Mid-Year Check-In for Business Owners
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Hi, my name is Leah Crawford. And I'm Rhonda Nolan. And you're listening to the let's talk with Leah and Rhonda show for all the beautiful entrepreneurs out there. This is for you. Hey, good morning in Las Vegas, this is Lea Crawford. And Happy Saturday morning. Happy Saturday morning. It is hot. It is hot. Please stay hydrated. Drink water, take care of you because I have looked at my phone all week. Excessive Heat warning, excessive heat warning, just public service announcement, don't leave your phones in your car, don't leave your laptops in the car, when you get out of the car, take your stuff in the house with you. Because you do not want your devices to overheat for all you know, for all of us that have been here for a while we understand because I know for me at one time I left my phone in a car and it took me some hours for the phone to to cool off so I could use it again. So excessive heat warning is in effect, you stay hydrated. But more importantly, always remember children, animals, everything, please take them out of the car because it is too hot to leave anything in your car. Right now. Today we're going to talk about something different, we're going to do a mid year check in for business owners. You know, I am certified public accountant, I deal with a number of businesses. And right now we are going through and just looking at our stuff just to see where we are because we gone through the first quarter, second quarter is about to end. You know, for some businesses that are seasonal Summertime is their industry for me, you know as taxes. So mine is slowing down a little bit. But now we can kick in just to check in to see how you're going. Let me know how you're going about how you're doing. One thing I like to do with most of my clients, it's just have a conversation. And I'm gonna have that conversation with you today, you know, just to talk about Okay, so what has gone? Well, the first part of this year, let's jot it down. And let's talk about it. You know, did you meet a new new clients? Are you out there generating new business is? Are there some connections that you made? That you need to check in with just to see if you can generate more business? You know, let's do that mid year. Check in how are how are your expenses? Are your employees happy? Are you happy? You know, are you taking care of you? Are you taking walks in the morning, you know, Rhonda is a big proponent of getting up in the morning, doing something to move your body just to get the juices flowing. You know that mid year check in to look back at the first six months of 2024 Yes, the first I'm sorry, the first five months of 2024 Because we're in the sixth to see what you've done well, what you can do better, and what project for how you want the end of the year to look like. Again. My name is Leah Crawford. I am the owner of Crawford management group. And what I do is for a living, you know we do taxes. We do IRS tax resolution. We do dot preparation, we're notaries when you come into our office, you know we we want to serve you in the best way that we can before our business owners right now we're doing those check ins. One thing that's new this year is the beneficial ownership information report. It is a form that most companies in the United States have to complete the form is very simple to find a form. All you have to do is Google benefit of beneficial ownership. Information report. B ORBO. are very simple to complete. Why do you want to complete this form? Because if you don't do it by January one of 2025 there is a $500 penalty per day. I'm gonna say it again it is a $500 penalty per day I know with our business owners, we are going through now because some people have multiple LLC set up. They have Corporation set up and for Eric for all of them. Reading the information on the form you have to disclose Those who are the beneficial owners, the form takes no more than 15 minutes to complete. You want to do it, if you have questions or concerns about it. The Small Business Development Center is assisting people in completing these forms. Again, the Small Business Development Center is assisting people in completing these forms. All you have to do is Google my office also assisting people in doing these forms. Our contact number is 702-382-5737. Again, 702-382-5737. You want to complete these forms, you want it you just want to get it done. If you filed with the secretary of state if you have you possibly need to complete these forms. information needs to be out there, everyone needs to know because it's real. If you've seen it on Tik Tok, if you've seen it on Instagram, if you've seen it on Facebook, it's real has to be completed. I was hoping that maybe someone there will be some law or something that happened where it could be reversed because it's unconstitutional. That didn't happen, even though the lawsuit was filed. What I can say is, it's out there, it needs to be done. We're in June. And I'm going to keep going. I'm gonna remind you again in July, I'll remind you again in August remind you again in September, not trying to neck, we're trying to save you some money because those forms need to be completed again, is the beneficial ownership information. Return. My name is Leah Crawford. I am the owner of Crawford Management Group. We are a local accounting and tax services tech service and down town Las Vegas, we're on the corner of sixth and Clark for three one South Sixth Street, Las Vegas, Nevada. 