Keep What You Earn

In this episode, I'm breaking down the considerations you need to evaluate before hiring a CFO for your business. From understanding the differences between a CPA, bookkeeper, and CFO services, to knowing the signs that indicate you're ready for a CFO, this episode covers it all.   I'll share insights on how a CFO can help you make data-driven decisions, challenge you to think differently, and ultimately drive your business to greater financial success. Whether you're unsettled with your current financial guidance or craving strategic input, tune in to see if it's the right time for you to bring a CFO on board.   What You'll hear in this episode: [0:50] Understanding the Role of a CFO [2:05] Signs You're Ready for a CFO [3:20] The Value of a CFO's Perspective [7:40] Making Conscious Financial Decisions [9:05] The Benefits of Hiring a CFO [10:40] Exploring CFO Services   If you like this episode, check out: How You Know You Need a CFO Do You Need a CFO in Your Business? How to Know if a CFO Power Session is for You   Want to learn more so you can earn more?  Visit keepwhatyouearn.com to dive deeper on our episodes  Visit keepwhatyouearncfo.com to work with Shannon and her team  Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ  Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/   The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

In this episode, I had the pleasure of welcoming back Katherine Studley, the founder of The Only Consultant and Prisma Tax Group. Katherine specializes in providing judgment-free tax preparation and bookkeeping services for OnlyFans models, strippers, and exotic dancers. She shares her journey, the unique challenges her clients face, and how her firm offers a safe space for individuals in the spicy industry to handle their financial needs without fear of discrimination or harassment.   We dive into the nuances of tax preparation for these professions, the importance of empathy and customer service, and the proactive steps her firm takes to ensure clients feel supported and understood. Whether you're in the spicy industry or simply interested in learning about a unique niche in tax services, Katherine's insights offer valuable lessons on trust, empathy, and specialized financial care   What You'll hear in this episode: [0:50] Meet Katherine Studley: Tax Accountant for the Spicy Industry [2:45] Challenges Faced by Clients in the Spicy Industry [5:20] The Importance of Empathy in Tax Services [10:00] Customer Service in Accounting [17:10] Managing Client Expectations and Workload [20:30] Handling Tax Extensions and Payments [23:15] Understanding the IRS: A Macro Perspective [24:40] Dealing with IRS Notices: Don't Panic! [28:50] Unique Tax Challenges for Exotic Dancers and Sex Workers [30:35] Building Trust and Navigating Banking Issues [32:15] The Importance of Personal Touch in Client Communication [36:05] Balancing Automation and Personalization   If you like this episode, check out: Mastering Your Messaging with Meghan Clor Discover Your Value by Serving More with John Ray Dildos are Deductions Too with Katherine Studley   Learn more about Katherine's services: https://www.theonlyconsultant.com/ https://www.prismatax.com/ Connect with Katherine on TikTok Kat the_only_consultant Connect with Katherine on LinkedIn https://www.linkedin.com/in/katherine-studley Connect with Katherine on IG kstudley_   Want to learn more so you can earn more?  Visit keepwhatyouearn.com to dive deeper on our episodes  Visit keepwhatyouearncfo.com to work with Shannon and her team  Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ  Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/   The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

In this episode, we explore the significant moments of clarity and paradigm shifts in business, focusing on how to align your client base and operations for optimal growth. I'll share personal experiences and reflections on realizing the need for change, receiving invaluable client feedback, and the importance of intentional client selection.   We'll discuss the process of honing in on what makes your business different, the power of positive affirmation, and the critical role of alignment between your values and your clients'. Whether you're just starting out or looking to scale, you'll gain insights into building a sustainable and profitable business by prioritizing clarity and intentionality in your client relationships. Join me as we uncover strategies to help your business thrive and create a lasting impact.   What You'll hear in this episode: [0:50] Embracing Seismic Shifts in Business [1:35] Client Feedback and Its Impact [3:15] Prioritizing Client Alignment [4:05] Intentional Client Selection [5:05] Gaining Clarity Through Contrast [6:25] Navigating Client Relationships [10:55]  Shifting Mindsets and Growing with Confidence   If you like this episode, check out: What Drives You Beyond the Numbers? Boosting Business with Better Client Care Creating Clients for Life with Racheal Cook   Want to learn more so you can earn more?  Visit keepwhatyouearn.com to dive deeper on our episodes  Visit keepwhatyouearncfo.com to work with Shannon and her team  Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ  Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/   The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

