204 ⎸ Q: How long should we retain client documents?

Send us a textIn this episode, I'm tackling a listener question about document retention in our digital age. You know how we used to worry about keeping physical files for 3, 5, or 7 years? Well, now that everything's digital and stored in the cloud, does that change our retention strategy? Spoiler alert: it's way more complex than I initially thought! I'm breaking down both IRS guidelines for small businesses AND AICPA guidelines for accounting firms, plus sharing exactly what we do in our own firm.What You'll Learn:The difference between IRS requirements for small businesses vs. AICPA guidelines for accounting firmsHow to create your own document retention policy (and why every firm owner needs one)The logistics of offboarding clients while protecting yourself legallyWhat documents you should NEVER delete and what you can purge after 7-10 yearsResources mentioned:Ask YOUR Questions at: http://speakpipe.com/ambitiousbookkeeperIRS Publication 583 and 552AICPA GuidelinesIRS.govDropbox, OneDrive, Google Workspace, Google DriveCanopy, Content SnareFor experienced bookkeepers & accountants:Learn how to start your bookkeeping business in The Bookkeeping Business Accelerator®: https://www.ambitiousbookkeeper.com/bbaGrab my FREE Start your Bookkeeping Biz Checklist: https://www.ambitiousbookkeeper.com/checklistGrab my FREE New Client Onboarding Templates: https://www.ambitiousbookkeeper.com/onboardFor new bookkeepers:Learn the fundamental accounting skills in Katie Ferro's Become a Bookkeeper: https://www.katieferro.com/a/38894/2PQNgtvvFor online businesses:Become a client at my firm, Of Course Financial: https://www.ofcoursebookkeeping.com/contactConnect with us:Visit our website: https://www.ambitiousbookkeeper.comFollow the Blog: https://www.ambitiousbookkeeper.com/blogConnect on Instagram: https://www.instagram.com/ambitiousbookkeeperConnect on Threads: https://www.threads.net/@ambitiousbookkeeperConnect on Facebook: https://www.facebook.com/serenashoupcpaPodcast Publishing Tools we use:Editing → Sabr Media LLC: https://www.iangilliam.com/sabr-media-llcDescript: https://get.descript.com/u7lubkx09073 (affiliate link)Buzzsprout: https://www.buzzsprout.com/?referrer_id=1753696 (affiliate link)Get access to the Dubsado Decoded Private Podcast Series here>>And watch for the Summer Sale (20% off) Dubsado Decoded, the course happening July 7-13.DubsadoDecoded.com

Send us a textIn this episode, I'm answering an audience question about whether the nonprofit sector is a viable niche for a new bookkeeping firm. I dive deep into the pros and cons of specializing in nonprofits and share actionable strategies for making this niche work.What You Can Expect to HearHow to overcome the common challenge of nonprofits expecting discounted pricing through value-based pricing strategiesSpecific scalability tactics including productizing services, choosing specialized software, and building efficient processesNetworking strategies and the sweet spot for targeting mid-size nonprofits that have budget but haven't internalized their accounting functionFor experienced bookkeepers & accountants:Learn how to start your bookkeeping business in The Bookkeeping Business Accelerator®: https://www.ambitiousbookkeeper.com/bbaGrab my FREE Start your Bookkeeping Biz Checklist: https://www.ambitiousbookkeeper.com/checklistGrab my FREE New Client Onboarding Templates: https://www.ambitiousbookkeeper.com/onboardFor new bookkeepers:Learn the fundamental accounting skills in Katie Ferro's Become a Bookkeeper: https://www.katieferro.com/a/38894/2PQNgtvvFor online businesses:Become a client at my firm, Of Course Financial: https://www.ofcoursebookkeeping.com/contactConnect with us:Visit our website: https://www.ambitiousbookkeeper.comFollow the Blog: https://www.ambitiousbookkeeper.com/blogConnect on Instagram: https://www.instagram.com/ambitiousbookkeeperConnect on Threads: https://www.threads.net/@ambitiousbookkeeperConnect on Facebook: https://www.facebook.com/serenashoupcpaPodcast Publishing Tools we use:Editing → Sabr Media LLC: https://www.iangilliam.com/sabr-media-llcDescript: https://get.descript.com/u7lubkx09073 (affiliate link)Buzzsprout: https://www.buzzsprout.com/?referrer_id=1753696 (affiliate link)Get access to the Dubsado Decoded Private Podcast Series here>>And watch for the Summer Sale (20% off) Dubsado Decoded, the course happening July 7-13.DubsadoDecoded.com

