Time and Money

Recently I was watching this video about time orientation and it reminded me of something I've been wanting to talk about: time and money.

I get to watch a fair number of entrepreneurs work. There's a variety of styles are time use and time orientation. But time and again I see a theme emerge. The business owners and entrepreneurs who set reasonable work hours and take time for themselves (including vacations, meditation, relaxation) are consistently more productive, high earners and happier than those who work constantly.

I've read more than one study that talks about decreasing effectiveness of work as hours increase. There was one I read years ago and that said that efficiency decreases after 6 hours and dramatically after 8. WOrking more doesn't actually help get things done.

It does make you tired and keep you from your best ideas. I realized this again myself today. I've been working and traveling the last couple of weeks and this morning I was totally beat. So I took some time outside on the swing in my parent's backyard (where I'm visiting right now) and just relaxed in the sun.

Within about 20 minutes an idea surfaced for a project that has been plaguing me for months. I know exactly what I want to do about it. But I hadn't been taking time to just relax and allow myself to re-coooperate from all the hard work so there's no energy for creativity and problem solving.

This is, of course, related to the big theme of this blog: self-care. When we take good care of ourselves, amazing things happen.

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Not ready for taxes? File an extension

Here is a link on information for individuals for filing an extension.

It's super easy.

If you think you'll owe money, send in some money. If you don't owe that much, you'll get it refunded. It's better than paying penalties.

If you think you'll owe CA as well, here's there extension form. I don't have the informaiton for other states.

http://www.taxbrain.com/taxcenter/extensions/downloads/2009/ext_ca.pdf

You only need to file the CA extension if you think owe CA money.
Otherwise it's automatic when you file your federal extension.

If you think you owe no money, put down zeroes on the extension form
along with your name, address, and social and send it in. You don't
even have to sign, it's that easy.

Extensions must be postmarked by April 15. Send certified to prove
you filed it in case the IRS / Post Office looses the form. (It's
rare, but it happens. Don't ask me how I know)

Surviving a Business Tax Audit

I've watched all manner of people and clients freak out about audits. This seems to get especially bad around tax time. One of my colleagues writes a great newsletter and I thought I'd share some of her wisdom to help get you get back to business.


From: The CPA Newsletter: www.irynacpa.com
Surviving a Business Tax Audit

A tax audit might be the ultimate nightmare scenario for many business owners. Therefore, I thought it might be helpful to provide some audit survival tips for small businesses. These tips apply whether your business is being conducted in a business entity or as a sole proprietorship.

1. Remember what an audit is all about – An audit means the IRS needs to reconcile what they think you owe to what you’ve paid. It doesn’t mean you are being accused of something or that you have done anything wrong. Many audits end with the happy letter stating that no change is necessary to your tax payment. It’s even possible that an audit can result in a refund. Therefore, don’t assume you’ve done anything wrong.

2. Provide only what is asked for – Prior to the commencement of the audit you, or your representative, will receive a letter requesting certain documents or other information to have available at the initial meeting. Provide specifically what is requested and nothing more. Make sure your receipts and invoices reconcile with each other and with your tax return. Reconciliation is an automatic procedure in every audit. If the records integrate with the return, it may well prevent the agent from expanding the original scope of his audit.

3. Some patience and understanding is in order – In recent years the IRS has been doing compliance audits for certain industry market segments. At times these audits can be prolonged. The companies in these industries are generally selected at random, so if your company is one of the chosen, it doesn’t mean that the IRS has concerns about your company in particular. However, if you know that you have been pushing the envelope with the numbers and deductions, you may need all the help you can get.

4. Be properly represented – It has been said that one who represents himself in court has a fool for an attorney. The same is true in dealing with the IRS. Your interests would best be served by a tax professional who understands the language, rituals, and even the games that can be played when one interacts with the IRS. For example, skilled IRS agents often ask questions that seem innocuous, but can have ramifications you’re not aware of. Casual, seemingly harmless conversation can be trap bait for the unwary.

5. Give the impression of total organization from the outset – Even if you are well represented, the agent at some point will likely want to question the business owner at his place of business. This should be done only with your representative present. In many cases, a tour of the facility would be Included in this visit. Not only is it important for you and your representative to be organized and prepared regarding the books and records,, but also from the standpoint of the appearance of the physical place of business. Good impressions can score many advantage points.

Starting the New Year off in Style

Here's an article about one of my clients (Igigi.com). It talks about the line being named after a goddess among other things. Their clothes are amazing and I wear them all the time these days because they are so well made.

I love celebrating my client's successes! Congratulations Yuliya and Igigi!

Be kind anyway...

While this quote is attributed to Mother Teresa and inscribed on the wall of her home for children in Calcutta, the original version (called the Paradoxical Commandments) was written by Dr. Kent Keith in 1968.

