Explore the intricacies of financial success in your voiceover business with our new series "Boss Money Talks," featuring special guest Danielle Famble. Discover how assembling a team of financial experts, like accountants and CPAs, can help you track expenses, handle taxes, and ensure consistent profitability. The BOSSES highlight the benefits of separating personal and business finances and the advantages of having ongoing relationships with professionals. They discuss the benefits of quarterly meetings to assess profit and tax liabilities and the complexities of running a business, including payroll and compliance. This episode is packed with actionable advice to help you build a reliable financial team and set a solid financial structure for your voiceover business.
In this episode, the BOSSES highlight the importance of simplifying financial processes and seeking professional help when needed.
Chapter Summaries
(00:03) Boss Money Talks
Boss Money Talks explores forming a financial team, outsourcing tasks, and using online tools for successful voiceover business management.
(09:47) Building Your Financial Team
Maintain a relationship with your accountant for tax planning, S-corp complexities, and the roles of accountants and bookkeepers.
(17:28) Financial Structure and Team Development
Maintaining separate business and personal accounts simplifies bookkeeping and requires a reliable financial support team.
Top 10 Takeaways
Quick-share concepts from today’s episode:
Form a Financial Team: Building a team of financial experts, including accountants and CPAs, is crucial for managing expenses, handling taxes, and ensuring consistent profitability in your voiceover business.
Outsource Financial Tasks: Outsourcing financial management can significantly reduce stress and improve business management, allowing you to focus on your core expertise.
Use Modern Financial Tools: Transition from outdated desktop software to secure and user-friendly online platforms to streamline your financial management.
Maintain Ongoing Accountant Relationships: Keeping a strong, year-round relationship with your accountant or CPA is essential for effective tax planning and avoiding unwelcome surprises.
Hold Regular Financial Meetings: Regular meetings with your accountant can help assess profit, tax liabilities, and keep your business financially healthy.
Understand Business Structures: Navigating the complexities of running a business, including payroll and compliance, is crucial. Your accountant can help you with these intricacies.
Separate Business and Personal Finances: Keeping business and personal accounts separate simplifies bookkeeping and ensures better financial organization.
Learn the Roles of Financial Experts: Understand the distinct roles of accountants and bookkeepers to better manage your business’s financial health.
Gradual Financial Team Building: If you're in the early stages of your business and concerned about costs, start by hiring an accountant for tax purposes and gradually build your financial support team.
Leverage Financial Education: Find financial experts who also act as educators to help you understand the financial aspects of your business, allowing you to make informed decisions and grow your business efficiently.
Referenced in this Episode
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