The Accounting Edit

This episode explores the transition from employee to entrepreneur, focusing on radical ownership, redefining success, and protecting your energy. Hosts Aminder and Leah share personal insights and practical tips for navigating this transformative journey. Takeaways·     Mindset shift from employee to entrepreneur·     Radical ownership of business and life·     Redefining success beyond titles and income·     Protecting energy and setting boundaries inbusiness Chapters00:00 From Employee to Entrepreneur: A Mindset Shift08:36 Redefining Success: Personal Definitions and Goals16:29 Protecting Your Energy: Boundaries inEntrepreneurship Website: TheAccountingEdit.comAminder's LinksWebsite: sequoia-cpa.comInstagram: @sequoiacpaLinkedIn: linkedin.com/company/sequoia-cpa Leah's LinksWebsite: orca-accounting.comInstagram: @orcaaccountingLinkedIn: linkedin.com/in/leahmccool Keywords: entrepreneurship, ownership, success, energy management, startup, business growth, mindset, work-life balance

In this episode, Aminder shares her detailed process forsetting and tracking goals, blending corporate frameworks with personal insights. Discover how her disciplined approach helps balance business growth with life balance, and get practical tips for starting your own goal-setting journey. Takeaways·     Start small: focus on one achievable goal at a time.·     Track progress regularly: weekly, monthly, quarterly, annually.·     Balance ambition with personal well-being.·     Use reflection and realignment to stay on track.·     Discipline is key, but self-compassion is essential. Chapters00:00 Introduction to Goal Setting02:41 Aminder's Goal Setting Process05:25 Weekly and Monthly Check-Ins08:20 Balancing Personal and Professional Goals11:24 Learning and Developing Goal Setting Skills14:03 Discipline in Achieving Goals18:56 Advice for Beginners in Goal Setting  Website: TheAccountingEdit.comAminder's LinksWebsite: sequoia-cpa.comInstagram: @sequoiacpaLinkedIn: linkedin.com/company/sequoia-cpa Leah's LinksWebsite: orca-accounting.comInstagram: @orcaaccountingLinkedIn: linkedin.com/in/leahmccool Keywords: goal setting, productivity, work-life balance, business growth, personal development, discipline, tracking progress, SMART goals, motivation, success strategies

This episode offers an in-depth look into the behind-the-scenes work of running a business, focusing on invisible tasks, emotional challenges, and growth strategies for entrepreneurs. Leah and Aminder share personal insights and practical tips for balancing ambition, managing stress, and building sustainable success. Takeaways·     Business owners do a lot of unseen work that iscrucial for success.·     Managing emotional health is essential for long-term sustainability.·     Setting boundaries and saying no are vital skills for entrepreneurs.·     Reflecting on goals helps balance ambition with well-being.·     Building systems and team support reduces stress and increases efficiency. Chapters00:00 Behind the Scenes of Accounting Firms05:02 The Emotional Landscape of Business Ownership09:33 Growth and Scaling Strategies16:50 Current Focus and Future Goals Website: TheAccountingEdit.comAminder's LinksWebsite: sequoia-cpa.comInstagram: @sequoiacpaLinkedIn: linkedin.com/company/sequoia-cpa Leah's LinksWebsite: orca-accounting.comInstagram: @orcaaccountingLinkedIn: linkedin.com/in/leahmccool Keywords: business growth, invisible work, emotional resilience, entrepreneurship, work-life balance, client management, business strategy