89101. Our contact information is 702-382-5737. Again, 702-382-5737. I know in the past, you know with a media check, and we just had an election this past Tuesday. And I hear people talking about well my vote doesn't count. If you're a business owner. You want to have a say so in who's in his offices, who's in his offices, your vote does count. I know there's one Race, One Race, North Las Vegas City Council War Two. When the results came in, you know, one opponent was behind the other opponent more results come in. It switched, the person was up by four votes, four votes, every vote counts. You want your voice to be heard. You want your voice to be heard, not just in the presidential because some candidates are not going to make it to the presidential because people voted and in their races because of how our account but how our elections are structured. They're already in office. You know, I want to send a congratulations to the new Assemblywoman Tanya Flanagan, tyre, won her race outright. It was her election was on Tuesday, she got more than 80. Well, more than 50% of the vote, she actually got 80% of the vote. And now she's Assemblywoman Tanya Flanagan. So what I can say is, people got out they voted, and they made a decision. Again, mid year check in why is that important? Every election years entrepreneur, you know, you want to make sure that you vote so during the first quarter when the when people are filing you want to know the importance of the different office know what the different offices do, and accounting. I need to know who was in those state offices, because our industry is governed by a NRS in Nevada revised statute. And because I know what our Nevada revised statute is, I want to ensure that if any changes are made to that statute, that I'm aware of any updates and changes while I am sure the Board of Accountancy or the Nevada Society of certified public accountants will inform us but I also want to be you know, I want to be aware of the conversation might not join into the discussion, but I at least want to be aware. So it is very important for me, who was in our State Senate, who was in our state legislature, who was our lieutenant governor, and who is our own governor. All those races are very important to me. I live and work in the city. My office is in the city of Las Vegas. It's very important to me, who is Mayor while I cannot vote for the mayor because I don't live in the city. It's very important as a business owner because I want to make sure that you know I'm working. I'm operating and I earn a living in the city in the city limits of Las Vegas. It was very important to me who was Mayor so when I you know hear about different Things You know, going to support and seeing what's going on. My business is located in downtown Las Vegas, I want to make sure that you know, we can still operate. If you have a business downtown, you're aware we have a very, you know, interesting homeless
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and house people. Issue, I'm very interested in what the city council has to say, and what they are doing about the unhoused population in our area, again, mid year, check in. So I look to see, if I missed anything, you know, you need to know what's going on, not in your business, but externally around your business. It's very, very important. If you are in business, and know we talked about the beneficial ownership form, you know, your financials, let's talk about your finances, you're in business, you have operated the first five months, looking at your profit and loss statement, seeing where your income came in how you're spending your money? And are you making money? Are you not making money? If you are making money? What are you doing that you can continue to do to have a profitable 2024? If you're not making money? What changes do you need to make what adjustments changes and adjustments do you need to make in order for you, for your company to be profitable? You know, I'm a proponent of planning. So if I look at the actual results, I can analyze my behaviors, I can make adjustments changes, or continue to do what I've been doing that has been successful, so that I can have a profitable 2023. Again, for business owners, if you're employed, and you're, you're at an employee note, just looking at your paycheck stub, saying, okay, you know what, I made this much money here today, you know, how am I spending my money? What, what can I do better? If I want to know, I have a goal, I want to buy my first house, what are the things that I need to do in order to secure my first house or I want to get an investment property or I just, you know, I want to take a vacation, how do I plan to take a vacation, I might not be able to go and 2024. But if I look at strategically how I'm spending my money now, I possibly can plan for that trip that I want to take in 2025, you know, budgeting and planning now, I'm looking forward to the day where I don't have to budget and plan because everything's falling in place. And I can basically live you know, just just even though I live a carefree life now, but just truly financially stable, financially secure, and just taking, I have built the habits to be financially astute. My name is Lea Crawford, I am the owner of Crawford management group, we are located in downtown Las Vegas. And I do this mid year check in when I'm talking to my clients because just having a good conversation, a good conversation, a healthy conversation can change the trajectory for the end of the year, because maybe you were thinking about something one way and you talk to someone and they give you a different perspective, which gives you a different outlook, which can assist you in changing the behavior that can shift the outcome to the preferred outcome. And I know I started walking every morning with a friend and us just talking about, you know, the different things that were that's going on whether it's personally professionally. Okay, so I have this issue, how do I work through that, like, for me, I deal with the IRS a lot. And in dealing with the IRS, you know, I have to have conversations, you know. So first of all, how do we get here? How do we get here? Okay, this is how we got