Check out this great step by step : https://www.cnbc.com/2021/03/23/how-to-create-buy-sell-nfts.html 

Don’t want to create or sell your own NFT’s? No worries! Several other ways to get into the NFT market!

1. Invest in NFT Tokens aka BUY/Trade SOME: https://investorjunkie.com/investing/how-to-invest-nft/ 
2. Invest in hedge fund and NFT funds : https://www.yahoo.com/now/10-best-nft-stocks-buy-142001419.html
3. Create a game / platform/ land scape to trade NFTs
4. Write a NFT blog/ newsletter/ e book/ or forum
5. Create an app for NFT trade/ creation 

Additional Resources

1. Check out Kash’s Youtube Playlist: Bookkeeping basics for small business owners.
2. Get this affordable guide to reconciling any account quickly and accurately! Click here: https://kashthebookkeeper.com/paid-resources/ and scroll down to Reconcile any business or personal account in 4 easy steps!! On Sale now!

After launching in July, the entire collection sold out in nine hours, and Ahmed made over 80 ether in one day. Since he has held his profits in ether, that sum is worth over $255,000 with today’s pricing. He then earned an additional 30 ether, worth over $95,000, from the resale market, since Ahmed earns a 2.5% royalty on each secondary sale.

Ahmed has made over $350,000 to date, and by the end of August, projects his total earnings will be over $400,000!!!

https://www.cnbc.com/2021/08/25/12-year-old-coder-made-6-figures-selling-weird-whales-nfts.html

And Zucker isn’t alone. The latest NFT hype cycle has led to billions of dollars in sales this year. Celebrities – from athletes like NFL player Rob Gronkowski, to musicians like Shawn Mendes and executives like Tesla’s Elon Musk – have cashed in on the craze with drops of their own. And there have been record-breaking auctions like artist Beeple’s, who sold his NFT “Everydays: The First 5000 Days” for over $69 million. But there are also everyday creators making an impressive living off of NFTs, who are using the technology to take control of their art and careers. 

So, what’s stopping you! NOTHING!  Meet three creators making more money than they ever have before thanks to NFTs:

https://www.cnbc.com/2021/05/12/meet-the-millennial-creators-making-six-figures-selling-nfts.html 

 At just 5 years old, Ahmed began programming after watching his father, Imran, work as a web developer. He started with HTML and CSS, and continued to advance his coding skills, later learning JavaScript and other programs.

His first NFT collection, which he launched earlier this summer, consists of 40 colorful, pixelized avatars called Minecraft Yee Haa, that “I created after spending too many hours playing [video game] Minecraft,” Ahmed says. He created the artwork and coded each himself, he says. The collection didn’t immediately sell, but that was OK. Ahmed saw the project as more of a learning experience than a “money grab” and wanted to continue to create

Where Bitcoin was hailed as the digital answer to currency, NFTs are now being touted as the digital answer to collectables. Non-fungible tokens are becoming some of the most profitable blockchain-based experiments in history. High-profile influencers, like Twitter CEO Jack Dorsey, have recently made the news by auctioning off NFTs.

Like pieces of art, an NFT can be sold for money or cryptocurrency. However, the token’s asset transfer is recorded in the blockchain just like cryptocurrency. This establishes who currently owns it. Each NFT is tied to a digital (or in some cases, physical) asset of the original owner. Technically, anything in digital form can be turned into an NFT. Famous tweets, Facebook posts, Instagram pictures, and more can be turned into NFTs and sold by anyone. With the NFT market recording sales of $2 BILLION in the first quarter of 2021, there is no better reason to include it as week 9 of our 10 week build a business challenge. 

So if you’ve been thinking about starting a podcast, you can look forward to a lot of benefits other than just sponsorships.

1. Additional ResourcesCheck out Kash’s Youtube Playlist: Bookkeeping basics for small business owners.
2. Get this affordable guide to reconciling any account quickly and accurately! Click here: https://kashthebookkeeper.com/paid-resources/ and scroll down to Reconcile any business or personal account in 4 easy steps!! On Sale now!

“Whether it's your own offer or an affiliate offer, it should align with your podcast brand and solve a problem for your listener. Not only will it be a win-win for everyone involved, it will also bring in recurring revenue to your business,” explains Jaclyn Mellone, a podcasting expert, and host of Go-To Gal, a top podcast for female entrepreneurs.

“As an affiliate, you want to seek out partnerships that pay recurring commissions. Four years ago, my former co-host and I signed up as an affiliate for a well known SaaS company. Each time a listener signed up for the service through our link, we started to receive a percentage of that person’s monthly bill on a recurring basis—indefinitely. I stopped running ads for this company last year, but it continues to be a five-figure passive income stream for us!” 

A podcast gives you your own media platform where you’re showcasing your expertise week after week. This visibility puts you on the radar of other media outlets and helps you stand out from the crowd when pitching yourself. 

“Whether it’s print, TV, digital, or even other podcasts, when you want to pitch yourself for TV or a popular podcast or a huge online platform, having a living, breathing authority platform in your podcast showcases you as an expert,” says Mellone. “Your podcast adds to your credibility, commitment and professionalism as the go-to expert in your industry. 

Podcasting, Radio shows, Talk shows, and Speaking engagements are all high dollar revenue streams for the right people. Podcasting has garnered an immense popularity over the years. A podcast is a set of digital audio files that are available on the internet for downloading. A user can subscribe to the podcast to receive the digital files once they are uploaded.

Businesses nowadays are increasingly using podcasts to improve their prospects. It is a powerful marketing tool. Podcasts have become the new talk radio on mobile devices. In fact, the increased usage of mobile phones has led to the explosive growth of podcasting.

A few of the Benefits of Podcasting:

• Podcasting is an Alternative to Video
• Increased Traffic Generation
• Helps in Building Better Relationships with the Audience
• Easy to Create
• Podcasts are Highly Engaging
• Improves Public Speaking Skills

You may think of podcasting as just another platform to share content with your audience, but in reality, it is so much more than that. Podcasts are an authority platform. Unlike popular social media channels, you aren’t simply writing a caption or sharing a picture. With a podcast, you’re broadcasting your thought leadership from a far more prestigious vantage point than Instagram or Facebook.

Many creators jump into podcasting hoping to book paid sponsorships or convert listeners to clients. This is just the beginning of what podcasting has to offer. 

 Last week we concentrated on building a platform and how to have each platform pay YOU for creating content. Today we have a SPECIAL treat! We are chatting with Sharvette Mitchell of Mitchell productions-“THE PLATFORM BUILDER”!

 From her website: “Whether you’re offering transformational services & products, delivering digital courses or leading a heart-centered nonprofit or ministry... operating in your zone of genius comes easy for you. But what doesn’t come so easy is mastering this whole online marketing thing and building your personal brand.

 Sharvette Mitchell, social media superstar, confidence igniter, your overwhelm eliminator, and a straight-talking strategist who knows how to help you build your PLATFORM. I do this by focusing on six core components: your services, content marketing, visual branding, speaking, events, and media!”

 Connect with Sharvette: https://mitchell-productions.com/

Social media influencers can make big money on platforms such as TikTok, YouTube and Instagram. But it all depends on followers and views. According to a new “social salary” calculator from music licensing platform Lickd.co, here’s how many followers you need on YouTube, Instagram and TikTok to generate $100,000 in earnings.

To calculate the estimates, Lickd.co used data from Influencer Marketing Hub’s YouTube Money Calculator, Creator agency SevenSix’s influencer pricing report and influencer branding platform SocialPubli’s blog post on “How many followers do you need on TikTok to get paid?”

YouTube

According to the calculator, You need a minimum of 1,000 YouTube subscribers and about 24 million yearly views to generate $100,000.

In order to make money on YouTube, you need to be enrolled in YouTube’s Partner Programme (YPP), which allows you to make money through ads on your videos. To join YPP, an influencer needs at least 1,000 subscribers, accumulated more than 4,000 “valid public watch” hours in the last 12 months and have a linked AdSense account, according to YouTube.

Influencer Marketing Hub’s YouTube calculator estimates that the average YouTuber generates $7.60 per 1,000 views with 45% of that revenue going to Google.

Instagram

You need a minimum of 5,000 Instagram followers and 308 sponsored posts a year to generate $100,000.

That may be easier than you think: A recent HBO documentary showed how everyday people can manipulate Instagram and other platforms to become famous online influencers.

An influencer with over a million followers can reportedly make more than $250,000 per post from brands.

To make money on Instagram, switch your account to a professional account and select business.

TikTok

You need a minimum of 10,000 TikTok subscribers and over 270 million views a year to generate $100,000.

TikTok, like YouTube, has a partnership program called the TikTok Creator Fund. To be eligible, creators need to be based in either the U.S., U.K., France, Germany, Spain or Italy, be at least 18 years old, and have at least 100,000 followers and a least 100,000 video views in the last 30 days. The account also has to be aligned with TikTok’s community guidelines and terms of service.

To find out how much money your followers can get you on various social media platforms, you can use Lickd.co’s calculator.

Top Instagram influencer pay out list: https://www.hopperhq.com/instagram-rich-list/

More ways to leverage your social capital : https://buffer.com/library/make-money-social-media/

How to become an influencer: https://influencermarketinghub.com/how-to-become-an-influencer/

Additional Resources

1. Check out Kash’s Youtube Playlist: Bookkeeping basics for small business owners.
2. Get this affordable guide to reconciling any account quickly and accurately! Click here: https://kashthebookkeeper.com/paid-resources/ and scroll down to Reconcile any business or personal account in 4 easy steps!! On Sale now!
3. Want more KASH? Sign up for the free newsletter!

​Written by Kash the bookkeeper  

Check out the last QuickBooks Online Tutorial you will never need here!

You can connect with Kash on any of her seriously social platforms under the handle @Kashthebookkeeper

Connect on LinkedIn

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These days, working with brands and sponsored campaigns is not the only way you can get paid for creating and sharing content. Some social media platforms will also reward creators for their hard work with financial incentives.

But which companies pay for content, and how can you earn money from these platforms? Here are nine social media platforms that will pay you to create content.

1. Snapchat

According to CNBC, Snapchat pays up to $1 million per day for content created on the platform. Snapchat users can submit their best snaps to Spotlight, an entertainment platform that shares this kind of content from around the world.

2. TikTok

Creators entertain, inspire and express themselves, and TikTok supports and rewards these individuals for their efforts.

3. YouTube

As outlined in a post on the Official YouTube Blog, the YouTube Shorts Fund is worth $100 million and is being distributed in 2021 and 2022. Eligibility is open to anyone who creates unique YouTube Shorts content for the community.

4. Instagram

To show monetary support to a content creator on Instagram, users can purchase badges during live videos. This allows fans to show their support while participating in a live stream.

5. Twitter

Twitter's Tip Jar is a way to receive and show support on the app using money. Essentially, Android and iPhone users can send and receive Tips. This feature is currently available to numerous users, including creators, journalists, experts, and nonprofit organizations.

6. Spotify Greenroom

Spotify Greenroom is an app where live conversations are had about music, sports, and culture. You can browse groups on any topic, and also get notified about relevant rooms to join.

7. Clubhouse

Clubhouse pays users with the Creator First accelerator program. Payments can be sent by all users, and the app will pay the full amount to the creator—without taking a cut.

8. Facebook

Facebook is helping content creators diversify revenue by offering tools and support to those who build communities on the app. There are a number of ways to earn money from Facebook, from in-stream ads to branded content, as well as fan subscriptions and groups.

9. Pinterest

Pinterest’s Creator Fund is limited to a small number of creators from underrepresented communities in the US. This support includes strategy consultations, an advertising budget, and compensation for content creation.

Read the full article here: https://www.makeuseof.com/social-media-platforms-that-pay-creators/

Not interested in traditional social media accounts? Okie! Check this article out for additional platforms that may work better: https://www.webemployed.com/content-creators-platforms-earn-income/

Back in just 2005, social media penetration in the U.S. was just 5 percent, and most of the rest of the internet didn’t even know what it was. 

Today, by producing eye-catching content and using such tools as Instagram Stories and the Facebook Market Place, anyone from the humble start-up to well-known brands can compete against one another on an even playing field.

Previously, small companies would struggle online with a low advertising budget. Still, today they are more likely to survive than they would on the high street, as social media platforms have helped them spread the word about their offerings.

People tend to be more influenced by what they read on social media than through casual conversations or what they watch on TV.

This has created a HUGE opportunity for content creators! One we are going to discuss today.

Chances are even if you don't "follow" a social media influencer or even totally understand what they do you're likely to understand the concept. Influencers are those individuals who have essentially established credibility in a specific area or industry. To be successful they need to have access to an audience, preferably a large audience – hence their "influence. "With time and commitment, and consistent effort, it is possible for an average person to become a successful influencer," said Sinead Norenius-Raniere, vice president, influencer marketing & paid social at Valassis.

There's a segment of professionals who have risen to the level of a social media influencer as a byproduct of their expertise in a given subject.

"They are corporate executives, thought-leaders, scientists, academics, corporate executives, and others," noted Schreiner. "The Internet and platforms like Twitter and LinkedIn, provide these influencers with a social media presence and a stage to communicate their expertise to a wider audience than if they just wrote a book, for instance. For these influencers this social media presence may result in becoming a mini-celebrity and the rewards of receiving increased professional recognition along with additional associated professional benefits." 

 Right now, there are people making a living on social media without selling anything.

We’ve all seen those profiles of seemingly regular people with tons of followers.

It always seems as if they’re traveling or doing something fun. But what exactly do they do to fund this fairytale lifestyle? They are social influencers. Experts predict that in the next two years, global influencer marketing will be a $5-10 billion dollar industry. (insert shocked face emoji here!)

You don't need a huge audience to start making money from your social media audience. In fact, it’s worth noting that many micro-influencers get better results (i.e. earning a higher rate per 1000 followers) than influencers with larger followings.

So, what’s stopping you from becoming the next Trendsetter? By the end of this show, not-a-thing! Let’s get into how to start a social media influencer business!

Option 1. Use a fork coin generator.

 If you don’t have any programming skills, services like ForkGen might be a perfect solution for you. ForkGen is an automated fork coin generator where anyone can create a unique Bitcoin offshoot by changing some parameters and rules.

 Option 2. Do It Yourself.

 If you want to take a hardcore way to create a Bitcoin fork and aren’t afraid to get your hands dirty, follow these steps:

 Go to Github, find, download and compile Bitcoin code on your computer.

Then, the programming part starts: you’ll have to reconfigure the Bitcoin code, implement your customization.

Publish the code (open source) back to Github.

Provide a website and some kind of documentation (normally a white paper).

 Read these amazing articles for more information:

https://utsavkumar1.medium.com/5-reasons-why-you-should-have-your-own-cryptocurrency-3df7eeb8f446 

https://hackernoon.com/how-to-create-your-own-cryptocurrency-tips-to-get-started-947ba92f79f9 

https://lifehacker.com/how-to-create-your-own-cryptocurrency-1825337462 

https://www.starterstory.com/bitcoin-business-ideas#4-start-a-cryptocurrency-business-384k-year  

Additional Resources

1.    Check out Kash’s Youtube Playlist: Bookkeeping basics for small business owners.

1. Get this affordable guide to reconciling any account quickly and accurately! Click here: https://kashthebookkeeper.com/paid-resources/ and scroll down to Reconcile any business or personal account in 4 easy steps!! On Sale now!
2. Want more KASH? Sign up for the free newsletter!

Both of these methods require quite a bit of technical knowledge or the help of a savvy developer. Because coins are on their own blockchains, you’ll have to either build a blockchain or modify an existing one for your new coin.

The former takes serious coding skills, and even though tutorials and online courses exist to walk you through the process, they assume a certain knowledge level, and you generally don’t finish the process with a fully functioning coin that’s ready for public exchange.

 Alternatively, you can fork an existing blockchain by taking the open-source code found on Github, making a few changes, and launching a new blockchain with a new name. Again, this requires you to understand the code so you know what to modify and why.

 Launch a coin or token on an existing blockchain

For the average person who doesn’t know the ins and outs of coding, a creation service that does the technical work and delivers your finished coin or token back to you is one option.

 For example, WalletBuilders has a free coin launch tool for those who just want to experiment with the process, as well as a paid package (0.0023 BTC as of this writing) that creates a functional coin. 

 You can also create a token—what is essentially a smart contract—with or without a public ICO. Because tokens can represent any asset, you can even create a token with no real value or serious purpose other than to exchange among friends.

This is faster, simpler, and cheaper than creating a coin because it doesn’t require the time and effort to build and maintain a new or forked blockchain, and instead relies on the technology already in use for Bitcoin or Ethereum.

This generator on Github, for example, simply requires you to install MetaMask (a blockchain utility for buying, exchanging and storing tokens) and enter a few details about the token you’re launching. There’s a free option if you don’t care much about customization, and plans with more control cost up to 0.75 ETH as of this writing.

If you’re crypto-curious, there’s no penalty to experimenting with token contracts. Start with an ERC-20 token that you can distribute to your friends and then cash in to whoever buys drinks at the bar. There’s no monetary value or commitment attached, but this will help you understand the technical aspect as well as how tokens work. An ICO probably won’t be appropriate for the casual observer because of SEC regulation and steep penalties for misrepresentation.

 Benefits of having your own cryptocurrency:

 Eliminating fraud risks — cryptocurrency is impossible to counterfeit and no party can reverse past transactions.

 Cutting down operating costs — cryptocurrency is free from the exchange or interest rates, as well as the transaction charges.

 Offering immediate transactions — state holidays, business hours or geographic location of the parties don’t affect cryptocurrency.

 Ensuring an immediate pool of potential customers — now you can make business with those without an access to traditional exchange resources. No more trade restrictions in any markets.

 Providing security for their funds — since cryptocurrency is a decentralized system, there is no Big Brother figure like banks or government institution that can seize or freeze your assets.

 The idea behind cryptocurrency is that the underlying code is accessible to everyone—but that doesn’t mean it’s easy to understand.

 Creating a cryptocurrency may sound like a great idea, at first. But without some serious coding skills, a rich uncle or two, and a full understanding of legal and government implications it may not be the most feasible idea for this vast majority of us.

 The technical creation of a cryptocurrency isn’t even the hardest part of launching a successful crypto project. The real work is in giving your coin or token value, building the infrastructure, maintaining it, and convincing others to buy in, which requires a team of developers and staff.

 So; why are we even discussing it?

 Because crypto currency is EVERYWHERE and if we don’t get on this band wagon, we will end up regretting it later.

 Besides! I am going to show you some FREE ways to dabble in creating your own currency and of course, a couple of innovative ways to start using your new tokens!

Mine crypto from your web browsers: https://cryptotabbrowser.com/landing/22/22755006  n CryptoTab, you can create your own mining network by inviting new users via your personal link. Mining network includes up to 10 levels of referrals, which means you will get income from your friends mining, their friends mining and further on. In addition, the number of referrals on each level is unlimited. By inviting just a few people, you can significantly increase your income.

https://www.freecryptoearning.com/ : FREE CRYPTO EARNING is a mining and crypto currency holding company, We mine and buy cryptos and at a low price and hold them until desired profits are achieved. We also invest in new and emerging ICO tokens which are still at early stages of development and have a good team of developers behind them. So we can help our investors to make great profits from them. We used cloud based mining to achieve stable and long term profits from crypto currency. The trust and support of our members is most important for us and we always look forward to long term relationships.

Earn while you learn, Acquire crypto assets in a fun and low risk way, by taking lessons and testing your knowledge: https://coinmarketcap.com/earn/ 

Earn by Completing Task on Earn.com :Earn.con is a platform where users can get rewarded for completing the task and replying to the email. They have recently collaborated with Coinbase and launched a program to earn while learning. Coinbase invites verified users who can earn by answering questions or by completing tasks. This provides actually an opportunity for users to learn about cryptocurrencies and the platform and to earn is an added incentive.

Blogging for Crypto: Publish0x supplies crypto and you don’t need any cryptocurrency to use the platform.

That crypto can then be used to tip blog post authors. You simply select how much you want to tip the author of an awesome blog post and how much you want to keep for yourself. So if you’re a bit of a wordsmith then you can monetize those writing skills by posting content on Publish0x and getting tipped by users.

Read more inspiring stories: 

• https://medium.com/coinmonks/best-ways-to-earn-free-bitcoin-crypto-92f550b558b7 
• https://coinfunda.com/earn-free-cryptocurrency/ 
• https://cointasker.com/free-bitcoins/how-to-get-free-cryptocurrency-in-2021/ 
• https://www.freecryptoearning.com/ 
• https://www.cryptoneet.com/free-crypto/ 
• https://crypto.com/us/

Additional Resources

1. Check out Kash’s Youtube Playlist: Bookkeeping basics for small business owners.
2. Get this affordable guide to reconciling any account quickly and accurately! Click here: https://kashthebookkeeper.com/paid-resources/ and scroll down to Reconcile any business or personal account in 4 easy steps!! On Sale now!
3. Want more KASH? Sign up for the free newsletter!

Some cryptocurrency exchanges offer sign-up or referral bonuses for using their services. A previous Coinbase sign-up bonus offered $5 to new users to invest in crypto, for example, and the exchange currently offers a $10 bonus to both you and your referral when they make an account and trade at least $100. 

Make sure you pay attention to the terms of these bonuses. You may be required to provide more personal information or go through other actions to claim these rewards. Most of these offerings aren’t lucrative enough to warrant signing up for an entirely new exchange if you already have an account, but if you’re a beginner, keep an eye on exchanges you’re considering to see if they offer a sign-up bonus or referral for other friends that may be interested.

4. Coinbase Earn

Popular cryptocurrency exchange Coinbase offers incentives for using the platform’s Learn hub. In order to get the free change, you’ll need to watch Coinbase’s videos, take quizzes, and then Coinbase will deposit a small amount of crypto into your wallet. The content is typically focused on a specific altcoin (like GRT and BOND) and, as a result, these are the coins you’ll earn for going through the lessons.

​Because altcoins generally aren’t recommended for long-term investing, you can convert these lesser-known coins into Bitcoin or Ethereum once you earn them. But remember to keep track of these transactions, as every crypto-to-crypto trade is taxable. Additionally, you should track the price value of all your earnings through Coinbase Earn, and report them as income on your federal tax return. If you earn over $600 through the program, Coinbase will issue you a Form 1099-MISC, which you can use to report your earnings.

You’ll need to have a funded Coinbase account, live in an eligible country, and verify all of your personal information to start earning with Coinbase Earn.

5. Earn Interest on Your Bitcoin

A few crypto exchanges allow you to earn interest on your cryptocurrency holdings. Gemini Earn, for example, is a lending program in which you lend your crypto to institutional borrowers and can earn up to 7.4% APY. BlockFi has a similar offering, BlockFi Interest Account, which accrues interest up to 7.5%. Lending your crypto out to these institutions can add even more risk on top of the built-in risk of cryptocurrency, so make sure you read the terms carefully before you sign up and don’t lend more than you can afford to lose. 

You can also earn interest by staking on some crypto exchanges, like Binance.US. Staking means leaving cryptocurrency in your wallet to earn rewards or interest. By doing so you help maintain the blockchain network. You can usually only stake certain coins within an exchange, which may require buying into more risky altcoins to reap the benefits. 

Interest you earn on your crypto as well as earnings from staking are both taxable, and your responsibility to report as income. If you choose to participate, you’ll need to track the cost basis of your earnings throughout the year to include on your tax return. 

6. Airdrops

Of all the methods for earning free crypto, airdrops carry the most risk — more than we believe is worth the benefit for most investors. Developers perform airdrops when they want to gain traction for their new cryptocurrency. Put simply, they give away coins to try and garner adoption. 

That’s led to lots of crypto evangelists feeling the squeeze, which means that many cannot afford to buy any crypto. But does that mean that you’re frozen out of the cryptocurrency markets? Absolutely not.

This week we are going to go over top ways to get free crypto. That way you can stack sats and altcoins without spending a cent. Sure, these methods are unlikely to make you a millionaire. However, many are perfect for people with a bit of free time on their hands, who want to get a toe in the water or increase their stack of crypto.

Starting a crypto business may sound like accepting crypto as a form of payment for your products or services, and using third party merchants, like Paypal and Visa, doing so is a possibility now. But, not what we are going to be talking about today. Due to the massive popularity of Crypto, digital currency is itself has become a booming business. One you can start with your laptop, and time, today. EVEN IF YOU DON’T HAVE A CRYPTO WALLET and without ANY INVESTMENT! Evaluate any opportunity for free crypto critically before participating. Many of the more legitimate ways to earn “free” crypto require at least some upfront work, like taking lessons on Coinbase Earn or navigating a shopping portal for crypto rewards. And promises of free money are ripe for manipulation from scammers. Never accept an unsolicited offer for free cryptocurrency, and do your own research into any opportunity before you take part. Let’s break it down:

1. Shopping Rewards

Lolli, a Google Chrome or Firefox browser extension, offers “Bitcoin Back” when you shop with its retail partners. It works similarly to browser extensions like Rakuten or Honey that offer discounts and cash back when you use the portal or extension to shop online. Like those programs, Lolli rewards you for spending regular money just as you normally would when shopping online — not for making purchases with crypto.

Retailers on Lolli range from Nike to Sephora to Malaysia Airlines. Rewards go from 1% to as much as 30% Bitcoin back, depending on the retailer and product. Your rewards will go into your Lolli account, and then you can transfer them to your crypto wallet or exchange account. Earn $5 in bitcoin by clicking here: https://lolli.com/share/8rYKBf8PJc

2. Credit Cards

A cryptocurrency credit card works similarly to other rewards credit cards, but instead of earning cash back or points with every swipe, you’ll get cryptocurrency. While we love simple cash back rewards (and you can always buy crypto with your cash back earnings), these cards can help you more seamlessly pad your crypto portfolio. Gemini and other exchanges have announced plans for cryptocurrency rewards credit cards, along with fintech companies like BlockFi and Upgrade. The rewards categories on these cards are similar to many traditional cash back credit cards. BlockFi Credit Card, for example, earns a flat 1.5% back in Bitcoin on every purchase you make, after earning 3.5% back for the first 90 days after account opening.  

We are at the halfway point of our challenge and it’s time to make a hard right turn into the digital currency world. That’s right kiddos we are starting our Crypto business this week! Cryptocurrency is everywhere these days. Open your favourite tech or finance website, and it’s there. Watch the news, and it’s there. Speak to your co-workers, friends and family, and it’s there too. However, while such attention is great for the cryptocurrency industry, it inevitably means that obtaining bitcoin and other digital currencies is becoming increasingly expensive, with BTC’s price over 45k at time of writing.

But..

Free money is nothing new to astute consumers: Credit cards have sign-up bonuses, bank accounts earn interest, and there are even tools to get cash back when shopping online. And now, you can get many of those same perks issued in cryptocurrency instead of credit card points or U.S. dollars.

If you’ve already added cryptocurrency to your investment portfolio, these options offer some extra coin on top of your initial investment — but you should know exactly how it works before diving in. You should also be prepared for the added responsibilities free crypto may require, especially when tax season approaches. 

While some forms of free crypto, like crypto credit card rewards, are only taxed on the capital gains you earn when you cash out (just as any other crypto you buy with your own money), others may be considered taxable income when you receive it, and it’s your responsibility to report that to the IRS. Do your research to know your own tax obligations beforehand.

You’ll naturally identify your startup and operational costs throughout the business planning process. But you’ll also need to get the rest of your financial plan in order. The documents included represent a snapshot of your current monetary situation, the health of your business, and any future expectations you’ve forecasted. You’ll need a:

• Profit and loss statement
• Cash flow statement
• Balance sheet
• Sales forecast
• Personnel plan
• Business ratios and break-even analysis

At the start, a full financial plan is valuable for you to keep track of how your business is doing and identify any areas for improvement. Eventually, if you apply for a loan or pitch your business this will be a vital piece to successfully receive funding.

Lastly, you’ll also need to get your personal finances in order. This means understanding your current financial situation, what you can afford for your business, and if your personal credit will affect your business. You’ll likely want to separate your business from your personal finances if you become a full-time business owner, but if it’s initially more of a side-hustle and you’re in good financial standing this may not be necessary. 

7. Learn marketing basics

The potential of your business can quickly die if you’re not reaching your customers. That’s why it’s vital that you do some research and know some marketing basics from the get-go.

8. Get customers

This may seem like an obvious step, but it’s vital for long-term success.

9. Set milestones

Milestones are something you’ll need to cover in your business plan, but they aren’t goals that you set in stone. Instead, they should evolve as you operate your business, see results, and adjust your trajectory accordingly. While you likely set milestones to get your business up and running, these later goals should be what you intend to achieve long-term.

10. Find a mentor

Now that you’ve gotten your business off the ground it may be time to grow your network and find a business mentor. IBGR has mentors around the physical and business world to help you! Just reach out!

 Read more inspiring stories:

• https://yeswemadethis.com/from-hobby-to-business/?utm_medium=social&utm_source=pinterest&utm_campaign=tailwind_tribes&utm_content=tribes&utm_term=599194092_22655820_597152
• https://medium.com/authority-magazine/ten-entrepreneurs-share-how-they-turned-their-hobbies-into-successful-careers-22e574e35e2 
• https://vnexplorer.net/does-your-hobby-have-business-potential-heres-how-to-tell-er2021403183.html 
• https://nairobigarage.com/hobby-into-business/ 

Additional Resources

1.    Check out Kash’s Youtube Playlist: Bookkeeping basics for small business owners.

1. Get this affordable guide to reconciling any account quickly and accurately! Click here: https://kashthebookkeeper.com/paid-resources/ and scroll down to Reconcile any business or personal account in 4 easy steps!! On Sale now!
2. Want more KASH? Sign up for the free newsletter!

10 steps to turn your hobby into a business

1. Set a goal

Simply deciding to turn your hobby into a business isn’t a goal. Of course, you want to be working on something you’re passionate about, but what else do you want from your business? 

Do you intend to quit your day job and run it full-time? Are you just looking for a side hustle? Do you simply want a challenge or even just the freedom to make something on your own?

2. Do your research

This process is simply you learning more about your potential customer. You’re asking questions, looking at the available market, analyzing competitors, and identifying your target market. 

​3. Identify a business model

The second half of doing your research is identifying a business model.

Find a platform that fits your customer-base, business offering, and pricing strategy.

4. Test your idea

So, before you go full steam ahead you’ll want to validate your idea. You’ve done a bit of this already when asking potential customers questions, but this is where you test if they’ll actually buy it. 

5. Develop a business plan

If you find that your idea does have traction, it’s time to make things official. Writing a business plan helps you put everything you’ve done so far in order and ensures you’re covering all your bases. This is where you put together all of your market research, business goals, operational costs and think about long-term goals and milestones.

 Times have changed.

 No longer are any of those things required! Just like we don’t need a store front or an office to service our customers, we also don’t need to provide traditional wares. Thanks to advancements in technology, you can create a business from the comfort of your own home, using what you are already doing and monetizing it! With over 7 BILLION people in the world, no matter what you’re into, there is a tribe for you! Building a business out of your hobby as the added benefit of a built in passion.

 So..What are some of YOUR hobbies that can be turned into a business?

We all get into business because of a passion- I usually say- this passion is what keeps entrepreneurs warm on those very lonely, cold nights as we lay awake wondering what we got ourselves into… Moving on. This passion for the purpose of our product or service is VERY important to the longevity of business. It fuels innovation, it helps you stay focused, and of course is a cornerstone of the whole brand!

But what if you don’t have a passion? What if you don’t want to save the world through fuzzy socks? What if you don’t’ have an angelic singing voice, can’t dance for beans, and have no idea what a crease cut is? Can you still have a thriving business that makes enough to support you and your family?

Great questions, ones we will be exploring today as we take a look and how real-life businesses were started from a real life hobby. Find something that fulfills you creatively then connect with other people who share that passion, enough to create a customer base.

“Find three hobbies you love: One to make you money, one to keep you in shape and one to be creative.”― Anonymous

1. A Step-By-Step Guide to Get Started with Systeme.io’s Affiliate Marketing : https://systeme.io/blog/affiliate-marketing-beginners
2. How to Do Affiliate Marketing for Beginners: The Basics : https://easyaffiliate.com/blog/affiliate-marketing-for-beginners/
3. 11 Best Affiliate Programs for Beginners to Make Money : https://empireflippers.com/best-affiliate-programs-for-beginners/
4. The 8 Best Affiliate Marketing Programs for Beginners : https://larryludwig.com/best-affiliate-programs-beginners/
5. ClickBank: The Brutally Honest, Must-Read Guide for 2021 : https://smartblogger.com/clickbank/ 
6. Affiliate Marketing in 2021: How to Find High-Paying Programs and Start Your Affiliate Business https://www.shopify.com/blog/affiliate-marketing 

Additional Resources 

1. Check out Kash’s Youtube Playlist: Bookkeeping basics for small business owners. 
2. Get this affordable guide to reconciling any account quickly and accurately! Click here: https://kashthebookkeeper.com/paid-resources/ and scroll down to Reconcile any business or personal account in 4 easy steps!! On Sale now! 
3. Want more KASH? Sign up for the free newsletter! 

If you click on an affiliate link or ad, you might notice the referral code or identifier within the URL. Generally, the link looks longer than it would if you were to visit the merchant’s page directly:

As an affiliate program manager, you would use these special IDs to verify the referral source of a customer. In other words, these codes are critical for confirming and crediting affiliate partners.

Not all affiliate programs operate the same way, of course. Some common commission models include:

Pay Per Click (PPC): Affiliates earn credit any time a consumer clicks on their affiliate links.

Pay Per Sale (PPS): An affiliate earns a percentage of the referred sale.

Pay Per Lead (PPL): If an affiliate’s link results in a qualified lead, they receive a fixed commission.

Ultimately, the structure and terms depend on whether you’re using a self-hosted program or an affiliate marketing network. Networks such as Commission Junction and ShareASale are popular places to get started.

These third-party services act as an intermediary between sellers and affiliates. Although they can help with finding and managing affiliate accounts, they don’t offer as much control or autonomy as self-hosted programs, such as what you can operate through Easy Affiliate.

With the latter, you can create your own program and exercise complete control — and it's simpler than working with a third-party service.

• Sellers (sometimes referred to as merchants, retailers, or brands) can range from individual entrepreneurs to global enterprises. They are the creators of the products or services being promoted and sold.
• Affiliates (also referred to as publishers or advertisers) promote the seller’s products to their audiences by using affiliate links and ads. If their promotion or referral leads to a sale, they earn a commission from the seller.
• Customers purchase the product or service from the seller based on the affiliate’s referral.

Essentially, affiliate marketing is a form of profit-sharing between sellers and advertisers. The commission earned comes out of the product price, so it doesn't create an additional cost to the customer.

Whether you participate in affiliate marketing as a merchant or an affiliate, there are many advantages when compared to other types of marketing. One of the biggest draws is the amount of control and flexibility available.

For example, a merchant can create an affiliate marketing program based on the products and services of their choosing, while affiliates can decide which programs to participate in. The shared goal is getting product promotions in front of relevant audiences who are likely to convert.

Affiliate marketing is also cost-effective. Most affiliate programs are free to join, and operate on a performance-based system. This means that commissions are earned only when a consumer completes the intended action

1. Create a Professional seller account.
2. Enroll your brand in Amazon Brand Registry.
3. Add products and use A+ Content to customize your Amazon listings.
4. Create a unique storefront for your brand using the Amazon Stores tool.
5. Use more tools to grow and distinguish your brand—all included with your seller account.

