The Accounting Edit

In this episode of the Accounting Edit podcast, Leah and Aminder reflect on their summer experiences as businessowners, discussing the joys of flexibility, personal growth, and the importance of protecting their time. They share personal wins, lessons learned, and their weekend routines, while also looking ahead to the fall and setting new habitsfor their businesses. The conversation emphasizes the balance between work and personal life, the significance of self-care, and the excitement of new marketing strategies.Takeaways·      Flexibility in entrepreneurship is a significant benefit.·     Taking time off can lead to personal growth and reflection.·     Cooking more has enhanced my routine and health.·     Protecting personal time is essential for work-life balance.·     Farmers markets provide fresh produce and community engagement.·     Saying no to clients can open doors to better opportunities.·     Tracking time can improve efficiency in business operations.·     Creating a structured weekend routine can enhance relaxation.·     New marketing strategies can lead to increased engagement.·     Building healthy habits is crucial for sustaining energy in business. Chapters00:00 Reflecting on Summer Experiences08:27 Personal Wins and Lessons Learned16:08 Weekend Routines and Leisure Activities21:07 Preparing for Fall: New Habits and Rituals Keywords: accounting, entrepreneurship, summer reflections, personal growth, business lessons, time management, weekend routines, fall planning, marketing strategies, health habits, bookkeepingWebsite: TheAccountingEdit.comAminder's LinksWebsite: sequoia-cpa.comInstagram: @sequoiacpaLinkedIn:linkedin.com/company/sequoia-cpaLeah's LinksWebsite: orca-accounting.comInstagram: @orcaaccountingLinkedIn: linkedin.com/in/leahmccool

In this episode, Leah and Aminder discuss the intricaterelationship business owners have with money, exploring various approaches to growth, the concept of sustainable growth, and the importance of running lean to achieve higher profit margins. They share personal experiences and insightson how their backgrounds influence their financial decisions and strategies for business success.Takeaways·     Every business has its own trajectory and growthplan.·     There are different avenues for business growth:slow vs. rapid.·     A frugal approach can lead to sustainablegrowth.·     Understanding your expenses is crucial forprofitability.·     Your relationship with money is shaped by yourbackground.·     Sustainable growth means balancing revenue andexpenses.·     Investing in your business should be strategicand calculated.·     Running lean can help lay a foundation forhigher profit margins.·     Revenue growth should not come at the expense ofprofit.·     Your mindset around money influences yourbusiness decisions. Chapters00:00 Understanding Your Relationship with Money09:43 Defining Sustainable Growth18:58 The Importance of Running Lean Keywords: business growth, sustainable growth, relationshipwith money, accounting, profit margins, lean startup, financial psychology, entrepreneurship, cash flow, investmentWebsite: TheAccountingEdit.comAminder's LinksWebsite: sequoia-cpa.comInstagram: @sequoiacpaLinkedIn: linkedin.com/company/sequoia-cpaLeah's LinksWebsite: orca-accounting.comInstagram: @orcaaccountingLinkedIn: linkedin.com/in/leahmccool

In this episode, Aminder and Leah discuss five essentialtips for staying organized with bookkeeping. They emphasize the importance of establishing a regular bookkeeping routine, separating business and personalfinances, choosing the right accounting software, digitizing receipts, and regularly reviewing financial reports. These practices are crucial for effective financial management and can significantly ease the accounting process for business owners.TakeawaysSetting a regular bookkeeping routine is essential.Separating business and personal finances simplifiesbookkeeping.Choosing the right accounting software can save time andeffort.Digitizing receipts helps maintain organization and auditreadiness.Regularly reviewing financial reports allows forproactive decision-making.Using a calendar can help keep bookkeeping tasks ontrack.Automating bookkeeping processes can reduce manualworkload.Maintaining accurate records is crucial for taxpreparation.Avoiding a shoebox full of receipts is a must.Partnering with a professional can provide valuableinsights. Chapters00:00 Introduction01:51 Tip 1 - Set a regular bookkeeping routine05:04 Tip 2 - Separate business and personal finances07:35 Tip 3 - Define the accounting software / systemthat fits your business12:20 Tip 4 - Organizing and digitizing your receipts14:37 Tip 5 - Review your financial reports regularlyKeywords: bookkeeping, accounting tips, financial organization,business finance, bookkeeping routine, accounting software, financial reports, business expenses, tax preparation, financial managementWebsite: TheAccountingEdit.comAminder's LinksWebsite: sequoia-cpa.comInstagram: @sequoiacpaLinkedIn: linkedin.com/company/sequoia-cpaLeah's LinksWebsite: orca-accounting.comInstagram: @orcaaccountingLinkedIn: linkedin.com/in/leahmccoolResourcesChecklist recommendations- www.todoist.com - www.notion.com Business bank recommendations- www.mercury.com - www.relayfi.com Our accounting software recommendationsquickbooks.intuit.com/pricing/www.xero.com/pricing/ Receipt organizationwww.hubdoc.com www.dext.com QBO Mobile AppQBO Reviewwww.sequoia-cpa.com/quickbooks-review

In this episode, Aminder and Leah delve into the intricacies of financial statements, focusing on the balance sheet, profit and loss statement, and cash flow statement. They discuss the importance of understanding these documents for business owners, identifying red flags, and the role of advisory services in helping clients navigate their financial landscape. The conversation emphasizes the need for financial literacy and the significance of regular reviews to ensure accurate financial reporting.TakeawaysUnderstanding financial statements is crucial for business owners.Negative cash balances indicate deeper issues that need investigation.Regular reviews of financial statements can uncover red flags.Cash flow statements provide insight into actual cash activities.Profit and loss statements help assess revenue trends and expenses.Advisory services can guide clients in understanding their financials.It's important to categorize expenses for better analysis.Using percentages can make financial data more digestible.Identifying trends in financials can inform future business decisions.Regular client engagement is key to effective financial management.Website: TheAccountingEdit.comAminder's LinksWebsite: sequoia-cpa.comInstagram: @sequoiacpaLinkedIn: linkedin.com/company/sequoia-cpaLeah's LinksWebsite: orca-accounting.comInstagram: @orcaaccountingLinkedIn: linkedin.com/in/leahmccoolChapters00:00 Understanding Financial Statements03:02 The Importance of Financial Literacy04:05 Analyzing the Profit and Loss Statement05:34 Decoding the Balance Sheet07:05 Identifying Red Flags in Financials09:10 The Role of Cash Flow Statements11:16 Trends and Forecasting in Financials13:55 Advisory Services and Client Support19:49 Using Percentages20:42 Budgets versus ActualsKeywords: financial statements, cash flow, profit and loss, accounting, business finance, red flags, advisory services, financial literacy, small business, bookkeeping

In this episode, Leah and Aminder walk through the journey of naming their firms, building meaningful brands, and making their businesses official. They share personal stories behind the names Orca Accounting and Sequoia CPA, talk about how branding goes far beyond logos, and break down the legal steps every business owner needs to take when getting started. If you’re launching your firm or rebranding an existing one, this episode is packed with insights and inspiration.Takeaways• A meaningful business name can create emotional connection and stand out in the market.• Nature-inspired names helped both hosts reflect their values and local roots.• Branding includes visuals, voice, tone, and client experience, not just a logo.• Canva is a powerful tool for building brand consistency and creating content.• Checking name availability for legal use, domains, and social handles is essential.• Investing in your website and brand from the start can differentiate your firm.• Your website is your storefront, so make it feel welcoming and aligned with your brand.• Legal steps include forming an LLC or PLLC, filing Articles of Incorporation, and getting an EIN.• Business registration requirements vary by city and state.• It’s okay to ask for help from a lawyer or accountant when setting up your firm.Website: TheAccountingEdit.comAminder's LinksWebsite: sequoia-cpa.comInstagram: @sequoiacpaLinkedIn: linkedin.com/company/sequoia-cpaLeah's LinksWebsite: orca-accounting.comInstagram: @orcaaccountingLinkedIn: linkedin.com/in/leahmccoolKeywords: Naming your business, branding for accountants, accounting firm startup, nature-inspired firm names, Canva for design, LLC vs PLLC, business registration steps, EIN setup, website branding tips, tax entity selection, and creating a memorable client experience.Chapters00:00 – Intro01:00 – Where it all begins03:00 – The story behind Sequoia CPA04:30 – How Orca Accounting was named07:15 – Why branding matters (especially in accounting)10:15 – Making sure your name is available12:00 – Avoiding oversaturated names14:00 – Branding tools and voice18:00 – Developing color palettes and visual direction20:00 – The importance of emotional branding24:45 – Legal steps to become official28:00 – Local registrations and tax entity considerations30:30 – Final thoughts

In this episode, Leah and Aminder discuss the intricacies ofpayroll and taxes, focusing on the processes involved in managing payroll, the responsibilities of business owners regarding tax compliance, and the importance of understanding sales tax. They also touch on cash flow management and the significance of being proactive in tax planning.Takeaways • Payroll involves wages, benefits, and tax withholdings.• Understanding the difference between employees and contractors is crucial.• Using payroll software can simplify the payroll process.• Sales tax varies by state and jurisdiction.• Proactive tax planning helps avoid penalties.• Tracking cash flow is essential for managing tax liabilities.• Quarterly tax payments should be set aside monthly.• Compliance with tax deadlines is critical for business owners.• Consulting with a payroll expert can alleviate stress.• Continuous education is important for staying updated on tax laws.Website: TheAccountingEdit.comAminder's Links:Website: sequoia-cpa.comInstagram: @sequoiacpaLinkedIn: linkedin.com/company/sequoia-cpaLeah's Links:Website: orca-accounting.comInstagram: @orcaaccountingLinkedIn: linkedin.com/in/leahmccoolChapters 00:00 Introduction & Studying for the CPA Exam05:58 Understanding Payroll Processes12:56 Navigating Payroll Compliance18:42 Exploring Sales Taxes and Their Implications24:22 Managing Other Tax LiabilitiesKey words: payroll, taxes, accounting, business, compliance, tax responsibilities, cash flow, sales tax, payroll processes, accounting podcast, bookkeeping

In this conversation, Leah and Aminder discuss their experiences with work-life balance, the challenges of preparing for the CPA exam, and the growth of their businesses. They share insights on the importance of organization, delegation, and maintaining a healthy work-life balance while navigating the demands of being small business owners. The discussion also touches on vacations and how personal experiences can influence professional life.Key Takeaways• Aminder emphasizes the importance of balancing client work and business strategy.• Leah shares her experience of easing into the week without a strict schedule.• Both speakers highlight the significance of taking breaks and enjoying nature.• They discuss the challenges of preparing for the CPA exam and the need for structured study time.• Aminder mentions the importance of planning and organization in managing client work.• Leah reflects on the flexibility of being a business owner compared to corporate life.• They talk about the necessity of delegation as businesses grow.• Aminder shares her approach to using work blocks and checklists for productivity.• Leah expresses the joy of using a planner and colored pens for organization.• Both agree on the subjective nature of business management and the importance of finding what works for them.Website: TheAccountingEdit.comAminder's Links:Website: sequoia-cpa.comInstagram: @sequoiacpaLinkedIn: linkedin.com/company/sequoia-cpaLeah's Links:Website: orca-accounting.comInstagram: @orcaaccountingLinkedIn: linkedin.com/in/leahmccoolChapters 00:00 Introduction 06:51 Weekly Planning and Structure11:26 Balancing Work and Personal Life15:34 Evolving Work Schedules and Business Growth21:43 The Balancing Act of Business Operations23:11 Evolving Client Work and Marketing Strategies25:25 The Importance of Delegation in Business Growth27:06 Evaluating Opportunity Costs in Business Decisions28:00 Structuring Your Work Week Effectively31:32 Organizational Tools and Techniques for Efficiency36:34 Conclusion Keywords: Work-life balance, CPA exam, business growth, delegation, client management, organization, productivity, small business, accounting, entrepreneurship, accounting

In this episode of the Accounting Edit podcast, Leah McCool and Aminder Mann delve into the intricacies of accounts payable and accounts receivable, using the example of Michelle, a photographer. They discuss the importance of tracking business expenses, processing invoices, and managing cash flow effectively. The conversation highlights practical steps for handling accounts payable, including invoice review, payment scheduling, and the significance of understanding payment terms. They also explore accounts receivable, emphasizing the need for timely invoicing and follow-ups to ensure cash flow into the business. The episode concludes with insights on managing bad debts and the interconnectedness of accounts payable and receivable in financial management. What You’ll Take Away:• Accounts payable involves tracking money owed to vendors and contractors.• It's crucial to review invoices for accuracy before making payments.• Understanding payment terms can optimize cash flow management.• Timely invoicing is essential for maintaining cash flow.• Using accounting software can streamline the accounts payable process.• Collecting W9 forms upfront simplifies 1099 filing later.• Accounts receivable is about tracking money owed to the business.• Following up on overdue invoices is key to cash flow management.• Bad debts should be written off to maintain accurate financial records.• Accounts payable and receivable are interconnected in managing business finances.Website: TheAccountingEdit.comAminder's Links:Website: sequoia-cpa.comInstagram: @sequoiacpaLinkedIn: linkedin.com/company/sequoia-cpaLeah's Links:Website: orca-accounting.comInstagram: @orcaaccountingLinkedIn: linkedin.com/in/leahmccoolChapters00:00 Understanding Accounts Payable09:13 Navigating Accounts ReceivableKey Words: Accounts Payable, Accounts Receivable,Cash Flow, Invoicing, Business Expenses, Financial Management, Small Business Accounting, Vendor Payments, Client Payments, Accounting Software, Bookkeeping

