Entries by Christine Mortensen

Countdown to Deductions: End of Year Tax Planning To-Dos

December 7, 2021 in , , , , /by

The holiday season is a busy time of year for many of us, both at work and in our personal lives, but shortly after it will time to get your taxes prepared! We understand that getting ready for tax season is probably one of the last things on your mind right now but now is the time to take a look at your reports while you can still make some adjustments. The choices available will change based on your situation, so there’s no advice I can give that really applies to everyone. That said, here’s a rundown of some of the big variables that might affect your tax balance come April 15.

Getting in the Spirit for Strategic Planning

December 1, 2021 in , , , , , , /by

If you’re at all familiar with our approach to accounting for business success and personal wellbeing, it won’t come as a surprise that we’re not really the types to set New Year’s resolutions just for the sake of tradition. Because financial and sales goals usually revolve around the tax year, it’s convenient for many business owners to review those things in December. But for us, there’s also a natural lull in activity in the last few weeks of the calendar year that makes it a great time to make adjustments to our strategic plan that affect daily processes and workflows. Learn more about some of the strategies we use in our latest blog post.

Top 3 Financial Literacy Action Items for Business Owners

November 11, 2021 in , , , , /by

Do you know where all of the money in your business bank account came from and where it’s going? How much income you’re missing from unpaid invoices? How much money you have set aside for quarterly taxes? What you can afford to invest in now and what you need to save for? When your financials are up to date, you can find the answers to these questions anytime. In this article, we’ll take a look at the nuts and bolts of some critical bookkeeping and accounting practices I recommend to most business owners.

Trust Your Gut to Start Building Financial Literacy

November 2, 2021 in , , /by

It may seem like tax season is a long way off, but when you think about what’s coming in the next few months—the Q4 rush to use up yearly budgets, the busy-ness of holiday season and then you’ll want to hit the ground running in the new year—there won’t be much time to sort through a backlog of accounting! Waiting until January will put you months behind, getting a clear picture of your business finances now will not only help you make better decisions for the rest of the year, it will also give you the time and the data you need to plan your tax strategy with confidence.

Get Rich Quick: The Cautionary Tale of LuLaRoe

October 20, 2021 in , /by

I’d like to veer a bit outside our usual discussions about practical finance tips and strategies to talk about a very disturbing phenomenon that has been brought to light in the “LuLaRich” documentary series. Like me, you probably had a friend or two on Facebook who dominated your feed for a while with invites to her LuLaRoe group and notifications about flash sales. If you’ve been invited to join a multi-level marketing company, be aware of these tactics before committing your time and money.

What does Financial Health (Really) Look Like for a Business? 

October 4, 2021 in , , , /by

One client came in feeling disappointed because she wasn’t making what she expected in sales this year. When Katie asked about her original intentions for the year, she said what she really wanted was to push herself to grow as a business owner and a person—which she definitely did! Once that shame was out of the way, we were able to have a great conversation about where to go from here. This perfectly illustrates why we prefer to talk about “intentions” rather than goals. There’s no need to put any more pressure on ourselves!

Why Personal Finance Comes First at Monarch CPA

August 19, 2021 in , /by

From the beginning, Monarch has been primarily an accounting and tax firm. So it’s understandable when our new clients shy away from talking about personal finance. We hear it all the time: I’m just here for business. Let’s not worry about my personal stuff.

But as a small business, we have our own very personal reasons for talking about personal finance. It’s a part of our DNA: the values that inform each of our processes and decisions. We believe in taking care of you first because your financial literacy and wellness create the basis for your business to thrive.