Let's talk numbers

The cost to sell on Amazon depends on your selling plan, product category, fulfillment strategy, and other variables. The options are flexible, so you can find the combo that works best for you and your goals.  https://sell.amazon.com/pricing?ref_=sdus_soa_priov_n

Lastly: Check out this AMAZONG ( see what I did there?! ) Seller Central: https://sellercentral.amazon.com/gp/help/external?ref_=sdus_soa_xscus_help&initialSessionID=apay%3D147-2220821-4716029&ld=NSYahoo 

Additional Resources 

1. Check out Kash’s Youtube Playlist: Bookkeeping basics for small business owners. 
2. Get this affordable guide to reconciling any account quickly and accurately! Click here: https://kashthebookkeeper.com/paid-resources/ and scroll down to Reconcile any business or personal account in 4 easy steps!! On Sale now! 
3. Want more KASH? Sign up for the free newsletter! 

No really. You may think you need to be some large manufacturer or big drop shipper with overseas connections to take advantage of the whale that Amazon is. But you couldn’t be farther from the truth! Selling products on Amazon is just the start of the multi-billion dollar pie. Check out these helpful sites for more details! When I say it’s too much to include here, I mean it! 

1. Small business resources: https://sell.amazon.com/small-business.html 
2. App developers: https://developer.amazon.com/?initialSessionID=apay%3D147-2220821-4716029&ld=AZUSSOA-seemore
3. Online store: https://sell.amazon.com/build-an-online-store?ref_=sdus_soa_baos_f
4. Seller university: https://sell.amazon.com/learn?ref_=sdus_soa_su_f
5. Amazon business credit: https://www.amazon.com/dp/B07CBJQS16?pr=ibprox&plattr=CCLFOOT&place=camp&ie=UTF-8&ref_=footer_ccl
6. Amazon credit card! https://www.amazon.com/dp/B07984JN3L?plattr=ACOMFO&ie=UTF-8
7. Amazon affiliate market: https://affiliate-program.amazon.com/?initialSessionID=apay%3D147-2220821-4716029&ld=AZUSSOA-seemore 

Besides selling your products on Amazon, Amazon has a suite of services designed for small businesses but most don't take advantage of them, mainly because they don’t know about them! 

Here are Chris Meekins Top five questions to ask when choosing your Business. 

1. What product are you selling? Do you want to be a product or a service business owner?
2. Can I make money without recruiting anyone? 
3. Is it possible to make more than your sponsor? 
4. If you do not have a team, is it possible to make as much money as someone who does?
5. Does your product or service have Fair market value aka, is it worth the price? 

Ready to get started today? The fastest way to your business today is to reach out to Chris himself! 

Website: www.creativecmg.com #1 way to create income online! Get started for $99 (business builder bundle ) today! Limited time offering.

Additional Resources 

1. Check out Kash’s Youtube Playlist: Bookkeeping basics for small business owners. 
2. Get this affordable guide to reconciling any account quickly and accurately! Click here: https://kashthebookkeeper.com/paid-resources/ and scroll down to Reconcile any business or personal account in 4 easy steps!! On Sale now! 
3. Want more KASH? Sign up for the free newsletter! 

10 Ways to Choose a Great Network Marketing Opportunity : Here are 10 questions to ask about the company you may potentially be working for that will help you choose wisely. https://www.thebalancesmb.com/choose-network-marketing-opportunity-1201185

How To Choose The Best MLM Company? In this article, we will see how to choose the best MLM Company by following some principles to join the best MLM company.

ttps://blog.infinitemlmsoftware.com/how-to-choose-the-best-mlm-company/

The Top 100 Best MLM Companies To Join (2021) :  https://www.ecosecretariat.org/best-mlm-companies/

Bonus: Here is that Facebook thread I mentioned! (2) Direct Sales Mom's | Facebook

These pre-made templated businesses offer a strong foundation for new entrepreneurs, a system for marketing, customer service, and even accounting. If you've never owned a business before, or just want to dip your toe into a new venture a multi level marketing business may be the answer.

Following the structure from last season, we are starting with a closer look on Multi-Level Marketing businesses and direct sales models.

There are thousands of MLM's, subscription boxes, and commission based/ team building companies out there. with the onset of the virtual world + mega prizes, these once old fashioned door to door sales have gotten a GLOW UP, HUNTY! How can you get a piece of this multi- billion dollar industry? Better yet, how can you get in for free!? 

1. Sign up for a separate email ( you can create several or just one)
2. Create a www.canva.com account for free: https://www.canva.com/join/jtg-zhx-rmg
3. Sign up / create new social media accounts for your new business
4. It goes without saying that you are going to need a bank to deposit all of the new money you will be earning! If you don’t want to open up a new bank account, considering signing up with Paypal or a similar merchant. 
5. Sign up for a free business management account with Google or my favorite is zoho.com! Email Hello@kashthebookkeeper.com for a discount link! 

We also need to leave behind a few things for our 10 week challenge to really work! We have to give up the fear of failing. Separate ourselves from imposter syndrome and remember that money is just an energy, an energy that is endless, one that can be tapped into at any time! 

READY to get started? 

Additional Resources 

1. Check out Kash’s Youtube Playlist: Bookkeeping basics for small business owners 

Grab your free Bookkeeping Checklist here!

You can connect with Kash on any of her seriously social platforms under the handle @Kashthebookkeeper

Connect on LinkedIn

Follow on Instagram

Like on Facebook

7/19/21   Multi Level Marketing and Direct Sales in the Digital Era:   What kind of MLM's are there and how can we sign up? Which are the most profitable? pros/cons Is it a real business though? How can I turn my business into a MLM? 

7/26/21   Amazing Amazon:   Amazon is the world's largest marketplace- if you aren't selling on Amazon... WHY NOT?! Let's fix that this week! 

8/2/21      Affiliate links made easy!   

8/9/21      Turn Hobbies into Income   

8/16/21   How to invest in Crypto Currency   Crypto.com + how to mine or generate crypto for FREE! WHAT NOW! 

8/23/21   Make your own currency!    Tokens to be exact and put them to work in your business!

8/30/21   Social Selling- FB, IG, TT   Make money online generating and selling content! Not about how to grow your audience, just how to get started.

9/6/21   Social Selling- YT, webinars   Make money online generating and selling content! Not about how to grow your audience, just how to get started.

9/13/21   Land Mine?   How to use Decentral land to create your own virtual business world

9/20/21   Make and Sell your NFT   Title really does say it all here. 

9/27/21   Summary of what we built.    

Concepts are great, but how do we use them to actually build a business? Is it even possible? Worth it? Well, let's find out! This season we are going to build a business each week- from our laptops.. wait for it... with little or no investment! Yeah, even I have my doubts about this one ya'll.

Thankfully we have entrepreneurs popping in all season long to give us the tea on how they became digital nomads-the good, the bad, the ugly- and how you can too! Grab your wireless mouse and join me each week as we go from concept to creation, here on Money Matters.

There are so many new pathways to wealth, the choices can get overwhelming! Here at IBGR, we are all about being in the present, while using the past to secure our future. Instead of going over the same ol' "Work from home" avenues, we are leaning on the concepts we covered last season and taking a concentrated, direct path to building a business TODAY.

My name is Kasfia Rashid but you can call me Kash. It is my job to prepare you to understand the language of business. Warren Buffett said that accounting is the language of business! So, who better to learn from than an accountant with over 16 years worth of experience! Last season we discussed the future of money, explored the new emerging concepts in business and expanded our horizons.

Catch the whole season on your favorite podcast player! Just search for Kash the bookkeeper! 

This season we take those concepts and turn them into sustainable businesses. In the past it was hard to start a business! If you wanted to sell products, you had to have a store. If you want to sell services, you need a place to service your customers. BUT NOT ANYMORE! A new era of business has emerged, along with it a new era of business owner: The digital nomad. Today we discuss the framework for a 10 week challenge. Build a business a week from your laptop, with little to no startup costs! That's the challenge on the table, as we build the businesses of tomorrow.

So get clear on your processes first.

The easiest way to do this:

• For each process that you’re looking to automate, get a strong team member in that process to document how they perform the task as it’s being performed.
• Open / create bank accounts to house each new stream of revenue or asset line and use integrated apps to bring everything together in one place.
• Use predictive analytics, for example Futrli Predict. It will look at historical information in Xero/QBO to create a predicted cash flow forecast, P&L and balance sheet.

Source Articles:

1. https://online.maryville.edu/blog/future-accounting/ 
2. https://www.icpas.org/information/copy-desk/insight/article/digital-exclusive-2018/what-will-accounting-and-finance-look-like-in-10-years 
3. https://www.ifac.org/knowledge-gateway/preparing-future-ready-professionals/discussion/future-accounting 

Additional Resources 

1. Check out Kash’s Youtube Playlist: Bookkeeping basics for small business owners. 
2. Get this affordable guide to reconciling any account quickly and accurately! Click here: https://kashthebookkeeper.com/paid-resources/ and scroll down to Reconcile any business or personal account in 4 easy steps!! On Sale now! 
3. Want more KASH? Sign up for the free newsletter! 

The future of accounting is not just about technology, but it sure is being driven by it. Here are some examples of how automation is helping accountants this very second:

• Machine learning and robotic process automation can help you to prepare the books in a fraction of the time that it used to
• The interconnectedness of third-party software vendors and your accounting system allows data to flow seamlessly between each other, reducing manual data entry and errors
• Artificial intelligence is able to quickly augment an accountant’s skills

It’s clear that one must stay current with trends in automation in order to stay relevant as the future of accounting evolves. Labor and time-intensive facets of accounting — such as audits, tax preparation, banking, and payroll — are quickly becoming fully automated. As the application of AI to create self-learning systems continues to be integrated into accounting tasks, technological systems will take on the repetitive and time-consuming jobs, leaving the analytical and managerial tasks to humans. For example, major software vendors, such as Intuit, Sage, OneUp, and Xero, offer automated data entry and reconciliation options using AI and machine learning technologies in company bookkeeping, according to Forbes.  

Another trend impacting the demand for accountants in the future is blockchain technology, a computer-based recording system that uses cryptocurrency within a user-to-user network. The attractiveness of blockchain for accounting lies in “the possibility of a new type of accounting ledger — one that can be continuously updated and verified without the threat of being altered or corrupted,” Accounting Today explains.

Accounting and finance leaders are quick to quote Microsoft founder Bill Gates when prophesizing about the future of the accounting and finance profession: “We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten.”

The truth is, most people have difficulty envisioning a future much different from what’s seen in today’s most state-of-the-art departments. Outside of robots taking over, what more can change? If we look back at the careers of professionals who are about to retire, the profession looks far different today than it did 40 years ago.

In 1978, most companies kept their accounting records in paper ledger books. 

At the time, business school graduates were still about 75 percent male and supervised overwhelmingly female clerical staffs. Professionals wore suits and ties, might have a beer (or two) at lunch, and likely carried a paper appointment calendar in their breast pocket. Well, all of that has certainly changed.

Undoubtedly, the accountant of the future will need to be technologically savvy to evolve with the changing industry. As intelligent technologies progress and more companies move their information to cloud-based systems, accountants need to become proficient in leveraging the cloud to offer clients up-to-date financial analysis and to stay competitive. Accounting professionals who wish to use blockchain will need to be familiar with relevant software programs, as well as how to set up information transfer for ledgers, contracts, and records.

• 46% were disrupted by manual tasks that could no longer be carried out in the office 
• 41% were disrupted due to the difficulty of just sharing paper documents
• 36% were disrupted from limited access to on-premise solutions while they work from home

With accountants being so instrumental in success of a business, a disruption with them could cause a huge strain on the organisation and the owners, sending a ripple effect across the business world! While so many other parts of business have benefitted from digital transformation, Finance & Accounting is too often still getting the job done with the same tools and technology they have used for decades, still relying on spreadsheets and manual processes. Manual processes take too long, create unnecessary risk and hurt morale and productivity. Simply put, traditional manual accounting processes are not sustainable.

Today we will explore some innovations in accounting that can have a substantial impact on your bottom line. 

So get clear on your processes first.

The easiest way to do this:

For each process that you’re looking to automate, get a strong team member in that process to document how they perform the task as it’s being performed.

Open / create bank accounts to house each new stream of revenue or asset line and use integrated apps to bring everything together in one place.

Use predictive analytics, for example Futrli Predict. It will look at historical information in Xero/QBO to create a predicted cash flow forecast, P&L and balance sheet.

Source Articles:

1. https://online.maryville.edu/blog/future-accounting/ 
2. https://www.icpas.org/information/copy-desk/insight/article/digital-exclusive-2018/what-will-accounting-and-finance-look-like-in-10-years 
3. https://www.ifac.org/knowledge-gateway/preparing-future-ready-professionals/discussion/future-accounting 

Additional Resources 

1. Check out Kash’s Youtube Playlist: Bookkeeping basics for small business owners. 
2. Get this affordable guide to reconciling any account quickly and accurately! Click here: https://kashthebookkeeper.com/paid-resources/ and scroll down to Reconcile any business or personal account in 4 easy steps!! On Sale now! 
3. Want more KASH? Sign up for the free newsletter! 

The future of accounting is not just about technology, but it sure is being driven by it. Here are some examples of how automation is helping accountants this very second:

-Machine learning and robotic process automation can help you to prepare the books in a fraction of the time that it used to

-The interconnectedness of third-party software vendors and your accounting system allows data to flow seamlessly between each other, reducing manual data entry and errors

-Artificial intelligence is able to quickly augment an accountant’s skills

It’s clear that one must stay current with trends in automation in order to stay relevant as the future of accounting evolves. Labor and time-intensive facets of accounting — such as audits, tax preparation, banking, and payroll — are quickly becoming fully automated. As the application of AI to create self-learning systems continues to be integrated into accounting tasks, technological systems will take on the repetitive and time-consuming jobs, leaving the analytical and managerial tasks to humans. For example, major software vendors, such as Intuit, Sage, OneUp, and Xero, offer automated data entry and reconciliation options using AI and machine learning technologies in company bookkeeping, according to Forbes.  

Another trend impacting the demand for accountants in the future is blockchain technology, a computer-based recording system that uses cryptocurrency within a user-to-user network. The attractiveness of blockchain for accounting lies in “the possibility of a new type of accounting ledger — one that can be continuously updated and verified without the threat of being altered or corrupted,” Accounting Today explains.

Accounting and finance leaders are quick to quote Microsoft founder Bill Gates when prophesizing about the future of the accounting and finance profession: “We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten.”

The truth is, most people have difficulty envisioning a future much different from what’s seen in today’s most state-of-the-art departments. Outside of robots taking over, what more can change? If we look back at the careers of professionals who are about to retire, the profession looks far different today than it did 40 years ago.

In 1978, most companies kept their accounting records in paper ledger books. 

At the time, business school graduates were still about 75 percent male and supervised overwhelmingly female clerical staffs. Professionals wore suits and ties, might have a beer (or two) at lunch, and likely carried a paper appointment calendar in their breast pocket. Well, all of that has certainly changed.

Undoubtedly, the accountant of the future will need to be technologically savvy to evolve with the changing industry. As intelligent technologies progress and more companies move their information to cloud-based systems, accountants need to become proficient in leveraging the cloud to offer clients up-to-date financial analysis and to stay competitive. Accounting professionals who wish to use blockchain will need to be familiar with relevant software programs, as well as how to set up information transfer for ledgers, contracts, and records.

• 46% were disrupted by manual tasks that could no longer be carried out in the office 
• 41% were disrupted due to the difficulty of just sharing paper documents
• 36% were disrupted from limited access to on-premise solutions while they work from home

With accountants being so instrumental in success of a business, a disruption with them could cause a huge strain on the organization and the owners, sending a ripple effect across the business world! While so many other parts of business have benefitted from digital transformation, Finance & Accounting is too often still getting the job done with the same tools and technology they have used for decades, still relying on spreadsheets and manual processes. Manual processes take too long, create unnecessary risk and hurt morale and productivity. Simply put, traditional manual accounting processes are not sustainable.

Today we will explore some innovations in accounting that can have a substantial impact on your bottom line. 

It takes some steps.

First, you usually have to buy a cryptocurrency, like Ethereum. That's a process in and of itself. But once you do, you can go to an NFT marketplace. Some of the popular ones include KnownOrigin, Rarible and OpenSea.

There, you can bid on an NFT and wait for the auction to end. If no one outbids you, you get the bragging rights.

Still. What exactly do you get when you buy an NFT?

This question unleashes a fury of debate among NFT enthusiasts. The answer is not simple.

Are you buying what amounts to an Internet trophy? Clout? A feeling? A digital collector's item?

Perhaps, but you are also purchasing a kind of bar code, almost a certificate of authenticity that serves as proof that a certain version of something is uniquely yours.

"The underlying thing that you're buying is code that manifests as images," said Donna Redel, who teaches courses on crypto-digital assets at Fordham Law School. "You're buying a different format of art." 

But note that when you buy an NFT, you're usually not getting the copyright or trademark to the item. And just because you own an NFT doesn't mean there aren't endless other versions of that thing on the Internet. There will be. It's the Internet.

Still, NFT enthusiasts say owning a piece of code in a blockchain has shown itself to be an incredibly valuable thing.

"You're not buying the picture," said Jake Brukhman, founder of cryptocurrency investment company CoinFund. "You're buying the property rights to the picture."

Source Articles:

1. https://www.theverge.com/22310188/nft-explainer-what-is-blockchain-crypto-art-faq
2. https://www.npr.org/2021/03/05/974089381/whats-an-nft-and-why-are-people-paying-millions-to-buy-them
3. https://beincrypto.com/learn/nfts-explainer/
4. https://www.forbes.com/advisor/investing/nft-non-fungible-token/ 

Additional Resources 

1. Check out Kash’s Youtube Playlist: Bookkeeping basics for small business owners. 
2. Get this affordable guide to reconciling any account quickly and accurately! Click here: https://kashthebookkeeper.com/paid-resources/ and scroll down to Reconcile any business or personal account in 4 easy steps!! On Sale now! 
3. Want more KASH? Sign up for the free newsletter! 

Log on to one of the NFT marketplaces and upload a file. This process is called "minting" an NFT. You'll usually be asked if it's a one of a kind, if there are multiple copies or if it's part of a collection. (A quick glance at an NFT marketplace shows just how easy the process is — maybe too easy. Some people are trying to sell tweets and even colors as NFTs.) Once you're done, collectors can start bidding.

Digital artists can build a royalty into their NFTs, even for future sales, which is why many artists see promise in NFTs: It can cut out the middleman and open up a new way to make money.

If you're not interested in buying or selling them, why should you care?

As tens of millions of dollars in transactions pour in for NFTs, enthusiasts say, NFTs will soon expand beyond trading art, music, video clips and memes. One startup lets people use their NFTs as collateral for loans.

Silicon Valley investors say the moneymaking possibilities in the NFT world are limitless. "At the time the iPhone was created, nobody would've thought that one of the killer apps was going to be hailing a ride," said Haun of Andreessen Horowitz.

What are the risks?

There's always a chance that a tech frenzy is a passing fad or is stoking a speculative bubble. If you spend a pretty penny on an NFT and then enthusiasm and values suddenly plummet, you could be in for a big loss. But NFT backers say the system's built-in scarcity should keep values up, as long as the surge of interest persists.

Be cautious about works that appear to be created by famous artists. NFTs resembling pieces by the artist Banksy have netted $900,000, but they have turned out to be fakes.

Then there is the environmental impact of NFTs, which has attracted real scrutiny. The computing power required to operate the underlying blockchain system of NFTs is immense. By some estimates, one crypto transaction could gobble up more power than the average U.S. household uses in a single day. One artist estimated that generating six NFT pieces consumed more electricity than his entire physical studio did in two years.

"The energy production infrastructure is out of our sight," wrote Brussels-based artist Joanie Lemercier."And we often have the feeling that electricity is abundant, limitless and we disregard its impact."

Meanwhile, pretty much all of us have had some experience with virtual assets. Think video games, digital artwork, logos, photos, animation, music and video clips. Data, including spreadsheets, counts as such an asset, too — anything in a digital form that comes with the legal right to use that asset. Even coupons get the digital treatment nowadays.

Of course, it can be pretty easy to pirate such digital stuff. Taking a screen-grab of a copyrighted photo is as simple as pushing two or three keyboard buttons at the same time. Copyrighted music is routinely used in unapproved music videos. Artists can, and do, seek damages if someone uses a copyrighted work without permission, but the process can be time-consuming and expensive.

Enter the NFT, or the NFT token. The basic concept of the non-fungible token: Marry the world of digital assets with the security of cryptocurrency. It's a digital asset plus certificate of authenticity plus legal rights all rolled into one. Buying an NFT means purchasing a hacker-resistant, public proof of ownership over a specific digital asset. 

Could someone still painstakingly copy that digital asset? Sure. But they can't so easily pirate its provenance, and that, theoretically, is what gives an NFT its value.

Blockchains work by using groups of computers to create a shared digital ledger that no one computer can change. Instead, they must agree by performing complex calculations — a system that yields a secure and unchangeable document. 

That makes blockchains perfect for creating systems in which unique digital identifiers can be easily and securely exchanged — hence the creation of NFTs or non-fungible tokens (aka: unique items). An economic law is supply and demand. If supply is low and demand stays the same, the price of the item will increase. With NFT’s the supply is “1” so.. Pretty limited…. Which may explain the prices some of these NFT’s sell for. Christie's auction house sold the first-ever NFT artwork — a collage of images by digital artist Beeple for a whopping $69.3 million back in March.

In the simplest terms, NFTs transform digital works of art and other collectibles into one-of-a-kind, verifiable assets that are easy to trade on the blockchain.

Decentraland — A virtual reality platform powered by the Ethereum blockchain) had a total of 116943 sales of lands done, with transactions totaling $40,814,664.61. The average price of land in Decentraland currently stands at around $1,061.73

Axie Infinity — (A digital pet community centered around collecting, training, raising, and battling fantasy creatures called Axie) had a total of sales of 291838 done, with transactions totaling $10,074,756.22. The average price of land in Decentraland currently stands at around $376.04.

Sandbox (A community-driven UGC-voxel platform where users own their land and host their creative magic) had a total of sales of 78166 done, with transactions totaling $6,955,569.16. The average price of land in Sandbox currently stands at around $704.5

Earth2 (A virtual, digital world on a 1:1 scale with the earth where people can buy lands where real-world monuments like the Tajmahal and Statue of Liberty reside), is just 4 months old and doesn't have sale data available yet. But Earth2 environment also has seen larger purchases of up to $41,250 done for small land parcels. Some early buyers of land in the Earth2 platform have made up to 100K dollars in profits in just a few weeks. (Code ‘A9Y07PN9GR’ gives 5% discount on Earth2.io).

Source Articles:

1. https://medium.com/predict/are-people-crazy-to-buy-virtual-land-for-millions-of-dollars-f7e9a0411af2 
2. https://finshots.in/archive/virtual-land-real-money/ 
3. https://www.pymnts.com/real-estate/2021/virtual-land-parcels-selling-for-millions-in-real-dollars/ 

Additional Resources 

1. Check out Kash’s Youtube Playlist: Bookkeeping basics for small business owners. 
2. Get this affordable guide to reconciling any account quickly and accurately! Click here: https://kashthebookkeeper.com/paid-resources/ and scroll down to Reconcile any business or personal account in 4 easy steps!! On Sale now! 
3. Want more KASH? Sign up for the free newsletter! 

Well, it might seem like a fruitless endeavour to some, but people spend millions of hours in simulated environments each day. One 19-year-old kid spent two years building a virtual world in the video game Minecraft. Does that mean everybody would devote themselves to such a cause? Unlikely, but some people enjoy the experience.Outside of this, people are also willing to spend cold hard cash on in-game assets. The popular video-game Fortnite made roughly $300 million in 2020 by selling cosmetic skins, dances, and pre-released game modes to its users.

So asking why people spend time in virtual environments is a moot question. They just enjoy it, plain and simple. But there is one other problem. When you buy an in-game costume, for instance, it doesn’t accord you full ownership of the asset. You merely have the right to use this costume inside the game. The intellectual property meanwhile still belongs to the developers. But what if you don’t have a central authority deciding ownership. What if you have a decentralized digital universe somewhere else?

Let’s take the case of Decentraland, a virtual world that has been taking the real world by storm. Inside this shared space, users can own land, develop it and sell it if they fancy doing so. All of the content in-game is hosted in a network of content servers (computers). And if you want to host a part of this world, you can do so by submitting a request. The request is then forwarded to the DAO — where the community of players will propose and vote on policy updates. It’s a democracy, of sorts and you can decide who gets to run the content servers, what kind of costumes are allowed, how land parcels are auctioned, and other community-related matters. The game also features its own in-game cryptocurrency token — MANA and all of the transactions are recorded on a blockchain.

This bizarre bubble market was born from the promise of a VR future. Ray Kurzweil has predicted that, in a matter of years, physical workplaces will be a thing of the past, replaced by virtual ones. By 2020, virtual reality and augmented reality are predicted to rake in an estimated $162 billion in revenue. So, naturally, if there’s real estate to be had (even if it’s virtual), people will pop up to buy and sell it.

The price of virtual property is booming, according to NonFungibl. Last month saw the most expensive virtual land sale to date, when eight lots in the gaming platform Axie Infinity sold for a total of $1.5 million.

There was an interesting article on Bloomberg and it went like this --

“Investors may not be clamoring to buy offices and hotels right now, but in virtual reality, property deals are surging and attracting millions of real-life dollars."

That’s right folks, it's time to talk about real estate, virtual real-ity estate. Think of these as virtual worlds created by aspiring developers. If you want to create your own version of reality, you can do so by building it on a computer. It could have virtual trees, virtual apartments, virtual people and even virtual land. You could even invite other people to live and explore your world — perhaps even help you build it. And as more people flock into these digital realms, the value of virtual assets inside them will start appreciating in tandem.

“Real-world real estate is very uncertain now,” Janine Yorio, head of Republic Real Estate, told Bloomberg. “Housing prices are at an all-time high. Meanwhile, offices are empty, hotels are empty. This feels insulated from a lot of those real-world risks.”

“Buying land today in virtual worlds may end up feeling a lot like buying land in Manhattan in the 1750s,” Yorio said in the Bloomberg interview. “There is massive growth ahead, and now is the time to get in on the ground floor.”

Credit and debit cards are among the most popular cash alternatives in use today, but cards alone might not be enough to support a 100% cashless society. Mobile devices could become a primary tool for payments instead.

Electronic payment apps, like Zelle, PayPal, and Venmo, are helpful for person-to-person payments (P2P payments). In addition, bill-splitting apps allow friends to split their bills easily and in a fair manner. Fintech companies like Stripe, Adyen, and Fiserv support business-to-consumer (B2C), business-to-business (B2B), or what they now merge into account-to-account (A2A) online payments in a reliable and speedy fashion.

Mobile payment services and mobile wallets like Apple Pay provide secure, cash-free payments. Many nations that use cash sparingly have already seen mobile devices become common tools for payments.

Cryptocurrencies are also part of the discussion. They’re already used for money transfers, and they introduce competition and innovation that may help keep costs low. However, there are risks and regulatory hurdles that make them impractical for most consumers, so they might not yet be ready for widespread use.

Source Articles:

1. https://www.thebalance.com/pros-and-cons-of-moving-to-a-cashless-society-4160702 
2. https://www.forbes.com/sites/advisor/2020/10/22/the-pandemic-is-fast-forwarding-us-to-a-cashless-society-and-making-life-harder-for-the-unbanked/?sh=760cae2d7f1f 
3. https://www.centurybizsolutions.net/business-tips/what-a-cashless-society-means-for-merchants/

Additional Resources 

1. Check out Kash’s Youtube Playlist: Bookkeeping basics for small business owners. 
2. Get this affordable guide to reconciling any account quickly and accurately! Click here: https://kashthebookkeeper.com/paid-resources/ and scroll down to Reconcile any business or personal account in 4 easy steps!! On Sale now! 
3. Want more KASH? Sign up for the free newsletter! 

​However, no society has gone totally cash-free just yet. In addition to logistical challenges, several social issues need to be addressed before society can give up on cash entirely. The benefits and disadvantages below can give you an idea of the myriad of effects going cashless can have on money and banking as you know it.

Benefits

• Lower crime rates, because there's no tangible money to steal
• Less money laundering, because there's always a digital paper trail
• Less time and cost associated with handling, storing, and depositing paper money
• Easier currency exchange while traveling internationally

Disadvantages

• Exposes your personal information to a possible data breach
• If hackers drain your bank account, or you experience technical issues, you'll have no alternative source of money.
• Those with no knowledge, bank accounts, or mobile phones will struggle to keep up with evolving cashless technology.
• Some may find it harder to control spending when they don't see physical cash leaving their hands

Millions of Americans don’t have bank accounts, which can create difficulties and hardships in normal times—but until recently, Americans were typically able to pay for goods and services in cash.  

However, many businesses have gone cashless in order to simplify their Covid-era operations and reduce risk to employees, even though the risk of transmitting the virus through cash is believed to be low. And while the majority of small business owners (82%, according to a June 2020 report from Square), are still accepting cash payments, those who have gone cashless may present challenges to unbanked individuals.

Many experts believe that Covid-19 has accelerated a trend that was already underway—a shift to a cashless society.

Not only are there credit and debit cards, but there are also bank transfers, direct deposit, and online payments. What’s more, there are systems like Zelle that enable you to transfer money instantaneously to individuals, by either an email or text.

It’s simply too convenient to make payments electronically, particularly with the Internet, as well as the fact that merchants and vendors can now be hundreds or thousands of miles away.

In a real way, electronic payments just travel better than cash.

Everywhere you turn right now, it seems like someone wants to chat you up about our world turning into a cashless society. Your neighbor’s talking about it, the frenzied news media is talking about it, your social media feed is talking about it . . . and there’s even a viral article on the internet about a cashless society that’s claiming Dave Ramsey wrote it (spoiler alert: he didn’t).

So, why all the hype about a cashless society all of a sudden?

Thank you COV-ID! Since the pandemic more and more consumers don't want to touch things, including notoriously germ encrusted currency. Yuck. Add to that the billions of dollars spent every year online- the question has to be asked... are we headed toward a cash-less society? And how does it look any different than the digital world we live in now? Let’s break down everything you need to know (and debunk some junk too).

From Lincoln Heritage to MetLife to Erie Insurance, there are many life insurance providers to choose from, each with their own range of plans and options to choose from. Between the range of choices and the prospect of dealing with your own mortality, making sense of life insurance can seem like a daunting task. Don’t go at it alone! Call Crystal Suber of Crystal Clear financial services and have her create a customized plan for you! 

Crystal Suber

Crystal Clear Financial Solutions 

Ph: 804-601-0532

Web: https://crystalclearfinancialsolutions.com/

Source Articles:

1. https://paradigmlife.net/blog/5-reasons-business-owners-need-whole-life-insurance/ 
2. https://www.askmoney.com/insurance/what-you-need-to-know-about-life-insurance?ad=dirN&qo=serpIndex&o=1465803 
3. https://www.rbernstein.com/blog-01/5-ways-leverage-your-life-insurance 

Some people shy away from life insurance policies because they think they can’t afford them. While the best plans can definitely be expensive, cheaper plans are available, especially if you’re comfortable with a term policy. Other factors also affect how much life insurance will cost. Smokers and individuals with serious health conditions can expect to pay more for their policies, while younger people and women tend to have lower premiums than older adults and men. In fact, the premium for a plan that has coverage of $250,000 can cost less than $200 per year depending on your demographic and the plan you select.

There are several tax benefits associated with whole life insurance, which extend to the cash value growth while the insured is living, as well as to the death benefit after the insured has passed away. Business owners need whole life insurance because it provides a place to grow wealth tax free. With careful planning, distributions can also be taken tax free.

When it comes to taxes, even a contractor, freelancer, or someone else who is self-employed benefits from whole life insurance. These types of self-employed workers are responsible for more taxes, as their employer isn’t covering a portion their Social Security tax or Medicare tax. The tax advantages of whole life insurance can help off-set these expenses.

The tax benefits of whole life insurance for business owners include tax-free retirement income, tax-free policy loans, and tax-free use of the growth of cash value. Plus, policies earn interest and dividends tax free. The death benefit of a policy also has tax advantages.

The IRS considers death benefit proceeds to be inheritance and not income to an estate, so they are passed on income tax-free. There are estate-planning strategies that ensure that the death benefit proceeds are not included in the estate tax calculation.*

As a contractual owner of the insurance policy, the business owner has first rights to its accumulated cash value. When business expenses arise, the owner can use a policy loan, up to the amount of cash value in the policy, to cover business costs. Capital is then funneled back to the insurance company so funds will be available again for future business expenses. Business owners can take out multiple policy loans year after year.

Instead of paying high interest rates to a bank, the business owner finances their expenses in a way that allows them to recapture the cost of interest. Regardless of the amount of the policy loan, insurance carriers still pay the policyholder interest on the full cash value of the policy. The policyholder decides the payback schedule. The interest rate charged by the insurance carrier is typically lower than a traditional bank loan.

Business owners need whole life insurance because it’s the ideal place to store capital.

One of the reasons businesses fail is lack of a succession plan. If a business partner passes away, often there aren’t finances in place to continue funding the business. Depending upon the estate plan of a business partner and how they wish their assets to be distributed, it may be necessary for other partners to buy up the portion of business owned by the former partner.

A type of policy called a “buy-sell agreement” provides for an ideal business exit strategy. In this instance, a whole life policy is purchased for each business owner. When one owner passes away, the surviving owner will use the death benefit proceeds of the business life insurance policy to buy the deceased business owners portion of the business from their estate.

These types of buy-sell agreements don’t only apply to the death of a partner. Business owners need whole life insurance in the event that one business owner leaves the business due to illness, disability, or retirement. When this happens their business life insurance policy contract is simply assigned to the remaining owner(s). The remaining owner(s) now have complete access to cash value, increasing business cash flow. Because whole life insurance policies are for the duration of life, the business will collect on the death benefit when the departing owner dies, even if it is many years after they have retired or otherwise left the company.

Many small or medium-sized business owners don’t know how beneficial a business life insurance policy can be to a successful company. The truth is, regardless of size, all business owners need whole life insurance. It can help businesses break free from traditional bank loans, benefit their employees, and earn tax advantages. The benefits of life insurance are many and varied. Let’s dive in!

Unless you’re developing your crypto yourself, you’re going to need strong developers to help bring your idea to life. This might be difficult since demand for blockchain developers is through the roof, while supply of skilled blockchain developers remains low. Nevertheless, finding the right team is crucial, since blockchains deal with peoples’ hard-earned money and need to be technically sound.

5. Hire external auditors

Found the right developers to create your cryptocurrency? Again, since it’s peoples’ money on the line, you’ll want to double and triple-check that your security is top-notch. This is where external security audits come in.

6. Promote your project!

Even though making your cryptocurrency might seem impossible in itself, remember that after you make it, you need to promote it! You could have the best project in the world but if no one knows about it, it’ll be hard to make progress and grow the network.

Press releases, social media - especially channels popular with the crypto community like Twitter, Telegram, Reddit, and Discord, and blogs are a good place to start.

7. Nurture and grow your community

After promoting your project, you need to make sure that you engage with and nurture your community. Answer their questions and provide updates on your progress. Many projects have community management teams for the sole purpose of growing a loyal user base. Your early adopters will become your biggest fans and marketers so don’t neglect them!

Click here to join Coinbase and to get $10 in Bitcoin! 

Connect with Portia:

IG @Kronos_digital_asset_group

FB Kronos Digital Asset Group or @KDAG2021 

Twitter @Kronos_cryptogirl

Source Articles:

1. https://lifehacker.com/how-to-create-your-own-cryptocurrency-1825337462
2. https://www.exodus.com/blog/how-to-create-a-cryptocurrency/
3. https://coinswitch.co/news/how-to-create-your-own-cryptocurrency-in-15-minutes-learn-step-by-step

Additional Resources 

1. Check out Kash’s Youtube Playlist: Bookkeeping basics for small business owners. 
2. Get this affordable guide to reconciling any account quickly and accurately! Click here: https://kashthebookkeeper.com/paid-resources/ and scroll down to Reconcile any business or personal account in 4 easy steps!! On Sale now! 
3. Want more KASH? Sign up for the free newsletter!

