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Join Serena and Rhonda Delaney for a conversation about Relay, Xero and Hubdoc

hubdoc relay software xero Jun 20, 2024

Can your small business afford to miss out on the financial tools that could save you time and money? Join us for an insightful conversation where I break down my top recommendations for small business finance management. I take you through the benefits of using Relay, an online banking platform that supports the Profit First methodology, and show how it seamlessly integrates with popular accounting software like QuickBooks and Xero. Learn why separating your business and personal finances is crucial and how Relay's features can simplify team spending management, providing practical solutions for every small business owner.

Xero or QBO?

Ever wondered which accounting software offers the best control mechanisms? In this episode, we explore the critical importance of audit trails and user access controls by comparing Xero and QuickBooks Online. I share how Xero’s inability to delete transactions enhances security and oversight, making it a preferred choice for security-conscious...

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Protecting your Business against Fraud

A couple of moths ago, you may have heard of a Facebook ads scam. I was actually traveling when this was going on, but happened to be working on onboarding a new client who’d sent me an email about the recent Facebook charge frauds and wanting to know how best to guard against them. They hadn’t been hit, but then I realized, while I was traveling, I kept seeing my little American Express alerts for charges, since I have my business card linked to my apple pay, I see every transaction that hits pop up on my phone. They were little transactions to Facebook, for under $20 but they were happening every few hours.

Then it hit me: My Facebook billing threshold is $500, so why are all these tiny charges hitting—AND, I didn’t think we were running any ads.

I was so grateful that my client had asked the question, and I was suddenly aware of what was going on. So in today’s blog, I’m going to share with you what I did, and what you can do, too.


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Business Meal Deductibility in the USA

deductions meals travel Nov 01, 2023

Navigating the Maze of Meal Deductibility in the USA


In the complex world of tax deductions, meal expenses in the United States can be a particularly intricate subject. The rules governing the deductibility of meals vary depending on the purpose, context, and amount spent. Understanding these nuances can help taxpayers make informed financial decisions and potentially reduce their tax liability. In this blog post, we'll explore the different deductibility of meals in the USA.

1. Business Meals Deduction

One of the most common deductions related to meals is for business purposes which are qualifying meal expenses incurred while conducting business. During the pandemic, they were eligible for a 100% deduction but now business meals that meet this criteria, like discussing business-related matters, are still back down to a 50% deduction.

2. Entertainment Expenses

Back in the day, entertainment used to be deductible. Not anymore! It’s very important to separate meal costs...

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The Crucial Role of Contracts in Your Online Course Business

contracts courses legal Oct 01, 2023


In our world of online education, where knowledge is transformed into lucrative opportunities, entrepreneurs are capitalizing on the e-learning boom like never before.

Running an online course business can be super rewarding, but it also comes with its fair share of challenges. One of the key elements that can make or break your venture is the use of contracts. In this blog post, we'll explore the importance of contracts in your online course business and why they are crucial for your success. We’ll also be linking to our favorite resources for affordable contracts.

  1. Clarity and Expectations: Contracts serve as a formal agreement between you and your students. They outline the terms and conditions of the course, payment terms, refund policies, and more. Having these details in writing ensures that both parties are on the same page from the outset. It helps to manage expectations and prevent misunderstandings down the line.
  2. Legal Protection: Running an online course...
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How to reconcile your KAJABI Payments in Xero or QBO

courses kajabi metrics Sep 17, 2023

We’re testing out KAJABI payments over at our sister brand, The Ambitious Bookkeeper. What we’ve noticed so far…

It isn't as easy as reconciling Stripe or PayPal.

As Xero users, we're able to link PayPal and Stripe as bank accounts in Xero. This enables automatic daily feeds of transactions allowing us to have a real time view of sales. When we switched over to KAJABI payments, we lost this ability, and the ability to see individual sales and transaction fees.

Why is tracking individual sales important?

First, let's chat about why it's important to track each individual sale in your accounting system.

  1. You want to be able to understand which programs, courses, products, etc are profitable, so you want to track each transaction that comes in. This allows you to setup "rules" in your accounting system for each product, coding it to a specific revenue stream. For example:
    • Digital Products
    • Coaching
    • Signature Program
    • Consulting
  2. Another reason is to be able...
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A Guide to Preparing for 1099s: Stay Compliant and Stress-Free

As an online entrepreneur or small business owner, handling your finances can be a complex task. One crucial aspect of financial management is ensuring that you correctly prepare and distribute 1099 forms to your contractors. A lot of new business owners get blindsided on this one!