Why do so many six figure businesses stay stuck?In this episode, Aminder Mann (Sequoia CPA) and Leah McCool(Orca Accounting) break down why growing revenue is not the same as scaling a profitable business. They share the key financial and operational mistakes that keep service-based businesses from reaching seven figures.From poor margins and inconsistent financial reviews toreactive hiring and lack of cash planning, this episode walks through what is really holding businesses back.They also cover what seven figure businesses do differently,including how they approach pricing, profitability, forecasting, and monthly financial decision making.If your business is generating revenue but not translatinginto real profit or growth, this episode will show you what needs to change.Takeaways·     Revenue without margin awareness keepsbusinesses stuck·     Expenses growing faster than revenue is a keyred flag·     No monthly financial review means no realvisibility·     Hiring and pricing should always tie back toprofitability·     Discounting erodes margin and limits growth·     Lack of financial rhythm leads to reactivedecisions·     Shifting from operator to CEO is required toscale·     Delegation and systems remove you as thebottleneck·     Seven figure businesses make intentional, datadriven decisions·     Growth is built through structure, not justeffort Chapters00:00 Introduction to Business Growth Challenges05:07 The Importance of Financial Rhythm09:21 Shifting Mindsets: From Operator to CEO13:44 Monthly Financial Reviews and Adjustments Keywords: business growth, financial management,scaling from 6 to 7 figures, profit margins, financial planning, business strategy Website: TheAccountingEdit.comAminder's LinksWebsite: sequoia-cpa.comInstagram: @sequoiacpaLinkedIn: linkedin.com/company/sequoia-cpa Leah's LinksWebsite: orca-accounting.comInstagram: @orcaaccountingLinkedIn: linkedin.com/in/leahmccool

This episode explores the importance of bookkeepingcleanup for small businesses, covering triggers, processes, common issues, and when to seek professional help. Learn how to restore your financial records, improve decision-making, and set a strong foundation for growth.Takeaways·     Messy books are usually a systems issue, not character flaw.·     Regular cleanup helps in making data-driven decisions.·     Professional help is recommended when books are significantly disorganized. Chapters00:00 Introduction to Bookkeeping Cleanups02:23 Why Businesses End Up Needing Cleanup04:56 What a Cleanup Actually Involves09:54 What We Typically Discover13:17 The Emotional Side of Cleanup17:11 Should You DIY or Hire Help Keywords: bookkeeping, financial cleanup, small business, accounting, bookkeeping tips, financial management, QuickBooks, business growth, financial accuracy, bookkeeping mistakes Website: TheAccountingEdit.comAminder's LinksWebsite: sequoia-cpa.comInstagram: @sequoiacpaLinkedIn: linkedin.com/company/sequoia-cpa Leah's LinksWebsite: orca-accounting.comInstagram: @orcaaccountingLinkedIn: linkedin.com/in/leahmccool

In this episode, Aminder and Leah discuss essential financial metrics for businesses, focusing on net cash flow and net profit margin. They explore how these metrics provide insights into a business's financial health and sustainability, emphasizing the importance of understanding cash inflows and outflows, as well as profitability. The conversation highlights the need for business owners to track these metrics over time and avoid comparing themselves to others, advocating for a focused approach to financial management. Takeaways·     Net cash flow is crucial for understanding cash availability.·     Net profit margin indicates how much profit isretained from revenue.·     Both metrics are essential for assessing business sustainability.·     It's important to track trends over time, not just one-off figures.·     Avoid comparing your metrics to others; focus on your own progress.·     Start with a few key metrics to avoid overwhelm.·     Understanding cash flow helps in making informed business decisions.·     Net cash flow includes all cash inflows, not just revenue.·     Business owners should assess their pricing and expenses regularly.·     Simplicity in metrics can lead to better financial management. Chapters00:00 Introduction to Key Business Metrics01:12 Understanding Net Cash Flow05:25 Exploring Net Profit Margin11:06 The Importance of Sustainable Metrics Keywords: business metrics, net cash flow, net profit margin, financial sustainability, KPIs, accounting, business growth, profitability, cash management, financial health Website: TheAccountingEdit.comAminder's LinksWebsite: sequoia-cpa.comInstagram: @sequoiacpaLinkedIn: linkedin.com/company/sequoia-cpa Leah's LinksWebsite: orca-accounting.comInstagram: @orcaaccountingLinkedIn: linkedin.com/in/leahmccool