1. Define a purpose for your cryptocurrency

If you’re going to create a cryptocurrency, there should probably be a reason for its existence. Otherwise, what reason do people have to use it? Once you have a purpose for your cryptocurrency, be sure to explain it in a white paper, along with other aspects of your project.

2. Consider the legal implications

As the blockchain space has grown, so has regulatory scrutiny of the space. You want to make sure that everything you’re doing is legal throughout the entire process by consulting with a legal professional.

3. Define a budget

Creating your own cryptocurrency is no easy task and will likely require some financial resources unless you can take care of things like development, documentation, and marketing yourself.

While costs vary from project to project, here is a rough estimate of what you can expect:

Category   Time   Cost

Legal Counsel   Ongoing   $20,000-$100,000+

Development   15 minutes - 6 months+   $0-$100,000+

Whitepaper and Other Documentation   1-2 weeks   $5,000-$7,000, or about $500/page

Security Audit   1 month   $3,000-$10,000+

Marketing Promotion   1 month - 3 months+   $10,000/week

Listing (on Sites that List New Projects)   1 month+   $10,000+

Of course, you can do this all yourself for free. However, if you don’t have the necessary expertise, know that sourcing it may cost you.

If you are interested, there are many ‘Create Your Own Cryptocurrency’ courses available presently. However, an extensive ‘create your own cryptocurrency’ course is bound to cost you a lot and is often pretty lengthy. That being said, the fact remains that this isn’t necessary unless you want to become a professional altcoin maker.

You can always use the fast, modern method of making cryptocurrencies by letting experts from a cryptocurrency creation platform do the technical part for you. Although this also might involve initial costs, it’s often more feasible for the common user.

Apart from these, the best and the free method of creating your own cryptocurrency is to use existing open-source code from any existing platform and tweaking it your preferences. This is the method recommended by us and used by many, especially if you are an amateur and don’t have a lot of money. This requires very simple coding which you can easily learn by watching a good ‘Make Your Own Cryptocurrency’ tutorial on YouTube.

There are several advantages when you have your own cryptocurrency such as lower operational cost, transaction anonymity, elimination of fraud risk, and accessibility to a whole new customer base.

But, Kash, I don’t know a thing about coding, you may be thinking. Hey, me either lol. In the past, you had to be a coding expert (think CIA Hacker type) to even consider making, branding, and then USING your own coins. Not to worry, that’s no longer the case! In fact, according to coin switch, you can be on your way to making your own currency before the end of this show!  

If you want to go a step further to create a coin with real value for a broader audience to mine, buy, and sell, and you don’t have coding experience, you’ll probably want the help of one or more developers. Even if you use a service to build your currency, you’ll need to maintain it—know that this won’t be cheap or risk-free. The subreddit r/coindev and sites like CodementorX will connect you with crypto developers for your project.

While some cryptocurrencies, including Bitcoin, are available for purchase with U.S. dollars, others require that you pay with bitcoins or another cryptocurrency.

To buy cryptocurrencies, you’ll need a “wallet,” an online app that can hold your currency. Generally, you create an account on an exchange, and then you can transfer real money to buy cryptocurrencies.

Coinbase is one popular cryptocurrency trading exchange where you can create both a wallet and buy and sell Bitcoin and other cryptocurrencies. I personally like Coinbase because you can earn free cryptocurrency by learning about them! They provide free educational videos to further explain this new world of digital currency and all its many varied players! 

AS always, the more research you do the better. This is all new technology and new territory we are exploring, if you can go in with a guide, do so! 

The Kronos Digital Asset Group Consulting service provides support for all levels of crypto-curious investors

•  Get help learning cryptocurrency & blockchain basics.
•  Learn how to monitor your investment.
•  Learn how to buy, sell, or trade cryptocurrency.
•  Learn about exchanges, online wallets, hard wallets and cold storage.
•  Improve your security practices. Theft and loss are common in this industry.
•  Diversify your current investment portfolio.
•  Learn about various coins, block chains, tokens/ICOs and their real-life
• applications.
•  Understand basic tax laws around cryptocurrency buying, trading and selling.
•  Learn about cryptocurrency mining.

Click here to join Coinbase and to get $10 in Bitcoin! 

Connect with Portia:

IG @Kronos_digital_asset_group

FB Kronos Digital Asset Group or @KDAG2021 

Twitter @Kronos_cryptogirl

Source Articles:

1. https://www.nerdwallet.com/article/investing/cryptocurrency-7-things-to-know#:~:text=A%20cryptocurrency%20(or%20%E2%80%9Ccrypto%E2%80%9D,at%20times%20driving%20prices%20skyward. 
2. https://www.investopedia.com/tech/most-important-cryptocurrencies-other-than-bitcoin/
3. https://www.investopedia.com/terms/c/cryptocurrency.asp 
4. https://en.wikipedia.org/wiki/Cryptocurrency 

According to Wikipedia: A cryptocurrency, crypto-currency, or crypto is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of a computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership.[1][2] It typically does not exist in physical form (like paper money) and is typically not issued by a central authority. Cryptocurrencies typically use decentralized control as opposed to centralized digital currency and central banking systems.[3] When a cryptocurrency is minted or created prior to issuance or issued by a single issuer, it is generally considered centralized. When implemented with decentralized control, each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database.[4]

More than 6,700 different cryptocurrencies are traded publicly, according to CoinMarketCap.com, a market research website. And cryptocurrencies continue to proliferate, raising money through initial coin offerings, or ICOs. The total value of all cryptocurrencies on April 13, 2021, was more than $2.2 trillion, according to CoinMarketCap, and the total value of all bitcoins, the most popular digital currency, was pegged at about $1.2 trillion. According to Jan Lansky, a cryptocurrency is a system that meets six conditions:[18]

1. The system does not require a central authority; its state is maintained through distributed consensus.
2. The system keeps an overview of cryptocurrency units and their ownership.
3. The system defines whether new cryptocurrency units can be created. If new cryptocurrency units can be created, the system defines the circumstances of their origin and how to determine the ownership of these new units.
4. Ownership of cryptocurrency units can be proved exclusively cryptographically.
5. The system allows transactions to be performed in which ownership of the cryptographic units is changed. A transaction statement can only be issued by an entity proving the current ownership of these units.
6. If two different instructions for changing the ownership of the same cryptographic units are simultaneously entered, the system performs at most one of them.

Major institutions have started to accept various digital currencies in addition to “fiat” (aka traditional) currencies, like Paypal, Mastercard, and Visa. Banks, mutual funds, and hedge funds are starting to make large investments into the digital currency world, indicating their belief that these are solid investments to make for long-term wealth. 

As business owners and entrepreneurs, we have to stay ahead of current trends so we can take full advantage of them and cryptocurrency isn’t just a fad. It’s here to stay. 

Cryptocurrencies appeal to their supporters for a variety of reasons. Supporters see cryptocurrencies such as Bitcoin as the currency of the future and are racing to buy them now, presumably before they become more valuable. Some supporters like the fact that cryptocurrency removes central banks from managing the money supply, since over time these banks tend to reduce the value of money via inflation. Other supporters like the technology behind cryptocurrencies, the blockchain, because it’s a decentralized processing and recording system and can be more secure than traditional payment systems. Some speculators like cryptocurrencies because they’re going up in value and have no interest in the currencies’ long-term acceptance as a way to move money.

Long story short: Cryptocurrencies allow businesses to move more freely and with less restrictions on their liquid assets. Contrary to stocks, bonds and other long term investment vehicles, cryptocurrencies can be used to instantly purchase products and services, be donated, or traded on an open decentralized market for a hopeful profit. With so many uses and potential gains, why wouldn’t it be the newest buzz word of the 21st century!

What is money? By definition, it's something of value. Money is valuable merely because everyone knows that it will be accepted as a form of payment. But over the last 10,000 years, the material form that money has taken has changed considerably—from cattle and cowrie shells to today’s bit and altcoins.

It doesn’t matter what the money looks like as long as everyone agrees to a set value for it. With that in mind, on to our topic of the week..the new HOT BUZZ WORD in the financial industry!!!!!! Everybody and their grandchildren want to know what, how and WHERE CAN WE GET SOME! Cryptocurrency! *insert fan fare here* 

A cryptocurrency (or “crypto”) is a digital currency that can be used to buy goods and services, but uses an online ledger with strong cryptography to secure online transactions. Much of the interest in these unregulated currencies is to trade for profit, with speculators at times driving prices skyward. 

Today we are talking with Portia Niles of Kronos Digital Asset Group - a woman-owned financial services firm. 2021 heralds the most exciting year for Bitcoin & Cryptocurrency and KDAG will safely navigate you through everything you need to know to understand and take advantage of it! Cryptocurrency has entered into a bull market, and strong coins along with the DeFi space has opened up incredible opportunities to make money.

Sign up for their weekly zooms here: Info@kronosdigital.io 

As your small business grows, you may soon find yourself in the beneficial position of making a profit! With employees paid, short-term debts repaid, taxes out the door, and inventory restocked, it may be time to start looking into business investment strategies that will help to grow your business’ net worth. While diving into financial investments can be daunting enough when it’s your personal funds, investing your business’ funds can be even more intimidating. Which is where Robo-Advisors can help! 

Robo-advisors are quickly becoming mainstream, which is good news for consumers who are looking for low-cost financial advice. The number of online advisors continues to swell, as does the range of services. Many now offer socially responsible investment portfolios, access to human financial advisors and comprehensive digital financial planning tools.

Bottom line: There’s now a low-cost advisor option for every type of investor. Check out this article to find one that works for you! : https://www.nerdwallet.com/best/investing/robo-advisors

Robo-advisors are also more accessible. They are available 24/7 as long as the user has an Internet connection. Furthermore, it takes significantly less capital to get started, as the minimum assets required to register for an account are typically in the hundreds to thousands ($5,000 is a standard baseline). One of the most popular robo-advisors, Betterment, has no account minimum at all for its standard offering.5

In contrast, human advisors do not normally take on clients with less than $100,000 in investable assets, especially those who are established in the field. They prefer high-net-worth individuals who need a variety of wealth management services and can afford to pay for them.

Efficiency is another significant advantage these online platforms have. For instance, before robo-advisors, if a client wanted to execute a trade, they would have to call or physically meet a financial advisor, explain their needs, fill out the paperwork, and wait. Now, all of that can be done with the click of a few buttons in the comfort of one's home.

On the other hand, using a robo-advisor will limit the options that you can make as an individual investor. You cannot choose which mutual funds or ETFs you are invested in, and you cannot purchase individual stocks or bonds in your account. Still, picking stocks or trying to beat the market has been shown time and again to produce poor results, on average, and ordinary investors are often better off with an indexing strategy.

Robo-advisors (also spelled robo-adviser or roboadvisor) are digital platforms that provide automated, algorithm-driven financial planning services with little to no human supervision. A typical robo-advisor collects information from clients about their financial situation and future goals through an online survey and then uses the data to offer advice and automatically invest client assets.

The best robo-advisors offer easy account setup, robust goal planning, account services, portfolio management, security features, attentive customer service, comprehensive education, and low fees. https://www.investopedia.com/terms/r/roboadvisor-roboadviser.asp

• Robo-advisors (roboadvisors, robo-advisers) are digital platforms that provide automated, algorithm-driven investment services with little to no human supervision.
• Robo-advisors most often automate and optimize passive indexing strategies that follow mean-variance optimization.
• Robo-advisors are often very inexpensive and require very low opening balances so that nearly everybody can benefit from a robo-advisor if they choose.
• Robo-advisors are best suited for straightforward investing and are not the best options for more complex issues, such as estate planning.
• Given the relative nascency of their technological capabilities and minimal human presence, robo-advisors have been criticized for lacking in empathy and sophistication.

Today, most robo-advisors put to use passive indexing strategies that are optimized using some variant of modern portfolio theory (MPT). Some robo-advisors offer optimized portfolios for socially responsible investing (SRI), Hallal investing, or tactical strategies that mimic hedge funds.

The advent of modern robo-advisors has completely changed that narrative by delivering the service straight to consumers. After a decade of development, robo-advisors are now capable of handling much more sophisticated tasks, such as tax-loss harvesting, investment selection, and retirement planning.

Opening a robo-advisor will often entail taking a short risk-profiling questionnaire and an evaluation of your financial situation, time horizon, and subjective investment goals. You will have the opportunity in many cases to link your bank account directly for quick and easy funding of your robo-advisory account.

The hallmark of automated advisory services is their ease of online access. But many digital platforms tend to attract and target certain demographics more than others. Namely, the younger cohort of millennial and Generation X investors who are technology-dependent and still accumulating their investable assets.

This population is much more comfortable sharing personal information online and entrusting technology with important tasks, such as wealth management. Indeed, much of the marketing efforts of robo-advisory firms employ social media channels to reach millennials.

Robo-advisors hold the same legal status as human advisors. They must register with the U.S. Securities and Exchange Commission (SEC) to conduct business, and are therefore subject to the same securities laws and regulations as traditional broker-dealers.

The official designation is "Registered Investment Advisor," or RIA for short. Most robo-advisors are members of the independent regulator Financial Industry Regulatory Authority (FINRA​) as well. Investors can use BrokerCheck to research robo-advisors the same way they would a human advisor.

Assets managed by robo-advisors are not insured by the Federal Deposit Insurance Corporation (FDIC), as they are securities held for investment purposes, not bank deposits. This does not necessarily mean clients are unprotected, however, as there are many other avenues by which broker-dealers can insure assets. For example, Wealthfront, one of the largest robo-advisors in the U.S., is insured by the Securities Investor Protection Corporation (SIPC​).6

Source Articles:

1.https://www.investopedia.com/terms/r/roboadvisor-roboadviser.asp 

2.https://www.caminofinancial.com/what-types-of-investments-can-you-make-as-a-small-business-owner/#:~:text=What%20Are%20the%20Most%20Common%20Types%20of%20Investments,Accounts.%20...%207%20Annuities.%20...%208%20Cryptocurrency.%20  

3.https://diamondcu.org/blog/small-business/investment-strategies-small-business/ 

Additional Resources 

1. Check out Kash’s Youtube Playlist: Bookkeeping basics for small business owners. 
2. Get this affordable guide to reconciling any account quickly and accurately! Click here: https://kashthebookkeeper.com/paid-resources/ and scroll down to Reconcile any business or personal account in 4 easy steps!! On Sale now! 
3. Want more KASH? Sign up for the free newsletter! 

This season we are bringing guests on to the broadcast for a live Q&A on the hottest topics in this new normal of business. We are going back to the basics- plot TWIST- the basics have changed! At the core of business is one simple understanding. You have something, someone wants that thing you have and is willing to exchange something they have to get it, usually cold hard CASH! The question becomes, how do they find you and your product or service? 

With the physical world forced to spend more time indoors, social media and the digital world's influence has sky rocketed. Seven out of 10 respondents in a study agreed that the marketing function in their organization became more important during the pandemic, for reasons that span the entire customer journey. Now more than ever, the pressure is on for marketing teams to drive results across every stage of the funnel, from customer acquisition all the way through sales and retention.  

Today we talk with Lynne Holloman of Netsearch Digital marketing about how the marketing industry has changed and how we can take advantage of those opportunities. You can find out more about Netsearch Digital and how they can help you target the right market for your business here : https://netsearchdigitalmarketing.com/

Here are three more top takeaways from the research:

1. All eyes are on marketers to drive full-funnel results.

Seven out of 10 respondents in our study agreed that the marketing function in their organization became more important during the pandemic, for reasons that span the entire customer journey. Now more than ever, the pressure is on for marketing teams to drive results across every stage of the funnel, from customer acquisition all the way through sales and retention.

2. Digital marketing spend is being spread across more channels in 2021.

Despite a rapidly changing landscape, 87% of marketers plan to spend the same or more on a proven performance driver, paid display / retargeting on publisher sites and apps, in 2021. At the same time, many marketers also intend to diversify their hard-won budgets across the open internet: 43% plan to spend more on retail media in this year than they did in 2020.

3. Marketers are making louder calls for brand-safe alternatives.

Businesses are more tuned in than ever to how they’re being perceived in a non-stop news cycle. A full 64% of marketers say that not showing up next to hateful or fake content is a top concern. One third say their campaigns are too dependent on Facebook, Amazon, and Google.

A separate Criteo survey found that many consumers also have reservations about social media, from seeing posts with fake news and misinformation to worrying about how their privacy and personal information is handled. This is paving the way for more ad spend on brand-safe publisher and retailer sites and apps in 2021. 

So what’s an entrepreneur to do? 

My advice : Go to where your customers buy from. But, Kash, I don’t have any customers yet. Not a problem. Look to your competitors and other businesses in your industry. Where are they spending their time and their hard earned money? When you made your last purchase, where did you go? 

The truth is, the majority of consumers are on major search engines like Google when they are ready to make a purchase. So building your credibility and reputation on these large marketplaces will yield the biggest return on your advertising dollars. 

Easier typed than done, thou. These large marketplaces have heavy competition, constantly changing algorithms, and pages of “requirements” to meet. No longer is a business card and a Wix website enough to stand out in the marketplace. Instead of traversing these changing waters alone, grab a captain and have a map…..

And why wouldn’t they be? After all, if your business has any intention of remaining competitive in today's online landscape, you must adapt to the rapidly evolving changes in digital marketing. As Brian Solis puts it:

“Each business is a victim of Digital Darwinism, the evolution of consumer behavior when society and technology evolve faster than the ability to exploit it. Digital Darwinism does not discriminate. Every business is threatened.”

Make no mistake: We live in a time when technology marketing moves fast and consumer interests and behaviors are hard to predict. Marketers can no longer stick their heads in the sand and hope that educated guesses and the same old methods will work forever.

Despite a rapidly changing landscape, 87% of marketers plan to spend the same or more on a proven performance driver, paid display / retargeting on publisher sites and apps, in 2021. At the same time, many marketers also intend to diversify their hard-won budgets across the open internet: 43% plan to spend more on retail media in this year than they did in 2020. More than one-third of marketers plan to increase spend on omnichannel and paid video in 2021.