In this episode of the Accounting Edit, Aminder and Leah dive into the intricacies of transaction categorization and account reconciliation, using a photography business as a practical example. They discuss the importance of accurately categorizing transactions to ensure effective financial management and the necessity of regular reconciliations to maintain clean and accurate books. The conversation also highlights the use of accounting software tools to streamline these processes and improve efficiency. What You’ll Take Away:Transaction categorization is crucial for accurate financial reporting.Consistency in categorizing transactions is key for comparability.Separating business and personal transactions simplifies bookkeeping.Avoid using miscellaneous accounts to prevent lost deductions.Monthly reconciliations help catch errors early.Reviewing balance sheet accounts is essential for small businesses.Utilizing software tools can enhance efficiency in bookkeeping.Setting up rules in accounting software can save time.Accurate books are vital for informed business decisions.Website: TheAccountingEdit.comAminder's Links:Website: sequoia-cpa.comInstagram: @sequoiacpaLinkedIn: linkedin.com/company/sequoia-cpaLeah's Links:Website: orca-accounting.comInstagram: @orcaaccountingLinkedIn: linkedin.com/in/leahmccoolChapters00:00 Introduction to Transaction Categorization02:26 Understanding Transaction Categorization08:07 The Importance of Account Reconciliation12:17 Monthly Reconciliation Best Practices16:02 Utilizing Software Tools for EfficiencyKey Words: transaction categorization, account reconciliation, financial services, bookkeeping, accounting, small business, financial management, software tools, QuickBooks, Xero

In this episode of The Accounting Edit, Leah and Aminder break down what bookkeeping actually involves—and why it’s so much more than just data entry. From categorizing transactions to reconciling accounts and preparing accurate reports, they unpack the foundational elements that help small businesses stay financially healthy.They also talk through common cleanup needs, the difference between monthly and quarterly bookkeeping, and where fractional CFO services come in for deeper strategy. Whether you're a business owner trying to stay organized or an accountant expanding your service offerings, this episode offers a practical (and honest) look at what good financial support should include.What You’ll Take Away:- What’s included in full-service bookkeeping- How tools like QuickBooks and Xero make the work easier- Why monthly support often beats quarterly check-ins- How cleanups and catchups fix messy financials- What fractional CFOs actually do- Why strategic finance isn’t just for big companiesWebsite: TheAccountingEdit.comAminder's Links:Website: sequoia-cpa.comInstagram: @sequoiacpaLinkedIn: linkedin.com/company/sequoia-cpaLeah's Links:Website: orca-accounting.comInstagram: @orcaaccountingLinkedIn: linkedin.com/in/leahmccoolChapters00:14 Introduction00:26 What is Bookkeeping?02:18 Account Reconciliations03:44 Adjusting Journal Entries07:05 Accounts Payable & Receivable08:48 Sales Tax and Quarterly Taxes Explained11:37 Monthly Check-ins12:52 Quarterly vs Monthly services16:00 Cleanups, Catch-ups, and Setups20:32 Exploring CFO Services and Strategic Growth23:50 Wrap UpKey Words: bookkeeping, accounting, financial reporting, payroll, sales tax, CFO services, business finance, QuickBooks, Xero, tax filing

Welcome to the very first episode of The Accounting Edit! Meet your hosts, Leah McCool and Aminder Mann, CPA - two former startup senior accountants who took the leap from corporate and launch their own firms. In this kickoff episode, they reflect on what inspired the leap into entrepreneurship, the challenges (and successes) they've experienced, and the vision that drives their work today.As women of color, they bring fresh perspectives to a field that’s often seen as rigid and traditional. Their goal? To create space for more inclusive conversations around accounting, mentorship, entrepreneurship, and what it really means to grow a fulfilling career in this space.What You’ll Take Away:- Why starting their own firms was a defining move- The value of diverse voices in the accounting world- How mentorship and community made all the difference (no gatekeeping here)- Real talk on navigating the accountant journey (and alternate paths)- How their startup experience shaped their client approach- Thoughts on building work-life balance as entrepreneurs- The future for The Accounting Edit podcastWhether you're thinking about starting your own firm, breaking into the accounting industry, or just want to hear how others are forging their own paths, this episode is the perfect place to begin.Website: TheAccountingEdit.comAminder's Links:Website: sequoia-cpa.comInstagram: @sequoiacpaLinkedIn: linkedin.com/company/sequoia-cpaLeah's Links:Website: orca-accounting.comInstagram: orcaaccountingLinkedIn: linkedin.com/in/leahmccool/Chapters00:00 Introduction to the Podcast Journey03:14 The Inspiration Behind the Podcast06:04 Backgrounds and Early Influences08:53 Diverse Paths to Accounting15:33 Transitioning from Corporate to Entrepreneurship18:10 Finding Balance and Meaning in Work24:46 The Catalyst for the Podcast27:12 Sharing Industry Knowledge and Experiences29:36 The Importance of Networking30:42 Career Paths and Education33:02 Valuable Corporate Experiences36:45 Transitioning to Startups39:30 Leaping Into Entrepreneurship42:39 Vision for the Future45:42 Creating Inclusive Workspaces48:24 Wrap UpKey Words: accounting, entrepreneurship, diversity, CPA, mentorship, women in business, small business, podcasting, networking, work-life balance