EP29: How to Help Your Money Team with Latasha Phillips

summary:
In this episode, Sonja Jones and Latasha Phillips discuss the critical roles and responsibilities in business finance, emphasizing the importance of clear communication and defined expectations between entrepreneurs and their financial professionals. They explore common misconceptions about bookkeeping and tax preparation, the necessity of consulting with financial experts for major decisions, and the importance of compliance with state regulations. The conversation also highlights the upcoming launch of GIP Academy, aimed at providing entrepreneurs with the tools and knowledge to manage their finances effectively.

takeaways:
- Understanding the roles of your financial team is crucial.
- Always have a contract or engagement letter with your financial professionals.
- Define clear expectations for both parties in financial relationships.
- Create a wish list of services you want from your bookkeeper.
- Consult your financial team before making major business decisions.
- Proper cash flow management is essential for business success.
- Be aware of compliance requirements for your business.
- Research your state's tax obligations to avoid penalties.
- Utilize resources like GIP Academy for financial education.
- Effective communication with your financial team can prevent misunderstandings.


Enroll in GIP Academy! Launching October 1st, 2024!
https://gipfinancials.ck.page/academywaitlist

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bookkeeping, taxes, financial management, business finance, accounting, entrepreneur, tax preparer, CPA, financial decisions, compliance