In this episode, Leah and Aminder dive deep into the significance of Profit and Loss (P&L) statements for business owners. Theydiscuss what a P&L statement is, why it matters, and how to effectively analyze it to make informed business decisions. The conversation covers key components such as revenue, gross margin, and net income, as well as commonmistakes that business owners make when reviewing their P&L. The episode concludes with a focus on the importance of understanding financial statements for business growth and future discussions on related topics.
Takeaways
· A profit and loss statement is essential forunderstanding business performance.
· P&L statements help identify areas ofstrength and weakness in a business.
· Regularly reviewing your P&L can provideinsights into spending and profitability.
· Understanding gross margin is crucial forpricing strategies.
· Common mistakes include not separating personaland business expenses.
· Trends over time are more important thanisolated monthly data.
· P&L statements are not just for tax time;they inform business decisions year-round.
· Business owners should be aware of their revenueper client to ensure profitability.
· Effective financial analysis can lead to betterinvestment and growth opportunities.
· The P&L statement is a storytelling tool forbusiness performance.
Chapters
00:00 Understanding Profit and Loss Statements
05:12 Key Components of a Profit and Loss Statement
09:37 Common Mistakes in Analyzing P&L Statements
15:53 The Importance of Regular Review and Growth Mindset
Keywords: Profit and Loss, P&L, Business Accounting, Financial Statements, Gross Margin, Net Income, Common Mistakes, Business Growth, Accounting Tips, Financial Analysis, Bookkeeping
Website: TheAccountingEdit.com
Aminder's Links
Website: sequoia-cpa.com
Instagram: @sequoiacpa
LinkedIn: linkedin.com/company/sequoia-cpa
Leah's Links
Website: orca-accounting.com
Instagram: @orcaaccounting
LinkedIn: linkedin.com/in/leahmccool
In this episode of the Accounting Edit podcast, Leah and Aminder reflect on their summer experiences as businessowners, discussing the joys of flexibility, personal growth, and the importance of protecting their time. They share personal wins, lessons learned, and their weekend routines, while also looking ahead to the fall and setting new habitsfor their businesses. The conversation emphasizes the balance between work and personal life, the significance of self-care, and the excitement of new marketing strategies.
Takeaways
· Flexibility in entrepreneurship is a significant benefit.
· Taking time off can lead to personal growth and reflection.
· Cooking more has enhanced my routine and health.
· Protecting personal time is essential for work-life balance.
· Farmers markets provide fresh produce and community engagement.
· Saying no to clients can open doors to better opportunities.
· Tracking time can improve efficiency in business operations.
· Creating a structured weekend routine can enhance relaxation.
· New marketing strategies can lead to increased engagement.
· Building healthy habits is crucial for sustaining energy in business.
Chapters
00:00 Reflecting on Summer Experiences
08:27 Personal Wins and Lessons Learned
16:08 Weekend Routines and Leisure Activities
21:07 Preparing for Fall: New Habits and Rituals
Keywords: accounting, entrepreneurship, summer reflections, personal growth, business lessons, time management, weekend routines, fall planning, marketing strategies, health habits, bookkeeping
Website: TheAccountingEdit.com
Aminder's Links
Website: sequoia-cpa.com
Instagram: @sequoiacpa
LinkedIn:linkedin.com/company/sequoia-cpa
Leah's Links
Website: orca-accounting.com
Instagram: @orcaaccounting
LinkedIn: linkedin.com/in/leahmccool
In this episode, Leah and Aminder discuss the intricaterelationship business owners have with money, exploring various approaches to growth, the concept of sustainable growth, and the importance of running lean to achieve higher profit margins. They share personal experiences and insightson how their backgrounds influence their financial decisions and strategies for business success.
Takeaways
· Every business has its own trajectory and growthplan.
· There are different avenues for business growth:slow vs. rapid.
· A frugal approach can lead to sustainablegrowth.
· Understanding your expenses is crucial forprofitability.
· Your relationship with money is shaped by yourbackground.
· Sustainable growth means balancing revenue andexpenses.
