Show Notes from a recent Podcast where I spoke with Shannon Crow of the Connected Yoga Teacher about money, taxes and business. Lots of info specifically for Yoga teachers but a lot can be applied to many small businesses.
It’s the middle of the tax season in the US and Canada, and it can be intimidating to think about getting your books in order, filing your taxes correctly, or choosing the right people to help you with this aspect of running your business! Bookkeeping and tax preparation expert Kelly Christian has some helpful information, tips, and tricks to manage some of the finer aspects of bookkeeping.
Kelly is the owner of Kelly Christian & Company, and a Certified Professional Bookkeeper and Tax Preparer. She has over 18 years of experience working with all types of small business owners and focuses on helping them create custom technology systems around their money to get their “money system” in place and their books under control. With a variety of packages from step-by-step help to custom set up, training and guidance, Kelly and her team help clients forget about their bookkeeping so they can focus on their business.
We dive into where to get started with sales taxes, what expenses you can write off in your business, and even the difference between a bookkeeper and an accountant. Kelly also has some easy ways you can use technology to simplify and streamline the money side of your business, and some of the software you can use to make this aspect of running a yoga business easier.
Whether you already have your books in order and taxes filed, or if you’re worried about how to get started on them, this episode will be a good resource.
[5:44] Shannon introduces her guest for this episode – Kelly Christian.
[7:28] What got Kelly started in the bookkeeping industry?
[9:54] What does Kelly’s business look like now? She shares a bit more about her team.
“That’s what you’re ideally looking for – someone that has a bit more breadth than just someone that’s just doing data entry. But if not, make sure you’ve got a really good relationship with your accountant or tax preparer.” ~ Kelly Christian
[11:13] What is the difference between a bookkeeper and an accountant?
[15:44] What are some things yoga teachers can do on their own to get their bookkeeping under control?
[18:50] When do you need to start charging HST (Harmonized Sales Tax) or GST (Goods & Services Tax)?
[21:03] It is important to keep track of online payment methods to ensure payments, taxes and fees do not “get lost”.
“I would rather people use [a simple software] than nothing, but know that as you grow, you’re going to outgrow it.” ~ Kelly Christian
[25:07] Kelly shares her recommendations for Canadians looking for alternatives to Quickbooks, as well as some free options.
[29:57] What are the expenses yoga teachers should be tracking?
“Tracking is better than nothing.” ~ Kelly Christian
[34:16] What counts as expenses and what doesn’t? Shannon and Kelly dig into some common expenses that yoga teachers ask about including yoga clothing, fuel for travel and home office expenses.
[42:54] It is important to find a bookkeeper or accountant who will be able to work with you in your particular business.
[46:11] Get in touch with Kelly via her website.
[47:44] Kelly has some final words of advice for yoga teachers thinking about their accounting and bookkeeping.
“Get some solid systems. Don’t unnecessarily move into a piece of software, a good spreadsheet works great.” ~ Kelly Christian
[49:25] Shannon shares an update on what she changed in her business regarding accounting and bookkeeping.