Clara CFO Group
Clara CFO Group
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What can Relay do? Small business banking solution with extras!
Get $100 when you sign up for a new Relay account and fund it with at least $100! To learn more, go to www.claracfo.com/relay
Ever felt frustrated by traditional banking limitations for your business? Discover how Relay, a modern banking solution, can revolutionize your business finances.
In this video, Hannah dives into Relay's powerful features, from opening new accounts to managing debit cards and setting up automated transfers-all from your laptop or mobile device.
In this video you will find:
0:00 - Intro
0:10 - The Problem with Traditional Banks
0:48 - Meet Relay: Modern Banking Solution
1:17 - Features Overview
2:25 - Setting Up Accounts
5:01 - Managing Multiple Accounts
10:05 - Adding Team Members and Cards
12:22 - Receipt Management
13:41 - Bill Payments and Pro Version
15:21 - Recurring Payments
To learn more about CFO services for B2B services providers making over $1M in annual revenue, go to: claracfo.com/cfo-services/
💲 Need an accounting system? We use Quickbooks Online with clients and recommend it as the best accounting system for small businesses. Sign up to get a discounted subscription for 12 months! claracfo.com/QBO
🙋‍♀‍Got Employees? Talk to ADP! They can help you if you are a small business owner or an accountant or advisor who works with small businesses. Learn more here: claracfo.com/adprun
💸Pay vendors any way they want and get paid faster! Accept credit cards without paying merchant fees! Melio is a fantastic payments solution for every small business! claracfo.com/melio
(As an affiliate or referral partner for these companies, I may earn rewards from qualifying purchases)
Hannah Smolinski is a #CPA and the Founder of Clara CFO Group. Find out more about Clara CFO Group at claracfo.com/
Important disclosures:
Relay is a financial technology company, not a bank. Banking services and FDIC insurance are provided through Thread Bank, Member FDIC. The Relay Visa® Debit Card is issued by Thread Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa® debit cards are accepted.
*The interest rates and annual percentage yield on your account are accurate as of 05/16/23 and are variable and subject to change based on the target range of the Federal Funds rate. APY will vary between 1-3% depending on the balances held. Earn 1% APY on savings balances of less than $50,000, 1.5% APY on savings between $50,000 and $250,000, 2% APY on savings balances between $250,000 and $1,000,000 and 3% APY on savings balances of more than $1,000,000. There are no minimum balances or minimum deposits required to earn interest on your account.
Disclaimer: This video is intended for educational purposes and should not be taken as legal or tax advice. You should consult with your financial professionals about your unique financial situation before acting on anything discussed in these videos. Clara CFO Group, LLC is providing educational content to help small business owners become more aware of certain issues and topics, but we cannot give blanket advice to a broad audience.
CODE: MB01TZCAP6NCSB7
Переглядів: 748