Check out the 42 digital marketing trends of 2021: https://www.singlegrain.com/digital-marketing/digital-marketing-trends-2021/

​Amazon is the world’s largest marketplace. If you aren’t selling on Amazon- WHY NOT!?!? Let’s fix that this week! 

Online banking offers tons of convenience. From opening an account to managing your accounts, you never have to step foot in a bank. 

But like with any banking option, you do need to think about what your business needs from a bank. For example, do you want a full-service bank that can give you all types of banking accounts, plus credit cards and merchant services? Or do you just need a simple, low-cost checking account? 

Figuring out what kind of features you’re looking for will help you narrow down your choices.

And speaking of features, we need to talk about cash deposits in particular. Different online banks handle cash in different ways. Some don’t accept cash at all, while others may allow you (reluctantly) to mail a cash deposit in, and still others let you make cash deposits at your local convenience store. 

So think about your business’s cash habits as you choose your online bank account―and keep in mind that really cash-heavy businesses will probably prefer traditional brick-and-mortar banks. (If that describes your business, check out our list of the best banks for businesses in each state.

Source Articles:

1.https://www.business.org/finance/banking/best-online-bank-for-small-business/

2.https://cloudblogs.microsoft.com/industry-blog/financial-services/2021/02/16/top-priorities-and-trends-in-banking-in-2021/ 

3.https://www.planetcompliance.com/digital-banking-trends-2021-ux-is-the-fuel-for-fintech-disruption/

This season we are bringing guests on to the broadcast for a live Q&A on the hottest topics in this new normal of business. We are going back to the basics- plot TWIST- the basics have changed! At the core of business is one simple understanding. You have something, someone wants that thing you have and is willing to exchange something they have to get it. It stands to reason that if you have more things that more people want/need, you have more opportunities to serve them and make some coin while doing so! 

We are starting this season off with a bang (and our first guest on the show! Eep!) and discussing how to easily create multiple streams of income in the new economy. 

As the world moves toward virtual businesses, stay at home entrepreneurs are on the raise. Unemployment is at all time highs and the traditional business world is crumbling. While the mere mention of a Multi Level Marketing business strikes visions of door to door knife sales into people's heart, but a new format to an old concept is gaining traction. We’ll hear from Chris Meekins of CCMG on how he has set up and leverages his multiple streams of income to create generational wealth. 

Because of the financial risks involved with relying on a job for all of your incoming cash, it is critical to consider having at least one additional source of income. Imagine having your mortgage paid each month from a recurring stream of passive income, or your phone bill, or your vacation! 

There is no magical limit as to the number of extra income streams you should create. Just as long as the time you spend maintaining them doesn't become too cumbersome and they produce positive cash flow. There are plenty of important benefits to creating many income streams to decrease your risk of having your main source of income suddenly dry up. Even if your alternative sources of income cannot cover your monthly expenses, they can at least help lessen the blow of a job loss or other unexpected expense. 

I know I used the word “job” a lot above, but the same holds true for your business! As many restaurants, hair salons and other personal care business owners have experienced, if their main stores are shut down, so are their main sources of income.  

We can not rely on the government to always step in and help. Taking out loans to cover monthly costs is also a hassle and ends up costing more in the long run. But if every business set up one or two streams of passive income ( revenue generated from doing something once) it would ensure their long - term success. 

So which bill do you want to start with? 

Most people who have passive income streams have found that once they have one income source up and running, it is easier for them to create multiple income sources. These are often referred to as multiple streams of income. 

What are Some Multiple Streams of Ideas?

Online Presence and Affiliate Marketing

You want to pick a platform that focuses on your skillset. If you’re great writer, then you probably want to go with a blog. If you’re photogenic or good with video, then perhaps a YouTube or Instagram account is the best way to go. And Facebook is a great way to combine both visual and written content.

Once you have a large enough following, you can start to monetize that traffic and use your platform as a passive income stream. You can do this by selling your own products, or by selling other people’s products through affiliate marketing. As an affiliate, you receive a small percentage of every sale on someone else’s website that is generated from the traffic that started on your website or platform. You also can make money by allowing ads to display on your content. This is how most YouTubers make money.

Property rental is a great way to collect multiple streams of income. With property rental, you put down either your own money or a loan to buy the property. You’ll then decide if you need to invest anything more in the property to increase its worth. Then you’ll start renting it out and your rental will become a passive income stream.

Dividends as Passive Income Streams

When most people think of investing in the stock market, they think of the traditional buy low/sell high methodology. That can be a good attitude for day traders or retirement funds. But, if you’re looking to collect passive income streams, then you should focus on stocks that pay dividends.

If you do not want to start from scratch and make your own products, consider joining a company and becoming an affiliate for them. You can join several different online communities to see which may be the best fit for you. Choose one that is closely tied to your existing market or business. For example, if you own a sock company you may want to be an affiliate for shoes. Both products serve the same customer but in different ways. 

The easiest way to keep these income streams separate is to have multiple bank accounts or clearing houses for each stream. That may be overkill for smaller streams though, so having one separate account for all of those additional streams will work just fine. Keep in mind that you still need to evaluate and track each stream to make sure it is profitable. The last thing you want is to lose money on a recurring income stream! Haha

4/19/21 Digital Banking is becoming the norm. Banking is changing with the times. Increase in digital / online banks is just the beginning! What will the bank of the future look like? Will it be one we can even walk into or will all our banking options live in the world wide web? Paul Rielly of a local regional bank is going to talk  us through all of these opportunities for businesses. 

4/26/21 Advertising dollars at work in the digital world With the physical world forced to spend more time indoors, social media and the digital world's influence has sky rocketed. Seven out of 10 respondents in a study agreed that the marketing function in their organization became more important during the pandemic, for reasons that span the entire customer journey. Now more than ever, the pressure is on for marketing teams to drive results across every stage of the funnel, from customer acquisition all the way through sales and retention.  Thankfully we have Lynne Holloman of Net Search Digital joining us to give us the industry secrets!

5/3/21 Robo-Advisors; the future in investing Robo-advisors are quickly becoming mainstream, which is good news for consumers who are looking for low-cost financial advice. The number of online advisors continues to swell, as does the range of services. Many now offer socially responsible investment portfolios, access to human financial advisors and comprehensive digital financial planning tools.

Bottom line: There’s now a low-cost advisor option for every type of investor. https://www.nerdwallet.com/best/investing/robo-advisors"

5/10/21 Crypto currency crash course The new HOT BUZZ WORD in the financial industry!!!!!! Everybody and their grandchildren want to know what, how and WHERE CAN WE GET SOME! Let's get into the deep end with Portia Niles, CEO and founder of KRONOS DIGITAL ASSET GROUP

5/24/21 How to plan your finances We talk to Financial Advisor and Life insurance expert, Crystal Suber of Crystal Clear financial solutions on how to set up a plan for the future of your money. 

5/31/21 No more cash? "For some, cash is still something they use everyday. For younger generations, cash is becoming more and more obsolete.Everywhere you turn right now, it seems like someone wants to chat you up about our world turning into a cashless society. Your neighbor’s talking about it, the frenzied news media is talking about it, your social media feed is talking about it . . . and there’s even a viral article on the internet about a cashless society that’s claiming Dave Ramsey wrote it (spoiler alert: he didn’t). So, why all the hype about a cashless society all of sudden? And how does it look any different than the digital world we live in now? Let’s break down everything you need to know (and debunk some junk too)."

6/7/21 Virtual land and the Real estate bubble We are clearly in the depths here with our topic this week, Virtual ... LAND? Yup, not kidding folks. Land, real estate, homes, buildings, have been a long time staple of wealth generation around the world. Sadly, the majority of land that people own are their burial plots, sigh. But in 2021, you can purchase a piece of VIRTUAL LAND, and investors are buying them up in the millions! Today we are talking to Jennett Pulley, a local real estate agent and property coach on how virtual land could be the wave of the future.

6/14/21 NFT's? WTF.... "Hahaha... This title says it all.. What.. the... Future ready is a NFT? Let's find out!  It's easiest to answer the question metaphorically. Think of an NFT as a certificate of authenticity. But instead of a sheet of paper, it's a unique string of characters.  That string is connected to a blockchain, the same concept that powers cryptocurrencies like Bitcoin. The main difference is that bitcoins are fungible, which means they are essentially the same. NFTs are non-fungible — each one is unique. 

6/21/21 The future of accounting: As the business world changes, so does accounting for all of it! Let’s look at how technology is aiding accountants and business owners alike!

6/28/21 Summary of what we achieved: Catch up on the highlights from each show!

"New normal", "Pre-pandemic", "The great reset" While we don't always like hearing or even admitting it, the pandemic has changed how we view our world and our individual place in it. Money is man - made, from concept to conception, so it is not immune to changes in humanity. In fact, "Money" has changed thousands of times throughout human history and will continue to do so. Let's take the jargon and the new fancy names out of the picture, let's pull back the veil of secrecy and dive deep into this new budding future of money

You can take advantage of some standard tax rules that can save your business money. 

Contribute to a retirement plan. If your business is profitable, you can shelter income in a qualified retirement plan that will provide you with a tax deduction for your contributions, defer tax on earnings on contributions (tax is ultimately paid when you start taking money from the plan, usually at retirement), if you have employees, you can gain employee loyalty for providing them with a retirement savings opportunity. 

Adopt an "accountable plan." If you have employees and reimburse them for using their vehicles on company business, adopt an accountable plan to save them income taxes and save the company payroll taxes. This arrangement lets you reimburse an employee for business expenses without having to treat the reimbursements as income to them. Result: the reimbursements are not included in the employees' W-2 form (the employees are not taxed on the reimbursements) and the company saves payroll taxes (FICA and unemployment taxes) on these amounts. 

Defer income and accelerate deductions. There are several steps you can take near the end of the year to put off income into the next tax year and increase your deductions in the current tax year. For example, at the end of the year, deposit checks in the next year to lower the annual income and pay bills early to take advantage of the expenses. 

Structure your business the proper way. Most businesses that start out small don't change the structure of their business when they should. For example, if you have a closely held company in which the income passes through to you, the owner, those are usually set up as an LLC or an S corporation. While there is nothing wrong with those structures, you might be able to gain tax advantages by structuring your company as a C corporation, in which the first $50,000 of your income is taxed at a rate of 15 percent as opposed to a 35 percent rate if you're in the highest tax bracket.

Consider adding to employee benefits instead of raises. One way to save on taxes for you and your employees is to compensate them by increasing your contribution to their health insurance costs instead of giving them the same amount in terms of a salary increase. 

Maintain best practices for certain recordkeeping. For example, if you use your personal vehicle for business, you need to track your business mileage, QBO has that option as well. Or, if you reimburse your employees for expenses like meals or travel, these transactions need to be processed carefully. 

Make smart tax elections

Under the tax law, most expenses incurred in business are deductible, while most income is taxable (there are, of course, some exceptions). The tax law gives you options on when and to what extent you claim certain deductions or report income. Here are some common deductions:

The cost of buying business equipment usually is deducted by claiming a depreciation allowance (fixed by law) over five or seven years, or longer periods. However, under certain conditions, you may qualify to elect first-year (Section 179) expensing to deduct the entire cost of equipment in the year it is placed in service. Making this election accelerates the deduction, giving you an immediate tax benefit for your outlay.

The expenses of a personal car or truck used for business can be deducted in one of two ways: claiming actual costs or relying on an IRS standard mileage rate. If you keep good records of your costs, you can then choose the deduction method that produces the greater write-off.

Selling property on the installment basis where at least one payment will be received in the year after the sale generally means that the gain will be spread over the period in which the installments will be received. However, you can elect to report the full gain in the year of sale, even though payments won't be received until later. This election makes sense when you have current losses that can be offset by the installment sale gain, meaning that the gain is fully sheltered from tax.

Lastly, keep current with law changes

The tax law is constantly changing, with major legislation, court cases, and IRS rulings appearing frequently throughout the year. Many of these developments present positive tax opportunities -- if you know they exist and you act on time. Often, waiting until the annual meeting with your accountant may be too late to learn about and act on these opportunities.

There are a variety of taxes for business. Here is a quick rundown:

Income taxes. There are federal and, in most cases, state income taxes to contend with, whether the business pays the tax (as in the case of a business organized as a C corporation) or the owner pays the tax on his or her share of business income and expenses (as in the case of a business organized as a sole proprietorship, partnership, limited liability company, or S corporation).

Employment taxes. If you have employees, you must withhold income taxes and the employees' share of Social Security and Medicare (FICA) taxes. You must also pay the employer share of FICA, plus state and federal unemployment tax. If your business is incorporated, you are an employee if you work for the business and you owe these taxes even if you're the only employee. If you are self-employed, you owe self-employment taxes (the equivalent of the employee and employer share of FICA) on your net earnings from the business.

Sales taxes. If you sell goods and services and you are based in a state with a sales tax, you may be required to collect sales taxes on your transactions. While the customers pay the sales taxes, you can be subject to penalties for failing to collect the taxes and pay them to the state.

Excise taxes. Depending on what type of business you operate, certain businesses may pay excise taxes on fuels, highway usage by trucks, and for other activities.

Ok, wait, before we can really talk about saving on taxes, let’s chat about how we get to that “pie in the sky” number.

Every country has different tax laws, forms, credits, and allowable deductions. I am not a tax expert in my own country, let alone the murky depths of international taxes ( shudder), so please, for the love of accounting, consult a local expert on the best tax strategies for you! Now thats out of the way; no matter which country you are conducting your business in, taxes are *generally* based on PROFIT. Profit = revenue - expenses. The profit is then multiplied by a tax rate, thus giving us the amount of taxes owed for that year ( or period ). While most see this as a “tax bill” or an “expense” it is more accurate to think of this as an outstanding liability. Businesses have owed taxes all year long, they are just finding out exactly how much once the year has ended ( atleast that’s how it works in the US…. ) Confusing yet? It get worse. That tax rate I just mentioned…? Yea, that changes.. .often.. And sometimes it changes based on the profit… 

Benjamin Franklin said there were only two things certain in life: Death and taxes. But in business there's only one certainty: taxes. Tax obligations go hand-in-hand with running a business. From the federal government on down to city hall, you need to be aware of which taxes your business needs to pay, how much in taxes you owe, and when you need to file. Make a mistake and your tax bill grows. At the same time, if you plan ahead, take the right available deductions, and prepare your tax returns properly, you can save on the amount of taxes your business must pay.

These four factors can help you decide when your small business needs to hire new employees:

STRONG GROWTH

If you’re considering bringing on new employees, the first thing to do is to take a look at your business’s financial reporting. In particular, examine your company’s revenue and see how it has changed over time. If your business has been steadily growing its revenue over the course of several months, that’s a good sign that your current employees are working efficiently to drive strong growth. This could suggest that in order to continue the pace of growth, you need to scale up your business by hiring new workers.

LIMITED EMPLOYEE CAPACITY

Next, take a look at the capacity of your current employees to evaluate whether it’s time to hire more support. The best way to understand your employees’ current capacity is to speak with them directly, or talk with managers who oversee the workflow of employees. If employees are unable to take on new work or, worse, struggling to manage their current workload, it may signal that you need to create a new job position to keep growing your business.

NEW OPPORTUNITIES ARISE

If your business has the opportunity to offer new services and products to your clients, there’s a good chance you’ll need to hire new staff to accommodate the expansion of your business. If your company is already busy with current business responsibilities, you’ll need to take on more employees to help with the increased workload of expanding your product and service offerings for customers.

NEW SKILLS ARE NEEDED

If your business is expanding to offer new services in order to grow, you should look at the skills and experiences of your current employees. If your new business offerings require a skill set that is lacking in your current staff, you’ll need to hire new workers who are experts in that area, even if you’ve determined your workers may have the capacity to take on new work.

An independent contractor operates under a separate business name from your company and invoices for work completed. Independent contractors can sometimes qualify as employees in a legal sense. The Equal Employment Opportunity Commission created a guide for making the determination.

If your contractor is discovered to meet the legal definition of employee, you may need to pay back taxes and penalties, provide benefits, and reimburse for wages stipulated under the Fair Labor Standards Act.

Independent employees versus contractors

There are lots of rules, but generally:

Employees:

Work at a specific time and place set by you, the employer

Work for one company

Use your tools and resources

Are paid a salary or hourly wage

Are responsible for completing tasks set by you

Contractors:

Can work wherever and whenever they like

Can work for multiple companies

Use their own tools

Use their own resources

Get paid on a project or flat-fee basis (but not always)

This is important to understand, because if you’ve identified someone as a contractor but the nature of their work is more like that of an employee, you may need to give them benefits and pay employment taxes.

• Calculate how many hours a week it takes to do this type of work (estimate the amount of hours per task and add ‘em up).
• Do you have tasks you want to do but don’t have time for?
• Think about whether you need temporary or permanent help. A specific project might require a temporary worker, but ongoing help will need someone more permanent.

Before finding the right person for the job, you’ll need to create a plan for paying employees. Follow these steps to set up payroll:

1. Get an Employer Identification Number (EIN)
2. Find out whether you need state or local tax IDs
3. Decide if you want an independent contractor or an employee
4. Ensure new employees return a completed W-4 form
5. Schedule pay periods to coordinate tax withholding for IRS
6. Create a compensation plan for holiday, vacation and leave
7. Choose an in-house or external service for administering payroll
8. Decide who will manage your payroll system
9. Know which records must stay on file and for how long
10. Report payroll taxes as needed on quarterly and annual basis

The IRS maintains the Employer’s Tax Guide, which provides guidance on all federal tax filing requirements that could apply to the obligations for your small business. Check with your state tax agency for employer filing stipulations.

Step #2. Now ask—are you ready to hire someone?

Is your business actually in a position to hire someone? You ought to think about these questions:

Can you afford the ongoing costs of a hire? (Remember, it’ll cost you more than salary.)

Have you done a cost-benefits analysis for your time?

Have you defined the role?

Have you established your company values? Do you plan to hire according to them?