· Investing in your business should be strategicand calculated.
· Running lean can help lay a foundation forhigher profit margins.
· Revenue growth should not come at the expense ofprofit.
· Your mindset around money influences yourbusiness decisions.
Chapters
00:00 Understanding Your Relationship with Money
09:43 Defining Sustainable Growth
18:58 The Importance of Running Lean
Keywords: business growth, sustainable growth, relationshipwith money, accounting, profit margins, lean startup, financial psychology, entrepreneurship, cash flow, investment
Website: TheAccountingEdit.com
Aminder's Links
Website: sequoia-cpa.com
Instagram: @sequoiacpa
LinkedIn: linkedin.com/company/sequoia-cpa
Leah's Links
Website: orca-accounting.com
Instagram: @orcaaccounting
LinkedIn: linkedin.com/in/leahmccool
In this episode, Aminder and Leah discuss five essentialtips for staying organized with bookkeeping. They emphasize the importance of establishing a regular bookkeeping routine, separating business and personalfinances, choosing the right accounting software, digitizing receipts, and regularly reviewing financial reports. These practices are crucial for effective financial management and can significantly ease the accounting process for business owners.
Takeaways
Chapters
00:00 Introduction
01:51 Tip 1 - Set a regular bookkeeping routine
05:04 Tip 2 - Separate business and personal finances
07:35 Tip 3 - Define the accounting software / systemthat fits your business
12:20 Tip 4 - Organizing and digitizing your receipts
14:37 Tip 5 - Review your financial reports regularly
Keywords:
bookkeeping, accounting tips, financial organization,business finance, bookkeeping routine, accounting software, financial reports, business expenses, tax preparation, financial management
Website: TheAccountingEdit.com
Aminder's Links
Website: sequoia-cpa.com
Instagram: @sequoiacpa
LinkedIn: linkedin.com/company/sequoia-cpa
Leah's Links
Website: orca-accounting.com
Instagram: @orcaaccounting
LinkedIn: linkedin.com/in/leahmccool
Resources
Checklist recommendations
- www.todoist.com
- www.notion.com
Business bank recommendations
- www.mercury.com
- www.relayfi.com
Our accounting software recommendations
quickbooks.intuit.com/pricing/
www.xero.com/pricing/
Receipt organization
www.hubdoc.com
www.dext.com
QBO Mobile App
QBO Review
www.sequoia-cpa.com/quickbooks-review
In this episode, Aminder and Leah delve into the intricacies of financial statements, focusing on the balance sheet, profit and loss statement, and cash flow statement. They discuss the importance of understanding these documents for business owners, identifying red flags, and the role of advisory services in helping clients navigate their financial landscape. The conversation emphasizes the need for financial literacy and the significance of regular reviews to ensure accurate financial reporting.
Takeaways
Website: TheAccountingEdit.com
Aminder's Links
Website: sequoia-cpa.com
Instagram: @sequoiacpa
LinkedIn: linkedin.com/company/sequoia-cpa
Leah's Links
Website: orca-accounting.com
Instagram: @orcaaccounting
LinkedIn: linkedin.com/in/leahmccool
Chapters
00:00 Understanding Financial Statements
03:02 The Importance of Financial Literacy
04:05 Analyzing the Profit and Loss Statement
05:34 Decoding the Balance Sheet
07:05 Identifying Red Flags in Financials
09:10 The Role of Cash Flow Statements
11:16 Trends and Forecasting in Financials
13:55 Advisory Services and Client Support
19:49 Using Percentages
20:42 Budgets versus Actuals
Keywords: financial statements, cash flow, profit and loss, accounting, business finance, red flags, advisory services, financial literacy, small business, bookkeeping
In this episode, Leah and Aminder walk through the journey of naming their firms, building meaningful brands, and making their businesses official. They share personal stories behind the names Orca Accounting and Sequoia CPA, talk about how branding goes far beyond logos, and break down the legal steps every business owner needs to take when getting started. If you’re launching your firm or rebranding an existing one, this episode is packed with insights and inspiration.