here. Now, let's, let's talk about it. Let's talk about different solutions, or different it different solutions to figure out because it might be a little bit of the solution and a little bit of our solution. That might be the ultimate formula for you to achieve your goal because everything is not one size fits all and everybody has a different opinion on how you can do things. But what I can say when you have a lot of information to look at and then also trusting your gut trusting that that intuition and leaning was sometimes past experiences. No, you put all that together in a formula. So that when you move forward, you move forward with intention. Be intentional about how you want the end of this year to happen. Be intentional, and when you set out with intention, things start to happen. Things start to happen. Again, my name is Lea Crawford. I am owner operator of Crawford Management Group. We are Do you know we do accounting? And I don't say bookkeeping, I say accounting, because not only do we enter the numbers, but we analyze them. And we look at okay, so Alright, so you know, you spent X amount of dollars on XYZ. Why is that, you know, the industry standard for you normally is about this amount, why are we spending that amount because it might have been necessary might not have been ordinary, but it might have been necessary. But really looking at how your, your, your financial health, and then tying it to tying it to your maybe emotional, or, you know, just the planning that you've done, or how you plan to spend the money for this year, we do that on a continual basis, with our clients, with our, with our accounting clients, but also with our tax clients. And we have this check in just thought that we can analyze it and talk about and we talk about it from so many different perspectives, because one thing I love about our offices, we meet you where you are, we meet you where you are, we understand that some people are just starting in this finance, you know, starting as business owners or starting to work, or just starting to experience where they have a little bit of money left over at the end of the month. And the conversation is different. We have some clients that come in, that are you know, they're playing a chess game already, you know, they're moving pieces. And they are strategic. We meet them there. Okay, so let's talk about the strategy. How do we get from point A to point B? What are the things that we need to correct? How can we ensure that you're working in your business working on your business, and that you are also taking care of you because in no matter what you do, whether you are an employee, whether you are self employed, whether you are retired, the biggest thing I can say is that, are you self aware? And how are you taking care of you, because when you start taking care of you, sometimes other stuff falls in the play place, it just falls into place. When you have a clear mind and you can think through things, and not emotionally respond to things. stuff starts to happen. Again, my name is Leah Crawford. I am owner of profit Management Group. We are located downtown Las Vegas. And what I love about our our service is our clients when we put our clients first, you know, and don't get me wrong, I do have a self care routine. And I take care of me but when it comes into work and across our management group, we ensure that we are handling our client's needs. So so far, this show we talked about the beneficial ownership form, we talked about, you know, just looking at your finances your if you're a business owner, your balance sheet, your balance your balance sheet, your profit and loss statement. And honestly, looking at your Statement of Cash Flows, so that you can see how your money is flowing in and out of your business. You know, best practices. As a business owner, I'm a big proponent of reconciling your bank, your balance sheet, you reconcile it, start with your cash accounts, your accounts receivable, your accounts payable, you want to ensure that whatever people say that you owe them is actually what you owe them. You want to ensure that if you paid a vendor more than $600, during the year, especially if they are an individual, that you have a W nine form on file for them. Because in order in order and smaller business to take that deduction,
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you should be distributing a 1099 form. But in order to distribute the 1099 form, you have to have the W nine in place. So just taking a look now to see so you're not stressed out in January, oh my god, I paid all these people. I don't have W nine forms. Okay. All right. Best practices, you get the W nine form before you get from the first check. You know, you don't know how long you're going to do business with them. Get the W nine form, you have it on file, put the file you know file it in a secure place. And you want you know and if you are a person that is doing business out there and you have to give out W nine form. You can always set up your sole proprietorship and non slip your sole proprietorship, get your business license, go get your EIN number so that you're not using necessarily your social security number. And these are the little things that we work with our clients to ensure that number one, we're protecting their identity. We're also accounting for the income that they're earning, so that they can see how well they're doing and set goals in order to reach it. What that means in order to reach them, because you set the goal now you got to know build the plan to reach the goal. And we're very good at doing that. And our office actually is actually amazing. Because we sit and we listen, because sometimes there's an emotional response, you know, people don't get emotional. Okay, got it. I've seen people come in my office. And after we start really sitting down and digging, digging deep and pulling back the layers, after the first a second conversation they offered, they offered to the races, and they're like, Okay, so I thought about it, analyzed it, you're right, I did these things, well, for the first six months. Maybe I can change this. And then let's come back and maybe September October, just for me to check in just to see if I was able to accomplish the goals are, the biggest thing that we do, though, is ensure that all of our clients are compliant with their filings, whether it is the secretary of state filing, your tax filing, both business and personal. And you're just making sure that all the filings are in place, if they have nonprofits that are set up, making sure that the flood that the filings are set up. And we do this annually. Again, my name is Leah Crawford, I am owner of Crawford management group. And again, we we tend to we answer the questions of our clients, we don't just don't just blurt stuff out, even though I have a wealth of information, listen to our clients. Take a second to process, what we are being asked. And I want to have a healthy dialogue with documentation to back it up. You know, and again, documentation beats any conversation. That's why I started off with this beneficial ownership form, you know, you can Google it, beneficial ownership information, return B O IR is there needs to be completed. If you need assistance. Again, you can call us seven zero to 3825737. Again, 702-382-5737. The the check in if you aren't using QuickBooks, you want to learn how to use QuickBooks, maybe now's the time for you to set some time aside. You can do to YouTube videos, figure out how to use it, you can contact our office, we're very good at teaching people how to use it if you're using one of the other software programs. I'm an accountant. I understand financial statements. And I understand what they need to say I'm not opposed to using in the past, I've used a number of systems. So we understand how to use the systems because we know we're looking at your bank statements, and the activity that you've had, what the financial statement should potentially look like, how stuff should be classified. And you know, one day I've been on the show, and we'll talk about that we'll go through a real QuickBooks, a real QuickBooks or accounting, software conversation. Because accounting software, there are some things that are the same, you know, you have a chart of accounts, you have balance sheets, you have income statements, you have statement of cash flows, no matter what you call them, it's a balance sheet is a profit and loss statement. It's a statement of cash flows. And all of those counts are consistent across all your software, your chart of accounts is consistent across the software's. And we use that information to compile to complete the tax returns. But we also use the financial information. So look at how successful you are in your business endeavor or like I tell some people, is it a business? Or is this a hobby, when you do to meet your checking, we can look at the numbers to see. Because if it's a hobby, maybe you just think about doing something different? If it isn't, but you know, if you want to turn it into a business, okay, so let's develop a plan so we can get there. We have these conversations on a regular basis. Because our job we know the name of the model the company is to keep it seriously simple. How do you keep stuff simple, you have a conversation and you break down those hard things into simple parts so that they're workable. They're manageable, but you're moving towards your desired goal. This is almost the end of the show. I want to say first of all, thank you Rhonda is we always talk about the events of 100 black men, and I want to give her her kudos. And if you see Rhonda you know Rhonda Rhonda had a group of young people that were in an investment class over the past six months. And when we talk about this again, if you have some young people that want to learn about investments, get them involved. A team from Las Vegas, a team from Las Vegas is in Federal answered Georgia this past weekend competing, a competing with four foot with four other teams from across the country. Yes. A team of our youngsters from Las Vegas is competing in an investment competition in Atlanta, Georgia this past week, because they did the work. Our babies are out here. They are doing the work. They wanted to learn it but they find to set this class up. They groom these children and now these children are complete are competing, nationwide. You know, she has the cooking class come up. I will get the information for next week. You know, it's a fun, it's a fun time for the family. They buy all the food you cook in your home. All you need is a phone, you put it up. Play, you have the ingredients and every year in your home. You're cooking a meal. Rhonda is doing some amazing programs. She just did bison in Vegas where she had recruiters talking to call newly new college grads. Instead of doing everything on the phone is face to face where you can see what people talk to people see what they're looking for interact with the people that are actually during the hiring. So I want to give her her flowers now. Rhonda, amazing job I am looking forward to next week and hearing the results because I know our babies did well in that class. Until next week, y'all my name is Leah Crawford. I've enjoyed you. I've enjoyed you next week. We have an amazing guests coming on here and we're going to hear about how the children did in Atlanta. Peace and blessings Las Vegas, stay hydrated. Please do not leave your devices in your car computers, laptops, children, animals. Please do not leave anything in your vehicle because there is an excessive heat warning. And most of all, stay hydrated. Take care of you. And until next week. Peace and blessings. Bye
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