Відео

Are Owner's Draws Taxable? Common Questions Answered!
Переглядів 1,6 тис.День тому
Sign up for our newsletter here: www.claracfo.com/newsletter Understanding owner’s distributions and their tax implications is crucial for small business owners. In this video, Hannah addresses some excellent questions from our newsletter subscribers about this topic. Learn how distributions can affect your taxes and clarify common concerns to help you navigate these financial decisions effecti...
How much cash savings does your small business need?
Переглядів 83114 днів тому
Get $100 when you fund a Relay account! To learn more, go to www.claracfo.com/relay In this video, Hannah answer a common question: how much savings is enough for a business? She covers factors that influence the ideal cash reserves for different businesses, including the type of industry, the stability of revenue, and operational expenses. Learn practical tips to help you determine the right a...
Cash Basis vs. Accrual Basis Accounting Explained: Which Is Right for Your Business?
Переглядів 1,3 тис.21 день тому
Confused about cash basis and accrual basis accounting? You're not alone! In this video, Hannah dives deep into these two fundamental accounting methods. She breaks down their differences in a clear and straightforward way, helping you understand how each method works and the impact they can have on your business's financial reporting. Whether you're a small business owner trying to keep your b...
What is Months of Cash? A measure of small business financial health!
Переглядів 879Місяць тому
Videos mentioned: What is a healthy profit margin for small business?: ua-cam.com/video/Icxmyt_HFJ4/v-deo.html The #1 metric to track to improve profitability in your business: ua-cam.com/video/gntcIuOPl80/v-deo.html Ever wondered how long your business could survive without incoming revenue? In this video, we explore the concept of 'Months of Cash' and its significance in measuring your busine...
Owners Distributions for Taxes
Переглядів 1,7 тис.Місяць тому
We pay so many different kinds of taxes in our business - where should they show up on our financial statements? Some taxes go on the profit and loss statement as an expense, and some are considered an owner's distribution - but why!? And how do we know which is which? This video will help clear up the confusion about tax payments and where you should code them in your accounting system. To lea...
Best Practices for Owners Equity
Переглядів 1,9 тис.Місяць тому
The equity section on the Balance Sheet often gets overlooked and forgotten about because users of the financial statements don't usually know what the numbers mean. But we want to clear that up for you and help you keep your equity section clean and understandable! In this video you will find: 0:00 Owners Equity 1:25 Equity on the Balance Sheet 2:10 What's in Equity? 2:48 Owner's Investment 3:...
Owners Distributions: What You Need to Know
Переглядів 3,1 тис.2 місяці тому
Owners of pass-through entities (Sole Proprietors, LLCs, Partnerships, S-Corps) will take distributions from the business in order to compensate themselves for the work they do and the profit the business makes. That's great! But many business owners don't understand the mechanics of how draws work and how to find their draws on the financial statements. In this video you will learn: 0:00 Confu...
Mastering your cash flow starts with this...
Переглядів 1,1 тис.2 місяці тому
Get your free cash flow template and cash rhythms worksheet here: learn.claracfo.com/cash-flow-forecast If you want the complete cash flow training, get it here fore 85% off: learn.claracfo.com/increase-cash-flow-workshop?coupon=CASHFLOW29 In this video, you will learn how to to identify the cadence of your cash inflows and outflows which will help improve your ability to predict your cash flow...
Maximizing cash flow by understanding your revenue model
Переглядів 7242 місяці тому
Get the full Cash Flow Course mentioned in this video here for 85% off: learn.claracfo.com/increase-cash-flow-workshop?coupon=CASHFLOW29 In this video, you will learn how your revenue model (how your business earns money) affects your business cash flow. It's important to understand the dynamics about your cash inflow to be able to predict future cash. Cash flow forecasting is one of the most p...
What is a healthy profit margin for small business?
Переглядів 2,6 тис.3 місяці тому
Small businesses need to make a profit in order to produce positive cash flow. Without profit, your business is just a hobby! But how much profit is enough to run your small business? What should we be shooting for when it comes to an ideal profit margin? This video gives specific targets for service-based small business owners. 0:00 Labor efficiency ratio 0:19 What should your profit % be? 1:0...
The #1 metric to track to improve profitability in your business
Переглядів 1,8 тис.3 місяці тому
The #1 metric to track to improve profitability in your business
The key to steady cash flow {get your free template}
Переглядів 1,4 тис.3 місяці тому
The key to steady cash flow {get your free template}
Forecasting Personal Cash Flow as a Small Business Owner
Переглядів 9714 місяці тому
Forecasting Personal Cash Flow as a Small Business Owner
How Your Personal Finances Impact Your Business Success
Переглядів 1,5 тис.4 місяці тому
How Your Personal Finances Impact Your Business Success
Accounts Payable in QBO - How to record bills and manage AP
Переглядів 8 тис.4 місяці тому
Accounts Payable in QBO - How to record bills and manage AP
Expert tips for hiring your first employee
Переглядів 1,4 тис.4 місяці тому
Expert tips for hiring your first employee
Track your fixed assets easily in Quickbooks Online (QBO)
Переглядів 4,2 тис.5 місяців тому
Track your fixed assets easily in Quickbooks Online (QBO)
Level Up Your Business Finances - 5 Money Tips to Reach Your Goals
Переглядів 1,9 тис.5 місяців тому
Level Up Your Business Finances - 5 Money Tips to Reach Your Goals
Avoid Bogus Strategies: Effective Year-End Tax Planning
Переглядів 1,5 тис.6 місяців тому
Avoid Bogus Strategies: Effective Year-End Tax Planning
What can Jirav really do? A demo of the FP&A platform
Переглядів 1,9 тис.6 місяців тому
What can Jirav really do? A demo of the FP&A platform
How to Connect Bank Accounts & Credit Cards to Bank Feeds in QBO
Переглядів 2,3 тис.6 місяців тому
How to Connect Bank Accounts & Credit Cards to Bank Feeds in QBO
Gusto Payroll Demo - New Updates and Features for Small Business Payroll
Переглядів 10 тис.6 місяців тому
Gusto Payroll Demo - New Updates and Features for Small Business Payroll
QBConnect 2023 - Hannah shares her experience and QBO updates
Переглядів 9947 місяців тому
QBConnect 2023 - Hannah shares her experience and QBO updates
How to Create and Modify Estimates in QBO and SAVE TIME!
Переглядів 2,5 тис.7 місяців тому
How to Create and Modify Estimates in QBO and SAVE TIME!
Customize your menu view in Quickbooks Online (QBO Tutorial)
Переглядів 1,4 тис.7 місяців тому
Customize your menu view in Quickbooks Online (QBO Tutorial)
Rolling Forecast vs. Budget - Differences EXPLAINED
Переглядів 8 тис.7 місяців тому
Rolling Forecast vs. Budget - Differences EXPLAINED
How to Set Up a Budget in QBO - QBO Tutorial
Переглядів 5 тис.7 місяців тому
How to Set Up a Budget in QBO - QBO Tutorial
How to Create a Business Budget from Scratch in Excel
Переглядів 12 тис.8 місяців тому
How to Create a Business Budget from Scratch in Excel
Business Budgeting 101 - Learn the basics of business budgeting
Переглядів 10 тис.8 місяців тому
Business Budgeting 101 - Learn the basics of business budgeting