Takeaways
• A meaningful business name can create emotional connection and stand out in the market.
• Nature-inspired names helped both hosts reflect their values and local roots.
• Branding includes visuals, voice, tone, and client experience, not just a logo.
• Canva is a powerful tool for building brand consistency and creating content.
• Checking name availability for legal use, domains, and social handles is essential.
• Investing in your website and brand from the start can differentiate your firm.
• Your website is your storefront, so make it feel welcoming and aligned with your brand.
• Legal steps include forming an LLC or PLLC, filing Articles of Incorporation, and getting an EIN.
• Business registration requirements vary by city and state.
• It’s okay to ask for help from a lawyer or accountant when setting up your firm.
Website: TheAccountingEdit.com
Aminder's Links
Website: sequoia-cpa.com
Instagram: @sequoiacpa
LinkedIn: linkedin.com/company/sequoia-cpa
Leah's Links
Website: orca-accounting.com
Instagram: @orcaaccounting
LinkedIn: linkedin.com/in/leahmccool
Keywords: Naming your business, branding for accountants, accounting firm startup, nature-inspired firm names, Canva for design, LLC vs PLLC, business registration steps, EIN setup, website branding tips, tax entity selection, and creating a memorable client experience.
Chapters
00:00 – Intro
01:00 – Where it all begins
03:00 – The story behind Sequoia CPA
04:30 – How Orca Accounting was named
07:15 – Why branding matters (especially in accounting)
10:15 – Making sure your name is available
12:00 – Avoiding oversaturated names
14:00 – Branding tools and voice
18:00 – Developing color palettes and visual direction
20:00 – The importance of emotional branding
24:45 – Legal steps to become official
28:00 – Local registrations and tax entity considerations
30:30 – Final thoughts
In this episode, Leah and Aminder discuss the intricacies ofpayroll and taxes, focusing on the processes involved in managing payroll, the responsibilities of business owners regarding tax compliance, and the importance of understanding sales tax. They also touch on cash flow management and the significance of being proactive in tax planning.
Takeaways
• Payroll involves wages, benefits, and tax withholdings.
• Understanding the difference between employees and contractors is crucial.
• Using payroll software can simplify the payroll process.
• Sales tax varies by state and jurisdiction.
• Proactive tax planning helps avoid penalties.
• Tracking cash flow is essential for managing tax liabilities.
• Quarterly tax payments should be set aside monthly.
• Compliance with tax deadlines is critical for business owners.
• Consulting with a payroll expert can alleviate stress.
• Continuous education is important for staying updated on tax laws.
Website: TheAccountingEdit.com
Aminder's Links:
Website: sequoia-cpa.com
Instagram: @sequoiacpa
LinkedIn: linkedin.com/company/sequoia-cpa
Leah's Links:
Website: orca-accounting.com
Instagram: @orcaaccounting
LinkedIn: linkedin.com/in/leahmccool
Chapters
00:00 Introduction & Studying for the CPA Exam
05:58 Understanding Payroll Processes
12:56 Navigating Payroll Compliance
18:42 Exploring Sales Taxes and Their Implications
24:22 Managing Other Tax Liabilities
Key words: payroll, taxes, accounting, business, compliance, tax responsibilities, cash flow, sales tax, payroll processes, accounting podcast, bookkeeping
In this conversation, Leah and Aminder discuss their experiences with work-life balance, the challenges of preparing for the CPA exam, and the growth of their businesses. They share insights on the importance of organization, delegation, and maintaining a healthy work-life balance while navigating the demands of being small business owners. The discussion also touches on vacations and how personal experiences can influence professional life.
Key Takeaways
• Aminder emphasizes the importance of balancing client work and business strategy.
• Leah shares her experience of easing into the week without a strict schedule.
• Both speakers highlight the significance of taking breaks and enjoying nature.
• They discuss the challenges of preparing for the CPA exam and the need for structured study time.
• Aminder mentions the importance of planning and organization in managing client work.
• Leah reflects on the flexibility of being a business owner compared to corporate life.
• They talk about the necessity of delegation as businesses grow.
