Hey there! I’m Katy Murray, an entrepreneur and Human Resources professional, and I’m incredibly passionate about both. I absolutely love how much these two areas overlap, and I’m always finding ways to pull tricks from one and apply them to the other. Whether you’re a one-person operation or managing a small team, I can’t stress enough how crucial it is to document your HR processes for long-term success.

When most people think of Human Resources (HR), they picture big companies with hundreds of employees and complex departments. But honestly, HR is just as vital for us small business owners. Whether you have one employee or ten, documenting your HR processes is key to staying compliant, protecting your business, and creating a healthy work culture. I’m excited to share some practical tips and easy steps to help you start documenting like a pro, no matter the size of your business!

Disclaimer: The information provided in this blog post is for...

Last month I had the pleasure of being a guest on The Money Diaries Podcast hosted by Nicole Ayub. If you’re interested in going deeper on your personal finances and learning more about investing, I hight recommend her podcast!

The Money Diaries is your friendly source of wisdom and insights about personal finance, entrepreneurship, and everything in between!

Exploring Emotional Relationships with Money

Nicole kicks off the episode by emphasizing the importance of addressing our emotional relationships with money. At The Money Diaries, the goal is to have candid conversations about our financial fears, shame, habits, and behaviors. The aim?

To heal and build a more beautiful, healthy relationship with our finances.

Serena's Journey from Corporate to Entrepreneurship

Serena shares her inspiring journey from a corporate controller to a successful entrepreneur. She left her corporate job to stay home with her second daughter and ended up turning her freelance bookkeeping...

5 Key Considerations for Online Business Owners Hiring Out-of-State Employees

So many of my clients have cast a wide net in their hiring because we can as online business, doing everything online. However, something that often gets overlooked is the compliance & complexity when it comes to hiring someone in a different state than where you are based/registered.

So I figured it was time to add this to the blog. Here are some things you want to consider and figure out before deciding to send that job offer once you’ve narrowed down your candidates.

1. Understand Employment Laws: Each state has its own employment laws, including minimum wage, overtime, and employee classification rules. Familiarize yourself with these to avoid legal pitfalls. Check out the blog post we did here about employee classification. Some states are more strict than others.

2. Register Your Business: You may need to register your business in the state where your new employee or contractor resides....

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...

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.

Awareness...

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...

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...

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...

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!).

Who...

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...