Drawing from a recent client experience, I'll highlight key factors to consider, such as state-specific tax nuances and the importance of specialized knowledge in areas like real estate. I’ll also share my honest approach to when outsourcing or hiring a different accountant is the best move for optimizing your tax strategy.   If you're ready to gain insights that could significantly impact your financial planning and tax efficiency, this episode is for you. Remember, the information provided is for educational purposes and not individual tax advice. Tune in to learn more about making informed choices that serve your best interests.   What You'll hear in this episode: [2:35] Factors to Consider for Personal Tax Returns [3:10] State-Specific Tax Considerations [4:30] Importance of Specialized Knowledge in Tax Strategy [5:20] Honesty About Expertise and Client Recommendations [6:20] Choosing the Right Accountant for Your Needs   If you like this episode, check out: What Actually Happens If I Commingle Business and Personal Finances? Why Should You Separate Your Business Money from Personal Finances? 3 Reasons to Separate Your Business Money from Personal   Want to learn more so you can earn more?  Visit keepwhatyouearn.com to dive deeper on our episodes  Visit keepwhatyouearncfo.com to work with Shannon and her team  Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ  Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/   The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

In this episode, I dive into a real-life cautionary tale about an eight-figure business that unexpectedly faced payroll issues despite being highly profitable. I share insights on the critical difference between profit and cash flow, and highlight how blind spots in cash flow management can create significant challenges for even the most successful businesses. Through this client's experience, we explore the importance of weekly cash flow forecasting, the necessity of strict collections processes, and how to ensure you maintain your financial commitments.   Learn how to optimize your cash flow and prevent severe financial pitfalls in your own business by adopting effective strategies for managing invoicing, collections, and payroll schedules. Tune in to uncover practical tips and transformative insights that will help you create a business that not only scales but sustains its financial health.   What You'll hear in this episode: [00:50] Profit vs Cashflow: A Real Client Story [02:20] The Importance of Cashflow Forecasting [05:15] Improving Collections and Cashflow Management [07:25] The Importance of Having Protocols in Place to Manage Cash Flow Even When Clients Do Not Pay on Time   If you like this episode, check out: Are You Sabotaging Your Own Cash Flow? Start with This Financial Metric (Financial Priority Formula Part 1) Cash Management Strategies   Want to learn more so you can earn more?  Visit keepwhatyouearn.com to dive deeper on our episodes  Visit keepwhatyouearncfo.com to work with Shannon and her team  Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ  Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/   The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

In this episode, I dive deep into the intricacies of tax season and how it's affecting business owners. We’ll explore common questions around tax deductions, tax savings, and the strategies that are often suggested by various sources on the internet. While there are many legitimate strategies out there, I highlight the potential pitfalls and time costs related to overcomplicating your tax approach.   Through real-life anecdotes and practical advice, I urge you to reallocate your time towards activities that drive business growth, rather than spending countless hours on tax strategies that yield minimal returns. This episode encourages business owners to focus on building a profitable, high-value enterprise and to use simpler, effective tax practices that don’t distract from the primary mission of growing their business. Tune in to understand how to balance tax savings with business productivity and set yourself up for long-term success.   What You'll hear in this episode: [0:50] Common Tax Questions During Tax Season [1:15] Overthinking Tax Deductions [2:00] Evaluating Tax Strategies [3:25] The Cost of Maintaining Tax Strategies [4:25] Focusing on Business Growth Over Tax Savings [5:55] When Tax Strategies Make Sense [7:55] The Importance of Developing Good Habits in The Early Stage of a Business   If you like this episode, check out: What Entrepreneurs Need to Know About Tax Deductions The Truth About Tax Savings and Strategies Is Hiring A Tax Strategist For You?   Want to learn more so you can earn more?  Visit keepwhatyouearn.com to dive deeper on our episodes  Visit keepwhatyouearncfo.com to work with Shannon and her team  Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ  Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/   The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