• Aminder shares her approach to using work blocks and checklists for productivity.
• Leah expresses the joy of using a planner and colored pens for organization.
• Both agree on the subjective nature of business management and the importance of finding what works for them.
Website: TheAccountingEdit.com
Aminder's Links:
Website: sequoia-cpa.com
Instagram: @sequoiacpa
LinkedIn: linkedin.com/company/sequoia-cpa
Leah's Links:
Website: orca-accounting.com
Instagram: @orcaaccounting
LinkedIn: linkedin.com/in/leahmccool
Chapters
00:00 Introduction
06:51 Weekly Planning and Structure
11:26 Balancing Work and Personal Life
15:34 Evolving Work Schedules and Business Growth
21:43 The Balancing Act of Business Operations
23:11 Evolving Client Work and Marketing Strategies
25:25 The Importance of Delegation in Business Growth
27:06 Evaluating Opportunity Costs in Business Decisions
28:00 Structuring Your Work Week Effectively
31:32 Organizational Tools and Techniques for Efficiency
36:34 Conclusion
Keywords: Work-life balance, CPA exam, business growth, delegation, client management, organization, productivity, small business, accounting, entrepreneurship, accounting
In this episode of the Accounting Edit podcast, Leah McCool and Aminder Mann delve into the intricacies of accounts payable and accounts receivable, using the example of Michelle, a photographer. They discuss the importance of tracking business expenses, processing invoices, and managing cash flow effectively. The conversation highlights practical steps for handling accounts payable, including invoice review, payment scheduling, and the significance of understanding payment terms. They also explore accounts receivable, emphasizing the need for timely invoicing and follow-ups to ensure cash flow into the business. The episode concludes with insights on managing bad debts and the interconnectedness of accounts payable and receivable in financial management.
What You’ll Take Away:
• Accounts payable involves tracking money owed to vendors and contractors.
• It's crucial to review invoices for accuracy before making payments.
• Understanding payment terms can optimize cash flow management.
• Timely invoicing is essential for maintaining cash flow.
• Using accounting software can streamline the accounts payable process.
• Collecting W9 forms upfront simplifies 1099 filing later.
• Accounts receivable is about tracking money owed to the business.
• Following up on overdue invoices is key to cash flow management.
• Bad debts should be written off to maintain accurate financial records.
• Accounts payable and receivable are interconnected in managing business finances.
Website: TheAccountingEdit.com
Aminder's Links:
Website: sequoia-cpa.com
Instagram: @sequoiacpa
LinkedIn: linkedin.com/company/sequoia-cpa
Leah's Links:
Website: orca-accounting.com
Instagram: @orcaaccounting
LinkedIn: linkedin.com/in/leahmccool
Chapters
00:00 Understanding Accounts Payable
09:13 Navigating Accounts Receivable
Key Words: Accounts Payable, Accounts Receivable,Cash Flow, Invoicing, Business Expenses, Financial Management, Small Business Accounting, Vendor Payments, Client Payments, Accounting Software, Bookkeeping
In this episode of the Accounting Edit, Aminder and Leah dive into the intricacies of transaction categorization and account reconciliation, using a photography business as a practical example. They discuss the importance of accurately categorizing transactions to ensure effective financial management and the necessity of regular reconciliations to maintain clean and accurate books. The conversation also highlights the use of accounting software tools to streamline these processes and improve efficiency.
What You’ll Take Away:
Website: TheAccountingEdit.com
Aminder's Links:
Website: sequoia-cpa.com
Instagram: @sequoiacpa
LinkedIn: linkedin.com/company/sequoia-cpa
Leah's Links:
Website: orca-accounting.com
Instagram: @orcaaccounting
LinkedIn: linkedin.com/in/leahmccool
Chapters
00:00 Introduction to Transaction Categorization
02:26 Understanding Transaction Categorization
08:07 The Importance of Account Reconciliation
12:17 Monthly Reconciliation Best Practices
16:02 Utilizing Software Tools for Efficiency
Key Words: transaction categorization, account reconciliation, financial services, bookkeeping, accounting, small business, financial management, software tools, QuickBooks, Xero
In this episode of The Accounting Edit, Leah and Aminder break down what bookkeeping actually involves—and why it’s so much more than just data entry. From categorizing transactions to reconciling accounts and preparing accurate reports, they unpack the foundational elements that help small businesses stay financially healthy.
