1428 Financial

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Dallas, TX
1428 Financial

Virtual bookkeeping + CFO agency helping service providers make strategic moves to become more profitable and efficient

12/06/2024

What I’ve learned as a business owner? There’s a surprising amount of UNLEARNING that happens along the way.

You start out with certain ideas about how things “should” be done—maybe you think you need to be hands-on with every little detail or that you should always be the “doer” rather than the delegator. But the reality is, as your business grows, some of those old habits can hold you back.

You have to unlearn the impulse to micromanage, let go of the idea that you can (or should) do everything yourself, and shift your mindset from working in the business to working on the business.

This unlearning process can be uncomfortable at first, but it’s necessary to move from being the person who’s running everything → to the leader who’s guiding the vision, empowering your team, and making smarter strategic decisions. It’s all about shifting your mindset as your business evolves.

I unlearned a few things so (hopefully) you don’t have to!

Let me know in the comments if any of these resonate with you or what YOU are having to unlearn in the business world 💵💻

12/04/2024

Profit margins aren’t just numbers – they’re the heartbeat of your business health.

Let’s talk real talk about those percentages that can make or break your business growth. Think of your profit margin like a financial fitness tracker for your business.

🚨 Profit Margin Reality Check 🚨
Absolute Minimum: 15% (Survival mode)
Comfortable Zone: 20-25% (Breathing room)
Ideal Target: 25-30% (Growth mode activated!)

Stuck below 20%? Don’t panic. Here’s your game plan:

Dive deep into your expenses
Analyze your revenue streams
Audit the time you and your team are spending
Hunt down those profit pitfalls and crush them!

Pro tip: Your profit margin isn’t just a number. It’s a strategic tool that tells the story of your business’s health, potential, and future.

If you’re stuck in the 20% or less profit jail… we can help break you out. Swipe to read more about these 4 big factors and what you can do to get above a 20% profit ASAP.

01/09/2023

If you're self-employed and working from a designated home office space, you may be eligible to deduct these things:

→ Office Furniture
→ Laptop/Computer
→ Office Supplies
→ Telecommunications
→ Internet, Utilities, Mortgage, Rent (for the portion of your home office/total home sq. ft.)

Need help making sure these expenses (which you may have on your personal card!) make it into your business bookkeeping? That's what I'm here to help with!

01/06/2023

📆 Tax season is getting off to a strong start with all of these January tax deadlines (looking at you 1099s!).

As a business owner, here are the deadlines you're going to want to stay on top of!

📆 January 17th: Q4 Individual Estimated Tax Payment is due. If you expect to owe more than $1,000 in taxes in 2022, you should be making estimated tax payments. If you're a W-2 employee, your paycheck withholdings should be covering your obligation. However, if you're self-employed, you're responsible for sending in these payments yourself.

📆 January 31st: This is the date to get Form W-3 filed (to get those W-2s to your employees!) and 1099s out to your contractors.

Stay tuned over the next 4 months for key date reminders!

01/05/2023

📣 Calling all business owners, contractors, and anyone needing a refresher on 1099s!

Message me to grab a copy of my 1099 Guide: Who, What, When, How Much and How to File.

Let's start 2023 off strong!

11/16/2022

If your trip was 100% business, you can deduct all of the *qualifying* expenses. But what if your trip is for both business and personal reasons?

If your trip was primarily for business, but you extended it a couple of days for vacation, only the business related expenses on the trip are deductible. As far as the travel costs (airfare, etc), splitting those can get a little complicated, so this is one of those work with a tax preparer kind of situations.

If your trip is primarily a personal trip, but you happen to have dinner with a business associate while on the trip, only that dinner is a deductible expense.

What questions do you have when it comes to splitting trips between business and personal? Drop them below👇🏻

08/30/2022

Have you ever struggled with investing in yourself and your business?

I have a story for you 👇

A while back, I was on a call with a potential client and after giving her a quote, she said she’d have to talk with her husband and get back to me.

I get it. In fact, I was in full support of it (I do the same thing - he’s my sounding board for a ton of business decisions)

Investing in hiring a bookkeeper (or any service provider) is just that - an investment. It’s important you have the full support of your team, whether that’s a business partner or a life partner.

I don’t want to have a disconnected client and you don’t want to invest in something when you’re not fully committed.

Sometimes there are fears like self-doubt and a general lack of support from your community. That’s super hard to overcome, so I recommend finding someone to talk it through with and weigh the benefits.

When in doubt, talk it out🗣️

06/27/2022

You’re not dumb because you don’t understand business finances.

I don’t understand website coding or trademark law, but I don’t consider myself an idiot because of that. That’s why we have experts to help us.

But why, when it comes to finances specifically, do we consider ourselves dumb for not understanding? I’ve heard it time and time again from clients - they are so hard on themselves because they don’t understand finances.

I have my theories as to why. A long long time ago in a galaxy far away when I wanted to become a math teacher, I had this theory that so many people think they’re bad at math not because they actually are, but because we’ve been told for so long how hard it is. I think finances have a similar stigma.

And the bummer part is that I think this stops some business owners from seeking out help because they’re embarrassed.

DON’T BE.

If this is you, know that you’re not an idiot for not understanding finances. You just need the right help.

Still searching for that help? Reach out today and schedule a discovery call - we’d love to chat about whether our services can be that game changing help for you.

06/09/2022

Now that we’ve had a little time and space since tax season ended (unless you’ve filed an extension that is), let’s talk about tax refunds.

Are they a good thing?

It’s always nice to receive money, so waking up to $3k deposited into your account can feel pretty nice. Especially if you want to pay down your debt, save for that kitchen reno, or have some extra money for that vacation next month.

BUT. Think about it this way - you gave the government an interest free loan for the last year.

What could you have done with that money in the past 12 months?
Taken on less debt and therefore paid less interest.
Gone on vacation.
Put it in a high yield savings account to earn you interest.
Invest.

The list goes on and on; the options are endless. The point is - you’d have that money and be able to spend it how you choose. Sounds pretty good to me!

So now you may be thinking ok Annie, so what am I supposed to do about it?

If you have a W2 job, talk to them about filling out a new W4 to adjust how much money is taken out of every paycheck for taxes.

If you are an entrepreneur and paid estimated taxes throughout the year, you’ll want to adjust how much you paid. If you pay on your own based on a percentage of profits, consider adjusting the percentage you use. If your CPA pays for you, talk to them about tax strategy and how you can adjust for next year.

What questions do you have about tax refunds? Drop them in the comments!

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Dallas, TX

Website

http://www.1428financial.com/

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