32. Our Tech Stack: Accounting, Payroll, AP, AR, Timekeeping, Project Management, etc.

Accounting Edit co-hosts Aminder Mann and Leah McCoolexplain three year-end numbers business owners should review before setting goals for 2027: revenue versus profitability, cash flow and reserves, and owner pay. They show how to compare year-over-year performance, trace the cash movements behind bank balances, and plan compensation so business growth supports the owner too. Takeaways·     Higher revenue doesn't always equate to more success.·     It's not just about more revenue, it's how much of that revenue did you retain in the business.·     The P&L tells one side of the story.·     With your cash flow statement, you're really seeing not only what money is coming in, but then what money is going out.·     Seeing what is the ideal amount of reserves to have on hand just as a cushion, just as a safety blanket.·     Do you feel like your business is supporting you in the way that you it needs to?·     Build that into your forecast for next year.·     Paying yourself should come first and then everything else to kind of help support that. Chapters00:00 The three year-end numbers to review before setting goals01:39 Compare revenue growth with profitability03:30 Track expense growth and investigate cash scarcity05:35 Break revenue into lines and test the return on investment07:38 Why profit on the P&L isn't cash in the bank10:42 Read operating, investing, and financing cash flows13:53 Plan reserves for seasonal swings and unexpected needs15:16 Check whether the business can support owner pay19:40 Build compensation into the forecast first22:03 Use three financial checks to plan for 2027 Website: TheAccountingEdit.comAminder's LinksWebsite: sequoia-cpa.comInstagram: @sequoiacpaLinkedIn: linkedin.com/company/sequoia-cpa Leah's LinksWebsite: orca-accounting.comInstagram: @orcaaccountingLinkedIn: linkedin.com/in/leahmccool Keywords: year-end business finances, small business profitability, cash flow statement, business cash reserves, owner pay, financial planning, revenue growth, business accounting

Leah McCool of Orca Accounting and Aminder Mann ofSequoia CPA share five practical steps to prepare small business books before year-end. They explain how to catch up and clean up bookkeeping, prepare for 1099 filings, review financial statements, and decide when to get professional help so January and tax season are less stressful. Takeaways·     Assess how far behind your books are, estimate the time required, and catch up month by month; reconcile bank and credit card accounts and verify processor revenue at gross rather than net of fees.·     Schedule dedicated bookkeeping time and allow realistic hours, especially when transaction volume, adjustments, or revenue reconciliations add complexity.·     Resolve uncategorized or mystery transactions, check for duplicates, and review open invoices, accounts receivable and payable, and QuickBooks undeposited funds.·     Prepare contractor information ahead of 1099 season: track payments, gather W-9s, and verify which contractors and payment types require forms. Leah cites a $2,000 threshold for 2026 and a January 31 filing deadline; confirm current IRS requirements for your situation.·     Review financial statements line by line using a worksheet, spot-check transactions, and compare current-year results with last year to investigate unexpected changes.·     Check balance-sheet items such as loan balances and interest, and ensure the financials make sense before using them for planning or tax preparation.·     Consider one-time cleanup or ongoing support if bookkeeping feels overwhelming; getting help sooner can reduce delays and busy-season costs. Chapters00:00 Five year-end steps to avoid a January bookkeepingscramble01:49 Gauge your backlog and catch up one month at a time04:03 Estimate the hours and schedule bookkeeping time06:03 Clean up uncategorized, duplicate, and mystery transactions08:33 Check invoices, payables, and undeposited funds11:47 Get contractor records ready for 1099 filing14:51 Why payment method and business structure matter for 1099s16:18 Review statements line by line and compare year over year20:05 Check balance-sheet balances, loans, and interest22:11 When to get cleanup help, and why to start early Website: TheAccountingEdit.comAminder's LinksWebsite: sequoia-cpa.comInstagram: @sequoiacpaLinkedIn: linkedin.com/company/sequoia-cpa Leah's LinksWebsite: orca-accounting.comInstagram: @orcaaccountingLinkedIn: linkedin.com/in/leahmccool Keywords: year-end bookkeeping, small business accounting, bookkeeping cleanup, 1099 contractors, financial statements, QuickBooks, tax preparation

This episode offers practical tips for DIY accounting, focusing on routine, organization, checklists, and structuring your chart of accounts to simplify your bookkeeping process and prepare for tax season. Takeaways·     Scheduling regular time for bookkeeping·     Organizing documentation and receipts·     Creating monthly checklists for accounting·     Structuring and simplifying the chart of accounts·     Using account numbers for clarity and consistency Chapters00:00 Introduction to DIY accounting tips00:11 Importance of routine in bookkeeping01:10 Scheduling time and making it routine02:25 Organizing documentation and receipts03:40 Creating monthly checklists for accounting16:14 Structuring your chart of accounts23:20 Wrapping up and next steps Website: TheAccountingEdit.comAminder's LinksWebsite: sequoia-cpa.comInstagram: @sequoiacpaLinkedIn: linkedin.com/company/sequoia-cpa Leah's LinksWebsite: orca-accounting.comInstagram: @orcaaccountingLinkedIn: linkedin.com/in/leahmccool Keywords: DIY accounting, bookkeeping tips, small business finance, organization, chart of accounts, routine, documentation, tax preparation

Leah and Aminder share lighthearted insights into their personal and professional lives, exploring topics from work preferences to pet choices, and seasonal favorites. This episode offers a fun break and a chance to get to know the hosts better. Takeaways·     Meetings vs. emails: preferences and hybrid approaches·     Career paths: startup vs. traditional accounting·     Work schedule preferences: morning vs. afternoon meetings·     Pet choices: dogs vs. cats and lifestyle fit·     Seasonal favorites: summer vs. fall and weather preferences·     Coffee vs. tea: favorite types and routines·     Technology preferences: Mac vs. PC·     Networking strategies: working the room vs. finding a friend·     Career achievements vs. lifestyle freedom·     Routine vs. spontaneity in daily life Chapters00:00 Introduction and episode overview00:49 Getting to know the hosts and episode purpose01:53 Meetings or emails: preferences and hybrid methods04:15 Career paths: startup versus traditional accounting07:38 Scheduling meetings: morning or afternoon11:12 Pets: dogs or cats and lifestyle considerations13:55 Coffee or tea: preferences and routines18:00 Tech preferences: Mac or PC22:20 Seasonal favorites: summer or fall26:33 Work routines and spontaneity26:34 Closing remarks and episode wrap-up Website: TheAccountingEdit.comAminder's LinksWebsite: sequoia-cpa.comInstagram: @sequoiacpaLinkedIn: linkedin.com/company/sequoia-cpa Leah's LinksWebsite: orca-accounting.comInstagram: @orcaaccountingLinkedIn: linkedin.com/in/leahmccool Keywords: accounting, entrepreneurship, work habits, pets, coffee, routines, seasons, networking, lifestyle, career

This episode clarifies what a bookkeeper should do eachmonth, emphasizing the importance of accurate financial management for business owners. Leah McCool and Aminder Mann discuss the key responsibilities involved in bookkeeping beyond simple data entry, including reconciliations, reviewing financial statements, and understanding the nuances of categorizing transactions. Takeaways·     Reconciling bank and credit card accounts·     Reviewing financial statements for accuracy·     Categorizing transactions correctly·     Understanding balance sheet components·     Analyzing financial trends and movements·     Ensuring proper recording of assets and liabilities·     Flagging discrepancies and negative balances·     The importance of a consistent bookkeeping flow Chapters00:00 Introduction to Bookkeeping Responsibilities00:47 What Bookkeepers Should Do Monthly Beyond Data Entry02:04 Reconciling Bank and Credit Card Accounts03:11 Reviewing Financial Statements for Accuracy04:58 Supporting Business Decisions with Financial Data06:27 Holistic Review of Financials and Flagging Issues07:07 Understanding the Balance Sheet and Its Components08:48 Verifying Assets, Liabilities, and Equity12:20 Ensuring Transactions Are Accounted for Correctly18:28 Reviewing Financials for Errors and Trends23:45 The Value of Human Judgment in Bookkeeping25:07 Conclusion: Reliable Financial Statements for Business Success Website: TheAccountingEdit.comAminder's LinksWebsite: sequoia-cpa.comInstagram: @sequoiacpaLinkedIn: linkedin.com/company/sequoia-cpa Leah's LinksWebsite: orca-accounting.comInstagram: @orcaaccountingLinkedIn: linkedin.com/in/leahmccool Keywords: bookkeeping, financial statements, reconciliation, business finance, accounting, financial accuracy, bookkeeping responsibilities, financial review, small business accounting

This episode explores the importance of separating business and personal finances for small business owners. Leah and Aminder discuss practical steps, common pitfalls, and how to establish good financial habits to ensure clarity and compliance. Takeaways·     Keep business and personal accounts separate to ensure clarity.·     Regularly review and clean up your financial records.·     Work with a tax professional to identify deductible expenses.·     Plan your owner’s pay based on business profitability and cash flow.·     Avoid impulsive owner draws; plan withdrawals carefully. Chapters00:00 Introduction to the importance of financial separation01:03 Problems caused by mixing finances01:58 Why small business owners must separate accounts05:35 What should and shouldn't be in your accounting software07:56 Common mistakes with personal and business accounts11:35 Understanding the 'why' behind financial separation14:47 How to determine how much to pay yourself22:10 Paying yourself as a business owner27:55 Handling already mixed finances and next steps Website: TheAccountingEdit.comAminder's LinksWebsite: sequoia-cpa.comInstagram: @sequoiacpaLinkedIn: linkedin.com/company/sequoia-cpa Leah's LinksWebsite: orca-accounting.comInstagram: @orcaaccountingLinkedIn: linkedin.com/in/leahmccool Keywords: business finances, personal finances, bookkeeping, cash flow, tax planning, business growth, financial management,QuickBooks, owner’s salary, financial separation

