Now in Session with Accounting Therapy

Ahh, vacation. Such a magical word, right? Just thinking about it conjures up thoughts of white sand, turquoise waters, and enjoying a nice spritz while basking in the tropical sun.🏖️ But for all our entrepreneurs, small business owners, workaholics, & company leaders out there, does it also bring a feeling of anxiety? Of wondering who is going to answer your emails? Who is going to support your team? How behind will you be when you return? And worst of all, how much time will you spend actually working on your vacation?🤢 

Happy Spring, dear readers! And Happy Financial Literacy Month!  

We’re going to take this opportunity to dial back to the basics of accounting and finance so that all of our artists, creatives, and just general non-finance people out there can have a quick guide and resource to reference when needed!  

Accounting, finance, cashflow… it’s all a funny thing in my opinion. Like, if you’re not good at it, it doesn’t really excuse you from doing it (unless you outsource of course) but even then, your financial decisions are still on you. And in that manner, it’s somewhat unlike other skill sets. For example, if you’re not good in creative areas of life, you can hire that out. You just need to be able to communicate what you want but … you gotta pay them ➡️ see what I mean, you are still responsible for the financial decisions. So, short of being your bookkeeper, how can we help you better manage and understand your finances? This is a topic that was brought to us by someone on our admin team that has learned boat loads about said topic since joining us, but still feels a bit in the dark. So, this one’s for you! 😉 

Let’s talk everyone’s favorite topic: hiring! It’s up there with taxes, payroll, and 1099’s, right? I thought so. Lucky you, we’re packing all the super fun topics into Quarter One!  

But don’t fret dear reader, this is actually a topic we feel we’ve got a pretty good grasp on… at least from a process perspective. So, where do you start? Well, when hiring for a remote company, your candidate “pool” is definitely of the infinity variety.🏊If you’re an in-person business or only hire in specific areas, you can 100% still apply these principles to ease the burden of the task, but it goes without saying that your infinity pool has been downsized to a hot tub.  

Ready or not… here it comes! Tax deadline season is more than officially upon us. If you’re a multi-member LLC, partnership, or S-corp, your deadline is next week!!! AKA March 15th! If you’re a C-Corp or a self-employed sole proprietor, or just a regular human filing personal taxes, your deadline is April 15th! And while we don’t ever advocate procrastinating, an extension is always an option. Extensions will buy you time till September 15th or October 15th, respectively.   

Happiest of Wednesdays’ my fellow readers! We’ve got some super exciting news to share today! And we’re going to start off with a little story…

Once upon a time two years ago, we were hiring. It was right before Christmas and all through the house of Accounting Therapy, the bookkeepers were hard at work! Too hard at work! Our team was drowning, we had one team member out on maternity leave, and an intern to help pick up the slack, but we needed extra hands. The bookkeeping gods heard our cries and sent Katy Hayes to our rescue. I interviewed her and knew I had found “the one”! She was perfect. The only problem was, someone saw her star quality as well and she had another offer on the table that she was considering.

Hello Dear Readers!

Happy (almost) Valentine’s Day! Personally, I love Valentine’s Day… it was the day growing up that you got to wear pink (can you tell it’s Taylor writing this blog?!) and you got to give all your little friends cute Valentine’s with the latest Hello Kitty graphics. It was a day that you just got to feel “in love” all day, with life, with your friends, with your world. I know, I know, visions of an imaginative 3rd grader here, but who doesn’t like to feel like they can show and receive love in their world? So, as we move into this next week, let’s forget about the commercialized overkill and just think about it as a chance to tell those around you that you love them and appreciate them in your life!

Hey, hey, hey! Okay, so it’s January 17th, but it feels more like January 74th with all the 1099 prep we’re currently doing (Need help on that?Check outour blog from December!) And now it’s time to talk about another thrilling subject: closing your 2023 books. Okay, so maybe it’s not as exciting as that upcoming ski trip you have planned, but it is a necessary topic none the less. Closing your books, the right way, can mean the difference between a smooth tax season and a frantic scramble on the eve of March 15th… or September 15th… if you are the procrastinating type. So, let’s dig into why it’s crucial and how doing it right can save you more than just a huge migraine! Bonus, read all the way to the end for a special giveaway!  

We made it! I don’t know about you guys but 2023 was... a year. There were some definite highs but there were ALOT of learning curves too. All in all, we’re better and stronger because of those learning curves but it wasn’t exactly the year we had planned. If you’ve been following along with our recent posts, we’re big into annual planning (here’s the link in case you missed it), so when we looked at 2023 from our 2022 rose colored glasses, we thought we got the plan right, but as it played out, we realized we missed a few turns when charting the road to our final destination. But you know what? That’s okay. Truth be told, we don’t love getting it wrong, but at the same time, sometimes that’s what you need to learn and grow in order to do it better the next time. So, that’s what we’re going to do! Heads up 2024, we’re coming for ya!

1099 season is almost upon us... ugh 😖, did you just cringe? Don’t worry, so did we! But fear not friends, we are here to decode the enigma of 1099s so you can sleep soundly come January. Get ready for both written explanations as well as some links to videos on how you can prepare and file 1099s. And if you’re thinking “I ain’t got time for that!” - fear not, we've broken it down into 5 simple steps and when you need to add them to your calendar!