Budgeting is how businesses and families plan their financial lives. We help develop pro forma budgets for investors (showing the go-forward estimates), income and expense estimated business budgets based on historical numbers, and zero based budgets for clients managing cash flow problems. While not as sexy as identifying pure tax savings, a budget is critical in personal finance and business finance to helping manage the cash flow to cover expenses.

With owner-operated companies, we often help implement the Profit First business methodology, which is actually a backdoor way to budgeting based on time tested principles of personal finance. This methodology helps break income into discrete buckets, essentially an “envelope” method for small businesses.

With small businesses that have developed a managerial structure with other decision makers, businesses that have managers making certain decisions that have a financial impact, having department budgets and evaluating their performance against those metrics is important to successfully running your business.

In addition to your business income, our tax planning strategies look holistically at your family finances to identify tax strategies that maximize your wealth building. This may be identifying how to shift expenses into a deductible status, or helping you identify cost savings to plow into investment vehicles.

A profitable business is one where revenue exceeds expenses. A wealth building household is one where income exceeds expenses. A realistic budget that comports with reality and helps you make good decisions can be critical to your wealth building by helping make your business profitable and your household cash flow positive.

Owner’s Draw vs. Salary

By |2023-03-30T09:31:55-04:00March 27th, 2023|Categories: Quickies with Bette|Tags: , , , |

If you’ve just started your own business, you must consider how your profits translate into official income. How you pay yourself as an entrepreneur depends on the type of small business you’ve created and how you’d want to handle those tax implications of your income.

How to Bootstrap Your Business

By |2022-08-10T19:54:51-04:00August 10th, 2022|Categories: #FinanceFriday|Tags: , , , , , , , |

On today's #FinanceFriday, we have the fabulous Diana Moss from Mini Melanie joining us. Diana is going to teach us all about bootstrapping a business.

Tax Planning Strategies

By |2022-12-16T12:20:42-05:00May 20th, 2022|Categories: Quickies with Bette|Tags: , , , , , |

Today I'm going to tell you what tax planning is and why you need to tax plan if you want to save money on your taxes. The truth is when a client comes to me at the end of the year and has not done any tax planning, there is very little that I can do to help them save money. To avoid this situation, I recommend tax planning to all my clients.

Bad Luck or Bad Financial Planning?

By |2021-08-12T16:58:10-04:00August 12th, 2021|Categories: Other Perspectives|Tags: , , , , , |

Tomorrow is Friday the 13th, and considering the holiday's superstitious history, I wanted to share some tips from Twitter about avoiding bad luck with finances and taxes. This article is a different kind of Social Media Round-up, but I decided that there is no better day than Friday the 13th to try something new because if it flops, I will blame it on bad luck. I find this mindset funny because I think much of "bad luck" is actually just bad planning, and I hope this Twitter commentary can help us all avoid the pitfalls of poor finances and poor tax planning. Let's get started. 

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