They also talk through common cleanup needs, the difference between monthly and quarterly bookkeeping, and where fractional CFO services come in for deeper strategy. Whether you're a business owner trying to stay organized or an accountant expanding your service offerings, this episode offers a practical (and honest) look at what good financial support should include.
What You’ll Take Away:
- What’s included in full-service bookkeeping
- How tools like QuickBooks and Xero make the work easier
- Why monthly support often beats quarterly check-ins
- How cleanups and catchups fix messy financials
- What fractional CFOs actually do
- Why strategic finance isn’t just for big companies
Website: TheAccountingEdit.com
Aminder's Links:
Website: sequoia-cpa.com
Instagram: @sequoiacpa
LinkedIn: linkedin.com/company/sequoia-cpa
Leah's Links:
Website: orca-accounting.com
Instagram: @orcaaccounting
LinkedIn: linkedin.com/in/leahmccool
Chapters
00:14 Introduction
00:26 What is Bookkeeping?
02:18 Account Reconciliations
03:44 Adjusting Journal Entries
07:05 Accounts Payable & Receivable
08:48 Sales Tax and Quarterly Taxes Explained
11:37 Monthly Check-ins
12:52 Quarterly vs Monthly services
16:00 Cleanups, Catch-ups, and Setups
20:32 Exploring CFO Services and Strategic Growth
23:50 Wrap Up
Key Words: bookkeeping, accounting, financial reporting, payroll, sales tax, CFO services, business finance, QuickBooks, Xero, tax filing
Welcome to the very first episode of The Accounting Edit! Meet your hosts, Leah McCool and Aminder Mann, CPA - two former startup senior accountants who took the leap from corporate and launch their own firms. In this kickoff episode, they reflect on what inspired the leap into entrepreneurship, the challenges (and successes) they've experienced, and the vision that drives their work today.
As women of color, they bring fresh perspectives to a field that’s often seen as rigid and traditional. Their goal? To create space for more inclusive conversations around accounting, mentorship, entrepreneurship, and what it really means to grow a fulfilling career in this space.
What You’ll Take Away:
- Why starting their own firms was a defining move
- The value of diverse voices in the accounting world
- How mentorship and community made all the difference (no gatekeeping here)
- Real talk on navigating the accountant journey (and alternate paths)
- How their startup experience shaped their client approach
- Thoughts on building work-life balance as entrepreneurs
- The future for The Accounting Edit podcast
Whether you're thinking about starting your own firm, breaking into the accounting industry, or just want to hear how others are forging their own paths, this episode is the perfect place to begin.
Website: TheAccountingEdit.com
Aminder's Links:
Website: sequoia-cpa.com
Instagram: @sequoiacpa
LinkedIn: linkedin.com/company/sequoia-cpa
Leah's Links:
Website: orca-accounting.com
Instagram: orcaaccounting
LinkedIn: linkedin.com/in/leahmccool/
Chapters
00:00 Introduction to the Podcast Journey
03:14 The Inspiration Behind the Podcast
06:04 Backgrounds and Early Influences
08:53 Diverse Paths to Accounting
15:33 Transitioning from Corporate to Entrepreneurship
18:10 Finding Balance and Meaning in Work
24:46 The Catalyst for the Podcast
27:12 Sharing Industry Knowledge and Experiences
29:36 The Importance of Networking
30:42 Career Paths and Education
33:02 Valuable Corporate Experiences
36:45 Transitioning to Startups
39:30 Leaping Into Entrepreneurship
42:39 Vision for the Future
45:42 Creating Inclusive Workspaces
48:24 Wrap Up
Key Words: accounting, entrepreneurship, diversity, CPA, mentorship, women in business, small business, podcasting, networking, work-life balance