In this blog post, we'll delve into what 1099s are, who should receive them, the different types of 1099 forms, the deadlines you need to meet, and the tools that can help you efficiently manage this process.

What Are Contractors?

Before we dive into 1099s, let's define contractors. Contractors are individuals or entities that you hire to perform specific services or tasks for your business. Unlike employees, contractors are not on your company's payroll, and you typically don't withhold taxes from their payments. Instead, they are responsible for handling their own tax obligations. Head over to this blog post where I discuss in more detail Employees vs. Contractor (one of our most asked questions!).


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The Dirty Secrets of S-Corp Elections

business setup s-corp taxes Aug 01, 2023

The Dirty Secrets of the S-Corp Election

More & more, I see tax pro’s marketing the S-Corp election for massive tax savings but just like anything else, it’s important to do your homework before letting someone convince you that their way is the right way. It’s not a one-size fits all, and in this article I’m going to share some of the drawbacks (dirty secrets) about S-Corps plus what you can expect to pay for various services associated with electing S-Corp status.

First, though,

What’s an S-Corporation vs S-Corp Election?

An S-Corporation, or S-Corp, is a selected business structure, that one would choose at the time of forming their company. Choosing this structure allows pass-through taxation, meaning that profits and losses pass through to shareholders' personal tax returns, avoiding double taxation (i.e. the business being taxed AND you personally being taxed the income you pay yourself from the business).

On the other hand, the S-Corp...

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Navigating the Rules Around Business Gifting: A Guide

gifting irs rules Jul 01, 2023

A Guide to Business Gifts

If you’re in a business similar to mine where you have long-lasting client relationships or high ticket offers (courses, coaching, etc), you might want to think about gifting to your clients as appreciation for signing on with you, or as you close out an engagement. Of course, there’s always holiday gifting too. However, before you start shopping for presents to show your appreciation to clients, employees, or vendors, it's important to understand the IRS rules and requirements surrounding business gifting. In this blog post, we'll explore the dos and don'ts of business gifting and provide examples of what you can deduct and what you can't.

What is Considered a Business Gift?

A business gift refers to any item given to clients, employees, vendors, or business associates with the intention of promoting goodwill, strengthening relationships, or expressing gratitude. Common examples of business gifts include personalized merchandise, gift baskets,...

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Key Financial Metrics for Course Creators

kpi metrics online courses May 31, 2023
We participate in affiliate marketing programs, which means we may earn a commission from purchases made through the links on our blog. However, our recommendations are based on our own research and expertise, and your trust is our priority.

Tracking Success in Online Course Creation: Key Financial Metrics for Course Creators

Running a successful online course business requires more than just creating and delivering valuable content. As a course creator, you need to track and analyze various financial indicators to ensure the profitability and sustainability of your program, course, and business. In this blog post, we will break down the key financial metrics that you as an online course creator should pay attention to in order to gauge the health and success of your business.

1 - Revenue Metrics:

One of the primary financial indicators to track is revenue. Tracking your different revenue streams such as: course sales, private coaching income, affiliate income, and any other...

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Xero for Course Creators

xero Oct 12, 2022

At Of Course Bookkeeping, our select software for Online Course Creators and Ecommerce is Xero.


Here's why:

Here are some of the reasons it's best for course creators:

  1. Easy to understand dashboard

    When you books are up to date, you have a visually easy to understand dashboard, helping you understand where your money is and where it's going.
  2. Integrates with PayPal & Stripe without a 3rd party app

     PayPal and Stripe are the top payment processors for course creators, and Xero integrates with it seamlessly (like a bank account) so we can track each transaction easily to know which products you're selling the most of.
  3. Helps us efficiently code and categorize transactions

     Xero has this awesome tool called cash coding which enables us to code a large mass of similar transactions quickly and easily. Because of this, we offer unlimited transactions in our service packages. You aren't penalized for launching and making more money! This gives us more time to...
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DIY Bookkeeping Guide

Want to know what you should be doing each month until you're ready for a bookkeeper?