Send us a textIn this eye-opening episode, Serena sits down with Meenadchi, an ancestral healing practitioner, to explore how intergenerational trauma impacts our relationship with money. This isn't your typical business conversation - we're diving deep into the personal stuff that affects how you run your business and serve your clients … and get a little woo!In this episode you’ll hear:How trauma from your ancestors (even great-grandparents) lives in your body and affects your money decisions todayWhy your "difficult" clients might not be responding because of their own money trauma - and how understanding this changes everythingThe surprising science behind why we existed in our grandmother's bellies and what that means for inherited patternsPractical exercises you can do right now to start healing your relationship with money, including writing a letter TO moneyResources mentioned in this episode:Free money magic meditation: https://meenadchi.myflodesk.com/moneymagicTrauma of Money™: https://www.thetraumaofmoney.com/Creme de la Creme Networking Group: https://cremedelacreme.coachesandcompany.com/Meet MeenadchiMeenadchi (she/her) is an ancestral healing practitioner, TEDx speaker, and communications expert whose work centers social change and embodied transformation. Using the modality of Family Constellation Therapy, Meenadchi supports socially-conscious changemakers and entrepreneurs heal inherited and ancestral money trauma, so that we can be paid well for our work and so that we can pour funds into our communities from a state of overflow instead of self-sacrifice. Meenadchi holds a clinical license in occupational therapy and has historically served communities impacted by gender-based violence, complex trauma, and serious mental illness. She is the author of Decolonizing Non-Violent Communication (2019) and is a faculty member with the Trauma of Money™.Connect with MeenadchiWebsite: http://meenadchi.com/Linkedin: https://www.linkedin.com/in/meenadchi/Instagram: https://www.instagram.com/with.meenadchi/Thanks for listening. If this episode inspired you in some way, take a screenshot of you listening on your device and post it to your Instagram stories and tag me @ambitiousbookkeeperFor more information about the Ambitious Bookkeeper Podcast or interest in our programs or mentoring visit our resources below:Visit our website: https://www.ambitiousbookkeeper.comFollow the Blog: https://www.ambitiousbookkeeper.com/blogConnect on Instagram: https://www.instagram.com/ambitiousbookkeeperConnect on Threads: https://www.threads.net/@ambitiousbookkeeperConnect on Facebook: https://www.facebook.com/serenashoupcpGet access to the Dubsado Decoded Private Podcast Series here>>And watch for the Summer Sale (20% off) Dubsado Decoded, the course happening July 7-13.DubsadoDecoded.com Grab the Spotify Playlists here: ambitiousbookkeeper.com/spotify

Send us a textIn this May Q&A episode, Serena dives deep into the practical side of building a bookkeeping business, covering everything from software partnerships and pricing strategies to finding your niche and standing out from the competition. She shares real-world advice on working with Xero and Gusto, addresses common struggles with client onboarding, and provides actionable tips for bookkeepers at every stage of their journey.In this episode you’ll hear:How to handle software costs and partnerships with Xero and GustoStrategies to differentiate yourself in a crowded bookkeeping marketThe real talk on choosing your niche and why you shouldn't let others talk you out of what you loveGame-changing client onboarding tactics that eliminate problem clients from day oneResources mentioned in this episode:Xero, Gusto, QBO, Hubdoc, Jet Convert, Dubsado, Relay Bank, Squarespace, Kajabi, Bluehost & HoverBookkeeping Business Accelerator (BBA): https://www.ambitiousbookkeeper.com/bbaBBA