In this episode, Aminder and Leah share the key lessonsthey've learned by intentionally letting go of certain business practices to foster growth, balance, and fulfillment. They discuss how saying no, delegating, and embracing imperfection have transformed their businesses and lives. Takeaways·     Saying no to opportunities to focus on aligned clients·     Protecting time and setting boundaries·     Hiring first employees and delegating tasks·     Letting go of perfectionism and embracing progress·     Creating a business that can operate independently·     Balancing business growth with personal life·     Strategies for effective delegation and training·     Shifting mindset from operator to visionary·     Planning for time off and future family needs·     The importance of progress over perfection Chapters00:00 Introduction: Lessons Learned by Letting Go01:48 Saying No to Unaligned Opportunities03:47 Protecting Time and Setting Boundaries05:57 Hiring and Delegating for Growth09:00 From Operator to Visionary12:07 Planning for Time Off and Future Family Needs15:08 Overcoming Perfectionism and Embracing Progress17:45 Key Takeaways: Growth Through Letting Go Website: TheAccountingEdit.comAminder's LinksWebsite: sequoia-cpa.comInstagram: @sequoiacpaLinkedIn: linkedin.com/company/sequoia-cpa Leah's LinksWebsite: orca-accounting.comInstagram: @orcaaccountingLinkedIn: linkedin.com/in/leahmccool Keywords: business growth, intentionality, delegation, work-life balance, perfectionism, entrepreneurship, business lessons, mindset, productivity, leadership

In this episode, Leah and Aminder discuss five key financial red flags that every business owner should watch out for. Understanding these signs can help prevent serious issues and promote healthier business finances. Takeaways·     Revenue growth vs bank account growth·     Importance of cash flow over revenue·     Knowing your financial numbers·     Keeping books up to date·     Monitoring profit margins Chapters00:00 Introduction to Financial Red Flags01:39 Red Flag 1: Revenue is growing, but your bank account isn’t.05:23 Red Flag 2: Your making decisions based on your bank balance09:52 Red Flag 3: You don’t know your numbers13:04 Red Flag 4: Your books are always behind16:20 Red Flag 5: Your profit keeps shrinking19:37 Takeaways Website: TheAccountingEdit.comAminder's LinksWebsite: sequoia-cpa.comInstagram: @sequoiacpaLinkedIn: linkedin.com/company/sequoia-cpa Leah's LinksWebsite: orca-accounting.comInstagram: @orcaaccountingLinkedIn: linkedin.com/in/leahmccool Keywords: business finance, red flags, cash flow, financial statements, profitability, bookkeeping, financial health, business growth, cash flow forecasting, financial management

In this episode, Leah and Aminder share their insights onessential business softwares including accounting, payroll, accounts payable, receivable, and project management tools. Perfect for entrepreneurs and growing firms, this discussion helps you choose the right tech stack to streamline your operations. Takeaways·     Choosing between QuickBooks Online and Zero foraccounting·     Best payroll software: Gusto vs QuickBooksPayroll·     Managing accounts payable with Bill.com andTipalti·     Accounts receivable solutions: HoneyBook andStripe·     Top project management tools: Asana, Toggl,Smartsheet Chapters00:00 Introduction to Business Software Essentials01:07 QuickBooks Online vs Zero: Which is Better?08:32 Why Gusto is a Top Payroll Choice15:38 Managing Accounts Payable Effectively19:39 Streamlining Accounts Receivable24:28 Best Project Management and Time Tracking Tools28:12 Wrapping Up: Choosing Your Software Stack Website: TheAccountingEdit.comAminder's LinksWebsite: sequoia-cpa.comInstagram: @sequoiacpaLinkedIn: linkedin.com/company/sequoia-cpa Leah's LinksWebsite: orca-accounting.comInstagram: @orcaaccountingLinkedIn: linkedin.com/in/leahmccool Keywords: business software, accounting, payroll, AP, AR, project management, entrepreneurship, tech stack, QuickBooks, Zero, Gusto, Bill.com, HoneyBook, Toggl

Leah and Aminder discuss the unique challenges women face in entrepreneurship, focusing on talking about money, managing emotional stress, and building authority over time. This episode offers practical insights and personal experiences to empower women entrepreneurs. Takeaways·     Women tend to be conditioned to avoid discussing money, which can hinder confidence.·     Confidence in talking about money improves with experience and time.·     Building authority as a woman entrepreneur is a gradual process that involves trusting oneself.·     Community support is crucial for emotional resilience in entrepreneurship.·     Women often face societal and internal barriers that require unlearning and confidence-building. Chapters00:00 Introduction and episode overview01:01 The importance of talking about money comfortably02:07 Challenges women face in discussing finances03:27 Pricing and communicating value confidently04:55 Overcoming confidence hurdles in sales07:19 The emotional side of entrepreneurship10:36 Building authority as a woman takes time17:28 The ongoing journey of confidence and authority25:26 Final thoughts and encouragement for women entrepreneurs Website: TheAccountingEdit.comAminder's LinksWebsite: sequoia-cpa.comInstagram: @sequoiacpaLinkedIn: linkedin.com/company/sequoia-cpa Leah's LinksWebsite: orca-accounting.comInstagram: @orcaaccountingLinkedIn: linkedin.com/in/leahmccool Keywords: women entrepreneurs, talking about money,emotional resilience, building authority, entrepreneurship challenges