Each show will have one main question from the audience with supporting questions from my various travels. Have a question to ask? Don’t be shy, step right on up! You can submit your questions directly to Hello@kashthebookkeeper.com! You may hear your question aired live across the globe! 

Somehow we are on week 11 and quickly coming to the end of our season! Eep! Today’s question is a tough one: “When should I start hiring employees?” Hiring employees is a huge and fantastic milestone! ! But it’s also one of the most important tasks you’ll ever undertake. With so few people in your early team, hiring has a huge impact on your business. It costs more than $4,000 on average to hire a new employee! So you don’t want to be one of the 62 percent of small businesses that say they made a bad hiring decision. Many employers say hiring the right person can help you avoid a huge swath of problems later on. 

But that’s just the tip of the iceberg with employees. Before hiring, we need to determine why, who, what, when, where … and of course… how much?!?! Oh, and taxes. We can’t forget about taxes! 

Each show will have one main question from the audience with supporting questions from my various travels. Have a question to ask? Don’t be shy, step right on up! You can submit your questions directly to Hello@kashthebookkeeper.com! You may hear your question aired live across the globe! 

We have answered questions all over the financial map, from cash reconciliation to pricing digital products! Today we start our final topic, expenses with the burning question of the week : “How do I account for “start up” costs?”. Start up costs traditionally are expenses that take place before a business actually starts collecting revenue, however, the concept can be applied to any “first” in a business. 

“Start up costs” is really a mis-nomenclature since there is no actual accounting or financial difference between business expenses and “start up costs” except the timing. Usually small business expenses are incurred after the business has been established while start up costs can be thought of as pre-launch expenses. For the purposes of our conversation though and for most planning purposes, let's agree to this standard definition: expenses incurred before income can be generated by a service or a product. 

Here in the US, there is a tax deduction called “organizational costs,” and it can usually be used to claim all or a portion of “start up costs” on the income tax return in the year the business started, depending on how much you spent. You can also “amortize”or spread out the remaining costs over a certain number of years.

Still, the question “how much does it cost to start a business?” is critical because the initial investment can be significant. 

Before you start or buy a business, you’ll likely go through a long process of analysis and research. The money you spend doing market research, figuring out your product, looking for an office space, advertising your business launch, and doing anything else to investigate, launch or buy a business are generally deductible. (You might hear your accountant or tax lawyer refer to these simply as “investigation” costs.)

These are any costs involved in the actual formation of a corporation, partnership or LLC. (Your accountant or tax lawyer might also refer to these as “incorporation” or “partnership” costs.)

When you incur startup costs, you must accurately record the corresponding ledger entries in your accounting books. And, you must properly report them for tax purposes. Tax reporting and accounting for startup costs are handled differently, so it’s important to have a basic understanding of both.

Depending on where you live the tax implications and treatment of start costs will vary greatly. Reach out to a local tax professional to get more details on the different deductions available to you. 

But this is not a tax show, it's an accounting show, and no matter where you live or what services you provide or product you sell, expenses related to them before they can be sold can and should be tracked. Doing so will give us our costs basis and our worth in the company ( equity)! 

Startup costs are the expenses you incur before your business begins active operations. The costs might be associated with opening a new business or facility, acquiring a business, introducing a new product or service, conducting a business in a new area, or starting a new process or operation in an existing facility. Startup costs are usually associated with one-time activities. Small business startup costs can sometimes overlap with fixed assets and inventory costs. Ask an accountant to help you properly organize your books.

Examples of startup costs for a new business include:

Investigating whether to create or buy a business

Organizing a partnership or corporation

Opening a facility

Consulting fees

Advertising

Wages to train employees

Travel costs for securing distributors or suppliers

Startup costs do not include:

Deductible interest

Taxes

Experimental costs

Other eligible business start-up costs include:

Customer surveys

Market research expenses (publications, focus groups, consulting, etc.)

Product research

Site selection costs (i.e. money you spend searching for and securing an office or workspace)

Professional and consultant fees

Costs associated with acquiring an existing business

Costs of leasing a business property

Equipment costs

Organizational costs:These are any costs involved in the actual formation of a corporation, partnership or LLC. 

Typical qualifying organizational costs include:

Incorporation fees

Partnership filing fees

Legal fees for services incident to the organization of the corporation or partnership, such as negotiation and preparation of the partnership agreement

Accounting fees for services incident to the organization of the partnership

The cost of organizational meetings

The cost of temporary directors

Record business startup costs as they are incurred. Use checks and a paper trail where ever possible. This will make it much easier to determine which costs can be tax deductible right away and which need to be amortized over a number of years. 

You can make a startup costs deduction in the tax year your business begins operations. Depending on the category, there might be an election to amortize startup costs. Amortization refers to distributing the deduction over time instead of deducting the full startup costs at once. Amortization of startup costs usually occurs over a 180-month period.

Talk to your accountant about deducting costs and amortization. They can help determine if you can deduct or amortize costs. Your accountant can help you determine how much you can deduct now and over time. And, the accountant can create the best tax strategy for your business.

There are several steps to picking the best price for your product, from calculating your expenses to determining the value that your customers see in your product. 

We have already discussed cost - based pricing earlier so I want to focus on Value based pricing here. Value-based pricing is when a company determines their product’s price based on what their audience members are willing to pay for it and how they perceive the value of your product. This is one of the toughest lessons my clients have to learn! 

One of the benefits of value-based pricing is that even if your product costs relatively little to produce, you can achieve a higher margin than you would using the cost-based pricing model.There are successful digital downloads available at all price points, so there’s no concrete rule about how to price a digital download.

As a general rule, if you’re just starting your business out and haven’t built up a brand reputation yet, price on the lower-middle end of what your competitors are charging for similar products. Consider the added benefits of your product vs the competition and focus on that when you are marketing. Offering payment plans and subscriptions are also an easy way to keep the price of a product low. However, while keeping a low price will attract more leads, you don’t want to set such a low price that you have to double-time to hit your profit goals.

I have seen significantly more creators make $1,000 by selling 10 of a $100 product than 100 of a $10 product, so there’s value in higher fees, even for first-time sellers.

The key components to track here aren’t just sales numbers and revenue goals, but customer data and demographics! Keeping a close eye on who is buying what and when they are buying it will give you greater insight into how to triple or quadruple your profits!

Knowing which pricing models work best in your industry can simplify how you price a product, and give you confidence knowing that you’re not simply guessing.

COST-BASED PRICING- Traditional accounting method!

One of the most simple ways to price your product is called cost-plus pricing.Cost-based pricing involves calculating the total costs it takes to make your product, then adding a percentage markup to determine the final price. This method is simple, fast, and lets you quickly add a profit margin to any product you intend to sell.

MARKET-ORIENTED PRICING 

Also referred to as a competition-based pricing strategy, market-oriented pricing compares similar products (competition) in the market. The seller sets the price higher or lower than their competitors depending on how well their own product matches up.

Dynamic pricing:

Dynamic pricing, also referred to as demand pricing or time-based pricing, is a strategy in which businesses set flexible prices for a product or service based on current market demands. In other words, dynamic pricing is the act of changing a price multiple times throughout the day, week, or month to better match consumer purchasing habits. Yes! That’s right, you can CHANGE your pricing strategy depending on how your customers are responding! 

It doesn’t matter which of the above strategies you use in your business- go wild and combine elements of them all- your accounting books and records are going to be the basis of the resulting price. In order to use any of the strategies, you need to have the numbers to implement them. Can’t add a profit margin to costs, if we don’t keep track of the costs used to produce ( and time ! ) a product. Reviewing your financial records on a consistent basis will allow you to to see patterns and trends for dynamic pricing strategies and market shifts. If your sales suddenly decline or boom- there’s a reason for it and it rarely has to do with the actual price of a product or service. 

Humans are irrational. Product pricing strategy is just as much an art form as it is a science. There are lots of product-pricing strategies out there based on the study of human psychology. Ending your price with a 9 or a 5, for example, is called “Charm Pricing.” Millions of businesses have used charm pricing to price their products, and it's proven to increase sales. Or there’s “The Rule of 100,” a fantastic psychological hack to maximize the perceived magnitude of your discount, no matter the discount size. With The Rule of 100, businesses use percentage amount discounts for items under $100 and dollar amount discounts for items over $100.[*]

Instead of asking yourself what an item is worth, you might tend to ask what will consumers pay? If that’s the case, not only are you cheating yourself with an unfair price, but also other sellers. When too many sellers in a niche under-price their products consumers grow accustomed to the low price and feel cheated when asked to pay a fair rate.

It’s time to change that.

The first step in pricing your products or services is to validate them in your own mind and then in the minds of your customers. Follow these quick steps to validate your product idea.

1. Check the marketplace to see if your product already exists. If it does, look at ways you can improve it, market it differently, or add value to the existing business who has the product. 
2. ASK PEOPLE! Ask everyone! Ask your friends and family, network, coworkers, product testers, etc. Get as much feedback as you can! Ask VALUE questions when asking for feedback. 
3. Plan the numbers. How much is going to take you produce, market, and maintain your product

Each show will have one main question from the audience with supporting questions from my various travels. Have a question to ask? Don’t be shy, step right on up! You can submit your questions directly to Hello@kashthebookkeeper.com! You may hear your question aired live across the globe! 

Last week we started our discussion about creating products from our service based industries. This week we continue that topic and explore how to price these products! On season 3 episode and 8 and 9 cover the traditional accounting methods of pricing your services, check them out here: https://pod.co/money-matters-with-kash-the-bookkeeper/1-money-matters-revenue-all-that-glitters-is-gold-right-kasfia-rashid 

At the end of the day we want to be paid for efforts made. Setting the right prices for products is a balancing act. A low price isn’t always ideal, as the product might see a healthy stream of sales without turning any profit. Similarly, when a product has a high price, a retailer may see fewer sales and “price out” more budget-conscious customers, losing market positioning.

Ultimately, every small business will have to do their own homework. Retailers have to consider factors like production and business costs, consumer trends, revenue goals, and competitor pricing. Even then, setting a price for a new product, or even an existing product line, isn’t just pure math. In fact, that may be the most straightforward step of the process.

The Someone: List all of the customers you would typically service, and then really ask yourself, Why would they choose you? What made them purchase your service rather than the person across the street? Look at the demographics—age, gender, income. Can you see any patterns? Use this list to narrow down the content for your product and tailor it to your audience. 

The Something: A “repeatable” part of your product is arguably the most important. Find an aspect of your service that not only is unique to your business, but something that can be turned into a “repeat purchase.”

The best way to start figuring out your productized service is to physically write down all the services you provide and score them based on the TVR system. “Write down all of the services that you provide today—all the different, discrete, unique services you provide—and then score them on the degree to which they are teachable to employees, valuable to customers and repeatable, meaning consumers have a repeatable need for them,” says Warrillow. Then score those services out of 10 on each of the TVR aspects, for a total possible score of 30.

“Then identify which of your services is the highest scoring, and that’s probably where you’re going to find the raw material for productizing your service,” he concludes.

Your books and records holds all of this information from your customer list to your services offered and pricing. As your product list starts and grows, add them to your accounting records and track the funds coming in from each category. If you are producing several different lines of products, use classes to create miniature profit and loss statements per income stream. Lastly, you can add sub-categories under the cost of goods section to track production materials. Once set up, be sure to review your product lines each month to make sure they are profitable!

Courses: As an expert in your field you have the skills to teach other people. You can do this by creating courses and tutorials covering topics your target market is desperate to learn about. Courses can be small or large. They can cost anything from a couple of dollars to thousands of dollars, depending on the scope and the subject matter. Check out my QuickBooks Done for you Course here: 

Paid Newsletters: A great way to create repeat revenue is by writing a premium newsletter people will be willing to pay for. The information contained within the premium version will be lengthier and more in-depth. You can share the strategies and tips you usually only share with your paying clients. Sign up for my (free) newsletter here: 

Licensed Products: You can also sell licenses for products you create rather than granting exclusive access. Freelance designers, developers, illustrators, and other creatives have a lot of earning potential with licensed products. Even if you aren’t a creative, having branded sellable products can be an easy addition to your product line. Check out mine here.

Books: Books are usually the first item freelancers think of when deciding to create a product. Whether electronic or paperback, books are a highly popular and affordable way to discover new information and insights. A well-written book, in whatever format, can quickly establish you as a thought leader and expert in your field. Self-publishing platforms give you the potential to reach larger audiences when combined with intelligent marketing and branding. Download the IBGR free ebook here: 

One potential drawback is, your income is highly dependent on time. When you’re not working, you’re not earning. On average a typical business owner works upwards of 65 hours a week, a third of which is spent actually doing the work they are passionate about. The rest of the time is spent running the business : managing finances takes about 20% of the remaining time, while sales and customer service combined only account for 15% or about 10 hours a week. Sadly, there are only 24 hours a day and it becomes pivotal to spend your time more wisely than you spend your money since you can only take on so many clients at a time. Sure, you can raise your rates, but , there is eventually going to be an income ceiling you can’t break through.

So what can you do? One solution is to turn your services into products!

A great way to supplement, or even replace, your services is to create related products targeting the same customers.

Productizing your service business allows you to earn money 24 hours a day, even when you’re sleeping. When you transform some of your services into products, you not only gain unlimited income potential but also, in the long-term, free up more of your time. Creating products needn’t be difficult either. You’re taking the skills, knowledge, and experience you already use in your services to deliver similar value in product form. You’re basically teaching people how to do some of the things you can do, so they can do these things themselves, although perhaps not as well.

Unlike with your billable hours, once you’ve created a product, it can then be sold an infinite number of times. A well-developed product might sell for the same amount of money you normally charge a client per day.

As the famous saying goes: Give enough people what they want, and you will eventually get what you want. The demand for knowledge, ability, skills, or habits is what creating products allows a business owner to take advantage of.

Welcome to show eight! Each show will have one main question from the audience with supporting questions from my various travels. Have a question to ask? Don’t be shy, step right on up! You can submit your questions directly to Hello@kashthebookkeeper.com! You may hear your question aired live across the globe! 

We have covered questions on each part of the balance sheet, discussed ways to create and use personal balance sheets, and found new ways of leveraging all those wonderful numbers. Today we move forward to the Profit and Loss statement, starting at the top, with Revenue/ Income. 

Today’s main question is: “How do I turn my service based business into products?” I am going to blame the pandemic for the rise in importance of this question. With retail stores, restaurants, hair salons and other in - person services being unable to operate, major shifts in the global market were necessary. Today we are going to explore how we can use our accounting records to find and track these new streams of income. 

*NOTE* I am not a CPA and these records should be for internal purposes only. 

Ok, now thats out of the way…. 

1. Keep all business and personal transactions separate by bank or credit card account. I have said this before and I will say it again. If you are commingling your funds, the next few steps will be MUCH harder to complete. 
2. Label every personal account as a “Personal” account. Make this ABUNDANTLY clear to anyone who is reading the financial statements. 
3. Keep all personal transactions on the BALANCE SHEET only! Do not, I repeat in bold Do not, put any personal income or expenses on the business income statement. Instead, create sub-categories under the “Owner’s equity” section of the balance sheet. 
4. Label all sub-categories using “Personal” at the beginning ( see #2) 
5. Use tax schedules and forms to choose sub-categories 
6. Keep all transfers to and from business accounts from personal accounts in one category (be careful not to double count these!) 
7. Remember to “zero” out these accounts at the end of the year and before handing them over to any one outside of the owners. 

Assets include the value of securities and funds held in checking or savings accounts, retirement account balances, trading accounts, and real estate. Liabilities include any debts the individual may have including personal loans, credit cards, student loans, unpaid taxes, and mortgages. Debts that are jointly owned are also included. Married couples may create joint personal financial statements by combining their assets and liabilities.

Income and expenses are also included if the statement is used to attain credit or to show someone's overall financial position. This can be tracked on a separate sheet. This includes all forms of income and expenses—typically expressed in the form of monthly or yearly amounts.

The following items are not included in a personal financial statement:

• Business-related assets and liabilities: These are excluded unless the individual is directly and personally responsible. So if someone personally guarantees a loan for their business—similar to cosigning—the loan is included in their personal financial statement.
• Rented items: Anything rented is not included in personal financial statements because the assets aren't owned. This changes if you own the property and rent it out to someone else. In this case, the value of the property is included in your asset list.
• Personal property: Items such as furniture and household goods are typically not included as assets on a personal balance sheet because these items can’t easily be sold to pay off a loan. Personal property with significant value, such as jewelry and antiques, may be included if their value can be verified with an appraisal.

Keeping an updated personal financial statement allows an individual to track how their financial health improves or deteriorates over time. These can be invaluable tools when consumers want to change their financial situation or apply for credit such as a loan or a mortgage. Knowing where they stand financially allows consumers to avoid unnecessary inquiries on their credit reports and the hassles of declined credit applications.

When you are a business owner and your business is responsible for your lifestyle, having a personal income statement has some serious long term benefits. 

1. It solves the question of “where did all the money go?” by breaking down the personal expenses that the business’s income (via distribution or wage) pays for. 
2. Makes tax time easier by having information relating to home offices, personal investments, personal loans and other key tax information on hand at all times. 
3. Allows the business owner to control expenses that may otherwise affect the business’s health. 

Each show will have one main question from the audience with supporting questions from my various travels. Have a question to ask? Don’t be shy, step right on up! You can submit your questions directly to Hello@kashthebookkeeper.com! You may hear your question aired live across the globe! 

We have discussed Assets and Liabilities questions and today we move forward with Owner’s Equity! Owners’ equity rounds out one of the basic equations of accounting:

Assets = Liabilities + Owners Equity. 

We can rearrange this equation to say: 

Assets- Liabilities = Owners Equity. 

Catch up on the concept from last season’s podcast here: https://pod.co/money-matters-with-kash-the-bookkeeper/1-money-matters-owners-equity-you-are-worth-it-kasfia-rashid

Today’s question is a continuation of our conversation from last week: “How do I track personal expenses along with my business expenses?” One of the buckets of expenses we covered last week was personal expenses that the business was responsible for paying on behalf of the owner to determine a sufficient salary, so let’s add to that data by creating personal financial statements that we can use in conjunction with business ones! 

Well…………… okie.. Since you asked so nicely! 

I use this method in my personal life. 

For each $100 in sales :

• $30 should be set aside for taxes/savings right off the top. 
• $35 -$50 should be used to run the business/ reinvest
• $20 to the owner  

Articles :

1. Salary vs. draw: How to pay yourself as a business owner | QuickBooks 

1. Mike Michalowicz's Profit First 

Additional Resources 

1. Check out Kash’s Youtube Playlist: Bookkeeping basics for small business owners. 
2. Want to learn how to use QuickBooks? Click here for three free videos! 
3. Want more KASH? Sign up for the free newsletter! 

One of my favorite ways to answer this question is to utilize the ‘Profit first” method. If you have never heard of the book, check it out here:

While the book has multiple charts, figures and graphs to build a profitable business using the cash in your bank account, the basic concept is the same as an envelope system : Split each sale into the main parts of a business - Expenses, Reinvestment, and PROFIT! Those are the lists you are going to need for your business and your lifestyle. Write down all of your “normal” expenses, your upcoming reinvestment expenses, and your lifestyle expenses. Add them all up and we have our “floor”. Next it is our job’s as business owners to bring in enough Revenue to meet that floor. 

As the business grows, so will the floor. With more revenue coming in adjustments must be made to keep the same percentage of profit across the business. 

Maybe you’ve made the decision between a salary and a draw, but now you’re not sure how much you should be taking out of the business for yourself.

As mentioned earlier, this isn’t “a one answer fits all type of situation”

Data from Payscale shows that the average business owner makes $70,220 per year, but that takes several different things into account. 

Here are a few things that you should consider as you are pondering this problem:

• Business structure: Your business entity impacts a lot of your decisions. Many entities don’t allow you to take a salary, meaning you’ll need to take an owner’s draw.
• Business performance: Regardless of which way you choose to pay yourself, it’s important to remember that your compensation as the business owner isn’t set in stone. You can make some changes as you consider your business’s performance. You should only pay yourself from your profits and not overall revenue. So, if your business is doing well, you might be able to increase your compensation.
• Business growth: While performance is an important consideration, so is the current stage of your business. For example, if your business is a relatively new startup and in a stage of high growth, you’ll likely want to reinvest a lot of the profits back into the business, rather than pocketing them as compensation for yourself.
• Reasonable compensation: Only taking a $10,000 salary from your company each year is going to raise some red flags with the IRS. Make sure you familiarize yourself with the IRS’ guidelines and ask around to figure out what a reasonable salary for your type of work is.
• Personal expenses: That reasonable compensation will give you a starting point, but it doesn’t need to be your only answer. You have personal expenses—from your mortgage or rent to your savings account—that you need to fund. Get a good grasp on what those expenses are, so you can make sure you’re taking home enough to cover them.

Those considerations will help you land on a suitable number to pay yourself, whether you take it as a salary or a draw.

Assets = Liabilities + Owners Equity. 

We can rearrange this equation to say: 

Assets- Liabilities = Owners Equity. 

Catch up on the concept from last season’s podcast here: https://pod.co/money-matters-with-kash-the-bookkeeper/1-money-matters-owners-equity-you-are-worth-it-kasfia-rashid

Today’s question is at the forefront of every business owner’s mind : How do I pay myself? The sassy bookkeeper answer is : “With a check” hahahaha. But no, seriously, when a business owner asks this question what they are really asking is “ How MUCH do I pay myself?” Now, figuring that out, is a whole other process. One we will be diving into today! 

One of the main reasons to start a business is to simply make a living. Yes, ofcourse, there are other benefits that come with starting a business and other reasons to start a business. Let's be transparent for a moment, if you own a business you started this business in order to support a lifestyle. At some point you are going to want a return on your investment from your business. However, you don’t want to suck your business dry! Finding the right balance between how much to re-invest in the company and how much is needed to support your life-style can mean the difference between a thriving business and a failing hobby. 

The National Federal of Independent Business says:

If you’re just starting out, the biggest determining factor for your pay is going to be your business’ cash flow. Wages, expenses, and all immediate obligations must be covered with cash. With limited or no cash flow—a reality for many startups—you might operate for a while without a paycheck, let alone a predictable salary.

Later in your business life, you may be able to take money from your business on a more regular basis, based on your personal financial situation.

I agree with most of that. I don’t agree that “as a start up, you may have to operate without a paycheck for a while.” If you plan your business correctly, with the appropriate legal and tax setups, there should be no reason that you are not starting off making a profit. Now what to do with that profit….? 

1. https://corporatefinanceinstitute.com/resources/knowledge/modeling/debt-schedule/ 

1. https://www.fastcapital360.com/blog/business-debt-schedule/ 

1. https://exitpromise.com/business-debt-schedule/ 

As you build your business debt schedule, there are a few essential categories you will need to include. Adding the details of each debt gives a fuller picture of the commitments in your business allowing you to plan more efficiently.

1. The creditor or lender
2. Original date
3. Original amount
4. Current balance
5. Interest rate
6. Monthly payment
7. Maturity date (due date)
8. Collateral posted

IF this schedule is used almost exclusively for internal purposes, feel free to include notes about each debt, their function and any other information that you’d like to keep close by.

Factors to Consider in the Construction of a Debt Schedule

Before committing to borrow money, a company needs to carefully consider its ability to repay debt and the real cost of the debt. Here is a list of the factors a company needs to consider:

1. Debt maturity – Most debt is amortized and paid monthly. The longer the maturity of the debt, the lower the amount due monthly, yet the higher the total sum of the debt and interest accrued.
2. Interest rate – The lower the interest rate, the better, but not always. A low interest rate for a long-term debt usually results in higher total interest due than short-term debt with a high interest rate.
3. Floating or fixed interest – A floating interest rate will change the overall debt service payment amount each year, while a fixed interest rate provides reliability in the calculation. Depending on the future assumptions, a floating interest rate is the better choice in a low or declining interest rate environment.
4. Ability to generate gain – There is no reason to take on new debt if the debtor cannot use the funds to generate a steady stream of income to pay the debt off. Failure to pay a debt might result in a drop in their credit rating or even forced liquidation.

A debt schedule is a list of everyone that a business owes money, goods, or services to, how much is owed, when it should be paid and how much.

A business debt schedule can be created for any of the following categories:

• Leases
• Loans
• Contracts
• Accounts payable
• Other periodic payables

While very common, business expenses such as short-term accounts payable and accumulated liabilities are not typically listed in a schedule for external purposes, it should be included for internal forecasting purposes.

Having a firm grasp on the details of your payment schedules and interest rates is important. A business debt schedule allows you to gather and review your company’s debts easily so you can accurately and effectively plan for repayments. They can even help you understand if your company can take on an additional small business loan.

Another benefit to using a debt schedule is how it can help you to analyze your cash flow. This is possible because the schedule connects 3 essential financial documents:

• The income statement
• The balance sheet
• The cash flow statement

Interest expenses listed in the debt schedule are tied into your income statement, while the balance sheet includes the same closing debt balance. The 3rd tie-in comes from the principal repayments which influence the cash flow statement. The debt schedule is one of the supporting schedules that ties together the three financial statements.

There are several benefits of creating and maintaining a debt schedule:

Eliminating missed/ late payments. 

Missing or late payments can have disastrous results on your business’ credibility, not to mention the FEES associated with them. One of the most essential components of a debt schedule is having all of the due dates in one place! Can you feel the peace of mind that comes with?

Create a Payment Strategy

Knowing exactly when bills are due and when gives you the time to properly evaluate cash flow creating long lasting money habits. 

Refinance Your Rates

If you are looking to refinance loans providing a debt schedule is usually required. 

Build More Accurate Forecasts

Since a debt schedule is a mini budget, creating larger budgets becomes faster and easier. 

Make Better Borrowing Decisions

Business needs can quickly change. When you need to make a fast, well-educated decision on whether or not you can take on more debt through a cash flow loan or a line of credit, a business debt schedule can make your life a lot easier.

These straightforward schedules make it easy to keep tabs on your business’s debts. Let’s dig a little deeper into what is a debt schedule, how they function and how to make your own debt schedule.

1. https://www.sba.gov/blog/how-establish-business-credit-first-time#:~:text=Business%20credit%20allows%20a%20company,to%20purchase%20products%20or%20services.
2. https://www.sba.gov/blog/how-build-business-credit-quickly-5-simple-steps
3. https://www.dnb.com/duns-number.html 

Additional Resources 

1. Check out Kash’s Youtube Playlist: Bookkeeping basics for small business owners. 
2. Get this affordable guide to reconciling any account quickly and accurately! Click here: https://kashthebookkeeper.com/paid-resources/ and scroll down to Reconcile any business or personal account in 4 easy steps!! On Sale now! 
3. Want more KASH? Sign up for the free newsletter! 

1. File for a business structure such as an LLC, LLP or Corporation. If you are a sole proprietor- your business is not a separate entity and can not build credit. Once your company is a separate entity- be sure to keep your business and personal finances separate! 
2. Now that your business is a separate entity, you can file for a EIN! This is basically your business’ social security number. You can apply for a federal tax ID for free using the IRS assistance tool. While you're at it, apply for a D-U-N-S number as well. Check out the handy articles below to find out more information.3
3. Open a business bank account using your EIN # from above. This is key in protecting yourself and your business, and establishing it as a separate entity. 
4. One of the easiest ways to build business credit is to apply for net terms with vendors and suppliers. As you buy supplies, inventory, or other materials on credit, those purchases and payments get reported to business credit reporting agencies.
5. Monitor Your Business Credit Reports- There are three major business credit reporting agencies so it’s important to monitor each of your company credit files. Each agency collects data from various sources and may have different information about your company.

It’s equally important to establish a diversity of accounts with other types of business credit such as a business credit card or line of credit. Let these five simple steps serve as a starting point to building business credit for your company.

There are several different types of business credit, not just credit cards! According to the Small Business Association1 there are an additional four other types of credit: 

Vendor Credit – Vendor credit is when an individual or business offers products or services that your company can purchase on short term financing (typically net 30 terms). There are many vendors willing to extend credit to startups with minimal requirements. In some cases, a vendor may require an initial purchase or deposit prior to extending credit terms.

Supplier Credit – This type of business credit is when a supplier is willing to provide supplies to your business and defer the payment for a later date. This type of financing is great for conserving cash flow because it gives you time to sell the products you receive from the supplier before having to pay for them.

Retail Credit – Many small and major brand retailers offer store credit cards for businesses. Unless they’re co-branded, the card can only be used in a specific store. This type of business credit may make sense if you have a specific store you regularly use for business purchases.

Service Credit – The easiest form of business credit you can establish for the first time is service credit. Your internet, cell phone, cable, satellite TV, web hosting and other utility services are all agreements your company makes with providers.

Business Credit Cards – One of the most important tools to keep your personal and business purchases separate is a secured or unsecured business credit card. It’s essential that you apply for a business credit card that reports only to the business credit agencies so you can protect your personal credit as well.

Let’s stripe down the mechanics of depreciation into simple steps. After purchasing something for your business:

1. Determine if a purchase should be classified as an asset or as an expense. Once it has been determined it should be an asset…. 
2. Write down when it was purchased, the cost of the purchase ( how much money actually left the bank account), what was purchased, and why. 
3. Use the handy tax tables to determine the various amounts of depreciation you are able to claim on that asset
4. Record depreciation every year until the asset’s worth is zero 
5. Keep all paperwork related to the purchase, sale, or transfer of any assets
6. If you acquired an asset via a transfer - record the cost of the trade as the value of the asset. 

Depreciation can get complicated when you start involving numbers, so it is easier to focus on the big picture instead of getting bogged down in the technicalities. 

Here is the big picture: The result of all those complex depreciation calculations is that the government will pay for a portion of the cost of the assets you acquire to use in your business. That payment comes to you through a reduction in the taxes you pay over one or more years after you purchase the assets.

There are three methods commonly used to calculate depreciation. They are:

1. Straight line method :Annual Depreciation expense = (Asset cost – Residual Value) / Useful life of the asset
2. Unit of production method :Per unit Depreciation = (Asset cost – Residual value) / Useful life in units of production
3. Double-declining balance method: twice the Straight Line method 

 Three main inputs are required to calculate depreciation:

1. Useful life – this is the time period over which the organisation considers the fixed asset to be productive. Beyond its useful life, the fixed asset is no longer cost-effective to continue the operation of the asset.
2. Salvage value – Post the useful life of the fixed asset, the company may consider selling it at a reduced amount. This is known as the salvage value of the asset.
3. The cost of the asset – this includes taxes, shipping, and preparation/setup expenses.

Depreciation allows a portion of the cost of a fixed asset to be expensed in the year of purchase and every year for a set period of time. The period of time and the allowable annual portion of depreciation depends on the method of depreciation used. BUT WAIT.. there’s more! Depending on the type of asset, the location of the asset, and the year in which it was purchased, it could be a candidate for SPECIAL DEPRECIATION! *duunn dun dunnnnnnnnnn!* 

Fortunately, the IRS publishes tables that simplify the depreciation calculations. And most accounting software for your business comes with a depreciation program included or available as an add-on.

Have you ever purchased a new car or know anyone who has? Personal finance gurus advise buying a late model used car over a new car due to first-year depreciation.

According to carsdirect.com A new car depreciates or loses value almost immediately after you drive it off a dealer's lot. As a quick rule of thumb, a car will lose between 15% and 20% of its value each year according to Bankrate.com. This phenomenon is not limited to cars, but applies to every business asset other than cash. 

Depreciation allows an asset to be expensed in pieces every year. The net amount ( cost - depreciation) is known as the “book value” of the asset. The amount of cash the asset can be exchanged for is known as the “market value”. The difference between the book and market values will determine the gain or loss on that asset. As a business owner, we need to understand what the market value of our assets are, in case we need to sell them to cover our expenses or liabilities. This becomes pivotal when we are looking for funding or investors. Keeping detailed notes on depreciation is important not just for federal tax purposes, but personal property taxes as well. 

You do not need to have an accounting software to complete a bank reconciliation, but it does make things a bit easier. Grab a pen pencil and paper and let’s get started. 

1. Gather up your documents: If you are using an online banking system, this step should be simple. Log on to your bank's website and download the last month's statement. If not, grab your paper statement from the mail. 
2. Also works with: Credit card statements PayPal statements/ Square statements Any other third party
3. Check your beginning balances : Whether you are starting a brand new account or are in the middle of an active year, check the beginning balance in your accounting system (doesn’t have to be a software- can be a paper ledger) against the beginning balance on your statement. Note! They might not match- due to outstanding checks, deposits in transit, or other errors.
4.  Match transactions to the accounting system : Start with deposits, or money coming into your accounts. Note which invoices were paid, when they were paid, how you were paid and what was purchased. Once you have matched all of the deposits against your accounting system, move on to the expenses. Note the purpose of each withdrawal, include the payee for all checks, watch for fraud!
5. Add missed transactions to the accounting system: Your accounting system's ending balance should match your bank's ending balance with the exception of checks you have written but haven't cleared the bank or customer payments that haven't been deposited. Record all other transactions that have cleared the bank, but aren't in your accounting system, for example: Fees, Interest, Additional credits 

Simply put: it's "balancing your checkbook"! By comparing the balance in your bank to what your accounting system thinks is the balance, you increase your chances of catching fraud, decrease the chances of missing expenses, and ensure you always have money in the bank to cover expenses. A bank reconciliation should be completed each month for all bank accounts, credit cards, loans, and third party accounts paypal/square/etc.Completing a bank reconciliation is the first basic implementation of an accounting process

In accounting, a company's cash balance includes the money in its checking account(s). To safeguard this critical asset, all companies should establish internal controls over its cash accounts. These controls include separating the accounting duties of its employees, depositing all receipts into the company's checking account, paying all bills through the checking account, and having an independent person routinely prepare a bank reconciliation.

The purpose of the bank reconciliation is to be certain that the company's general ledger Cash account is complete and accurate. With the true cash balance reported in the Cash account, the company could prevent overdrawing its checking account or reporting the incorrect amount of cash on its balance sheet. The bank reconciliation also provides a way to detect potential errors in the bank's records.

Being an accountant is like having a doctor in the family. Minor aches and pains, ailments, and random questions often get filtered to me by clients, family members, networking associates and of course friends. Scarcely a week goes by without either an email or a random text starting with “hey quick question…”

One of the reasons so many people ask me questions is because I like answering them. But just like being a specialist there are tons of general questions that come up in the operation of my business. My clients range from pre-start up to growth and the questions are often varied. Ever wanted to sit a bookkeeper down and ask them anything you wanted? Well, This show is all about the top questions I answer when I sit down with my clients. 

My name is Kasfia Rashid but you can call me Kash. It is my job to  prepare you to understand the language of business. Warren Buffett, said that accounting is the language of business! So, who better to learn from than an accountant with over 16 years worth of experience! Last season we took a journey through the five principal categories of Accounting: Assets, Liabilities, Owner’s Equity, Revenue and Expenses! 

“Money matters-Ask the Bookkeeper” is all about answering burning accounting questions! You know, the ones you would only ask your best bookkeeping buddy. Each show will have one main question from the audience with supporting questions from my various travels. Have a question to ask? Don’t be shy, step right on up.  We will follow the same path as last season with two shows on each of the main concepts of accounting and one show for each financial statement! 

My name is Kasfia Rashid but you can call me Kash. It is my job to prepare you to understand the language of business. Warren Buffett, said that accounting is the language of business! So, who better to learn from than an accountant with over 16 years worth of experience! Last season we took a journey through the five principal categories of Accounting: Assets, Liabilities, Owner’s Equity, Revenue and Expenses! 

“Money matters-Ask the Bookkeeper” is all about answering burning accounting questions! You know, the ones you would only ask your best bookkeeping buddy. Each show will have one main question from the audience with supporting questions from my various travels. Have a question to ask? Don’t be shy, step right on up. We will follow the same path as last season with two shows on each of the main concepts of accounting and one show for each financial statement!