VIP upgrade optionSquarespace for Bookkeepers program by Tia: https://www.riledupgoats.com/ssfbBookkeeping Biz Workshops (coming August, evenings, 3 days)Thanks for listening. If this episode inspired you in some way, take a screenshot of you listening on your device and post it to your Instagram stories and tag me @ambitiousbookkeeperFor more information about the Ambitious Bookkeeper Podcast or interest in our programs or mentoring visit our resources below:Visit our website: https://www.ambitiousbookkeeper.comFollow the Blog: https://www.ambitiousbookkeeper.com/blogConnect on Instagram: https://www.instagram.com/ambitiousbookkeeperConnect on Threads: https://www.threads.net/@ambitiousbookkeeperConnect on Facebook: https://www.facebook.com/serenashoupcpaThank you for your support of our show. If you haven’t left a review yet it’s super simple. Please go to ambitiousbookkeeper.com/podcast and leave your review.Podcast Publishing Tools we use:Editing → Sabr Media LLC: https://www.iangilliam.com/sabr-media-llcDescript: https://get.descript.com/u7lubkx09073 (affiliate link)Buzzsprout: https://www.buzzsprout.com/?referrer_id=1753696 (affiliate link)Get access to the Dubsado Decoded Private Podcast Series here>>And watch for the Summer Sale (20% off) Dubsado Decoded, the course happening July 7-13.DubsadoDecoded.com Grab the Spotify Playlists here: ambitiousbookkeeper.com/spotify

Send us a textIt’s the 200th episode of The Ambitious Bookkeeper Podcast and Serena pulls back the curtain on her bookkeeping firm's 2024 performance, sharing both the wins and challenges. She gets real about client churn, revenue growth, personal struggles with mold toxicity, and the hard lessons learned about communicating with clients who aren't taking crucial financial advice.In this episode you’ll hear:Client management reality check - How one client's bankruptcy and fraud issues led to major communication style changesPersonal health struggles - Living in toxic mold for 2 years and how it affected business decisions and energy levels2025 strategy shifts - Moving away from high-ticket CFO services toward team-handled base packages for better work-life balanceResources mentioned in this episode:Episode 175 | Threads: Is it Worth it? https://youtu.be/Ola7HlpRy2UElevate: https://www.ambitiousbookkeeper.com/elevateElevate Mastermind (only for program graduates)Dubsado Decoded (with Kendra Courtney): https://kendracourtney.com/dubsado-decoded/AI Unlocked Summit registration: https://ambitiousbookkeeper--gemmabonhamcarter.thrivecart.com/ai-unlocked/619bde31ff59d/Bookkeeping Biz Workshops (launching August 2025)Xero, QBO, Hubdoc, ChatGPT, Asana, Airtable, TaxJar, A2X, DubsadoBusiness by Design (James Wedmore's program): https://www.jameswedmoretraining.com/Xero Con, Podcasting Moms Conference, BBD Live, Wave SeattlePrescott Area Young ProfessionalsThanks for listening. If this episode inspired you in some way, take a screenshot of you listening on your device and post it to your Instagram stories and tag me @ambitiousbookkeeperFor more information about the Ambitious Bookkeeper Podcast or interest in our programs or mentoring visit our resources below:Visit our website: https://www.ambitiousbookkeeper.comFollow the Blog: https://www.ambitiousbookkeeper.com/blogConnect on Instagram: https://www.instagram.com/ambitiousbookkeeperConnect on Threads: https://www.threads.net/@ambitiousbookkeeperConnect on Facebook: https://www.facebook.com/serenashoupcpaThank you for your support of our show. If you haven’t left a review yet it’s super simple. Please go to ambitiousbookkeeper.com/podcast and leave your review.Podcast Publishing Tools we use:Editing → Sabr Media LLC: https://www.iangilliam.com/sabr-media-llcDescript: https://get.descript.com/u7lubkx09073 (affiliate link)BuzzsproGet access to the Dubsado Decoded Private Podcast Series here>>And watch for the Summer Sale (20% off) Dubsado Decoded, the course happening July 7-13.DubsadoDecoded.com Grab the Spotify Playlists here: ambitiousbookkeeper.com/spotify