"People are often unreasonable, irrational, and self-centered. Forgive them anyway.

If you are kind, people may accuse you of selfish, ulterior motives. Be kind anyway.

If you are successful, you will win some unfaithful friends and some genuine enemies. Succeed anyway.

If you are honest and sincere, people may deceive you. Be honest and sincere anyway.

What you spend years creating, others could destroy overnight. Create anyway.

If you find serenity and happiness, some may be jealous. Be happy anyway.

The good you do today will often be forgotten. Do good anyway.

Give the best you have and it will never be enough. Give your best anyway.

In the final analysis, it is between you and God. It was never between you and them anyway.

Banking: Going Green?

I've been poking around a little about banks and banking relationships. This morning I found this article which is all about Citigroup. This site has good information about banks, where they invest, and what kinds of practices they hold as well as information about sustainable banking.

Have a read and let me know what you think!

What's your game?

A few months ago in working with a client on the edge of giving up her consultancy, she said to me, "But I don't see you making a million dollars. How do I know I'll be successful?"

I laughed - she thought my game was "make a million dollars" because that's what all the marketing books and "How to's" assume: that you're in it solely or mostly for the money.

My game is "Spend time with my son." As a result, my work is structured so that I can often work at home, work remotely, work part-time and be flexible while still making enough money to sustain us. My son is my priority - he is what I value. So I work to make sure I can be with him as often as possible.

Once she really got that, her attitude changed - she actually went into a bit of shock. She had been assuming that "success" meant huge sums of cash. In that moment she realized that she could define her success conditions any way that suited her. Within 2 weeks her income doubled and her hours going way down and she decided to take a two week vacation to see her family - which is what she values.

Exercise:
How do you define success?
What assumptions are you making that no longer suit you?
If you knew you could not fail, how would you define success?

Want some marketing help?

I hear people and groups talking about wanting to promote their events and things but lack information and training, so here's your chance to get some. And it's free.

This is an invite to a professional group that I run with Tia Paquin. We are having a marketing expert come give our consultancies some support and we've opened it up to our community. John's great and the group itself is a font of knowledge on all things financial and very friendly. Outside of the presentation, we introduce ourselves and our work, eat good food and share resources or problem solve. It's fairly caual as professional groups go. But very helpful.

Let us know if you want to come! You can respond below with contact information or email me: briana at infinitelypossible dot net.
Briana

Happy Fourth Quarter Everyone!

This is a new updated invite for the Roundtable. We got an offer we just couldn't pass up! A special 3- month FREE series on marketing by expert marking coaching John Van Dinther. We've all been looking at how to bring in new clients and John's offered to help us.

He will present a three part workshop series on marketing for small businesses, giving simple and easy to use tips on how to create a marketing plan, generate sales, and present or update your business on the internet. John Van Dinther, the owner of 2hats Consulting, is a small business marketing consultant based in San Francisco. You Can visit his blog at: http://2hats.blogspot.com

Monday, October 5, 2009: How To Build A Strategic Marketing Plan
Time: 7pm
Where: Frjtz
590 Valencia Street, San Francisco
http://www.frjtzfries.com/
Creating Measurable Goals
Using Effective Marketing Channels
Tracking Your Progress

Nov. 2, 2009: How To Market In-Person
Viceroy's in Berekeley
7pm
Finding Great Networking Events
Building Effective Presentations
Making Sales & Landing Clients

Dec. 7, 2009: How To Develop A Compelling Online Presence
San Francisco, TBA
Setting Up Blogs & Websites
Delivering Useful Emails & Newsletters
Accessing Online Communities
__________________________________________________________
The Bookkeeper's Roundtable
Open to any financial professional interested in networking or finding resources for clients, primarily for bookkeeper support and development.

Purpose: To share information and resources for problem solving for clients. To further our studies, our consultancies, bring resources to the table like books we read, online and print and human resources. Refer other legal & professional contacts like lawyers, tax accountants, CPA's. Refer clients to each other.

We begin with introductions, a short discussion of our consultancies and then additional resources and current issues/challenges we are facing sections.

Please RSVP to tia@noir.com so we can arrange sufficient seating.

Employee or Independant Contractor

This is one the biggest, most often asked question in my field. So I've gathered some information for you so that you can get those questions answered.

IRS page on the different between an employee and contractor

More information about the 20 point check list

IRS 20 point check list

Template for a form you can fill out for each person you hire

Let me know if you find any others that are particularly helpful!

