Business By The Books with Danielle Hayden

Next up in our hiring series is the dos and don'ts of hiring. With almost a decade of experience as a CEO, host Danielle Hayden is the perfect person to guide business owners through the hiring process, from the first step of understanding their numbers to evaluating the impact of new hires. In this episode, she shares personal experience and client stories to highlight the importance of embracing a CEO mindset, overcoming limiting beliefs, and taking charge of your business. Tune in to learn what you can do to avoid common hiring pitfalls and hire effectively for your business! Key Takeaways: Business owners need to embrace their numbers in order to make informed decisions in their business, especially when it comes to hiring. When hiring, don't look for your replacement, but instead find employees whose strengths compliment your weaknesses to create a well-rounded team. Perfectionism and limiting beliefs are the killer of entrepreneurship: Business owners need to let go of their fear and have the confidence to take action before they can grow their business. Hiring without a plan is a common pitfall among business owners. It's crucial to prepare to onboard employees and give them the tools they need to succeed and help your business grow. Topics Discussed: A client's journey from doubt to hiring success (1:17) Embracing your numbers (3:30) The don'ts of hiring (6:15) How to overcome limiting beliefs (10:30) The dos of hiring (11:45) This week's homework: hiring prep (16:40) Resources: Learn how our Money Mindset Mastery Program can help transform your business! https://www.e-suite.co/money-mindset-mastery-sales-page Listen to episode 161: How Much Revenue Do You Need to Hire? – https://kickstartaccountinginc.com/how-much-revenue-do-you-need-to-hire/ Listen to episode 162: Can You Afford Your Next Big Hire? – https://kickstartaccountinginc.com/can-you-afford-your-next-big-hire-ep-162/ Listen to episode 163: The 4 KPIs You Need to Track After Hiring – https://kickstartaccountinginc.com/the-4-kpis-you-need-to-track-after-hiring-ep-163/ Connect with Kickstart Accounting Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc

It's time for your business to start hiring, but what do you actually do next? In this episode, CEO Danielle Hayden presents The Ultimate Hiring Checklist to help business owners prepare for hiring employees. From drafting contracts to creating operational procedures and company insurance, she walks through the specific steps business owners should take in order to ensure that employees succeed and their business is protected. Plus, Danielle doesn't gatekeep information — she shares her favorite tools and best advice on payroll management, HR handbooks, and building a company culture. This comprehensive checklist is the foundation for successful team building and business growth. Tune in now! Key Takeaways: The Ultimate Hiring Checklist provides guidance on what business owners need to do before hiring, covering essential steps like contracts, HR handbooks, payroll setup, and more. When setting up payroll, consider a schedule that aligns with your business's cash flow. Software like Gusto simplifies the payroll process with an easy setup that ensures compliance and comprehensive support. Set employees up for success by setting clear expectations through training, standard operating procedures (SOPs), and consistent communication. Understanding the insurance requirements for hiring employees, such as workers' comp and unemployment insurance, is crucial to protect both the business and its employees. Topics Discussed: Who is The Ultimate Hiring Checklist for? (1:17) Introducing The Ultimate Hiring Checklist (3:30) What to include in an HR handbook (6:15) Setting up payroll for you and your new hires (7:48) The importance of SOPs for employee success (13:06) Onboarding and training new employees (16:49) Insurance: how to protect your business and employees (20:20) This week's homework: Download The Ultimate Hiring Checklist (22:11) Resources: Download The Ultimate Hiring Checklist! https://kickstartaccountinginc.com/hiring/ Check out this Employee Handbook Builder! https://www.handbooks.io/ Listen to episode 161: How Much Revenue Do You Need to Hire? – https://kickstartaccountinginc.com/how-much-revenue-do-you-need-to-hire/ Listen to episode 162: Can You Afford Your Next Big Hire? – https://kickstartaccountinginc.com/can-you-afford-your-next-big-hire-ep-162/ Listen to episode 123: Stop Making These Legal Mistakes NOW: An Easy Step by Step Guide For Small Business Owners with The Legal Paige - https://kickstartaccountinginc.com/unravel-the-complexities-of-business-entities-and-taxes-ep-123/ Connect with Kickstart Accounting Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc

So you took the leap and started hiring in order to grow your business or lighten your workload. But now's not the time to sit back and relax; it's vital to your business's success to monitor how hiring impacts financial performance. As we continue this hiring series, host Danielle Hayden outlines the four KPIs business owners need to consider when assessing the efficacy of their hiring decisions: revenue per employee, percent of sales, net profit and overhead rate. She details how to track these key indicators and then analyze them, ensuring your business continues to thrive with the addition of new hires. Tune in to learn how to leverage these four KPIs and make informed decisions for your business! Key Takeaways: Business owners need to understand the numbers in their business in order to make strategic decisions about scaling up or down their workforce. There are four essential KPIs for evaluating financial health and hiring needs: revenue per employee, percent of sales, net profit and overhead rate. It's imperative that business owners consistently review key KPIs to adapt and align their business growth strategies with the season of their business. Topics Discussed: Introducing Emily's story: a tale of rapid growth (1:44) Four critical KPIs and why they're important to track (3:48) Utilizing KPIs to make informed business decisions (8:16) Emily's decision to change her business structure (13:05) 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/ Listen to episode 114: What To Do When You Are Operating In The Red – https://kickstartaccountinginc.com/what-to-do-when-you-are-operating-in-the-red-ep-114/ Connect with Kickstart Accounting Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc

Is hiring the best growth strategy for your business? In this episode, Danielle Hayden explores this critical question to provide business owners practical methods to evaluate if their business is ready to expand and strategies to grow their team effectively. She shares the Kickstart Accounting Inc. framework to help business owners assess whether they can afford to hire, how to budget for new hires, and take into account the often overlooked costs of hiring. Danielle also goes over the steps to take if your business is not profitable, and therefore, not ready to make new hires. Tune in now to get the tools you need to make informed decisions about growing your team and your business! Key Takeaways: Hiring for growth is a strategy that requires a careful balance between expanding capabilities and managing financial risks, ensuring sustainable business development. The Kickstart Accounting Inc. framework offers a systematic way for entrepreneurs to evaluate their hiring affordability, and features three key methods: the look-back, averages, and look-forward approach. Understanding your risk tolerance as a business owner is essential before hiring, as it will guide you in the best way to balance growth and finances. Salaries and hourly pay aren't the only expenses business owners need to consider when evaluating their readiness to hire; hidden costs like applicant tracking, payroll taxes and fees, equipment, and more also need to be taken into account. Topics Discussed: From solopreneur to leader: Danielle's decision to start hiring (2:15) 3 methods to assess if your business can afford to hire (5:54) Assessing profitability: What if your business is not profitable? (8:30) Benefits of using a budget-based method (10:07) Financial benchmarks to meet before hiring (13:15) The process and hidden costs of hiring (15:58) Resources: https://kickstartaccountinginc.com/hiring Connect with Kickstart Accounting Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc

Hiring can be intimidating for business owners, but it's a crucial step in the business growth journey. In fact, not hiring could be holding you back — both in business and your personal life. During this episode, CEO Danielle Hayden answers the following questions: How can business owners determine when to start hiring? What are the 3 types of people they should hire? What is the business owner's role in their business as they expand their team? Danielle shares the Kickstart Accounting Inc. framework that guides business owners through the hiring process, from recognizing the signs that it's time to hire to choosing the right type of hire: expert, contractor, or employee. Tune in to learn more! Key Takeaways: Hiring will not only help a business grow, but also allows business owners to delegate work and realign their focus towards both career and personal goals. Experts, contractors, and employees each bring unique advantages to a business. While there is a general framework for who and when to hire, every business is different and should tailor their strategy to their specific needs and goals. As your business grows, business goals will evolve which makes it crucial to routinely assess and adapt your role and the structure of your team. Topics Discussed: Deciding when to hire: the tipping point (1:54) Questions to ask yourself when determining when to hire (4:39) Types of hires: experts, contractors, employees (5:55) Who to hire for your profit margin (10:21) The role of owners in their business (12:36) What to expect in our hiring series (15:44) Connect with Kickstart Accounting Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc

Danielle Hayden continues our series on tax deductions by diving deeper into accountable plans: a tax strategy that enables business owners to efficiently manage reimbursements of personal expenses with a business purpose. She addresses the importance of separating personal expenses from business expenses before going over the guidelines and limitations of accountable plans. This episode is a step-by-step guide on creating an accountable plan and implementing this strategy within your business framework. Tune in now to learn how to leverage the accountable plan tax strategy and increase profitability in your business! Key Takeaways: An accountable plan is a tax strategy that outlines a reimbursement process for personal expenses with a business purpose, while also decreasing net income and results in a lower tax liability. Only S Corps qualify for reimbursements through an accountable plan, while LLCs and sole-proprietors must take tax deductions. Business owners should pay themselves a reasonable salary through payroll and avoid taking draws from the business, only reimbursing themselves with the accountable plan. Qualifying business expenses include vehicle, home office, cell phone and more. Accurate tracking and proper documentation is essential for adherence to IRS guidelines. Topics Discussed: Accountable plans: A tax strategy (1:00) The importance of separating business and personal expenses (1:30) Determining eligibility for the accountable plan strategy (2:10) Steps to implement the accountable plan strategy (4:25) The benefits of the accountable plan for businesses (4:57) Requirements of an accountable plan (5:55) The reimbursement process in the accountable plan (6:22) Qualifying expenses in an accountable plan (8:35) Listen to Don't Jeopardize Your Business! Why Not Co-Mingle Business & Personal Finances – Ep 143: https://kickstartaccountinginc.com/dont-jeopardize-your-business-why-not-co-mingle-business-personal-finances/ Listen to Leveraging Home Office Tax Deductions for Entrepreneurs – Ep 155: https://kickstartaccountinginc.com/entrepreneur-money-stories-ep-155/ Listen to Tax Deductions: How to Maximize Vehicle Deductions in Your Business – Ep 159: https://kickstartaccountinginc.com/tax-deductions-how-to-maximize-vehicle-deductions-in-your-business-ep-159/ Connect with Kickstart Accounting Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc

Understanding your business financials goes beyond bookkeeping: it's about making informed strategic decisions that support your professional and personal goals. In this episode, CEO Danielle Hayden examines what it truly means for owners to manage their business and "know your numbers." Challenging the misconception that business owners need a team of experts to reach their goals, the knowledge shared in this episode will empower CEOs to take charge of their business with confidence and clarity. Tune in now to transform your business financials! Key Takeaways: Tax deductions for vehicle expenses depend on how often business owners use a vehicle for business purposes. Understand that deductions are tax savings that reduce taxable income, not a direct cash benefit. Consistent tracking and strategy of vehicle use are essential for claiming deductions. Adding a wrap or logo to a car does not qualify the vehicle as a full-time, 100% deductible advertising expense. Reimbursement depends on entity type: S-Corps would benefit from accountable plans, while LLCs have some flexibility in how they expense vehicles on their tax return. Topics Discussed: Introduction to vehicle expenses as business deductions (1:20) Vehicle Deductions: Mileage vs Actual Expenses (3:40) Advantages of the mileage deduction strategy (5:01) Vehicle deductions strategies for different business entity types (6:58) Bookkeeping and the reimbursement process for vehicle deductions (8:15) This week's homework: actionable steps to implement a vehicle deduction strategy (9:36) Learn more about MileIQ here: https://mileiq.com/ 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 what healthy spending looks like in your business? In this episode, Danielle Hayden tackles the crucial topic of spending in business with Kickstart Accounting Inc. Operations Manager Victoria. They break down the standards for healthy spending across key areas like advertising and payroll, highlighting how business objectives might influence your spending allocations. Danielle then shares her 3-step framework designed to reshape spending habits in your business, aiming for strategic growth and sustainability. Key Takeaways: Spending is essential to reach your business goals and attain operational efficiency. Understanding your Money Mindset Personality can guide your financial decisions. Your spending strategy will vary depending on the season of your business, from the startup phase to growth mode. Profitability isn't just about revenue; optimizing time and operational efficiency is key to building a healthy, sustainable business. Don't be afraid to negotiate discounts for systems to decrease operational spending. Topics Discussed: Misconceptions around women and money (1:55) Spending money to achieve business goals (4:09) Understanding your Money Mindset Personality Type (6:00) Analyzing spending with our Healthy Percentages Worksheet (8:34) Client example: Jenna's story of spending for business growth (12:22) Payroll spending and sustainability (14:18) Investing in systems for operational efficiency (20:23) Outside services and training for business development (24:33) Facility costs, co-working spaces, and travel expenses (27:54) Implementing the Healthy Spending Framework (29:40) Take the Money Mindset Personality Type Quiz: https://kickstartaccountinginc.com/quiz Download the Healthy Percentages Worksheet: https://kickstartaccountinginc.com/healthy/ Download the Financial Goal-Setting Worksheet: https://kickstartaccountinginc.com/goal/ Learn more about the Money Mindset Mastery Course: https://www.e-suite.co/money-mindset-mastery-sales-page Connect with Kickstart Accounting Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/channel/UC7T_NMMpY1u7bnBrNptEYkA Facebook | https://www.facebook.com/kickstartaccountinginc

Understanding your business financials goes beyond bookkeeping: it's about making informed strategic decisions that support your professional and personal goals. In this episode, CEO Danielle Hayden examines what it truly means for owners to manage their business and "know your numbers." Challenging the misconception that business owners need a team of experts to reach their goals, the knowledge shared in this episode will empower CEOs to take charge of their business with confidence and clarity. Tune in now to transform your business financials! Key Takeaways: Understand the role of business owners and CEOs in financial management, beyond just "knowing your numbers." The accounting industry's dirty little secret: By taking control of the numbers and asking the right questions, anyone can make informed, strategic decisions about their business. Aligning business goals with financial strategies is essential for growth and success. Topics Discussed: The Role of Business Owners in Financial Management (0:59) The Dirty Secret of the Accounting Industry (3:04) A Client's Transformation: Jenna's Business Story (4:41) This Week's Homework: The First Step to Taking Charge of Your Financials (9:33) For help with business and personal goals and more, visit: https://kickstartaccountinginc.com/get-started/ Connect with Kickstart Accounting Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/channel/UC7T_NMMpY1u7bnBrNptEYkA Facebook | https://www.facebook.com/kickstartaccountinginc

Ever wonder how to navigate the maze of meal deductions as a business owner? Join us in this insightful episode where Danielle Hayden, founder and CEO of Kickstart Accounting Inc., and Kelsey Chester, Lead Account Manager, break down the misconceptions about deducting meals for your business, and how to stay compliant with the IRS. From deductions for company events to the nuances of 50% deductions for meals with clients, everything you need to know is in this episode. Tune in now before your next dinner out! Key Takeaways: Learn how to confidently navigate meal-related tax strategies to maximize tax deductions for your business. Discover when you can claim 100% deductions from meals and when to claim 50%, and avoid common pitfalls that could cost you money. Get essential tips on proper financial documentation for meals, what details you need to record, and why it matters for IRS compliance. Avoid common mistakes business owners make when it comes to deducting meals, helping you stay on the right side of the IRS. Topics Discussed: Intro (0:00) Maximize Tax Deductions, Not Dine on Taxes (0:51) Examples: 100% Tax Deduction when Looking at Meals (2:29) Examples: 50% Tax Deduction when Looking at Meals (4:07) Meal with Spouse for Business Purposes: 50% OR 100%? (4:37) Money Mindset Mastery Framework IRS Guidelines Regarding Meal Tax Deductions (4:54) Bookkeeping Perspective (6:23) Episodes Mentioned: EP 77 – Retirement Plan Strategies That Will Reduce Your Business's Tax Liability For help with business and personal goals and more, visit: https://kickstartaccountinginc.com/get-started/ Connect with Kickstart Accounting Inc.: Instagram | @Kickstartaccounting YouTube | @EntrepreneurMoneyStories Website | Kickstart Accounting, Inc. Facebook | Kickstart Accounting, Inc.