Send us a textThis episode comes from April’s Live Q&A session, where Serena answered various questions from bookkeepers about pricing strategies, software recommendations, financial statement presentation, and business growth challenges.In this episode you’ll hear:Learn how to confidently set your prices for bookkeeping setups and avoid underchargingDiscover effective ways to present financial statements that truly benefit your clientsFind out how to balance multiple professional identities on LinkedInGet strategies for taking a break from your bookkeeping business without losing clientsResources mentioned in this episode:Podcast episode: "177 | Crafting Deliverables That Matter" https://youtu.be/sb_9SYI82h0The Bookkeeping Business Accelerator: https://www.ambitiousbookkeeper.com/bbaElevate program: https://www.ambitiousbookkeeper.com/elevateEmail subscription: https://www.ambitiousbookkeeper.com/subscribePayment processors: Stripe, PayPal, GoCardless, PlutoWorkflow Queen (Alyssa Lang): https://www.workflowqueen.comAccounting software: Xero, QuickBooks, WavePayroll: GustoClient management: DubsadoSpotify playlists for The Ambitious Bookkeeper PodcastThanks for listening. If this episode inspired you in some way, take a screenshot of you listening on your device and post it to your Instagram stories and tag me @ambitiousbookkeeperFor more information about the Ambitious Bookkeeper Podcast or interest in our programs or mentoring visit our resources below:Visit our website: https://www.ambitiousbookkeeper.comFollow the Blog: https://www.ambitiousbookkeeper.com/blogConnect on Instagram: https://www.instagram.com/ambitiousbookkeeperConnect on Threads: https://www.threads.net/@ambitiousbookkeeperConnect on Facebook: https://www.facebook.com/serenashoupcpaThank you for your support of our show. If you haven’t left a review yet it’s super simple. Please go to ambitiousbookkeeper.com/podcast and leave your review.Podcast Publishing Tools we use:Editing → Sabr Media LLC: https://www.iangilliam.com/sabr-media-llcDescript: https://get.descript.com/u7lubkx09073 (affiliate link)Buzzsprout: https://www.buzzsprout.com/?referrer_id=1753696 (affiliate link)Get access to the Dubsado Decoded Private Podcast Series here>>And watch for the Summer Sale (20% off) Dubsado Decoded, the course happening July 7-13.DubsadoDecoded.com Grab the Spotify Playlists here: ambitiousbookkeeper.com/spotify

Send us a textIn this episode of the Ambitious Bookkeeper Podcast, Serena chats with Maggie Lord, a powerhouse entrepreneur who sold her media company to David's Bridal and now helps female founders do the same. Maggie shares her journey from starting a wedding blog in 2008 to selling her company 12 years later, and reveals insider knowledge about business valuations, exit strategies, and how bookkeepers play a crucial role in preparing businesses for sale.In this episode you’ll hear:Why Maggie is passionate about helping female founders prepare their businesses for acquisitionThe three common scenarios when founders seek M&A helpHow bookkeepers play a key role in successful M&A transactionsBeyond-the-numbers valuation factors that founders often overlookResources mentioned in this episode:The Whisper Group: https://www.wearethewhispergroup.com/Meet MaggieMaggie Lord was an early pioneer in the online digital wedding media space establishing her media company, Rustic Wedding Chic in 2008. As the founder + CEO of Rustic Wedding Chic, Maggie led the company for 12 years before it was acquired by David’s Bridal in 2020. Maggie is also the author of 6 books. Today, Maggie has become a sought-after strategic advisor to female founded brands allowing her to focus on sharing her knowledge and expertise with other like minded entrepreneurs, startups and small businesses. Maggie and her businesses have been featured in Forbes, The New York Times, Business Insider, Success Magazine and much more. Maggie is a partner at The Whisper Group, working daily with female founders to help them sell their companies and close the exit gap.Connect with Maggie📱 IG: https://www.instagram.com/maggielordandcompany/🌐 Website: https://maggielord.com/Thanks for listening. If this episode inspired you in some way, take a screenshot of you listening on your device and post it to your Instagram stories and tag me @ambitiousbookkeeperFor more information about the Ambitious Bookkeeper Podcast or interest in our programs or mentoring visit our resources below:Visit our website: https://www.ambitiousbookkeeper.comFollow the Blog: https://www.ambitiousbookkeeper.com/blogConnect on Instagram: https://www.instagram.com/ambitiousbookkeeperConnect on Threads: https://www.threads.net/@ambitiousbookkeeperConnect on Facebook: https://www.facebook.com/serenashoupcpaThank you for your support of our show. If you haven’t left a review yet it’s super simple. Please go to ambitiousbookkeeper.com/podcast and leave your review.Podcast Publishing Tools we use:Editing → Sabr Media LLC: https://www.iangilliam.com/sabr-media-llcDescript: Get access to the Dubsado Decoded Private Podcast Series here>>And watch for the Summer Sale (20% off) Dubsado Decoded, the course happening July 7-13.DubsadoDecoded.com Grab the Spotify Playlists here: ambitiousbookkeeper.com/spotify

Send us a textAre you dreaming of starting your own bookkeeping business but feeling overwhelmed by all the decisions you need to make? You're not alone. As someone who's built a successful bookkeeping practice from scratch, I know firsthand that figuring out what services to offer, how to price them, where to find clients, and what technology you need can feel like navigating a maze.In this episode you’ll hear:Advice on determining pricing strategies for bookkeeping servicesPractical methods for finding clientsRecommendations for essential tech tools for new bookkeepersWhat bookkeeping services are most in-demand and how to decide which ones to offerResources mentioned in this episode:Ambitious Bookkeeper Free Training: http://www.ambitiousbookkeeper.com/trainingMini Courses: http://www.ambitiousbookkeeper.com/storePricing for ProfitBookkeeping Client CloserBookkeeping Business Accelerator: http://www.ambitiousbookkeeper.com/bbaSoftware tools mentioned: QuickBooksXeroShopifyTaxJarA2XHubdocCalendlyGoogle Suite/WorkspaceZoomLoomAsanaCanvaDubsadoThanks for listening. If this episode inspired you in some way, take a screenshot of you listening on your device and post it to your Instagram stories and tag me @ambitiousbookkeeperFor more information about the Ambitious Bookkeeper Podcast or interest in our programs or mentoring visit our resources below:Visit our website: https://www.ambitiousbookkeeper.comFollow the Blog: https://www.ambitiousbookkeeper.com/blogConnect on Instagram: https://www.instagram.com/ambitiousbookkeeperConnect on Threads: https://www.threads.net/@ambitiousbookkeeperConnect on Facebook: https://www.facebook.com/serenashoupcpaThank you for your support of our show. If you haven’t left a review yet it’s super simple. Please go to ambitiousbookkeeper.com/podcast and leave your review.Podcast Publishing Tools we use:Editing → Sabr Media LLC: https://www.iangilliam.com/sabr-media-llcDescript: https://get.descript.com/u7lubkx09073 (affiliate link)Buzzsprout: https://www.buzzsprout.com/?referrer_id=1753696 (affiliate link)Get access to the Dubsado Decoded Private Podcast Series here>>And watch for the Summer Sale (20% off) Dubsado Decoded, the course happening July 7-13.DubsadoDecoded.com Grab the Spotify Playlists here: ambitiousbookkeeper.com/spotify

Send us a textIn this powerful episode of The Ambitious Bookkeeper Podcast, Serena Shoup chats with Cletus Coffey, former pro athlete, single dad, and founder of Torch Training. Cletus shares his remarkable journey from professional sports to entrepreneurial failures to finding his authentic purpose through personal transformation.In this episode you’ll hear:Cletus's journey from pro athlete to struggling entrepreneur to finding true alignmentPractical frameworks for balancing ambition, family, and personal growthHow to break free from achievement addiction and redefine success beyond the "scoreboard"The importance of mastering your mornings and creating structure that prioritizes self-careResources mentioned in this episode:Cletus Coffey's website: CletusCoffey.comBe The Torch PodcastMorning Mastery Challenge - includes downloadable