КОМЕНТАРІ

  • @dr.carolineware
    @dr.carolineware 13 годин тому

    How is this number different for e-commerce based businesses? Or do you do a different calculation? Thank you so much for your videos. You're a blessing.

  • @chrisallen9303
    @chrisallen9303 День тому

    Thank you what a great video.

  • @renaissanceconstruction1304
    @renaissanceconstruction1304 2 дні тому

    Thank you

  • @user-zr8dq1yr4h
    @user-zr8dq1yr4h 3 дні тому

    Why bother using the bank feeds for matching if I have already entered the transactions into QuickBooks? Seems like an extra step for no reason? I could see using it to add transactions the business didn't record yet, but I usually just add anything missing in the accounts during the monthly reconciliation.

    • @ClaraCFO
      @ClaraCFO День тому

      If the bank feed is working properly, then you don't need to manually add things! Saves a ton of work!

  • @NdnaJnz7
    @NdnaJnz7 4 дні тому

    Hi Hanna - What if you need to deposit cash, how can you do that?

    • @ClaraCFO
      @ClaraCFO 3 дні тому

      They thought of that too! support.relayfi.com/hc/en-us/articles/11008826392468-Depositing-Cash-into-Your-Relay-Account

  • @the1da1nc
    @the1da1nc 4 дні тому

    Just bought the book. Thanks for the recommendation

    • @ClaraCFO
      @ClaraCFO День тому

      Let me know what you think!

  • @ajfrank1964
    @ajfrank1964 4 дні тому

    thank you for this video. I am an interior designer and when I was using Quickbooks desktop I was able to seperate rooms on every estimate. Do you know how to do this step for the online quickbooks?

