Business By The Books with Danielle Hayden

They say that less is more, so this episode of Business By The Books goes back to basics to help business owners understand their financials. CEO of Kickstart Accounting Inc. Danielle Hayden sits down with Lead Account Manager Kelsey to discuss three important metrics every business owner should know. They break down how to calculate and analyze these fundamental metrics, and how to leverage these metrics to make strategic decisions for your business financials. If you're overwhelmed by the financial side of your business, this simple approach will bring clarity and confidence to your numbers. Tune in now! Key Takeaways: Discover the three key numbers every business owner should know, how to calculate them, and what they reveal about the health of your business. Understand how regularly tracking these three metrics will guide you in making informed business decisions and help you identify trends that can boost profitability and sustainability. Learn the common mistakes business owners make when reviewing these metrics and how to avoid them. Get tips on using these numbers to confidently manage cash flow, plan for future growth, and ensure your business's long-term success. Topics Discussed: Why simple is better in business (0:38) The three numbers every business owner needs to know (2:58) How to calculate and analyze the first key metric (4:13) Using the second metric to assess profitability (9:59) How to accurately track and leverage the third metric (15:18) The role of business owners in tracking numbers and financial trends (20:07) Common mistakes business owners make when reviewing metrics (22:32) How these three numbers can transform your business (24:01) This week's homework: Actionable steps to take control of your business (24:40) Resources: Listen to episode 145: Don't Set Goals This Year – Do THIS Instead! - https://kickstartaccountinginc.com/dont-set-goals-this-year-do-this-instead-ep-145/ Download the Kickstart Accounting Inc. worksheet to track these numbers in your business: https://kickstartaccountinginc.com/3numbers Connect with Kickstart Accounting Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc

Do you know your Money Mindset Personality Type — are you a free spender, keeper, perfectionist or balance seeker? In this episode, CEO Danielle Hayden helps you identify your type and explains how it influences your business financials. In this episode, you'll discover the strategy for making sure every dollar in your business has a job, ensuring your spending supports your big goals (and the current season of your business). Danielle also provides tailored advice for each Money Mindset Personality Type, sharing tips on effective budgeting, intentional spending, and more. Tune in for the confidence boost you need to make smart financial decisions in your business! Don't know your Money Mindset Type? Click here to take the quiz! Key Takeaways: Discover how determining your Money Mindset Personality Type can guide your financial strategy and business decisions. Learn the strategy behind intentional spending and how to create a budget that fuels your business goals. Find out what steps you can take to adapt your spending strategy based on the season of your business, your personal goals and business objectives. Topics Discussed: The four Money Mindset Personalities and how to determine your type (1:03) Adapting your spending to the season of your business (3:47) Client case study: aligning spending with business goals (5:00) Creating a budget to give your money a job (8:50) The strategy of spending with intentionality (10:14) Budgeting strategies for each Money Mindset Personality Type (12:01) Resources: Listen to episode 158: Healthy Spending Habits for Financial Success In Your Business - https://kickstartaccountinginc.com/healthy-spending-habits-for-financial-success-in-your-business-ep-158/ Get the Kickstart Accounting Inc. Budget Template delivered to your inbox: http://kickstartaccountinginc.com/budget Fill out this form to get a personalized Spending Plan: https://kickstartaccountinginc.com/plan Connect with Kickstart Accounting Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc

Things often don't go as planned in business, but that doesn't mean you have to abandon your goals. In this episode, Danielle Hayden introduces a strategy to realign objectives and adapt to unexpected changes in your business. She explains how every business can use this approach to evaluate performance throughout the year and set realistic goals that align with the current circumstances of their business. By taking a proactive role and leveraging this strategy, you can make informed decisions that support your business goals (and help you get back on track!) Find out how reassessing goals and applying this major strategy can help you get back in alignment and finish the year on a high note! Key Takeaways: Find out the strategy that allows you to adjust business objectives and set realistic goals based on new information and market changes. Why it's crucial to compare actual results to your budget to understand what's working and what needs to be adjusted in your business strategy. How professional CFO services can help you implement this strategy and stay on track with your financial goals. Topics Discussed: The purpose of this top strategy (1:31) The importance of adapting to change and resetting business goals (4:13) The role of accountability and leveraging CFO services (5:49) This week's homework: take steps to plan the rest of the year with intention (9:20) Resources: Learn more about Kickstart Accounting Inc.'s CFO Services: https://kickstartaccountinginc.com/CFO Connect with Kickstart Accounting Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc

Taxes are stressful for all of us, but especially business owners. So if you're confused about how much you should be paying in taxes for your business, this episode is for you! Host Danielle Hayden simplifies the process of calculating estimated tax payments, explains why you should be saving more than these estimates, and clarifies the tax obligations of LLCs versus S Corps. You'll learn how to embrace tax preparation for your business, including setting up a tax savings account and understanding your numbers. Tune in now for expert tax tips! Key Takeaways: Calculate estimated taxes based on your business's net income from the previous year. Establish a tax reserve to cover potential growth and additional tax liabilities. Use a separate checking account for tax savings to avoid unintentional spending. LLCs and S Corps are taxed differently, so it's important to understand the tax obligations of your business. The IRS requires S Corp business owners to take reasonable compensation before taking owner's draws. Topics Discussed: How to calculate your estimated taxes (1:12) Why you need to save more than your estimated taxes (2:30) LLC versus S Corp taxation (4:06) Tax guidelines for owner's draws (5:07) Your responsibility as a business owner (9:25) Connect with Kickstart Accounting Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc

Even the most seasoned entrepreneurs have to understand their numbers if they want to successfully establish and scale a business. With 20 years experience, Cameron Hemphill is one of these entrepreneurs who has leveraged financial data to make strategic decisions and scale his SaaS business, Growth99, into a $10 million company — and it's still growing. During its first year, Growth 99 faced significant challenges, taking eight months to gain traction and generate just $7,000 in monthly recurring revenue. In this episode, Cameron shares how he scaled the company to reach $100,000 in monthly recurring revenue by their third year, enabling massive growth and paving the way for long-term success. Cameron and host Danielle Hayden also discuss the importance of strategic hiring, technology in automating processes, and maintaining discipline over motivation. Learn how to buy back your time, reach your goals, and start enjoying your business! Key Takeaways: Discipline is key to business growth and long-term success, especially during the slow early stages of scaling and achieving profit. Strategic hiring will help you delegate low-value tasks, allowing you to focus on reaching business goals and reclaiming your time. Automating processes with technology enhances scalability by lowering expenses and increasing efficiency. Bookkeeping is the foundation of business management, so it's crucial to regularly review key metrics and financial data in order to make strategic business decisions. Make your money work for you by managing personal finances and investing in income-generating assets. Topics Discussed: Cameron's money story and money mindset (1:38) Founding Growth99 and the advantages of a SaaS business model (3:46) Early challenges and growth of the business (6:00) Building an effective team and his evolving role as a business owner (8:50) Cameron's approach to understanding the numbers at Growth99 (12:02) How Cameron uses financial data to make business decisions (18:48) Personal financial management and investment strategies (22:57) Connect with Cameron Hemphill: Instagram | https://www.instagram.com/cameronhemphill/ Website | https://growth99.com/ Podcast | https://podcasts.apple.com/us/podcast/medical-millionaire/id1549585189 Connect with Kickstart Accounting Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc

Business can be overwhelming, so why not keep your banking simple? In this episode, Danielle Hayden answers these common questions from business owners: How many bank accounts should I have for my business, and how much cash should be in each? She shares Kickstart Accounting Inc.'s proven cash management strategies for optimizing your banking setup. You'll learn how much to have in your tax reserve or rainy day fund, our favorite banks and account options, and how often we recommend clients review and contribute to each account. Find out which actionable steps you can take right now to improve your cash management! Key Takeaways: Kickstart Accounting Inc.'s cash management method is a great alternative to the profit-first method, requiring just three bank accounts and less maintenance. Utilize savings accounts for taxes and a rainy-day fund to ensure your business is prepared for unexpected expenses and tax liabilities. Strategically allocate funds to select accounts based on your business's current season, balancing between growth and sustainability. Keeping personal and business accounts separate is crucial for accurate financial tracking and avoiding tax complications. A bookkeeper can help you determine the right amounts for each account. Topics Discussed: How to simplify business banking and cash management (1:03) The three essential business accounts (1:42) How often to contribute to each account (6:39) The best banks and account types (7:31) How to leverage high-yield savings accounts (8:05) Proper use of personal savings accounts for business owners (9:45) This week's homework: first steps to managing cash in your business (10:41) Resources: Listen to episode 115: Entrepreneurs: Should You Go S-Corp? Pros & Cons + Expert Insight -https://kickstartaccountinginc.com/entrepreneurs-should-you-go-s-corp-pros-cons-expert-insight-ep-115/ Listen to this bonus episode: S Corp Owners: How to Calculate Your Payroll as a Business Owner and Stay IRS Compliant - https://kickstartaccountinginc.com/s-corp-owners-how-to-calculate-your-payroll-as-a-business-owner-and-stay-irs-compliant/ Recommended Banks: Chase Mercury American Express Flourish (High Yield Savings) Capital One Connect with Kickstart Accounting Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc

Have you ever wondered how Kickstart Accounting Inc. handles our own financials? Who is on our money team, and how do we leverage these insights in our own business? In this episode, CEO Danielle Hayden offers a look behind the curtain on Kickstart Accounting Inc.'s internal reviews process. She shares her journey from doing her own bookkeeping to assembling a comprehensive money team to help the company reach its goals. Danielle's approach to financials for Kickstart Accounting Inc. has developed into the framework we use to help clients achieve growth and sustainability in their business. Tune in to learn more about building and leveraging your own money team from someone who has done it for her own company, and hundreds of other businesses like yours. Key Takeaways: Why money teams are essential for understanding and leveraging financial statements. Learn the signature framework that Kickstart Accounting Inc.'s framework uses to help business owners manage their finances, get a clear picture of their business's financial health and make informed decisions. How Kickstart Accounting Inc. analyzes financial statements (including revenue, profit, net income and expenses), how often they do this internal review process, and how they leverage this information to reach their goals. Key numbers to look at in your business and what insights they provide. The three bank accounts utilized by Kickstart Accounting Inc., and the strategy behind it. Why it's important to maintain a high-level view of your business financials, and how to not get lost in the details. Topics Discussed: Why business owners shouldn't do their own bookkeeping (2:13) Developing Kickstart Accounting Inc.'s framework (3:27) Danielle's money team and their roles (4:34) The importance of client involvement in their financials (6:38) Kickstart Accounting Inc.'s financial review process (8:37) Assessing business expenses and profitability (16:26) Strategic financial planning as a business owner (26:09) Resources: Learn more about Kickstart Accounting Inc.'s CFO Services: https://kickstartaccountinginc.com/CFO Connect with Kickstart Accounting Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc

Simply knowing your numbers isn't enough; the real game-changer is understanding how to leverage them to strategically reach business goals. In this episode, Danielle Hayden speaks with Christa Gurka, owner of Pilates in the Grove, to find out how she uses financial insights from her seven-figure business to make informed decisions and drive growth. They discuss what business owners need to know about their finances, exploring everything from reviewing key financial statements to strategic financial planning. Tune in to find out what it truly means to take ownership over your numbers and grow your business. Key Takeaways: Every business owner has the responsibility to routinely review their numbers, including the balance sheet, P&L statements, cash flow statements, etc. This information paints a clear picture of their business and guides them in the decision-making process. Strategic financial planning is crucial for reaching business goals, from making smart investments to preparing for the unexpected with reserve accounts. Christa's business journey highlights the value of financial insights, highlighting the practical application of strategic spending in order to optimize profits. Building a money team that includes a bookkeeper and CFO will support business owners trying to understand their financials, adapt strategies and plan for the future. Topics Discussed: Overview of Christa's business and her approach to numbers (2:24) Leveraging financial knowledge to reach business goals (8:58) Optimizing profitability: planning and implementing a strategy (10:04) Financial assessment: what numbers to look at and understand (22:26) Managing finances: bookkeeping, spending, and saving (26:23) The importance of having a money team (37:07) Resources: Learn more about Kickstart Accounting Inc.'s CFO Services: https://kickstartaccountinginc.com/CFO Connect with Christa Gurka: Instagram | https://www.instagram.com/christagurka/ Website | https://www.christagurka.com/ Connect with Kickstart Accounting Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc

Have you tried cost cutting to increase profitability, only to have it backfire? That's because cutting costs can actually kill business growth. This episode outlines strategies to boost profitability, make smart financial decisions and reach your business goals. CEO Danielle Hayden shares actionable steps to align spending with business goals, highlighting the importance of analyzing financial statements and knowing your numbers. Her insights on where to cut costs or strategically increase spending using the Kickstart CFO framework will transform your approach to business growth. If you want to pay yourself more as a business owner and confidently make business decisions, this episode is a must-listen! Key Takeaways: Contrary to popular belief, cost cutting can limit growth and strategic spending can actually help businesses scale. A critical analysis of financial statements (focusing on key areas like payroll, fees, marketing, etc.) is a great tool to guide business owners on making important business decisions. A balanced approach to time and money not only enhances overall business efficiency but also optimizes resource allocation. Monitor these three key performance indicators (KPIs) to manage business growth: profit by month, percent of sales for top expense categories, and owner's pay over time. Outlining goals and understanding the season of their business will help business owners adapt their financial strategies to their goals. Topics Discussed: Foundations of managing business expenses (2:10) Financial review: cutting costs versus strategic spending (6:08) The power of negotiation and strategic spending (19:57) Key KPIs to track (23:15) Resources: Learn more about Kickstart Accounting Inc.'s CFO Services: https://kickstartaccountinginc.com/CFO Download the Financial Goal-Setting Worksheet: https://kickstartaccountinginc.com/goal/ Listen to episode 166: How Debt Can Skyrocket Your Business to Success! https://kickstartaccountinginc.com/how-debt-can-skyrocket-your-business-to-success-ep-166/ Connect with Kickstart Accounting Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc

Every growing business owner needs a money team if they plan to achieve their financial goals and scale smartly. This episode explores the essential roles within a money team: the bookkeeper, CPA accountant, financial advisor, and CFO. Through the lens of a client story, Danielle Hayden explores how these roles work together to manage the financial health and growth of a business. She also discusses when businesses should hire a CFO, and how Kickstart Accounting Inc. provides CFO services to clients. Tune in for practical tips and resources for building your money team! Key Takeaways: Growing businesses need a comprehensive financial team, including a bookkeeper, CPA accountant, financial advisor, and CFO (or business coach). This team can be assembled over time as a business grows. Every member of a money team works together to optimize the financial health and strategic planning of a business, from bookkeeping and growth strategy to tax compliance. Hiring a CPA for tax services helps ensure accuracy, compliance and optimization of tax benefits, which becomes increasingly important as a business grows. Financial advisors play a critical role in wealth management and retirement planning, helping business owners maximize and protect their profits for financial security. While not every business is ready to hire a CFO, business owners can independently adopt CFO strategies to reach their personal and financial goals. Topics Discussed: The four key players on a money team (2:13) The fundamental role of bookkeeping (2:25) Tax prep and strategy with a CPA (4:52) Personal finance planning with a financial advisor (6:58) How CFOs help businesses reach their goals (9:27) Kickstart Account Inc.'s CFO framework: a client success story (12:04) Deciding when to hire a CFO (15:31) How to leverage CFO strategies in your business (16:23) This week's homework: applying Danielle's insights (18:40) Resources: Learn more about Kickstart Accounting Inc.'s CFO Services: https://kickstartaccountinginc.com/CFO Learn more about KSA Tax Partners: https://ksataxpartners.com/ Download the Financial Goal-Setting Worksheet: https://kickstartaccountinginc.com/goal/ Check out the Kickstart Accounting Inc. Build Your Own Budget Course for Entrepreneurs: https://www.e-suite.co/BYOB Connect with Kickstart Accounting Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc