
Advertise on podcast: Pay Play Profit
Rating
5from
This podcast has
100 episodes
Language
EnglishPublisher
Jessica Mae and Marilyn ParhamExplicit
No
Date created
2020/03/18
Latest episode
2025/07/10
Average duration
34 min.
Release period
60 days
Description
Hosted by Jessica Mae and Marilyn Parham CPA, the Pay Play Profit Podcast for eCommerce and Online Business features practical and passionate conversations about business, finance, tax, operations, leadership, growth planning, Profit First, and more. With decades of combined in-the-trenches experience serving small business owners and their teams, learn how to be a ProfitHERO™️ and what it takes to build an online financial powerhouse from startup to scale-ready while creating more pay, play, and profit. More at www.thebottomlinecpa.com.
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Check latest episodes from Pay Play Profit podcast
S2 EP203: Navigating The Stellar Brands™ Acquisition and What's Next For TBL®
2025/07/10
In this special roundtable episode of Pay Play Profit, host Jessica Mae Stafford, former Visionary of TBL and now Head of Sales & Partnerships at Stellar Brands, is joined by key leaders from both organizations to share the story behind TBL's acquisition by Stellar Brands and what it means for the future.
Marilyn Adkerson, CPA, Founder of TBL, reflects on her transition into retirement and the journey that led to this pivotal moment. Bobby Hoyt, Founder and Visionary of Stellar Brands, shares why acquiring TBL aligned perfectly with Stellar's mission and long-term vision. Ariel Bash, Integrator™ of Stellar Brands, speaks to how she is balancing the preservation of TBL's culture while ensuring alignment with Stellar's growth vision. Ashley Travis, Head of Finance/HR and TBL Operations at Stellar Brands, offers insight into the smooth integration process and the stability it has brought to both teams. Jessica Mae Stafford leads the conversation and adds her own perspective on legacy, leadership transitions, and the heart behind choosing Stellar as TBL's new home. Together, this leadership team reflects on the past, shares behind-the-scenes details from the transition, and casts a shared vision for the future of TBL within Stellar Brands.
🔑 Key Takeaways Marilyn reflects on her retirement and passing the torch.
Bobby discusses the organic nature of the acquisition and its alignment with Stellar's mission.
Ariel highlights the importance of cultural integration without losing identity.
Ashley emphasizes operational alignment and new energy for the future.
Jessica shares the leadership transition from TBL's Visionary to her current role at Stellar.
The team shares a united vision of growth, client care, and meaningful community building.
📍 Chapters 00:00 – Introduction to the Stellar Brands Acquisition
02:43 – Marilyn's Transition and Reflections
05:41 – Bobby's Perspective on the Acquisition
08:53 – Integration Process and Team Dynamics
11:43 – Ariel's Approach to Culture and Integration
17:46 – Client Experience and Future Improvements
20:41 – Vision for Success in 12 Months
26:44 – Closing Thoughts and Reflections
💬 Soundbites (By Speaker) 🎙️ Jessica Mae Stafford
"Even though it was an acquisition, it felt like combining forces."
🎙️ Marilyn Adkerson, CPA
"It was just the right time."
"Where there is no vision, the people perish."
🎙️ Bobby Hoyt
"I didn't feel like it was a business I needed to fix. I knew it was already a great business."
"It just made so much sense."
🎙️ Ariel Bash
"How do we protect what TBL has built while staying true to Stellar's vision?"
"When people care this much, it means you're doing something right."
🎙️ Ashley Travis
"We're not sacrificing or changing our soul—it's like we're building on it."
"Everything went smoother than I imagined—and the team didn't feel the weight of it."
📞 Ready to Take the Next Step? If you're a business owner looking for clarity, confidence, and a true partner in your back office success—we'd love to connect.
Book a Discovery Call with Jessica Mae Stafford and explore how TBL powered by Stellar Brands can support your next big move.
👉 Schedule Your Call Here
Let's build something brilliant—together.
S2 EP202: CPA, EA, Bookkeeper, Tax Preparer... Who Does What — and Who Do You Really Need In 2025?
2025/06/26
Summary
In this episode of the Pay Play Profit podcast, Jess Stafford discusses the essential roles within a financial team for small businesses, including CPAs, EAs, bookkeepers, and accountants. She emphasizes the importance of understanding each role and how they contribute to a business's financial health. The conversation also introduces the Profit First system, a cash management strategy that prioritizes profit to ensure sustainable growth. Jess shares insights on navigating business growth, the importance of hiring the right financial professionals, and the evolving landscape of financial management in the age of AI.
Takeaways
Understanding the roles of financial professionals is crucial for business success. Profit First flips the traditional profit equation to prioritize profit first. Hiring the right financial team can lead to better decision-making and profitability. AI can assist in financial tasks, but human oversight is essential. Bookkeepers can provide more than just data entry; they can offer valuable insights. Planning for financial growth should start early in the business lifecycle. Not all CPAs are equipped to handle small business needs effectively. Investing in financial systems early can lead to greater clarity and control. The complexity of bookkeeping is increasing, requiring skilled professionals. Every financial decision impacts overall business profitability. Chapters
00:00 Understanding Your Financial Team
11:25 The Profit First System
20:31 Debunking Myths in Financial Management
23:25 Navigating the Changing Financial Landscape
S2 EP201: Profit Clarity in 2025 - Small Business in a Complex Tax & Trade World
2025/06/21
Summary
In this episode of Pay Play Profit, Jessica Mae Stafford discusses the complexities small businesses face in today's tax and trade environment. She emphasizes the importance of adaptability, strategic planning, and the role of technology, particularly AI, in enhancing business operations. The conversation covers various topics including tax strategy, the impact of tariffs, sales tax shifts, and the resilience required to thrive in uncertain economic times. Jessica encourages entrepreneurs to leverage tools like Profit First for better cash management and to maintain a human touch in their business interactions.
Takeaways
It's essential to stay flexible and adapt to changes every two weeks. Small businesses are crucial to the economy and should not be overlooked. Tax strategy involves planning and compliance, and it's vital to have a knowledgeable partner. Tariffs are a significant concern for many small business owners today. Understanding sales tax shifts is crucial for compliance and business operations. Resilience in business is intentional and requires grit. AI should be used as a helper tool, not a replacement for human interaction. Profit First is an effective cash management strategy for small businesses. Every decision made in business should be viewed through the lens of profitability. Maintaining a strong client experience is key to successful marketing. Sound Bites
"Tax is strategy, planning, and compliance."
"Tariffs are hurting small business owners."
"Resilience is intentional."
"Your client experience is your marketing."
"AI is a helper tool, not a replacement."
"Don't remove the humans from your business."
"Every decision is a profit decision."
Chapters
00:00 Welcome Back to Pay Play Profit
03:01 Navigating Small Business in a Complex Tax World
05:54 Understanding Tax Strategy and Compliance
09:11 The Impact of Tariffs and Trade on Small Businesses
11:50 Sales Tax Shifts and Economic Nexus
14:57 Resilience and Opportunity in Uncertain Times
18:04 The Role of AI in Business
21:08 Tactical Playbook for 2025 and Beyond
23:58 Final Thoughts and Call to Action
Call To Action
Schedule a Discovery Call with The Bottom Line® today - yes, Jess actually hosts the calls with our client prospects to ensure we have the best fit. Let's talk! Schedule your call now.
REPLAY: Multistate Income Tax: Understanding It and How to Get Prepared for It
2023/06/27
If you're planning to or already starting to do business across states, you've got to know what's going on from an income tax perspective. A multistate income tax is different from a sales tax. And a multistate income tax can have a lot of different names attached to it depending on the state.
Joining us today once again is Chris Mahler, CPA who is also part of our TBL family strategic partner and compliance consultant. We dive into multistate income tax – what is it and how do we get prepared for it?
A multistate income tax can be complex but it should not make you pay too much more in overall additional taxes. You're just going to be moving around what you pay to different states. There are a few caveats too that we'll discuss. The good news is there's always help out there as you navigate through all the potential pitfalls that are out there.
In this episode, you will hear:
Understanding the franchise tax and the factor nexus The three types of nexus The thresholds for multistate income tax The minimum requirements for different states Things to consider when you're a service provider The need for protective language in all your agreements Subscribe and Review
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We'd love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select "Ratings and Reviews" and "Write a Review" then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.
Supporting Resources:
The Bottom Line CPA
Episode Credits
If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com Let them know we sent you.
REPLAY: Key Areas to Consider When Dealing with High Inflation for Goals-Based Planning
2023/06/20
Inflation is here – and it's here to stay for a bit. Obviously, we have to deal with it, but how? In today's episode, we discuss some things you have to think through to shield yourself from inflation, or at least mitigate its impact.
Hindsight is a good teacher. And so, if you can capture those lessons and put them in your plans for your future, you're going to be better prepared when the next cycle comes around because there will be another cycle.
Hopefully, you will also learn to figure out what specific information will help strengthen your ability to predict as a leader so you can steer clear of those blind curves in your business. We are all in the middle of the same hurricane. But there is hope. Inflation is going to come down and things will get better. Just do the things you need to do to get through it!
In this episode, you will hear:
Looking at your cash flow What to do with your savings, retirements, and investments Why compartmentalization is both a blessing and a curse Managing asset and debt issues The value of getting a plus-one Things to consider when it comes to taxes – before tax time! Reassessing your life and disability insurance coverages Subscribe and Review
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We'd love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select "Ratings and Reviews" and "Write a Review" then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.
Episode Credits
If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com Let them know we sent you.
REPLAY: Direct Costs vs. Expenses & Why You Should Care About Knowing The Difference
2023/05/30
The best profit decisions are happening with your time, energy, and money, which means more pay, play, and profit in your business and life. And a huge part of that is understanding your financials.
Your financials are three-dimensional – profit, tax, and cash flow. You also need to think about direct costs versus expenses in all these three dimensions. "Direct cost" refers to the cost directly tied to your sales. You incur them directly with your sales. "Expense" refers to the operation cost. These are the things you do and spend money on that are not directly tied to the sales. Everything you spend obviously supports the sales but they're not directly tied to the sale. Now, the IRS has a very defined structure on how they want to see your costs and expenses filed on the tax return. This is part of the tax compliance.
Today, we're going to dive into direct costs versus expenses, and why you should care about knowing the difference. And as a small business owner, you should definitely care!
Now, you have to get the foundation in place first, because if you don't understand the foundation of direct cost versus expenses, it's hard for you to navigate the three-dimensional conversation.
In this episode, you will hear:
The difference between direct cost vs. expenses
Why you should care about the difference
The importance of having a relationship with your tax accountant
Why you shouldn't do miscellaneous expenses or general expenses
Why your profitability and cash flow are not improving
Subscribe and Review
Have you subscribed to our podcast? We'd love for you to subscribe if you haven't yet.
We'd love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select "Ratings and Reviews" and "Write a Review" then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.
Episode Credits
If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com Let them know we sent you.
REPLAY: Discovering How to Live Your Ideal Entrepreneurial Life
2023/05/23
What kind of entrepreneurial life do you want? Many people loosely exchange words like freelancer, sole proprietor, small business owner, and entrepreneur but really, they're not the same.
Entrepreneurship is a long journey and has its different seasons. For instance, you may have been freelancing for a while to get some extra money on the side. Then you probably caught the entrepreneurial bug and decided to make it official and become a sole proprietor or a single-member LLC, which eventually turns into a small business.
Indeed, there are levels of entrepreneurship. You can be small and still be entrepreneurial. The question is, are you loving and truly living the season you're in right now?
Today, we're doing an off-the-cuff book review of "The EOS Life" by Gino Wickman. He wrote this book to cast a vision for the visionary, the business owner, the entrepreneur, the operator, or whoever is trying to figure out what it is they wanted.
It's important to understand where you're at in your season and journey and what that needs to look like. Regardless of where you are on the spectrum, today is the day to start moving the needle toward where you really want to go.
In this episode, you will hear:
Learning how to delegate and having an accountability chart Doing what you love with people you love Making a huge difference and making sure things are aligned with your values Creating leaders and investing in your team and people Understanding what appropriate compensation looks like for you Finding time for your other passions Living your ideal life Subscribe and Review
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We'd love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select "Ratings and Reviews" and "Write a Review" then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.
Supporting Resources:
The EOS Life by Gino Wickman
Episode Credits
If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com Let them know we sent you.
REPLAY: How To Attract New Clients & Set The Right Expectations From The Start
2023/05/16
How can you attract new clients and make sure you're the right fit for each other? There's so much to talk about when it comes to client onboarding, and part of that is learning how to attract new clients and set the right expectations from the start.
A partnership is a two-way street, which means your clients also need to know how they can help you serve them better. The magic happens when there's transparency and you've set those expectations upfront.
When you get dialed in because people are looking for an accountant or a tax person, those are not relationships that people just walk out of all of a sudden. Otherwise, they're leaving for two reasons. Either they didn't feel served, or they just couldn't afford you anymore. Ultimately, a partnership is similar to marriage – you have to be in it for the long haul.
In this episode, you will hear:
The discovery process: things clients should expect Customer service is your number one marketing tool. How selling can be a service The four things we want clients to know upfront Diving into the client to understand them better Putting everything in writing Subscribe and Review
Have you subscribed to our podcast? We'd love for you to subscribe if you haven't yet.
We'd love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select "Ratings and Reviews" and "Write a Review" then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.
Supporting Resources:
Xero
Episode Credits
If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com Let them know we sent you.
REPLAY: How to Help Kids Build Wealth with IRAs
2023/05/09
If you are a small business owner with children, putting your kids to work in the business is a great way to start helping them navigate some financial decisions. You've got to teach them to put money on the strong side of the table and one of the ways to do that is by getting them to invest in a Roth IRA.
A lot of people struggle with financial literacy and it's important to start teaching and training your kids how to understand and utilize money while they're still young. In this episode, learn how you can help your kids build wealth with IRAs. Find out what they need to do to set up their own retirement account, how much they need to contribute, and the benefit of doing a Roth IRA. Finally, take a look at the compounding effect of a Roth IRA that will hopefully inspire your kids to start investing today.
No age is too young and no amount of money is too small. You can make a big difference in your kids' lives by encouraging and empowering them to build wealth through IRAs. No matter your kid's age, it's important you get them started now. It has to start with the right education and mindset. Learn how you can help your kids build their future today!
In this episode, you will hear:
Qualifications Amount of contribution How to set up an individual retirement account The benefit of your kids getting a Roth IRA Some scenarios showing the compounding effect of a Roth IRA Ways to access the money before the age of 59 ½ Subscribe and Review
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We'd love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select "Ratings and Reviews" and "Write a Review" then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.
Episode Credits
If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com Let them know we sent you.
REPLAY: Your Ideal Teammate with Trivinia Barber
2023/05/02
You've probably mastered knowing your customer avatar, but have you taken the time to really figure out who your ideal teammate is? Imagine, this is somebody you're going to spend 2 to 10 hours a day, depending on the season of life you're in with this person. You'll perhaps engage with them more than you do your partner or your children sometimes. And yet, people make these decisions on who they're going to hire based off of a 30-minute interview.
In today's podcast, Trivinia Barber, founder of Priority VA, talks about the value of an executive assistant, and how we, as business owners and entrepreneurs, need a right-hand person in our life. It's a great profit decision that will have a return on in terms of time, energy, and money.
Trivinia Barber is the founder of Priority VA where they match executive assistants with entrepreneurs all around the globe. She started the company as a result of her own problem as a former executive assistant herself. Now, her company is focused on executive assistants and helping them get placed with high-level clients who understand the value of a team member and that they can only get as far as they can go with a team they can trust.
In this episode, you will hear:
Building your team is an investment, not a cost
Finding your ideal teammate and characteristics to look for
A sample demonstration of the Ideal Teammate Avatar training
Your needs change so be willing to revisit the roles
Why an executive assistant should be your first hire
The 3 things an executive assistant can provide
How to get yourself prepared on the financial side
Subscribe and Review
Have you subscribed to our podcast? We'd love for you to subscribe if you haven't yet.
We'd love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select "Ratings and Reviews" and "Write a Review" then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.
Supporting Resources:
Diary of a Doer Podcast
The Ideal Teammate Avatar Training
Priority VA
Episode Credits
If you like this podcast and are thinking of creating your own, consider talking to my producer, Danny Ozment.
He helps thought leaders, influencers, executives, HR professionals, recruiters, lawyers, realtors, bloggers, coaches, and authors create, launch, and produce podcasts that grow their business and impact the world.
Find out more at https://emeraldcitypro.com
132: REPLAY: Identifying & Overcoming Limiting Beliefs
2023/04/25
Are you quick to say phrases like, "I won't," "I can't," or "I shouldn't?" If so, that's a good sign that you're tapping into a limiting belief.
We all have limiting beliefs as a result of our past experiences, family backgrounds, and spiritual or socioeconomic backgrounds. Oftentimes, these beliefs were instilled in us in childhood and we carried them with us as we got older.
In this episode, we talk about identifying and overcoming limiting beliefs because that is what will set you free. This is a very powerful conversation to have because a lot of us are stuck in prisons we don't even know we're creating. The key to getting out of your prison is identifying your limiting beliefs.
You can overcome your limiting beliefs by retraining and rewiring your brain. Growth and freedom start in your mind. Ultimately, it's all about the power of the mind and what you choose to believe. That means you must unlearn what you think you know.
This is one of the most powerful things that you can personally work on to make sure that your 2021 closes strong and that you're setting yourself up for success in 2022!
In this episode, you will hear:
What limiting beliefs are
Instances where limiting beliefs show up
Tips for overcoming limiting beliefs
Signs you're tapping into a limiting belief
How to turn your limiting beliefs into liberating truths
An example of a negative money mindset
Subscribe and Review
Have you subscribed to our podcast? We'd love for you to subscribe if you haven't yet.
We'd love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select "Ratings and Reviews" and "Write a Review" then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.
Episode Credits
If you like this podcast and are thinking of creating your own, consider talking to my producer, Danny Ozment.
He helps thought leaders, influencers, executives, HR professionals, recruiters, lawyers, realtors, bloggers, coaches, and authors create, launch, and produce podcasts that grow their business and impact the world.
Find out more at https://emeraldcitypro.com
REPLAY: Discovering Who You Are As An Online Entrepreneur with Katie Chase
2023/04/18
Do you feel like you're a square peg in a round hole as an entrepreneur?
Many times, we think we have to get it all figured out right away. Then, we think we have to stay exactly the same as who we were the day we started. If our business doesn't look like it was supposed to look when we set out to start it, we view that as a failure.
In today's episode, Katie Chase shares how her entrepreneurial journey revealed to her where her strength truly lies. Just because you start somewhere doesn't mean that's where you have to end. It's not a failure if you eventually realize that the business you've been building is not the business you should be working in. If you, too, feel that way in your business, then it's probably time to do a heart check and let Katie's story inspire you.
In this episode, you will hear:
Katie's origin story from motherhood to entrepreneurship.