In this conversation, Leah and Aminder discuss the challenges of bookkeeping for business owners, highlighting signs that indicate when it's time to seek professional help. They explore the emotional burden of managing finances, the importance of understanding financial literacy, and the complexities that arise as a business grows. The discussion emphasizes the benefits of outsourcing bookkeeping tasks to allow business owners to focus on growth and decision-making. Takeaways·     If your books are always behind, it's a sign.·     Using numbers only for compliance indicates aproblem.·     Increasing complexity in business financesrequires professional help.·     Cash flow issues can arise even with profit onpaper.·     The emotional burden of bookkeeping can beoverwhelming.·     Understanding finance is crucial for makinginformed decisions.·     It's okay to let go of bookkeeping tasks as yougrow.·     Outsourcing bookkeeping can relieve stress andsave time.·     Financial literacy is important for businessowners.·     Outsourcing allows you to focus on growing yourbusiness. Chapters00:00 Introduction to Bookkeeping Challenges01:11 Your books are always behind02:19 You don't actually use the numbers03:30 Revenue or complexity has increased05:03 You're guessing instead of deciding05:52 Emotional cost is high09:18 The Importance of Financial Literacy Keywords: bookkeeping, accounting, financial literacy, business growth, outsourcing, cash flow, compliance, emotional burden, complexity, small business Website: TheAccountingEdit.comAminder's LinksWebsite: sequoia-cpa.comInstagram: @sequoiacpaLinkedIn: linkedin.com/company/sequoia-cpa Leah's LinksWebsite: orca-accounting.comInstagram: @orcaaccountingLinkedIn: linkedin.com/in/leahmccool

In this episode, Aminder Mann and Leah McCool delve intoessential accounting terminology, aiming to demystify common terms used in the field. They cover key concepts such as the General Ledger, Trial Balance, Chart of Accounts, Journal Entries, Profit and Loss Statements, and more. The discussion provides insights into how these terms interrelate and their significance in understanding financial statements and managing businessfinances effectively. Takeaways·     Understanding the General Ledger is crucial fortracking financial transactions.·     The Trial Balance serves as a check to ensureall accounts are balanced.·     Chart of Accounts organizes financial data intocategories for better clarity.·     Journal Entries are essential for makingadjustments in accounting records.·     Profit and Loss Statements provide insights intoa business's financial performance.·     Bank Reconciliation ensures that bank recordsmatch the company's financial records.·     Accounts Payable involves managing bills andpayments to vendors.·     The Balance Sheet reflects a company's financialposition at a specific time.·     Top Line income refers to gross revenue beforeexpenses, while Bottom Line is the net profit after expenses.·     Accounts Receivable management is vital formaintaining cash flow. Chapters00:00 Demystifying Accounting Terminology01:07 Understanding the General Ledger and Trial Balance02:55 Journal Entries: Adjustments and Corrections04:56 Profit and Loss Statement Explained05:32 Bank Reconciliations: Ensuring Accuracy05:56 Accounts Payable: Managing Bills and Payments06:36 Balance Sheet: A Snapshot of Financial Health07:35 True Up and Ties Out: Ensuring Accuracy08:54 Top Line vs. Bottom Line: Understanding Revenue10:08 Accounts Receivable: Managing Customer Payments Keywords: accounting, general ledger, trialbalance, chart of accounts, journal entries, profit and loss statement, accounts payable, balance sheet, cash flow, accounts receivable Website: TheAccountingEdit.comAminder's LinksWebsite: sequoia-cpa.comInstagram: @sequoiacpaLinkedIn: linkedin.com/company/sequoia-cpa Leah's LinksWebsite: orca-accounting.comInstagram: @orcaaccountingLinkedIn: linkedin.com/in/leahmccool

In this conversation, Leah and the Accounting Podcastteam discuss essential tips and deadlines for small business owners as they enter the new year. They cover important topics such as 1099 forms, W-2s, year-end closing procedures, financial performance analysis, and sales tax filings. The discussion emphasizes the importance of compliance, organization, and strategic planning for the upcoming year. Takeaways·     A 1099 form is required for contractors paidover $600.·     Collect W9 forms before paying vendors to ensurecompliance.·     W-2s are due by February 2nd for the previousyear.·     Year-end close involves finalizing financialsand ensuring accuracy.·     Review financial performance to set goals forthe new year.·     Sales tax filings depend on your business'sfiling frequency.·     It's crucial to stay organized and meet alldeadlines.·     Utilize accounting software to streamline thefiling process.·     Comparative analysis of financial data helps instrategic planning.·     Having a checklist can simplify the transitioninto the new year. Chapters00:00 Intro00:28 1099s04:49 W2s06:08 Year-end Close07:54 Review your financial performance and position10:46 Sales tax filings & WA DOR State Filings Keywords: small business, 1099 forms, W-2s,year-end close, financial performance, sales tax filings, compliance, accounting tips, January deadlines, bookkeeping  Website: TheAccountingEdit.comAminder's LinksWebsite: sequoia-cpa.comInstagram: @sequoiacpaLinkedIn: linkedin.com/company/sequoia-cpa Leah's LinksWebsite: orca-accounting.comInstagram: @orcaaccountingLinkedIn: linkedin.com/in/leahmccool