  • @arliepeyton
    @arliepeyton 5 днів тому

    I'm familiar with this product: excellent choice and great video. Thank you! :)

    • @ClaraCFO
      @ClaraCFO 5 днів тому

      Great!

    • @bojanazujovic3593
      @bojanazujovic3593 4 дні тому

      Hi Clara, thank you for great video! Is it possible to upload client checks in platform so that these are directly deposited on checking account instead of going to branch?

    • @ClaraCFO
      @ClaraCFO 4 дні тому

      Great question! They have mobile deposit capabilities on your phone! Here's the help info on it: support.relayfi.com/hc/en-us/articles/11369994367124-Depositing-a-check

  • @SocietyofReignMakersLLC
    @SocietyofReignMakersLLC 5 днів тому

    This is an exceptional tutorial for a small business learning how to properly manage and keep books! Thank you!

  • @MohammedAl-Khshali
    @MohammedAl-Khshali 5 днів тому

    Hi, One of my customers paid for an invoice as follows: - Invoice amount $1,000 - Payment received for $925 the difference of $75 is as follows; - $70 withholding taxes deductions - $5 Bank charges How the best way to register in QB and close the invoice? Thank you in advance

  • @the1da1nc
    @the1da1nc 6 днів тому

    10 years ago I paid $300 dollars for three years of Quickbooks. Now, it's $100 a month. That's a 12X cost increase. Not a penny of that money was put into customer service.

  • @AlexYeske
    @AlexYeske 6 днів тому

    I'm an interior designer and this was super helpful! Really glad I found your channel.

  • @melissamoreno5575
    @melissamoreno5575 7 днів тому

    Thanks for this information.

  • @eastcoastbearingsllc5794
    @eastcoastbearingsllc5794 8 днів тому

    Where do I add inventory & adjust inventory?

  • @AboutYou_0
    @AboutYou_0 8 днів тому

    this video is very helpful and it build my confidence in doing bookkeeping in QBO. thanks a lot.

  • @MelissaCalandro
    @MelissaCalandro 9 днів тому

    Very helpful info!

  • @sethabathabamorganramaili2783
    @sethabathabamorganramaili2783 10 днів тому

    Hi Clara I am also following your videos very well and loved 😍. Please try to include us in South Africa where we have different entity types than the one you refer. 😢

    • @sethabathabamorganramaili2783
      @sethabathabamorganramaili2783 10 днів тому

      Cima enrolled with a start-up company

    • @ClaraCFO
      @ClaraCFO 7 днів тому

      Oh yes - this only applies to US companies! I hope someone in SA will do videos like this to help SA businesses!

  • @sasha.elaine
    @sasha.elaine 10 днів тому

    I like how clean it looks

  • @sasha.elaine
    @sasha.elaine 10 днів тому

    Yesssss journal entries plz

  • @sasha.elaine
    @sasha.elaine 10 днів тому

    Yesssss journal entries plz

  • @chaldean3941
    @chaldean3941 10 днів тому

    video doesn't even start until 6 minutes in. What a waste of time. This chick can't teach. As if you're going to learn quickbooks in 12 minutes.

  • @dailymomentum
    @dailymomentum 10 днів тому

    Your amazing 😊

  • @dailymomentum
    @dailymomentum 10 днів тому

    Awesome videos ❤

  • @AljaneCatesio
    @AljaneCatesio 10 днів тому

    Thanks for this! Started learning how to do bookkeeping for our company. Just one question, how do you record a contract total cost (consulting firm) payable by the client in 2 milestones in cash basis acctg.? Do I only record it as revenue the moment we receive their payment per milestone? Meaning the transactions that will only appear under that "client" are the 2 revenue transactions? Thank youuuu.

    • @ClaraCFO
      @ClaraCFO 7 днів тому

      Yes - you got it. You will invoice the client for those milestones when it is time and revenue is recorded when the client PAYS!

  • @muhammadsibtainarif6423
    @muhammadsibtainarif6423 10 днів тому

    Thank you. God Bless.

  • @debrathompson554
    @debrathompson554 11 днів тому

    Please talk about a business owner having an S-Corp and how it flows onto the personal tax return and how the owners tax bracket is how the S-Corp is taxed, how to reduce tax bracket

    • @ClaraCFO
      @ClaraCFO 10 днів тому

      Well, you will be in a lower tax bracket if you make less money, but that's not what I generally recommend :) But I think I get the gist of what you are trying to say! I am not a tax CPA, so I won't do many videos about tax strategy. But I can explain some concepts!

  • @tanishewitt6382
    @tanishewitt6382 11 днів тому

    How do I find the sample company?

    • @ClaraCFO
      @ClaraCFO 10 днів тому

      this sample company is only available to accountant users

  • @SaquibHasan-si7pe
    @SaquibHasan-si7pe 11 днів тому

    Hi Clara can you answer my question relating to payroll

    • @ClaraCFO
      @ClaraCFO 10 днів тому

      what question?

    • @SaquibHasan-si7pe
      @SaquibHasan-si7pe 6 днів тому

      @@ClaraCFO I am using QBO Advanced and recently acquired ADP for Payroll. Both have been connected. Now my concerned is related to Chart of Accounts mapping. My question is that a single expense account named Payroll Tax Expense in QBO is sufficient for all four types of Employer Taxes (SUTA, FUTA, FICA SS, FICA Medicare) in ADP or we need to make 4 separate expense accounts in QBO as the granular detail & reports will be available on ADP. Similar is the case with Employee taxes withheld, is a Single Tax Payroll Liability account in QBO enough for Employee taxes (FI, SI, FICA SS, FICA Medicare) in ADP. Now if we create separate accounts there will be numerous bank feeds to be matched every time payroll is run, also the details will always be fetched from ADP so what's is your expert advise on this? should a single account be linked to ADP or multiple accounts need to be setup.

  • @juliestarkel2561
    @juliestarkel2561 11 днів тому

    Thanks so much for your videos Hannah! So so helpful for business owners who 'do it all' and don't have a finance team! And on a different note, I should have been an accountant.

    • @ClaraCFO
      @ClaraCFO 10 днів тому

      Ha! It's never too late Julie!! <3

  • @AngelBooksForYou
    @AngelBooksForYou 11 днів тому

    Your videos are the best. Thank you for doing them. They are very informative and I have learned a lot from you. Thanks for being vulnerable too. Nobody is perfect!

    • @ClaraCFO
      @ClaraCFO 10 днів тому

      Ain't that the truth! Thanks for watching and being here!

  • @cathymendoza4026
    @cathymendoza4026 11 днів тому

    Hi Clara, your videos are great and easy to understand. Can you please create a video showing us how to solve the QBO Sample company please? I've been watching separate videos about doing stuff in QBO but sometimes it is difficult to linked them all together specially the invoicing, bill payment, undeposit funds, bank deposit and receive payment. I tried solving the Sample company but not really sure if I've done it correctly. Would be very grateful if you can help :)

    • @ClaraCFO
      @ClaraCFO 10 днів тому

      I am not sure what you mean by "solve the sample company"?

  • @817martha
    @817martha 11 днів тому

    I'm a 24 yr QB Desktop user. I don't understand why I have to reconcile the bank transactions in this manner. Is this a function I can "turn off" and just reconcile to the bank statements once a month? Seems like it would eliminate all the "duplicate" issues and save a ton of time trying to find what things actually are. I work for a multi-million dollar company and this bank feed transaction feature seems like a major time consumer and frustrating. Is there a way to make it more like Desktop? Any advice appreciated!

  • @relaxedclub9425
    @relaxedclub9425 11 днів тому

    if she made 50,000 profit, & withdrew 60,000, how was that possible? Where did the 10,000 come from?

    • @RedshitDesert
      @RedshitDesert 11 днів тому

      Did your business have any loans? You could have excess cash from a credit card loan for example

    • @ClaraCFO
      @ClaraCFO 11 днів тому

      It was most likely cash that was already in the business from prior year earnings. It could also have been from borrowed funds.

    • @proposability
      @proposability 6 годин тому

      @@ClaraCFO If the additional draw was from prior period profit (retained earnings) wouldn't that cash have already been taxed? Also, can you speak more to negative equity? Thank you

  • @bradthomas5856
    @bradthomas5856 12 днів тому

    Hannah, your channel does a real service to the public. Good info!

    • @ClaraCFO
      @ClaraCFO 11 днів тому

      Thanks! I appreciate that statement! I sure hope so! That’s the goal 🙌

  • @unikovida6645
    @unikovida6645 12 днів тому

    Open communication Radical transparency Harmonious like minded group

  • @MiDiosPoderoso
    @MiDiosPoderoso 12 днів тому

    Thank You😊

    • @ClaraCFO
      @ClaraCFO 11 днів тому

      Thanks for watching!

  • @Ockv74
    @Ockv74 12 днів тому

    ❤❤❤

  • @davetinoco
    @davetinoco 12 днів тому

    What about Raw Materials? It seems Quickbooks online only supports Finished product inventory

  • @munyanezagodfrey513
    @munyanezagodfrey513 12 днів тому

    Please reshare the free template, thank you

  • @chaldean3941
    @chaldean3941 13 днів тому

    useless video

  • @maximilianomadrigal9193
    @maximilianomadrigal9193 13 днів тому

    I’ve been using gusto for almost two years now and I am very pleased with their capabilities and service. I, of course, respect your decision to switch. I’m sure their not a perfect fit for everybody

    • @ClaraCFO
      @ClaraCFO 10 днів тому

      Gusto has recently turned their act around, and I am actually setting up my new company on Gusto! I will be using the PEO (justworks) for the CFO company and Gusto for my new company! glad your experience has been good!

  • @StephaniesKitchen
    @StephaniesKitchen 13 днів тому

    Thank you again. Absolutely helpful, and similar to what I was doing. Beautiful!!

  • @AddisonTaylor-cg5he
    @AddisonTaylor-cg5he 13 днів тому

    Great video! I have recurring invoices to a customer that pays using the QB payment link. This then shows in the AR register as both billed and paid (complete). The bank feed that receives the funds ALSO shows the deposit, but I can't seem to match it to the recurring invoice payment resolution. Do you know how I can match these from the feed to the recurring invoices? Or should I delete the deposits as they come through the feed since QB is already updating these for the P&L?

  • @lunamorris2091
    @lunamorris2091 13 днів тому

    Usually, I never comment on videos, but your video is so convincing that I am unable to stop myself from doing something about it. You’re doing a great job Man, Keep it up.

  • @StephaniesKitchen
    @StephaniesKitchen 13 днів тому

    This was a GREAT video, thank you so much. I've used QB for a not for profit company and it was on the desktop last updated in 2010. So I've never used QB online. It has such great features. I love it!! Thank you again.

  • @DenverAutoDetailSpecialist
    @DenverAutoDetailSpecialist 13 днів тому

    Can you recommend an inexpensive PDF to QBO converter?

  • @faaksee
    @faaksee 14 днів тому

    Any tips or tricks with how to resolve missing bank transactions (5-6 months worth), that aren't populating after connecting a bank account?

  • @valv5993
    @valv5993 14 днів тому

    THIS IS GREAT! Thank you!

  • @victorkishter1379
    @victorkishter1379 14 днів тому

    Does adding COGS really make sense? If the scenario is no sales then there would be no COGS so I'm a little confused about adding it. Not that it's bad to be conservative.

  • @teresa1906
    @teresa1906 14 днів тому

    Hi Clara. Can I use your link from the UK as I notice prices are in $$!

    • @ClaraCFO
      @ClaraCFO 13 днів тому

      What are you signing up for?

    • @teresa1906
      @teresa1906 12 днів тому

      @@ClaraCFO quick books to transfer my accounts from Xero