Her entrepreneurial journey and what she discovered along the way.
Katie's financial journey and her ProfitHero experience.
Why make a financial investment in yourself and your business?
Her role now as an Integrator.
Subscribe and Review
Have you subscribed to our podcast? We'd love for you to subscribe if you haven't yet.
We'd love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select "Ratings and Reviews" and "Write a Review" then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.
Supporting Resources:
RocketFuel by Gino Wickman + Mark Winters: https://amzn.to/3kbwdCA
Traction by Gino Wickman: https://amzn.to/3dwejaS
Bobby Klinck's podcast: https://bobbyklinck.com/podcasts/
Episode 36: Visionary and Integrator 411 Gift Exchange: https://www.thebottomlinecpa.com/036-visionary-and-integrator-411-gift-exchange/
Episode 47: Online Legal Basics with Bobby Klinck: https://www.thebottomlinecpa.com/047-online-legal-basics-with-bobby-klinck/
Kolbe Instinctive Strengths Assessment: https://www.kolbe.com/kolbe-a-index/
Xero Accounting Software: https://www.xero.com
Gusto Payroll: https://gusto.com/
Episode Credits
If you like this podcast and are thinking of creating your own, consider talking to my producer, Danny Ozment.
He helps thought leaders, influencers, executives, HR professionals, recruiters, lawyers, realtors, bloggers, coaches, and authors create, launch, and produce podcasts that grow their business and impact the world.
Find out more at https://emeraldcitypro.com
REPLAY: HR Basics For Your Virtual Team with Tameaka Shelton
2023/04/11
What's the cost of protection worth to you? If you're a growing business, and you're involving people in it – even if it's just you and five others in your team, or whether it's virtual or physical – there are a lot of things to navigate around the HR world.
Today, Tameaka Shelton of Employ and Relate helps us break down some HR basics that you need to get covered so you can bulletproof yourself and your business in the event of an audit.
In fact, this is a foundational thing that small businesses should do when dealing with a virtual team because what you don't know could cost you a lot of money. Therefore, you have the responsibility as a business owner to be as compliant as possible to lessen the risks and keep your hard-earned money.
In this episode, you will hear:
Why HR compliance is critical even as a small business
How to classify your staff: 1099 vs. W2
Distinguishing exempt vs. non-exempt and salaried vs. hourly
Creating an employee handbook
Subscribe and Review
Have you subscribed to our podcast? We'd love for you to subscribe if you haven't yet.
We'd love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select "Ratings and Reviews" and "Write a Review" then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.
Supporting Resources:
https://employandrelate.com/
Episode Credits
If you like this podcast and are thinking of creating your own, consider talking to my producer, Danny Ozment.
He helps thought leaders, influencers, executives, HR professionals, recruiters, lawyers, realtors, bloggers, coaches, and authors create, launch, and produce podcasts that grow their business and impact the world.
Find out more at https://emeraldcitypro.com
REPLAY: 10 Common Bookkeeping Mistakes You Should Know & Understand
2023/04/04
The health of your accounting and your book starts with the health of your chart of accounts, which is basically an accounting terminology that refers to a list of categories including income, expenses, and liabilities.
If your business is extremely consistent in how it's spending money, what it spends money on, and how it receives money, then you can make sound decisions over the course of 90 days. This is data coming out of the accounting system that you can trust. You need to be able to produce quality data because without excellent data and you don't have the facts you need, you can't make the best profit decisions.
At the end of the day, your chart of accounts is something you should absolutely know and understand. In fact, it should be a great training tool you can introduce to your team. It should also be a tool for communication between you and your accountant, your tax pro, or whoever is involved in your finances. S don't underestimate the power of a great chart of accounts.
In this episode, we dive into the 10 common bookkeeping mistakes you should know and understand as an entrepreneur. This is an important and relevant topic, even if you don't like bookkeeping because it will give you insights into what you should be paying attention to when laying the foundation in your business in terms of your bookkeeping and your accounting.