In this reflective podcast episode, Aminder and Leahdiscuss their experiences and lessons learned throughout 2025, their growth as entrepreneurs, and their predictions for the upcoming year. They share insights on the importance of networking, referral marketing, and the emotional journeyof starting a business. The conversation highlights the significance of trusting the process, adapting strategies, and the value of supportive relationships in entrepreneurship. Takeaways·     2025 was a year of significant growth.·     Referral marketing has proven to be impactfulfor client acquisition.·     Trusting the process is essential inentrepreneurship.·     Networking can lead to unexpected opportunitiesand connections.·     The podcast has been a meaningful outlet forsharing experiences.·     Adapting strategies and being open to pivots iscrucial for success.·     Branding and marketing are vital components ofbusiness growth.·     Recognizing that everyone is human can easenetworking fears.·     Setting clear goals for the upcoming year isimportant.·     Creating digital products can supportearly-stage business owners. Chapters00:00 Year-End Reflections and Surprises06:51 Lessons Learned in Entrepreneurship14:12 Pivots and Changes in Business Strategy18:29 Predictions for the Coming Year Keywords: 2025 recap, business growth,entrepreneurship lessons, referral marketing, networking, client acquisition, podcasting, branding, marketing strategies, future predictions, accounting Website: TheAccountingEdit.comAminder's LinksWebsite: sequoia-cpa.comInstagram: @sequoiacpaLinkedIn: linkedin.com/company/sequoia-cpa Leah's LinksWebsite: orca-accounting.comInstagram: @orcaaccountingLinkedIn: linkedin.com/in/leahmccool

In this episode, Leah and Aminder compare two popularaccounting software platforms, Xero and QuickBooks Online. They discuss the strengths and weaknesses of each platform, focusing on ease of use, target audience, bank reconciliation processes, invoicing features, reporting capabilities, and common mistakes made by users. The conversation aims to help small business owners make informed decisions about which software best suits their needs. Takeaways·     Xero is less known in the US but popular abroad.·     QuickBooks has a significant market share in theUS.·     Ease of use varies between the two platforms.·     Bank reconciliation processes differ inefficiency.·     Invoicing features are similar but have keydifferences.·     Reporting capabilities are robust in bothsoftware.·     Common DIY mistakes can lead to dataduplication.·     Cleanup processes can be tedious for bothplatforms.·     Cost is a significant factor for smallbusinesses.·     Choosing the right software depends onindividual business needs. Chapters00:00 Introduction to QuickBooks vs. Xero03:02 Target Audience and Market Positioning05:11 Ease of Use: QuickBooks vs. Xero09:48 Bank Reconciliation Processes16:22 Invoicing Features Comparison21:51 Reporting Capabilities24:33 Common DIY Mistakes29:52 Cleanup Pain Points34:53 Final Recommendations Keywords: accounting software, Xero, QuickBooksOnline, small business, invoicing, bank reconciliation, reporting, ease of use,DIY mistakes, software comparison Website: TheAccountingEdit.comAminder's LinksWebsite: sequoia-cpa.comInstagram: @sequoiacpaLinkedIn: linkedin.com/company/sequoia-cpa Leah's LinksWebsite: orca-accounting.comInstagram: @orcaaccountingLinkedIn: linkedin.com/in/leahmccool

In this episode, Leah McCool and Aminder Mann discuss theimportance of monthly accounting updates and the monthly close process. They outline the steps involved in closing the books each month, the tools they use to streamline the process, and common issues that arise in clients' accountingpractices. The conversation emphasizes the significance of maintaining accurate financial records for business growth and audit readiness, and how professional accounting services can alleviate the burden on small business owners. Takeaways·     Monthly updates provide real-time insights intobusiness performance.·     A monthly close ensures reliable and cleanfinancials.·     Regular bookkeeping helps in making informedbusiness decisions.·     Using a structured process for month-end closeis essential.·     Tools like close trackers and client portalsenhance efficiency.·     Common issues include misclassifyingtransactions and ignoring undeposited funds.·     Separating personal and business transactions iscrucial for accuracy.·     Documentation is vital for maintaining auditreadiness.·     Diligence in accounting prevents costly year-endcleanups.·     Financial statements guide intentional businessmanagement. Chapters00:00 Introduction to Monthly Close Routine03:03 Understanding the Monthly Close Process05:47 Steps in the Monthly Close Process08:24 Tools and Software for Efficient Closing11:32 Common Issues in Monthly Closing14:17 Best Practices for Business Owners17:12 Conclusion and Call to Action Keywords: accounting, monthly close, bookkeeping,financial statements, business growth, tax compliance, small business, financial insights, accounting tools, client management Website: TheAccountingEdit.comAminder's LinksWebsite: sequoia-cpa.comInstagram: @sequoiacpaLinkedIn: linkedin.com/company/sequoia-cpa Leah's LinksWebsite: orca-accounting.comInstagram: @orcaaccountingLinkedIn: linkedin.com/in/leahmccool

In this episode, Aminder and Leah discuss the importanceof cash flow statements in business accounting. They explain what a cash flow statement is, how to read it, and the common mistakes business owners make when analyzing their cash flow. The conversation emphasizes the significance of understanding cash flow for making informed business decisions and ensuring financial stability. Takeaways·     A cash flow statement shows how money moves inand out of a business.·     It is one of the three main financialstatements, alongside the profit and loss statement and the balance sheet.·     Cash flow statements are crucial forunderstanding liquidity and financial health.·     The statement is divided into three sections:operating, investing, and financing activities.·     Positive cash flow indicates strong businessperformance, regardless of profitability on paper.·     Common mistakes include confusing profit withcash and not tracking owner contributions accurately.·     Timing differences in cash flow can impactfinancial planning and decision-making.·     Regularly reviewing cash flow statements isessential for avoiding financial pitfalls.·     Cash flow statements provide insights intomanaging expenses and planning for growth.·     Understanding cash flow is vital for attractinginvestors and securing loans. Chapters00:00 Understanding the Cash Flow Statement00:40 What is a Cash Flow Statement?02:11 Breaking Down the Cash Flow Sections06:56 Importance of Cash Flow Management08:57 Common Mistakes in Cash Flow Analysis Keywords: cash flow statement, financialmanagement, business accounting, cash flow analysis, profitability, financial statements, small business finance, cash management, accounting mistakes, financial insights, bookkeeping  Website: TheAccountingEdit.comAminder's LinksWebsite: sequoia-cpa.comInstagram: @sequoiacpaLinkedIn: linkedin.com/company/sequoia-cpa Leah's LinksWebsite: orca-accounting.comInstagram: @orcaaccountingLinkedIn: linkedin.com/in/leahmccool

In this episode, Aminder Mann and Leah McCool delve intothe intricacies of the balance sheet, a fundamental financial statement for businesses. They explain its components, including assets, liabilities, and equity, and emphasize the importance of understanding how these elements reflect a business's financial health. The hosts also discuss common mistakes made in balance sheet management and provide insights on how to effectively use the balance sheet for informed business decisions. Takeaways·     A balance sheet is a snapshot of a business'sfinancial position.·     Assets equal liabilities plus equity.·     Understanding the balance sheet helps inassessing financial health.·     Common mistakes include not reconciling accountsand mixing personal with business finances.·     Retained earnings reflect the profits generatedover time.·     The balance sheet connects with other financialstatements.·     Regularly reviewing the balance sheet aids inbetter decision-making.·     Business owners should check their financialhealth monthly.·     The balance sheet is a tool for all businessowners, not just accountants.·     Understanding the balance sheet can change howyou manage your business. Chapters00:00 Understanding the Balance Sheet04:34 Importance of the Balance Sheet for Business Owners08:08 Common Mistakes in Balance Sheet Management10:26 Takeaway for Business Owners Keywords: balance sheet, financial statements,assets, liabilities, equity, accounting, business health, common mistakes, financial management, decision making, bookkeeping Website: TheAccountingEdit.comAminder's LinksWebsite: sequoia-cpa.comInstagram: @sequoiacpaLinkedIn: linkedin.com/company/sequoia-cpa Leah's LinksWebsite: orca-accounting.comInstagram: @orcaaccountingLinkedIn: linkedin.com/in/leahmccool

In this episode, Aminder and Leah share their entrepreneurial journeys, discussing the highs and lows of starting theiraccounting firms. They reflect on their initial challenges, the importance of community and networking, and the strategies they've implemented to grow their businesses. The conversation also touches on the emotional aspects ofentrepreneurship, including self-doubt and the significance of mental health support. Through their experiences, they emphasize the value of celebrating milestones and learning from both successes and setbacks. Takeaways·     Getting your first client is a significantmilestone.·     Networking can be intimidating but is essentialfor growth.·     Community support is crucial for entrepreneurs.·     Self-doubt and imposter syndrome are commonchallenges.·     Rejections can lead to valuable learningexperiences.·     Celebrating milestones helps maintainmotivation.·     Marketing can be frustrating and requiresconstant adjustment.·     Therapy provides valuable support for mentalhealth.·     Building connections with other entrepreneurs isrewarding.·     Every entrepreneur faces ups and downs in theirjourney. Chapters00:00 The Growth Journey Begins07:02 Navigating Early Challenges and Wins13:15 Building Connections and Support Systems18:23 Transitioning into Entrepreneurship23:45 Announcing the New Venture24:37 The Excitement of Launching a Podcast27:55 Refining Processes and Building Momentum32:16 Navigating the Highs and Lows of Business37:40 Facing Rejections and Building Resilience43:41 Staying Grounded and Finding Balance Keywords: accounting, entrepreneurship, businessgrowth, networking, community support, self-doubt, marketing strategies, client acquisition, mental health, business challenges Website: TheAccountingEdit.comAminder's LinksWebsite: sequoia-cpa.comInstagram: @sequoiacpaLinkedIn: linkedin.com/company/sequoia-cpa Leah's LinksWebsite: orca-accounting.comInstagram: @orcaaccountingLinkedIn: linkedin.com/in/leahmccool

In this episode, Leah and Aminder dive deep into the significance of Profit and Loss (P&L) statements for business owners. Theydiscuss what a P&L statement is, why it matters, and how to effectively analyze it to make informed business decisions. The conversation covers key components such as revenue, gross margin, and net income, as well as commonmistakes that business owners make when reviewing their P&L. The episode concludes with a focus on the importance of understanding financial statements for business growth and future discussions on related topics. Takeaways·     A profit and loss statement is essential forunderstanding business performance.·     P&L statements help identify areas ofstrength and weakness in a business.·     Regularly reviewing your P&L can provideinsights into spending and profitability.·     Understanding gross margin is crucial forpricing strategies.·     Common mistakes include not separating personaland business expenses.·     Trends over time are more important thanisolated monthly data.·     P&L statements are not just for tax time;they inform business decisions year-round.·     Business owners should be aware of their revenueper client to ensure profitability.·     Effective financial analysis can lead to betterinvestment and growth opportunities.·     The P&L statement is a storytelling tool forbusiness performance. Chapters00:00 Understanding Profit and Loss Statements05:12 Key Components of a Profit and Loss Statement09:37 Common Mistakes in Analyzing P&L Statements15:53 The Importance of Regular Review and Growth Mindset Keywords: Profit and Loss, P&L, Business Accounting, Financial Statements, Gross Margin, Net Income, Common Mistakes, Business Growth, Accounting Tips, Financial Analysis, Bookkeeping Website: TheAccountingEdit.com Aminder's LinksWebsite: sequoia-cpa.comInstagram: @sequoiacpaLinkedIn: linkedin.com/company/sequoia-cpa Leah's LinksWebsite: orca-accounting.comInstagram: @orcaaccountingLinkedIn: linkedin.com/in/leahmccool

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