Business By The Books with Danielle Hayden

Running a business comes with ups and downs, but what happens when your numbers dip into the red? Don't panic, there are actionable steps you can take to turn things around! In this episode, host Danielle Hayden, founder and CEO of Kickstart Accounting, Inc., breaks down what it really means to be "operating in the red" and, more importantly, provides practical strategies on what you can do to regain profitability. Learn how to identify the root cause, make smart adjustments, and build resilience for the future. Whether this is a short-term hurdle or a bigger challenge, we've got you covered with exact steps to help you get back on track! Key Takeaways: What is "Operating in the Red": "Operating in the red" means your expenses are higher than your revenue. Knowing how to identify it in your financial statements can make all the difference in regaining profitability. Assess the Causes: Determine if your situation is due to a one-time expense, seasonality, a market shift, or something else entirely to take the right action. Cut Smart, Not Hard: Reduce non-personnel expenses first before making decisions that may negatively impact your team, efficiency, and/or business growth. Build a Cash Reserve: Having a financial cushion can help your business weather slow periods and unexpected costs. Mindset Matters: Shifting your perspective on financial setbacks can empower you to take proactive steps instead of reacting out of fear. Topics Discussed: What Does It Mean to "Operate in the Red" (00:00:39 – 00:02:11) Assessing the Causes of Profit Loss (00:02:12 – 00:07:39) Determining Where to Cut Expenses (00:08:24 – 00:10:06) Identifying the Problem and Learning from It for the Future (00:10:08 – 00:14:12) Managing Your Money Mindset Through Tough Times (00:14:12 – 00:20:03) Resources: Episode 75 | Finding Profitability in Your Business Expense Grading Worksheet | https://kickstartaccountinginc.com/grading Money Mindset Mastery Program | https://www.e-suite.co/money-mindset-mastery-sales-page Kickstart's Courses | https://www.e-suite.co/our-programs Book a Call with Kickstart Accounting, Inc.: https://www.kickstartaccountinginc.com/book Connect with Kickstart Accounting, Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc

Danielle Hayden, CEO and founder of Kickstart Accounting, Inc., is joined by Kelsey Chester, Kickstart's Lead Account Manager, to explore a game-changing topic for your business, specialized KPIs (Key Performance Indicators), and how Kickstart's CFO services and financial Snapshot help small business owners (like you!) track the right financial metrics for your business in order to support sustainable growth and achieve your goals. While many fall into the trap of focusing on top-line revenue, Kelsey and Danielle dive into how true financial health comes from understanding profitability, cash flow, expenses, and other key indicators that are specific to your business. Key Takeaways: What are KPIs: Understanding key performance indicators and their impact on business growth. Generalized vs. Specialized KPIs: Why customized metrics matter more than one-size-fits-all benchmarks. Client Success Stories: Real-life examples of businesses optimizing growth through specialized KPIs. Kickstart's CFO Services & KPI Tracking: How Kickstart's CFO expertise and Snapshot helps you monitor financial health at both a high level and with precision. CFO Services Process: A step-by-step look at how we onboard business owners, set goals, and create financial strategies. Topics Discussed: What are KPIs and Why They Matter (00:01:26 – 00:05:35) Client Case Study: Tracking Every Cost for Healthy, Sustainable Growth (00:05:35 – 00:09:15) Kickstart's CFO Services & Onboarding Process (00:09:15 – 00:15:15) Resources: CFO Services | https://kickstartaccountinginc.com/the-cfo-solution/ Book a Call with Kickstart Accounting, Inc.: https://www.kickstartaccountinginc.com/book Connect with Kickstart Accounting, Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc

In this episode, Danielle Hayden, CEO and founder of Kickstart Accounting, Inc., tackles the challenges of managing seasonal ups and downs in your business. From fluctuating cash flow to balancing tax planning and growth goals, Danielle shares actionable strategies to help you weather any season stress-free with KSA's framework. Whether you're an entrepreneur dealing with summer slumps, winter lulls, or unexpected expenses, this episode is packed with insights to help you stay ahead. Learn how to identify seasonal trends, plan effectively, and keep your mindset strong, no matter what challenges the season you're in brings! Key Takeaways: Understanding Seasonality: Use your financial data to identify patterns of seasonal sales and profits by running a profit and loss report by month (covering at least 24 months) to spot trends. Types of Seasonality: There are different kinds of seasonality: the peaks and dips in sales revenue that are tied to the calendar or seasons, and the fluctuations caused by grouped expenses like subscriptions or annual costs. Preparation is Key: Build a cash reserve of 1-3 months of cash outlay. Save 25% of net income for taxes. Secure a line of credit during peak periods for added flexibility. Don't wait until you're in desperate need and are scrambling! Maximize Downtime: Slower seasons are the perfect time for strategic planning, professional development, system audits, and personal well-being. Strategies for Peak Seasons: Despite high cash flow, this is the time to avoid overspending and start saving for the off-season. Managing Your Debt Mindset: Overcoming the fear of debt allows you to stay adaptable and open to new approaches throughout the year, which opens your business up to growth and improvement opportunities. Topics Discussed: Client Case Study: Navigating Seasonality and Tax Challenges (00:01:09 – 00:03:57) Step 1 - Identifying Seasonality Trends (00:04:23 – 00:05:05) Step 2 - Identifying the Type of Seasonality (00:05:05 – 00:07:35) Step 3 - Preparing for Seasonality (00:07:35 – 00:15:15) Step 4 - Managing Your Debt Mindset (00:15:17 – 00:17:26) Resources: Cash Flow Worksheet | kickstartaccountinginc.com/cash Book a Call with Kickstart Accounting, Inc.: https://www.kickstartaccountinginc.com/book Connect with Kickstart Accounting, Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc

As we kick off 2025, it's time to align our business goals with our spending. Remember when we all canceled cable to save money but ended up with ten streaming services? Yeah, subscriptions can add up, both personally and professionally! In today's episode, reformed corporate CFO and founder of Kickstart Accounting, Inc., Danielle Hayden, tackles a sneaky area of your budget: business subscriptions. They may seem small, but they can snowball into big costs, and possibly outgrow their usefulness. With this 5-step plan, let's audit those expenses and make sure every dollar spent supports your goals. Key Takeaways: Start with Intention: Set your 2025 intentions before diving in. Clarity on your goals is essential before evaluating expenses! Step 1 - Audit Your Subscriptions: Pull all recurring expenses using your accounting software. Include monthly, quarterly, and annual subscriptions. Organize your data: list vendors, costs, functions, and usage frequency. Step 2 - Evaluate by Asking the Big Questions: Does this subscription align with your 2025 focus? Does it provide ROI, i.e. saving time, generating leads, or improving efficiency? Is it still suitable for your current business stage? Step 3 - Decision Time: Cut: If it no longer serves your goals or offers ROI. Keep: If it's essential, but review it mid-year for relevance. Optimize: Train your team, use advanced features, and ensure maximum value. Step 4 - Present Your Findings: Share what you found with an accountability partner, whether it be your board, team, or bookkeeper. Step 5 - Conduct Regular Reviews: Schedule quarterly reviews to ensure your subscriptions are still aligned with your business goals and driving growth. Pro Tip: Budgets aren't about restrictions; they're about spending intentionally. Create a plan that aligns expenses with your revenue and goals. Topics Discussed: Audit Your Subscriptions (00:01:22 – 00:06:35) Evaluate by Asking the Big Questions (00:06:35 – 00:14:35) Decide to Cut, Keep, or Optimize (00:14:35 – 00:16:37) Regular Reviews and Presenting Findings (00:16:37 – 00:17:06) Budgeting Pro Tip (00:17:30 – 00:17:55) 5-Step Subscription Audit Plan Summary (00:17:55 – 00:18:54) Resources: Episode 203 | Ditch New Year's Resolutions and Build Habits for Sustainable Business Growth Book a Call with Kickstart Accounting, Inc.: https://www.kickstartaccountinginc.com/book Connect with Kickstart Accounting, Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc

High-yield savings accounts (HYSAs) are creating buzz in the business world, and for good reason! In this episode, Danielle Hayden, CPA and founder of Kickstart Accounting, Inc., dives into how high-yield savings accounts can help business owners make the most of their cash reserves. With action steps you can take today, Danielle lays out how to use HYSAs as a smart, low-risk tool for growing your money while still keeping it accessible. Have your money work for you as it sits in savings! Key Takeaways: What is a High-Yield Savings Account (HYSA): Danielle explains how HYSAs differ from traditional accounts and why they're a smart choice for short-term savings, earning you hundreds, or even thousands, of dollars in interest with minimal effort. Key Considerations When Choosing an HYSA: Transfer times: How long it takes to move funds back to your checking account. Transaction limits: Planning around monthly withdrawal caps to avoid penalties. FDIC insurance: Ensuring your money is protected. Common Pitfalls to Avoid: Why your account name matters for proper accounting and legal compliance. The difference between business and personal savings and how to ensure you're staying tax-compliant. Action Steps: Open a high-yield savings account for your business if you haven't already. Ensure your account is in the correct name (business or personal) based on your savings purpose. Review your current cash savings strategy and evaluate your options to choose an HYSA that aligns with your financial goals. Topics Discussed: What is a High-Yield Savings Account (HYSA)? (00:00:23 – 00:01:10) Benefits of HYSAs for Business Owners (00:01:10 – 00:02:03) Choosing the Right HYSA (00:02:03 – 00:03:30) The Financial Impact of HYSAs (00:03:30 – 00:04:24) Proper Use and Compliance Tips (00:06:24 – 00:09:05) Book a Call with Kickstart Accounting, Inc.: https://www.kickstartaccountinginc.com/book Connect with Kickstart Accounting, Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc

The abrupt closure of Vancouver, Canada-based venture capital bookkeeping and accounting firm, Bench, left 30,000 business owners scrambling last month and also served as a powerful wake-up call: how well do you know your bookkeeping partner and are they really working for you? In this episode, Danielle Hayden, CPA and founder of Kickstart Accounting, Inc., discusses what we can learn from the fallout of Bench Accounting's unexpected shutdown and shares must-know tips for choosing an accounting partner who'll support your business with stability, transparency, and care. From spotting red flags, like use of proprietary software that can trap your data, to finding a team that supports your goals, Danielle equips you with the questions you need to ask before partnering with a bookkeeping or accounting firm. That way you can make the switch to a partner you trust and is truly there for your business. Key Takeaways: The Importance of Monthly Financial Statements: Ensure your bookkeeper isn't just handling your numbers but is providing clear, consistent financial reports to help you make informed decisions. Stay in Control of Your Data: Avoid accounting services that use proprietary software, which limits access to your data and ultimately, can halt your business's momentum. Choose partners who give you full control over your financial history. Choose a Team That Cares: Your bookkeeping partner should celebrate your wins, support you through challenges, use transparent practices, and provide personal, reliable communication. In other words, give you genuine human connection and insights. The Value of a Well-Established Brand with a Proven Track Record: Stability matters. Work with firms that have a reputation for success built on a strong foundation with long-term goals and a commitment to their clients, not ones susceptible to abrupt closures or operational risks. Topics Discussed: The Bench Accounting Shutdown (00:00:21 – 00:03:28) Checklist for Choosing the Right Bookkeeping and Accounting Partner (00:03:28 – 00:07:30) Why Kickstart Accounting's Framework Is a Step Above the Rest (00:08:22 – 00:12:38) Kickstart's Seamless Onboarding Process for Hassle-Free Switching (00:12:05 – 00:13:04) Get Started with Kickstart Accounting, Inc. Today: kickstartaccountinginc.com/signupnow Book a Call with Kickstart Accounting, Inc.: https://www.kickstartaccountinginc.com/book Connect with Kickstart Accounting, Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc

The New Year is here, bringing fresh opportunities to take your business to the next level! In this annual episode, Danielle dives into the trends for small business owners and their finances, breaking down what's 'in' and 'out' for 2025. From goal-oriented budgeting and game-changing financial habits to mindset shifts and ditching outdated spreadsheets, we're covering everything you need to tackle your business finances with clarity, confidence, and efficiency this year. Tune in and get ready to thrive in 2025! Key Takeaways: In with Goal-Oriented Budgeting: Traditional budgeting feels restrictive, but this year, it's all about giving yourself permission to spend strategically to fuel growth. Consistent Financial Review Routines: Make reviewing your financials enjoyable! Ways successful CEOs build accountability into their routines, whether it's a coffee shop treat or quarterly check-ins with a financial team. Embracing Financial Education: Stop avoiding your numbers! In 2025, we're flipping the script and using financial data to feel empowered and make informed decisions. The Power of Gratitude in Business: Learn how integrating gratitude into your planning process can fuel growth and help you celebrate wins instead of rushing to the next goal. Topics Discussed: The Shift to Goal-Oriented Budgeting (00:00:26 – 00:00:52) The Power of Consistent Financial Review Routines (00:00:52 – 00:02:18) Embracing Technology and Tools to Streamline Operations (00:03:20 – 00:04:27) What's OUT in 2025: Overcommitting and Outdated Habits (00:05:09 – 00:05:57) Mindset Shifts for Business Growth in 2025 (00:07:25 – 00:08:18) Book a Call with Kickstart Accounting, Inc.: https://www.kickstartaccountinginc.com/book Connect with Kickstart Accounting, Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc

If the "New Year, New Me" mantra feels overwhelming or unsustainable, this episode is your antidote. In this episode, CEO and founder of Kickstart Accounting, Inc., Danielle Hayden, dives into a fresh, intentional approach to the new year, replacing lofty resolutions with strategic, habit-based goal setting. Say goodbye to the all-or-nothing mindset and hello to a year grounded in clarity, purpose, and realistic growth. Key Takeaways: Forget Resolutions – Choose Intention: Danielle encourages you to ditch the pressure of creating a "new you" and instead focus on setting an intention or theme for the year that aligns with the life and business you want to build. Build Sustainable Habits: Use strategic, habit-based planning inspired by books like Atomic Habits by James Clear. It's about the small, consistent actions that build momentum. Use Data to Plan Realistically: Rely on your financials and historical data to map out goals. Dream big, but let your numbers guide the path. Create a Roadmap with a Budget: A budget isn't about restriction; it's your clarity and direction. Danielle explains how to make it measurable and actionable. Accountability is Key: Whether it's a coach, peer group, or the Kickstart Accounting team, surround yourself with people who will hold you accountable to your goals. Embrace Flexibility: Life happens! Falling off track doesn't mean failure. Check in quarterly, adjust your plans, and give yourself the grace to adapt. Action Steps Set your intention or word of the year. Let it anchor your decisions and habits. Map out the daily habits, systems, and team support you'll need to achieve your theme. Use your financial data to set realistic growth goals for the year. Build a budget as your roadmap to guide decision-making throughout the year. Find an accountability partner or coach to help you stay on track and adjust as needed. Schedule quarterly check-ins to review your financials, re-forecast your goals, and course correct. Topics Discussed: Why New Year's Resolutions Fail (00:00:24 - 00:02:21) A Habit-Based Approach to Goal Setting (00:02:58 - 00:05:11) Mapping Out Habits, Systems, and Support (00:05:11 - 00:06:30) Using Financial Data to Set Realistic Goals (00:06:30 - 00:08:11) Accountability and Adapting to Change (00:09:01 - 00:11:21) Resources: Build a Budget Series CFO Services | kickstartaccountinginc.com/cfo Book Recommendation | James Clear's Atomic Habits Free Money Personality Quiz | kickstartaccountinginc.com/quiz Book a Call with Kickstart Accounting, Inc.: https://www.kickstartaccountinginc.com/book Connect with Kickstart Accounting, Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc

If you're thinking about automating your bookkeeping, there are a few things you may want to know and take into consideration first. In this episode, Danielle Hayden, host and founder of Kickstart Accounting Inc., welcomes Kelsey Chester, Kickstart's Lead Account Manager, back to the show to discuss a topic that's taken the world by storm this year: Artificial Intelligence (AI). They dive into how the popularity of AI-driven technologies are impacting bookkeeping and financial management. They explore both the intriguing possibilities of AI and the potential risks of relying solely on it to do your business's finances. From tools like ChatGPT to automated invoicing systems, they're breaking down what's hype, what's helpful, and where human expertise still rules. Before you put your bookkeeping in AI's hands, take a listen to this episode! Key Takeaways: The Buzz Around AI: How AI tools have been incorporated into business software and you may not even know you're using it at times. AI's Role in Bookkeeping: Key tasks AI claims to streamline, including automated data entry, expense categorization, invoicing and billing, and financial analysis and tax prep. Why AI Alone Isn't Enough: Real-life examples of AI mishaps in bookkeeping, including costly errors like misclassified expenses, duplicated revenue, and even invoicing chaos. The Importance of Expertise: Why trusting AI without knowledge of bookkeeping basics can be a recipe for disaster and why a skilled money team is still irreplaceable. Security Concerns: What happens to your financial data when you use AI? You may not be able to ensure sensitive information stays protected when using it. The Value of the Human Touch: Insights into how a dedicated team brings expertise, accountability, and personalization that AI simply can't replicate. Topics Discussed: AI in Bookkeeping: Overview (00:00:19:18 - 00:00:52:00) Potential Uses of AI in Financial Management (00:00:52:00 - 00:02:31:01) AI's Limitations in Bookkeeping (00:02:31:01 - 00:06:53:17) Expense Categorization and Automation Issues (00:06:53:17 - 00:08:01:14) AI Challenges with Invoicing and Payments (00:08:01:14 - 00:09:23:29) The Need for Human Oversight (00:09:23:29 - 00:11:05:07) Security Concerns with AI (00:11:05:07 - 00:12:05:09) Complexity, Cost, and Human Trust (00:12:05:13 - 00:13:47:04) Book a Call with Kickstart Accounting, Inc.: https://www.kickstartaccountinginc.com/book Connect with Kickstart Accounting, Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc

Cash flow is the lifeblood of every business. In this episode, guest host and Kickstart's Business Development Manager, Aubrey Philipp, walks through 8 actionable steps you can take to help improve cash flow and keep a consistent inflow, whether you're looking to boost short-term profits or build a strong foundation for long-term success. From determining your financial focus to strategically using debt, this episode has tips every entrepreneur and business owner can apply today to take control of their cash flow! Key Takeaways: Understand Your Financial Focus: Decide whether to prioritize short-term profits or long-term value. This clarity will guide your decisions and strategies. Assign Ownership: Every line on your income statement should have a designated team member who takes responsibility for that line to ensure accountability and alignment with your business's goals. Assess Client Profitability: Identify clients or services that are consistently unprofitable and consider letting them go to free up resources for more lucrative opportunities. Collect Payments Upfront: Improve cash flow and reduce unpaid invoices by requiring deposits, retainers, or full payments before work begins. Bill Early and Often: Frequent billing keeps cash coming in and reduces delays in payments. Break invoices into smaller, more manageable installments if possible. Dedicate Time to Implementation: Block time regularly to act on strategies that enhance your cash flow. Consistency is key to success. Use Debt Strategically: When planned properly, debt (like a line of credit) can be a powerful tool to stabilize cash flow and fund growth. Monitor and Adjust Regularly: Cash flow management is an ongoing process. Review your finances regularly and tweak strategies as needed to stay ahead. Topics Discussed: The Importance of Cash Flow (00:24 - 00:50) Step 1: Determine Your Financial Focus (00:51 - 01:25) Step 2: Assign Responsibility for Each Line in Your Income Statement (01:25 - 02:03) Step 3: Assess Profitability by Client and Service (02:03 - 02:29) Step 4: Collect Payments Upfront (00:03:03 - 00:03:35) Step 5: Bill Early and Bill Often (03:35 - 04:01) Step 6: Dedicate Time to Implement Strategies (04:01 - 04:28) Step 7: Use Debt Strategically (00:04:28 - 00:04:48) Step 8: Monitor and Adjust Regularly (04:48 - 05:14) Resources: Episode 200 | Cash Flow: Are You the Problem? Why Consistency is Key to Sustainable Revenue Book a Call with Kickstart Accounting, Inc.: https://www.kickstartaccountinginc.com/book Connect with Kickstart Accounting, Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc