In this heartfelt episode of "Always and Never About Money," Chelsea M. Williams pays tribute to her father, whose values, entrepreneurship, and selflessness profoundly shaped her life.

Episode Highlights:

1. Parental Impact: Reflect on the pivotal role parents play in shaping their children’s values and character.

2. Entrepreneurial Journey: Hear the inspiring story of Chelsea’s father, from running a landscaping business to founding a successful septic cleaning company.

3. Teamwork and Leadership: Learn lessons in building strong teams, effective communication, and connecting with people from all walks of life.

4. Selflessness and Sacrifice: Celebrate the sacrifices parents make to pave the way for their children’s futures.

Tune in for this touching tribute that showcases the lifelong influence of parents and the lessons we carry forward. Subscribe to "Always and Never About Money" and be inspired by stories that shape lives.

In this episode of "Always and Never About Money," Chelsea M. Williams challenges the age-old belief that money is the root of all evil. Instead, she offers a fresh perspective, highlighting money as a tool that reflects your values and choices.

Episode Highlights:

1. Question why we label money as evil and explore the origins of this belief.

2. Understand that money itself is neutral—it’s how we choose to use it that matters.

3. Examine the role of character and values in shaping financial decisions.

4. Reflect on how your money habits mirror your personal growth and values.

Tune in to uncover how self-awareness and intentionality can transform your financial narrative. Subscribe to "Always and Never About Money" and take charge of your financial journey today!

In this episode of "Always and Never About Money," Chelsea M. Williams delves into the placebo effect and how you can use it to reshape your financial reality. By identifying your money beliefs and aligning your actions with your values, you can change your financial story for the better.

Episode Highlights:

1. Discover how the placebo effect can influence your financial mindset.

2. Learn the importance of mindfulness in managing money and reflecting personal values.

3. Explore how altering habits can lead to your desired financial outcomes.

4. Reflect on your money story and take control of your financial situation.

Tune in to gain actionable insights for creating intentional habits and achieving your financial goals. Subscribe to "Always and Never About Money" and take the first step toward financial empowerment!

In this episode of "Always and Never About Money," host Chelsea M. Williams shares the 5 essential keys to building a thriving business. Avoid common pitfalls and set your venture up for lasting success with these foundational steps.

Episode Highlights:

1. Define what success means for your unique journey.

2. Build good habits that drive profitability.

3. Develop scalable processes to support growth.

4. Plan ahead to navigate challenges effectively.

5. Cultivate unshakable determination to fuel your progress.

Listen now to learn how these keys can transform your entrepreneurial journey. Subscribe to "Always and Never About Money" and start building your success story today!

In the "Always and Never About Money" podcast, host Chelsea M. Williams uncovers the deep connection between our money stories and daily lives. Through personal insights and thought-provoking discussions, Chelsea empowers listeners to reshape their financial narratives.

In This Episode:

• Learn how your experiences and beliefs shape your money story.

• Discover the key role of mindset in transforming financial habits.

• Hear Chelsea’s own money story, from her parents’ divorce to adulthood, and how it shaped her view of money.

Tune in to "Always and Never About Money" and start rewriting your financial story today!

Welcome to the "Always and Never About Money" podcast, your guide to mastering finances and transforming your mindset. Hosted by financial expert Chelsea M. Williams, this podcast empowers you to make informed decisions and achieve true financial freedom.

In Episode 1:

• Discover the mission of the podcast and how it can reshape your money mindset.

• Learn to break common money myths holding you back.

• Get a sneak peek of actionable tips and topics coming your way.

Subscribe to "Always and Never About Money" today and take the first step toward a brighter financial future!

Parkinson’s Law and Running a Business: The Money-Time Connection

Remember that exhilarating feeling when you decided to launch your own business? The thrill of making a difference, earning money, and gaining time for what truly matters? Fast forward, and while your business is making good money, your take-home isn't what you envisioned. You're investing heart and soul, yet your profits aren't aligning.

Time and money are intertwined, and as a business owner, you grasp residual power—a force beyond trading hours for dollars. This power is your chance to escape the clutches of Parkinson's Law, which predicts expenses rising to meet revenue unless you intervene.

Shield yourself! Implement a bank account budgeting system, the force to protect profits, nurture money habits, and prioritize paying yourself.

Transform your business’ cash management, innovate processes, and recapture the essence of entrepreneurship. This is your empowerment moment.

Mastering Client Payments: A Proven Strategy

We address the age-old issue: clients not paying on time. Frustrated with this common hurdle? You're not alone. 7 out of 10 business owners face the same challenge. What sets successful businesses apart? They have airtight systems that ensure timely payments and minimal collections cases.

Julie's story resonates with many. When about to implement an accounts receivable process, hesitation kicked in. The hard truth: clients take paying seriously when you show you mean business. The solution? Set expectations and establish a process that reflects your business’ professionalism.

Four Steps to Mastering Client Payments

1) Transparency Matters: Be clear about billing methods, payment expectations, and consequences of delays.

2) Secure Your Position: Adopt flat-rate approaches, request retainers, and value your time to emphasize your professionalism.

3) Stay Connected: Regular client check-ins alleviate dissatisfaction and build strong relationships.

4) Firm but Respectful: Implement an accounts receivable aging process to nudge payments without intimidation.

Mastering Profitability: Making Informed Choices

We delve into understanding your profitability like a pro. Let's break it down with a real-life example. Service/Product A 1 yields $3k revenue per sale, with $996 in wages and $425 in expenses, leaving $1,579 for the business. The total hours invested? Around 9, translating to approximately $175 per hour.

Contrastingly, Service/Product B rakes in $5k revenue, $654 in wages, $900 in expenses, and a business share of $3,446. The hours invested? Just 6, which equals a remarkable $575 per hour.

Spot the pattern? High profitability and less time investment! If this were your business, the focus would be clear, right?

Master your revenue formulas for cash flow forecasts and time management insights. This heightened awareness can steer strategic shifts and streamlined processes, elevating your business.

Your responsibility: Do better, be better. Unveil your financial prowess, business warriors!

In these fictitious yet instructive examples, a vital lesson emerges. The crux? Brace yourself! The initial scenario hints at your business's profitability, yet conceals its origins. In contrast, example #2 unveils a gem: your unmatched profits flow from uncontested divorces, yielding a striking 93% gross profit margin pre-deductibles. On the flip side, no-fault divorce cases yield a modest 59% gross profit margin pre-expenses.

These insights empower strategic enhancements: trim time, automate tasks, raise fees, or blend these strategies. Armed with financial clarity, you step up as a business authority, steering confidently toward triumph.

Hidden beneath entrepreneurship's weight, a motive often eludes many business owners taking the leap. Recall, you embarked on this journey to uplift lives, your sincere care persevering amid client skepticism. Financial equilibrium breathes life into altruistic dreams, shielding your passion amidst business demands. Refuse to parallel Tim's path; embrace numbers as your guide to equilibrium.

Empowered by insight, the impetus to thrive lies with you. Now, valiant business warriors, forge ahead, igniting a brighter destiny!

Unlock Business Success through Financial Insights! Discover how your numbers become powerful tools for strategic decisions, steering your venture towards profitability. Explore formulas within your financials to forecast your future, focusing on specialized services for added value.

Meet Tim, a business owner whose passion waned due to business pressures. Don't let that be your story. Regain your power to positively impact lives when your financials are in order. Let numbers guide you.

Ignite your business journey. Link in Bio! Be the empowered business warrior who thrives and inspires.

Employee reimbursements are an effective way for small business owners to enhance compensation without triggering additional income or payroll taxes. By understanding the importance of employee reimbursement laws and implementing an accountable plan, businesses can offer tax-free benefits to their employees while maintaining compliance with federal and state regulations. Key reimbursable expenses under an accountable plan include office supplies, travel costs, internet expenses, educational fees, and many more.

For small businesses, integrating tax-free employee reimbursement methods can significantly improve employee satisfaction and retention. This approach not only provides financial benefits to the team but also helps businesses avoid potential legal pitfalls, such as lawsuits related to unreimbursed work costs.

An accountable plan ensures that all reimbursements are tied to actual business costs, providing a structured and compliant approach to managing business expenses.

Incorporating tax-free options into your employee benefits strategy, such as offering work stipends or fringe benefits, can give your business a competitive edge. By focusing on tax-advantageous ways to compensate your team, you create a positive work environment, reduce cash flow strain, and demonstrate a commitment to your employees' growth.

At our organization, we practice what we preach by using tools like the In-Home Office Calculator to manage and track home office reimbursements efficiently. This commitment to fair compensation fosters inclusivity and respect within our team. Download our free calculator to get started with your employee reimbursements.

By implementing a well-structured employee reimbursement system, it's a win-win situation. This proactive approach helps retain top talent and promotes a positive, financially efficient work environment.

Ensuring your business’s financial security is crucial to avoiding embezzlement and fraud. Business fraud prevention starts with understanding the various ways employees might commit fraud, from payroll fraud to misuse of credit cards. This blog post dives into accounting horror stories that demonstrate the real risks your business faces. Without internal controls and vigilant financial oversight, your business’s assets are at risk.

We explore how to implement effective business financial controls. We also highlight the importance of regularly reviewing financial records to detect unauthorized transactions. By managing your business finances with care, you can protect your practice from the devastating impact of financial fraud and embezzlement.

Learn how to avoid these pitfalls and ensure your business’s financial health with our comprehensive guide to preventing fraud in businesses.