cheat sheet and video tutorialBBD Live with James Wedmore (event where Serena and Cletus met)Meet Cletus CoffeyCletus Coffey is a former professional and world champion athlete turned founder of Be The Torch Academy. After losing his first business and navigating the challenges of divorce and being a single dad, Cletus struggled silently through a long period of pain and darkness. Through an unwavering devotion to self-mastery, he unlocked a path to greater personal power, purpose and passion, which included helping men—specifically single fathers and entrepreneurs—master their lives and businesses. Combining self-mastery with business and personal development, Cletus helps single dads who own a business, master their true authentic self so that they can finally become a man capable of experiencing happiness, fulfillment and freedom in their business and life.Connect with Cletus Coffeyhttps://www.linkedin.com/in/cletuscoffey/https://www.linkedin.com/company/torchtraining/@cletuscoffeyThanks for listening. If this episode inspired you in some way, take a screenshot of you listening on your device and post it to your Instagram stories and tag me @ambitiousbookkeeperFor more information about the Ambitious Bookkeeper Podcast or interest in our programs or mentoring visit our resources below:Visit our website: https://www.ambitiousbookkeeper.comFollow the Blog: https://www.ambitiousbookkeeper.com/blogConnect on Instagram: https://www.instagram.com/ambitiousbookkeeperConnect on Threads: https://www.threads.net/@ambitiousbookkeeperConnect on Facebook: https://www.facebook.com/serenashoupcpaThank you for your support of our show. If you haven’t left a review yet it’s super simple. Please go to ambitiousbookkeeper.com/podcast and leave your review.PodGet access to the Dubsado Decoded Private Podcast Series here>>And watch for the Summer Sale (20% off) Dubsado Decoded, the course happening July 7-13.DubsadoDecoded.com Grab the Spotify Playlists here: ambitiousbookkeeper.com/spotify

Send us a textIn this mini-episode, Serena shares her research on the Fair Tax Act and what it could mean for bookkeepers. She explains how this potential legislation would eliminate income tax and the IRS, replacing them with a national sales tax. Serena offers practical advice for bookkeepers to prepare for this potential shift and future-proof their businesses.In this episode you’ll hear:A breakdown of what the Fair Tax Act actually means (goodbye income tax, hello 23-30% national sales tax!)How bookkeeping services would evolve rather than disappear in this new tax landscapeThree actionable steps to prepare your bookkeeping business for this potential changeWhy this shift could actually be an opportunity for ambitious bookkeepers to expand their servicesResources mentioned in this episode:Sales Tax Workshop: ambitiousbookkeeper.com/salestaxElevate Program: ambitiousbookkeeper.com/elevateThe Accounting Podcast (formerly Cloud Accounting Podcast)AvalaraTax JarQBOXeroThanks for listening. If this episode inspired you in some way, take a screenshot of you listening on your device and post it to your Instagram stories and tag me @ambitiousbookkeeperFor more information about the Ambitious Bookkeeper Podcast or interest in our programs or mentoring visit our resources below:Visit our website: https://www.ambitiousbookkeeper.comFollow the Blog: https://www.ambitiousbookkeeper.com/blogConnect on Instagram: https://www.instagram.com/ambitiousbookkeeperConnect on Threads: https://www.threads.net/@ambitiousbookkeeperConnect on Facebook: https://www.facebook.com/serenashoupcpaThank you for your support of our show. If you haven’t left a review yet it’s super simple. Please go to ambitiousbookkeeper.com/podcast and leave your review.Podcast Publishing Tools we use:Editing → Sabr Media LLC: https://www.iangilliam.com/sabr-media-llcDescript: https://get.descript.com/u7lubkx09073 (affiliate link)Buzzsprout: https://www.buzzsprout.com/?referrer_id=1753696 (affiliate link)Get access to the Dubsado Decoded Private Podcast Series here>>And watch for the Summer Sale (20% off) Dubsado Decoded, the course happening July 7-13.DubsadoDecoded.com