The Money Pig Podcast by Goodwin Investment Advisory, is joined by CPA Krista Dempsey to discuss starting a small business on good financial footing.
The top five things to consider are:
- Entity selection
- Setting up a bank account separate from personal finances
- Choosing an accounting software like QuickBooks Online
- Understanding the chart of accounts and how it affects balance sheets and profit and loss statements.
- A balance sheet that summarizes what you own and owe while a profit and loss statement shows revenue and expenses for a period of time.
The speaker discusses the importance of reconciling accounts in order to obtain accurate financial statements. They mention using QuickBooks to make the process easier and emphasize the need for proper bookkeeping or the help of a CPA. The speaker also talks about their business package, which includes accounting software, bank reconciliations, and data entry services. They highlight the importance of regularly reviewing balance sheets and provide insights into hiring personnel and marketing strategies for small businesses.
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The Money PIG podcast is hosted by Reid Trego. Goodwin Investment Advisory is a Registered Investment Advisory firm regulated by the Securities and Exchange Commission in accordance and compliance with securities laws and regulations. Goodwin Investment Advisory does not render or offer to render personalized investment or tax advice through the Money PIG podcast. The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice.
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Goodwin Investment Advisory is an SEC-registered investment adviser (CRD #131193), and this episode is produced by evanced.net. This podcast is for informational purposes only and is not investment advice or a recommendation to buy or sell any financial products, securities, digital assets, or other investments. It should not be used as the basis for any financial decisions. The host and/or guests may personally hold investments mentioned in this episode. All investments involve risk, and past performance does not guarantee future results. Please consult with a qualified financial adviser, tax professional, and attorney before taking action on any information shared.
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