a website to launch, social media profiles to build, and customers to serve, you don't have a whole lot of extra time to figure out the accounting stuff. Each week Catherine breaks down a bookkeeping or tax concept and teaches you how to take action so thi...
001. Welcome to the Small Business Accounting Made Easy Podcast
December 12, 2019 01:00 - 8 minutes - 6.06 MBIf you're a small business owner or someone interested in starting a small business, you're in the right place...especially if you find the bookkeeping and taxes part of owning a business to be a little overwhelming. When you have a website to launch, social media profiles to build, and customers to serve, you don't have a whole lot of extra time to figure out the accounting stuff. Each week Catherine breaks down a bookkeeping or tax concept and teaches you how to take action so this whole...