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In this episode, Den shares essential tips for managing finances and maximizing tax benefits as a video business owner. As the end of the financial year approaches, Den provides valuable insights on handling your accounts, utilizing financial tools, and considering strategic investments to reduce tax liabilities. He also discusses the importance of proper bookkeeping and the benefits of engaging with a professional accountant.
Here's a sneak peek of what you'll hear:
- Monthly Financial Reviews. Importance of using accounting software like Xero and Dext for efficient bookkeeping.
- Recommendation to hire a professional bookkeeper for accurate financial management.
- Tips for reconciling accounts and maintaining proper records.
- Common Tax Misconceptions. Debunking the myth of buying equipment solely to reduce tax liabilities.
- Explanation of tax liability calculations and implications of profit withdrawal.
- Importance of understanding net profit and corresponding tax obligations.
- Strategic Financial Management. Benefits of using finance options for business purchases to manage cash flow.
- Differences between personal and business loans and their impact on financial health.
- Investment in Coaching. Advantages of investing in business coaching and mentorship programs
Mentoring options : www.denlennie.com
Connect with Den on Instagram: https://www.instagram.com/den_lennie
