In this episode, we sit down with Lynn Webb, a passionate educator and expert in small business finance, who shares powerful insights on how business owners can keep more money in their pockets—simply by paying attention to their books and adopting better financial habits. Lynn breaks down the essential difference between accountants and bookkeepers, sheds light on a commonly missed tax deduction (mileage!), and offers practical strategies for building a stronger, more profitable business.
Key Takeaways:
✅ Accountants vs. Bookkeepers – What’s the Difference?
- Accountants are rear-facing. They work from the rearview mirror, looking at what already happened over the year to prepare your tax return.
- Bookkeepers are present-focused. They're in the trenches daily, recording transactions and tracking behaviors—like spending, travel, and more—that impact your bottom line.
✅ The Overlooked Goldmine: Mileage Tracking
- Business owners often forget to track vehicle mileage—yet it’s a legitimate tax write-off for business-related activities like picking up supplies or meeting clients.
- Lynn’s tip: “If you have a piece of paper in your hand, you probably traveled to get it.”
- Use simple tools like Google Timeline to automatically track travel. Just remember—documentation is key.
✅ Trust and Relationship Matter
- Business owners don’t just need a numbers person—they need a trusted advisor. Someone who gets to know them and their business behaviors.
- A great bookkeeper or accountant doesn’t just crunch numbers—they ask questions, offer advice, and help you make better decisions.
✅ The #1 Tax Mistake Business Owners Make
- Procrastinating on bookkeeping.
- It might seem expensive to pay for bookkeeping help, but disorganized or inaccurate books often lead to higher taxes and missed deductions.
✅ Lynn’s Best Advice for Small Business Owners:
- Work with a bookkeeper/accountant you trust. Build a relationship with someone who understands you.
- Change three financial habits. Small shifts can lead to big savings.
- Book CEO Time. Regularly (weekly, monthly, or quarterly) step back from daily tasks to review the big picture. Ask:
- Am I making money?
- What needs to change?
- What do I need to do better?
- How are my finances shaping my decisions?
Connect with Lynn Webb:
https://cbooks.ca/
https://www.youtube.com/channel/UCfNGfENTllEI7LHZY76rVxA
https://www.facebook.com/groups/learnbooks
Connect with Peggy Meyer: https://positivesolutions4life.com/
Get a copy of the book, The Strength to Shift: http://bit.ly/3ZRh8xF
