Top 3 Financial Literacy Action Items for Business Owners

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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.

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Trust Your Gut to Start Building Financial Literacy

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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.

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

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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!

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Why Personal Finance Comes First at Monarch CPA

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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.

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Top FIVE Lies You Might Be Telling Yourself About Money

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Many of us formulate beliefs about money before we even got our first “big kid” job and they stem from several different places, such as our family’s socioeconomic status, financial literacy and spending habits. It’s up to us to find our own truth with our money and values. Have any of these five lies been holding you back?

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business woman facing an emergency

Expect the Unexpected: Protect Your Business with an Emergency Plan

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As a young and vivacious business owner, a personal emergency that might take you out of your role for four weeks to six months or more is probably the last thing on your mind. But as a fellow business owner, CPA and financial coach, I’m here to remind you that the unexpected does happen. And yes, it could happen to you! Think about the impact it would have on your business if you went MIA for just a week with limited access to email, without warning. What would happen? How long would it take to dig yourself out? Stay ahead of an emergency or extended leave by having game plan. Learn more in this latest article!

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Financial Coach vs Financial Advisor… Which One Do I Need?

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There are various reasons why it would make sense to work with a financial coach or financial advisor at different points in your life. Ideally, you would find those professionals at the right time, and the work you do with each of them would complement the other. But often, that’s not what happens. Read on to find out which might be the best fit for where you are at in your life right now.

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Your Guide for Understanding the Child Tax Credit

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If you have made tiny humans, you may have received some extra stimulus money from the government over the last year. And you may have heard that the American Rescue Plan Act (ARPA) includes even more support for families with children in the form of advance payouts on the 2021 Child Tax Credit (CTC). But there’s a big catch—before you book that trip to Disney, make sure you’re not going to have to pay it back. Read on for a breakdown of what we know right now and what the credit may mean for you.

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Stress Awareness Month: Four Strategies to Manage Financial Stress

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April is Stress Awareness Month and after the most stressful year in decades, so many are still feeling the emotional, physical and financial weight of this pandemic. If you are experiencing constant stress, anxiety and worry about your financial situation, please know, you are not alone. The financial burden of the COVID-19 pandemic has impacted countless American families, and we are sensitive to that. If you’re looking for small ways to help reduce your financial stress during this time, read further to get some ideas that might work for your life.

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Why Your Dream CPA Should Have a Clear Understanding of your Financial Situation (& Your Values)

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Believe it or not, your accountant should care just as much about your values, goals and any major life changes as they do about your income and taxes. At Monarch CPA, we want to make sure we’re helping you make the most informed decisions for your life.

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