Bookkeepers Tax Academy

Bookkeeping friends..... There are 10 HUGE financial mistakes bookkeeping company owners make. I'm sharing how to avoid them below because I don't want you to fall victim to those mistakes! As a growing business owner, it’s important to constantly strive for financial stability. That stable foundation will support your growth as you reach your first 100k and beyond! However, it is all too easy to make costly financial mistakes that can hinder your progress. How do I know? Well I have worked with a lot of bookkeepers over the years.... and I have seen it happen. But I have also helped some lucky bookkeepers turn things around. I can definitely help you overcome this! And that's why today I am sharing EXACTLY what and HOW you can avoid these massive financial mistakes… Keep in mind these are not in any particular order and some may affect your business while others may not. Top 10 Financial Mistakes Number 1: Not having a clear growth plan. Number 2: Not managing cash flow effectively. Number 3: Taking on too much debt. Number 4: Failing to diversify revenue sources. Number 5: Not reviewing and updating financial projections. Number 6: Trying to do it all yourself or neglecting to invest in employee training and development. Number 7: Not staying current on industry trends and developments. Number 8: Ignoring relationships with key stakeholders. Number 9: Having inadequate insurance coverage. Finally, Number 10: Failing to review and update your business growth plan. The most fatal mistake of all is not helping your clients realize that they also need to be doing these things in their business! As you can see there are a lot of financial mistakes a bookkeeper can make, BUT there are also a lot of strategies to remedy those mistakes (or prevent them from happening all together). If you follow what I’ve shared you’ll be on the right track to avoiding the biggest financial mistakes that could damage your company. If you need support in this area feel free to comment below with “next steps” so I can reach out to you to talk about how my team and I might be able to support you! #CEOmistake #financialmistake #bookkeepingandtaxes #business #businessgrowth #bookkeeping101 #bookkeepinghelp #usabookkeeper #bookkeeperlife #tax #taxtips #taxes #bookkeeping #business #businesstips #taxhelp #bookkeeping #bookkeepingtips #bookkeepers #taxtraining #bta #bookkeeperstaxacademy #taxtipsforbookkeepers #CorrinWoodard

How to avoid the TOP TEN mistakes in running a bookkeeping business. There are ten financial mistakes that commonly occur in bookkeeping companies as they scale to reach income over 6-figures. And I see it over and over again. You don’t have to fall victim to any of those mistakes! And if you already have, there’s a few things you can do to turn things around. Join me tomorrow, March 5, 2025, at 9:30 AM EST when I go live to give you all the details! Comment “live” if you’ll be there live. #FreeTraining #Training #CEOmistake #financialmistake #bookkeepingandtaxes #business #businessgrowth #bookkeeping101 #bookkeepinghelp #usabookkeeper #bookkeeperlife #tax #taxtips #taxes #bookkeeping #business #businesstips #taxhelp #bookkeeping #bookkeepingtips #bookkeepers #taxtraining #bta #bookkeeperstaxacademy #taxtipsforbookkeepers #CorrinWoodard

Yesterday I shared How Much Wealthy Bookkeeping Service Providers Put Away in Savings Each Month... And how you can adopt those same principles in YOUR business. There are ONE simple, yet effective, strategies that I’ve seen wealthy business owners using over and over again, Without choosing between paying down their debt and saving for their future! Because it is possible to build wealth in your personal life and business when you understand this specific strategy. Comment “Replay” if you are going to need the replay! Myself or my team will get it to you asap! #freetraining #replay #savings #bookkeepingandtaxes #business #businessgrowth #bookkeeping101 #bookkeepinghelp #usabookkeeper #bookkeeperlife #tax #taxtips #taxes #bookkeeping #business #businesstips #taxhelp #bookkeeping #bookkeepingtips #bookkeepers #taxtraining #bta #bookkeeperstaxacademy #taxtipsforbookkeepers #CorrinWoodard

Today, I want to address the issue of how society has normalized large amounts of debt, such as 100k in student loans, 250k in mortgage debt, 40k for a car and even getting approved for multiple credit cards before the age of 25. It's easy to find yourself wondering if you'll ever be able to pay it off. Many people have come to the realization that they will not be able to pay off their debt with a traditional job and that's why they started their own business, to gain financial freedom and not be limited by an income cap or someone else's control over their raises. However, the common misconception is that by cutting small expenses like a cup of coffee or going out to dinner, we can magically get out of debt. As entrepreneurs, we know that this is not the case. The truth is, making more money is easier than cutting expenses and punishing yourself. You can easily add an additional 50k to your income, but cutting 50k out of your expenses may be difficult, especially in this economy. So here are the three strategies to increase your income. 1. Raise Your Rates. 2. Go sign [get/add] a new client. 3. Reduce the cost of operations. Keep in mind, it is more manageable to earn an additional 50k than it is to save 50k. By increasing your rates, acquiring new clients, and monitoring the appropriate key performance indicators, you can reduce your operating costs. If you don't have a team to assist you in this, please comment "INCREASE"; and we can explore ways we can help. Also, if you have a bookkeepers and business friends who might benefit from this information, please share this with them or tag them below. #debt #payment #income #bookkeepingandtaxes #business #businessgrowth #bookkeeping101 #bookkeepinghelp #usabookkeeper #bookkeeperlife #tax #taxtips #taxes #bookkeeping #business #businesstips #taxhelp #bookkeeping #bookkeepingtips #bookkeepers #taxtraining #bta #bookkeeperstaxacademy #taxtipsforbookkeepers #CorrinWoodard

If I were to reveal to you a method of decreasing your business expenses and raising your income without any additional effort, would you be interested in learning more? Please let me know by commenting “INCREASE” below and I will reach out to you. #debt #payment #income #bookkeepingandtaxes #business #businessgrowth #bookkeeping101 #bookkeepinghelp #usabookkeeper #bookkeeperlife #tax #taxtips #taxes #bookkeeping #business #businesstips #taxhelp #bookkeeping #bookkeepingtips #bookkeepers #taxtraining #bta #bookkeeperstaxacademy #taxtipsforbookkeepers #CorrinWoodard

Yesterday, we discussed how society has falsely convinced us that owing $400K+ in debt is acceptable, and as business owners/bookkeepers, we don't have to sacrifice small luxuries to pay it off. In my live session, I shared the top three strategies that business owners have successfully used to boost their income and eliminate this "normalized debt". If you missed the live training and would like to watch the replay, please comment "Replay" and we will send it to you. Myself or my team will get it to you asap! #freetraining #replay #debt #payment #income #bookkeepingandtaxes #business #businessgrowth #bookkeeping101 #bookkeepinghelp #usabookkeeper #bookkeeperlife #tax #taxtips #taxes #bookkeeping #business #businesstips #taxhelp #bookkeeping #bookkeepingtips #bookkeepers #taxtraining #bta #bookkeeperstaxacademy #taxtipsforbookkeepers #CorrinWoodard

Hi Bookkeepers! I’ve got a special announcement for you: I’m starting a series of Facebook Lives that are going to help you take your business to the next level. I know you probably have your hands full, so I want to make sure that this is as simple and streamlined as possible. That’s why we’re going to go over the basics of how fixed and variable expenses can affect your clients' business profits. The first live video will be tomorrow, February 5, 2025, at 9:30 AM EDT. In it, I’ll show you how to figure out what kinds of expenses are fixed or variable for your clients so that you can better plan their future finances and give them the best advice possible. So remember—the first live video will be tomorrow, February 5 at 9:30 AM EDT! Don’t miss out! Comment “LIVE” If you will be there Live. Comment “Replay” if you are going to need the replay! #freetraining #expenses #fixedexpenses #variableexpenses #fixed #variable #bookkeepingandtaxes #business #businessgrowth #bookkeeping101 #bookkeepinghelp #usabookkeeper #bookkeeperlife #tax #taxtips #taxes #bookkeeping #business #businesstips #taxhelp #bookkeeping #bookkeepingtips #bookkeepers #taxtraining #bta #bookkeeperstaxacademy #taxtipsforbookkeepers #CorrinWoodard

Hey Bookkeeper! Do you know the difference between fixed and variable expenses? #expenses #fixedexpenses #variableexpenses #fixed #variable #bookkeepingandtaxes #business #businessgrowth #bookkeeping101 #bookkeepinghelp #usabookkeeper #bookkeeperlife #tax #taxtips #taxes #bookkeeping #business #businesstips #taxhelp #bookkeeping #bookkeepingtips #bookkeepers #taxtraining #bta #bookkeeperstaxacademy #taxtipsforbookkeepers #CorrinWoodard

As bookkeepers, our role in guiding diverse clients through complex tax situations is crucial. Take today to reflect on the week's learnings and prepare to enhance your services. #taxseason #taxplanning #taxchallenge #bookkeepingandtaxes #business #businessgrowth #bookkeeping101 #bookkeepinghelp #usabookkeeper #bookkeeperlife #tax #taxtips #taxes #bookkeeping #business #businesstips #taxtips #bookkeeping #bookkeepingtips #bookkeepers #taxtraining #bta #bookkeeperstaxacademy #taxtipsforbookkeepers #CorrinWoodard

We've covered a lot this week, from freelancer taxes to the intricacies of corporate finance. What was your biggest takeaway? Did you miss any details? Comment 'MORE' below. #taxseason #taxplanning #taxchallenge #bookkeepingandtaxes #business #businessgrowth #bookkeeping101 #bookkeepinghelp #usabookkeeper #bookkeeperlife #tax #taxtips #taxes #bookkeeping #business #businesstips #taxtips #bookkeeping #bookkeepingtips #bookkeepers #taxtraining #bta #bookkeeperstaxacademy #taxtipsforbookkeepers #CorrinWoodard