Navigating the financial landscape of a business can be complex, especially when it comes to deciding who to trust with business advice. Relying solely on your tax preparer for business advice can be problematic. While tax preparers excel in compliance and minimizing tax liabilities, they often lack the broader business strategy perspective that a CFO or financial advisor provides. A CFO, especially a fractional CFO, offers comprehensive financial oversight and strategic planning that align with your long-term goals. Tax preparers focus on past financial data, whereas CFOs look ahead, making forward-looking projections essential for business growth.

Take Erica’s story, for example. After losing her bookkeeper due to conflicts with her CPA, Erica realized she needed a change. Her CPA’s limited perspective was stifling her business's growth. The CPA fired Erica’s independent bookkeeper for overstepping boundaries, despite the bookkeeper’s efforts to help Erica achieve her financial goals. This situation highlights the pitfalls of taking business advice from a tax preparer who only focuses on historical data and compliance.

A good CFO asks the right questions and understands your business's nuances, ensuring that every financial decision supports your long-term objectives. They provide financial foresight, helping you navigate the future rather than just reviewing the past. For instance, a tax preparer might suggest cutting staff costs based on a snapshot of your payroll expenses, without considering the strategic investments you’re making for future growth. In contrast, a CFO will understand the value of your team and offer advice that balances immediate tax benefits with long-term success.

Erica's experience underscores the importance of choosing the right financial advisors. Her CPA specialized in audits, and her fear of being audited kept her from exploring growth opportunities. However, less than 3% of businesses get audited, and focusing solely on audit prevention can limit your business potential. By working with a CFO who could grow with her, Erica saw the potential for tens of thousands of dollars in savings and increased revenue.

Navigating business finance means understanding who your key financial players are and how to work with them effectively. Don’t wait until you reach a breaking point to seek change. If you feel held back in your business finances but don’t know where to start, consider working with Core Solutions Group. Our experienced CFOs and financial advisors can help you prepare clean, accurate financial reports and collaborate seamlessly with your tax preparer for the most accurate tax preparation. Contact us today to learn more about how we can assist you in achieving financial freedom and business growth.

Discover the art of harmonizing tax preparation and strategy in our insightful blog. Delve into the CFO cycle checklist, understanding why tax strategy looks beyond one year to shape a financial future. Learn the importance of bi-annual meetings with your tax professional in Q1 and Q2, ensuring your financial roadmap aligns with your goals. Navigate the intricacies of estimated tax payments, strategically placed in Q2 and Q4, to avoid surprises.

Explore our exclusive monthly, quarterly, and annual financial team touchpoints for seamless financial management. Uncover valuable insights for LLCs, optimizing tax advantages and transitioning to an S Corp for enhanced tax savings. Find expert guidance on entity-specific considerations.

Discover how Money Mastery can assist in crafting clean, accurate financial reports, making tax season a stress-free experience. If you're a business owner, our blog transforms tax complexities into a strategic financial fiesta. Download our free sheet for foolproof financial strategy team meetings and elevate your financial journey. Turn tax season into a breeze with Money Mastery by your side.

Master the complexities of Estimated Quarterly Tax Payments with Money Mastery's expert guidance for businesses. Explore our strategic approach to quarterly tax payments, utilizing IRS Form 1040-ES and optimizing Federal and State income tax obligations. Learn how to leverage tax vouchers effectively, calculate precise tax liability, and identify deductions and credits tailored to the businesses. Avoid underpayment penalties with our specialized financial services, offering accurate financials and strategic collaboration with tax professionals.

Uncover the benefits of partnering with Money Mastery as the bridge between you and your tax preparer, ensuring seamless compliance and preventing late payment penalties.

Stay ahead of Q4 tax deadlines and take control of your business's finances with our comprehensive insights into estimated tax payments.

If You’re Growing And Scaling, You’ve Either Already Considered This Question Or You’re Starting To Ask Yourself This Question.

Hope is not a strategy, so when your client base grows to fit the time you have to dedicate to work, your next step is to delegate the tasks that someone else can easily take over for you allowing you to re-invest your time into tasks that are bringing more money into your business. In this blog post, we’ll go over the pros and cons of outsourcing vs. hiring a bookkeeper for your business to help you decide which option is best for your specific needs.

I know, you keep hearing about flat fees and how it’s the thing to do. You also have your doubts about why it might not work for you, or you don’t know where to start to make this transition. Truth be told, not every service is a good fit for a flat fee model. However, most of them are. And with a little bit of data, you can make the switch without sacrificing profits.

COVID was an unexpected jolt to everyone around the world. It’s been a year of realizations, heightened social awareness, a massive shift in the education system, and a universal pause that begs for reflection. It has shown us that change is inevitable, and complacency can hurt. Try to deny or fight those two truths, and you’re going to be left behind.

The recent crisis known as COVID-19 has shaken the lives of people all over the world. At this point, there is no “normal” to go back to.