In this episode, you will hear:
Paying attention to income and documenting all sources of income
Process fees and third-party seller fees
Payroll and payroll tax
Understanding the different wages related to payroll
Understanding your income or sales tax
Factoring in the benefits
The owner's draw
Treating cashback rewards in two ways
Reporting your refunds properly
Sales as a refund vs. refund in terms of expenses
Subscribe and Review
Have you subscribed to our podcast? We'd love for you to subscribe if you haven't yet.
We'd love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select "Ratings and Reviews" and "Write a Review" then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.
Supporting Resources:
Gusto Payroll
Episode Credits
If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com Let them know we sent you.
REPLAY: How To Determine Accountable Plan Reimbursements For Home Office
2023/03/28
The accountable plan is a policy within your company or your entity, which outlines how you reimburse yourself as an owner, employee, or shareholder-employee. And if you have team members within your business, the accountable plan is a good policy for them to get reimbursed for expenses as well.
One of the ways you get compensated for your business is wages, distributions, and expenses. And so, you've got to know which for what and an accountable plan is a great way to get reimbursed for those expenses. But first, let's differentiate home office reimbursements from home office deductions. Yep! Those two are not the same.
The home office deduction is for the Schedule C filer, which is the sole proprietor or the single member LLC. The home office reimbursement, on the other hand, is a potential tax strategy that a corporation or partnership can use in their accountable plan. Specifically, the home office reimbursement is an expense report to reimburse the employee of a corporation or a partnership when using their home for business purposes.
Now, there's a process to determine accountable plan reimbursements for your home office. In this episode, we're going to walk you through what the process would look like when it comes to handling everything.
In this episode, you will hear:
What is an accountable plan?
Understanding the annual operating costs of the home
Owning a home vs. renting a home
Can home renovation costs be included in your reimbursement?
Calibrating your real cost vs. budgeted cost
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Supporting Resources:
Episode 095: Using An Accountable Plan To Create Tax-Free Reimbursements
Episode Credits
If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com Let them know we sent you.
Podcast reviews
Read Pay Play Profit podcast reviews
Beliebberrrr 2023/02/28
This podcast is exactly what I needed!
I am so grateful that I came across this podcast as a new entrepreneur! I soak up so much knowledge that is priceless as I get my business up and runn...
Egur222 2021/12/30
Invaluable Podcast for business owners
Wow. I am so glad that I learned about this podcast. I am a business podcast junkie, and I’ve owned a business for about 18 years. This podcast is pra...
Maryb72 2020/10/22
Real Talk
This podcast is my new favorite! I can’t get enough of Jess and Marilyn’s wisdom and real life stories, all told in their awesome southern accents. Th...
The Creative Curtis 2020/10/02
Amazing team of dedicated people people!
Working with The Bottom Line for over 3 years now has tremendously helped grow our business, the way we want it to grow. This podcast is the most prac...
PMaskill 2020/09/03
Great Advice!
Glad I found this show! Thanks!
GebArt 2020/08/28
Brilliant women
I’ve been a client for years and I am repeatable amazed by how much Marilyn and Jess know beyond accounting and how eager they are to contribute to th...
michgill 2020/06/13
Great way to learn
Marilyn and Jessica Mae walk us through profit concepts in an easy-to-understand way. I just enjoy learning from them each time I make time to listen.
Lance02 2020/06/03
Great Material!
Just listened to the podcast on sales tax. As an Amazon FBA seller, I've been dealing with sales tax for the last three plus years. And, still, I wa...
LJGK 2020/05/19
You Can Trust Them!
I have been a long time client of these two power house financial women for years. They are smart and they know numbers. It was through them that I ...
Copy Chief 2020/05/11
These brilliant women transformed my business
I've been a client of Jess and Marilyn for two years. I had searched for several years before that to find an accoun ting team whno understood my busi...
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