In this episode, I  guide you through the crucial distinction between profit and cashflow—two terms often mistakenly used interchangeably. You'll learn why understanding the difference is essential for your business's financial health. We'll cover how profit is generated purely through business operations, representing what’s left after expenses.   In contrast, cash flow accounts for all movements of money in and out of your bank account, including loan payments, distributions, and investments. Realizing that you can be profitable on paper but still struggling with cashflow issues could be a game-changer for your financial strategy. We'll also dive into the importance of a cashflow forecast and how it can be a Swiss army knife for business owners, helping you navigate your weekly, monthly, and yearly financial planning. Stay tuned as I empower you with the knowledge to simplify money and take actionable steps towards a more financially secure business.   What You'll hear in this episode: [0:50 Understanding Profit vs. Cashflow [2:25] Cash Flow in Relationship to Operations and Cash Balance [4:10] The Importance of Cashflow [6:00] The Importance of Asking Your CFO About Your Statement of Cash Flows And Your Profit and Loss Balance Sheet [8:10] Practical Tips for Managing Cashflow   If you like this episode, check out: Differentiating Between Margin and Markup Maximize Profit and Cash Flow (Financial Priority Formula Part 2) How You Know You Need a CFO   Want to learn more so you can earn more?  Visit keepwhatyouearn.com to dive deeper on our episodes  Visit keepwhatyouearncfo.com to work with Shannon and her team  Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ  Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/   The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

In this episode, I'll discuss how to decipher your profit and loss statement to identify if pricing is a problem, and how to make strategic adjustments to scale your business effectively. By analyzing core offers, gross margins, and net margins, we'll explore ways to optimize profitability. I'll also share practical strategies to align your pricing with market value, reduce costs, and structure offers to encourage customer loyalty. Whether you're struggling with cash flow or just curious about boosting your margins, this episode provides actionable insights to help you make more informed financial decisions. Tune in and transform your approach to pricing and profitability!   What You'll hear in this episode: [00:50] Understanding Profitability and Cash Flow [01:50] The Importance of Gross and Net Margins [03:10] Analyzing Your Core Offer's Profitability [04:15] Strategies to Improve Gross Margin [05:20] Pricing Strategies and Market Alignment [07:30] Incentivizing Customer Purchases [09:05] Testing and Adjusting Your Pricing [11:30] Final Thoughts on Pricing and Profitability   If you like this episode, check out: How to Package and Price Consulting Services with Michael Zipursky Avoid These Pricing Red Flags with John Ray Differentiating Between Margin and Markup   Want to learn more so you can earn more?  Visit keepwhatyouearn.com to dive deeper on our episodes  Visit keepwhatyouearncfo.com to work with Shannon and her team  Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ  Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/   The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

Today I discuss the common issue of commingling personal and business expenses, a practice that many entrepreneurs unintentionally fall into. While it's understandable to make occasional mistakes, it's vital to know how to handle these situations to avoid significant repercussions like audits. I'll share key pointers on why recurring personal expenses should never go through your business account and how to better manage your personal finances. Additionally, I'll explain why it's smarter to increase your salary or distributions rather than mix expenses, and how frequent usage of your business card for personal transactions can cost you more in bookkeeping fees without offering any tax benefits. Tune in to learn strategies for maintaining a clear distinction between your personal and business finances, making informed decisions, and knowing when and how to take aggressive tax positions responsibly.   What You'll hear in this episode: [0:50] The Reality of Commingling Personal and Business Expenses [1:25] Key Points on Handling Personal Expenses in Business [5:25] Mindset Differences and Financial Awareness [6:55] The Cost of Commingling and Aggressive Tax Positions   If you like this episode, check out: What Actually Happens If I Commingle Business and Personal Finances? How Can Three Simple Steps Ease Tax Season Anxiety? What Qualifies as a Deduction   Want to learn more so you can earn more?  Visit keepwhatyouearn.com to dive deeper on our episodes  Visit keepwhatyouearncfo.com to work with Shannon and her team  Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ  Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/   The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

In this episode, I dive into the crucial distinction between a financial professional who merely reports results and a true advisor who offers valuable insights and guidance. If someone is just giving you the numbers without explaining how you got there, why you’re there, or what needs to change for better financial trajectory, they may not be the advisor you need for business growth. Join me as I explore the importance of having a CFO-type adviser who adds intrinsic value beyond just reporting the results. Tune in to find out what you should be looking for in a financial advisor to help you scale your business effectively.   What You'll hear in this episode: [1:55] The Unfulfilling Nature of Traditional Consulting [2:55] The Value of Problem Solving in Accounting [3:35] Encouraging Accountants to Provide Solutions [5:35] How to Get More from Your Accountant [8:30] Building a Sustainable and Profitable Business   If you like this episode, check out: Boosting Business with Better Client Care Building Value in Your Business While Growing with Jill Simonds Discover Your Value by Serving More with John Ray   Want to learn more so you can earn more?  Visit keepwhatyouearn.com to dive deeper on our episodes  Visit keepwhatyouearncfo.com to work with Shannon and her team  Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ  Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/   The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.