Episode Summary
Are your business financials a mess? Learn the basics of bookkeeping and when to call in the pros.Glenn Harper and Julie Smith tackle a topic most people find a little boring, but trust us, it’s way more important than you think: bookkeeping. Whether you’re running a new side hustle out of your garage or you’ve got a team behind you, how you handle your books sets the tone for your whole business.Glenn Harper starts off with a quick trip back in time (hello, Leonardo da Vinci’s accountant buddy!) to show how bookkeeping is the OG business tool. And then he brings it right back to today’s realities.You’ll hear why categorizing your expenses matters, what can go wrong if you skip proper reconciliation, and how choosing the right system (like QuickBooks) can save you serious headaches down the road.Why do so many owners start out doing their own books? When should you call in a pro? And what are the classic mistakes that trip people up before they even realize there’s a problem? With real talk about how bookkeeping mess-ups can lead to bad decisions and unnecessary stress, this episode is packed with tips on setting up your system right, knowing when to ask for help, and actually understanding what your financial statements are telling you.PureTax, LLCIn this episode, you’ll learn:The origins and purpose of bookkeeping—and why every business needs it (00:00)How to properly categorize income and expenses to avoid costly mistakes (01:32)The role of reconciliation and why it’s essential for accurate financial statements (03:10)When to handle bookkeeping internally, when to hire a bookkeeper, and when to bring in an accountant (04:13, 12:32)Red flags that signal it’s time to get professional help—and the real costs of getting it wrong (11:13, 14:25)Running a business doesn’t have to run your life.Without a business partner who holds you accountable, it’s easy to be so busy ‘doing’ business that you don’t have the right strategy to grow your business.Stop letting your business run you. At Harper & Co CPA Plus, we know that you want to be empowered to build the lifestyle you envision. In order to do that you need a clear path to follow for successOur clients enjoy a proactive partnership with us. Schedule a consultation with us today.Download our free guide - Entrepreneurial Success Formula: How to Avoid Managing Your Business From Your Bank Account.Glenn Harper, CPA, is the Owner and Managing Partner of Harper & Company CPAs Plus, a top 10 Managing Partner in the country (Accounting Today's 2022 MP Elite). His firm won the 2021 Luca Award for Firm of the Year. An entrepreneur and speaker, Glenn transformed his firm into an advisory-focused practice, doubling revenue and profit in two years. He teaches entrepreneurs to build financial and operational excellence, speaks nationwide to CPA firm owners about running their businesses like entrepreneurs, and consults with firms across the country. Glenn enjoys golfing, fishing, hiking, cooking, and spending time with his family.Julie Smith, MBA, is a serial entrepreneur in the public accounting space. She is the Founder of EmpowerCPA™, Founder of PureTax, LLC, COO for Harper & Company CPAs Plus, and Co-host of the Empowering Entrepreneurs podcast. Named CPA.com's 2021 Innovative Practitioner of Year, Julie led Harper & Company's transition to an advisory-focused firm, doubling revenue and profit in two years. She now empowers other CPA
