Simplifying Small Business Tax Management

Episode 313 of the The Entrepreneurial You podcast, hosted by Heneka Watkis-Porter, titled "Simplifying Small Business Tax Management" was published on April 25, 2023 and runs 37 minutes.

April 25, 2023 ·37m · The Entrepreneurial You

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Summary

(0:00:00) - #GirlPower (10 Minutes) The Entrepreneurial You host, Heneka Watkis-Porter welcomes Shiloh Johnson, the founder and CEO of ComplYant Technology Platform, a digital tax assistant tool. Shiloh is one of only ten black women to raise over ten million dollars in venture capital funding. After acknowledging the sponsors, the conversation shifts to Shiloh's background and the founding of ComplYant Technology Platform. The biggest challenges for small business owners managing taxes are lack of time, accruing late fees, and not treating the business like a business. (0:09:50) - Taxation for Small Businesses (3 Minutes) Taxes in America are location-based and multiple tiers of government authorities require payment of taxes and fees. A variety of deductions, grants, and credits are available to small businesses to incentivize economic growth. The registration process for businesses is not as difficult as many people think, and there are services to help guide people through it. Furthermore, budgeting and filing payments are important considerations for small businesses. (0:12:49) - Securing Funding for Underrepresented Entrepreneurs (6 Minutes) This portion of the conversation focused on how compliance technology platforms can help small business owners effectively manage their taxes. The platform provides users with an algorithm that can identify the various tax types that apply to their business and calendar those taxes out for the entire year. The platform provides budgeting systems and methods to save money to pay bills. The conversation then shifted to discuss the fundraising process for compliance and strategies for securing VC funding. The speaker advised underrepresented entrepreneurs looking to secure funding for their projects, suggesting that they work on themselves to present themselves confidently. (0:18:47) - Confidence and Self-Belief in FinTech (8 Minutes) A discussion on self-confidence and standing out in the business world was explored. It was noted that it is important to enter a room with confidence and not be afraid to be yourself - to be proud of who you are and your own culture. The conversation then shifted to the evolution of compliance since receiving funding and the plans for the future. It was mentioned that the goal is to make compliance simple for small business owners, with a focus on making it easy for them to answer yes or no questions and move on with their day. (0:26:33) - Benefits of Compliance (8 Minutes) Confidence plays a major role in securing funding for small businesses. This chapter explored the importance of fraud protection and compliance in the FinTech industry and discussed the impact of technology on small businesses. The conversation also focused on the lack of representation of Black women in the FinTech industry and how the founder of Compliance (Shiloh Johnson) is working to make a positive impact. Finally, listeners get a coupon code for a free trial of the Compliance product, as well as an invitation to send feedback and connect with the host on social media. Shiloh: https://www.facebook.com/complyantapp; https://www.instagram.com/ComplyantApp/; https://twitter.com/ComplYantApp; https://twitter.com/shilohajohnson Learn more about your ad choices. Visit megaphone.fm/adchoices