Microfinance: Money For Social and Economic Change

I contend that money is one of the easiest and most effective ways to create change. Money touches us all. Every part of every business and individual's lives, at least in the US, somehow touches money. Food, clothing and shelter for individuals, products, services and employees on the business side. All about money. That is because money is really the spirit of exchange - and we've given the power of that exchange away so that it appears that it doesn't belong to us. But it does.

Everyone has money (even if they think it's not very much). You'll touch easily more than a million dollars in your lifetime. (Even at $20k, just above poverty in the US, 50 years of that puts you at $1 million, not including social security, investments, benefits or your real salary. And at $50k for 25 years you'll touch at minimum $1.25 million). That's a lot of money.

That gives you a lot of power. In fact that makes you a millionaire. How would you make decisions if you were a millionaire?

Most of my clients are doing something amazing in the world, whether it's high-standards eco-friendly product reviews or revolutionizing beauty we're all looking for ways to make the world a better place.

There are lots of options to choose from. One of those options is micro-finance.

Microfinance takes the power of money and gets it out into the community. When I decided to write this morning it was because of Scott Cooney's article about Microfinance. I enjoy his work and wanted to pass that on. I also want to say that he's wrong.

Microfinance will change the face of business in the US, whether we challenge Kiva or not.

Micro-finance and micro-lending is one of the most powerful ways that we have of transforming the monetary system. Micro-lending puts power directly into the hands of individual small investors to support things that are important to them. They make decisions about people, often people they know and certainly things they care about. That is really the ultimate goal in my opinion. People helping people with no one getting in the way.

It's a much more sustainable option already because it doesn't depend on banks or countries - which really depend on corporations - to move money. It changes the dynamics of power by putting the power of choice into the hands of the people and diversifying. It gives more people a say in the global economy.

By saying "let's put pressure on Kiva," I think that's a vote for not trusting the people. Instead, let's consider another route. Education.

Instead of trying to get an institution to do anything, I say let's talk to the people who want to make the investments and help educate them so that they are excited about putting their money where their values are.

It's people that create change, not corporations. If you want the world to be different, here's an easy, direct and straight-forward way to do that.

Four Keys to Clarity in Accounting Systems

Contrary to popular belief, accounting systems are not static. Nor are they the same for all businesses or even all businesses in the same industry. Those ideas imply that there is something about accounting that is required, but not useful - stiff, stifling, and boring. Like high school English.

Accounting is optional. You do have a choice about whether or not to do it.

I have met and worked with plenty of people who don't pay attention to their finances and find checks bouncing off the walls. It's a great place to start.

From Dictionary.com: Accounting is...

1. the theory and system of setting up, maintaining, and auditing the books of a firm; art of analyzing the financial position and operating results of a business house from a study of its sales, purchases, overhead, etc.
2. a detailed report of the financial state or transactions of a person or entity: an accounting of the estate.
3. the rendering or submission of such a report.

Accounting is how you get detailed information about your financial position. You can only do that if it's set up and used to get the information you need.

There are four keys to getting the most out your accounting system so that gives you what you need for decision-making:

• Accuracy
  
• Consistency
  
• Reporting and
  
• the Chart of Accounts

Accuracy is the first most important thing to ensure in your system. In fact QuickBooks and other pre-packed software systems have a function called reconciling that helps you find discrepancies. If you don't have the right numbers, you can't get accurate information.

The second is consistency. It's more important that most pieces of accounting: if you don't update consistently, you don't have accurate information and you can't do other important things like reporting. Consistency is also important for another reason, like brushing your teeth. It's improves your current and if you do it regularly it improves your long-term health. It is an investment in the future of your business.

Reporting is the function that aggregates (or puts together) all the information that you've been entering and gives it to you in one neat little package for easy reading. If you are entering the information consistently and accurately, these reports can give you up to the minute information about your money that even the banks don't know - that's exciting! Reports are what moves you beyond bookkeeping as a chore to using accounting for management decisions, budgeting, hiring, expanding, and so on. Reporting rocks!

The last piece we'll touch on today is your chart of accounts. That's the place where you find the categories of transactions that you use (which is another basis for reporting). Some of them like "postage" or "printing and reproduction" are about expenses and seem straight forward and the easiest for people to understand.

I find that people get into trouble in two main places in their accounting: categorizing/understanding income and balance sheet accounts. Assets, liabilities and equity seem to confound people regularly to the point where they give up and stop doing accounting all together. Understanding those pieces will make your accounting a lot easier. If you don't understand them either do your homework or hire someone to help you set these accounts up and teach you how to use them. This, in my experience is a critical piece of a business and deserves the time and dollars you put into it. In fact I find that as a bookkeeper and accounting consultant, having this piece in order makes the other pieces both possible and likely to get done. Having clarity here creates a place for people to take action from.

I think accounting can be a lot of fun. It can also be a function of your business that really supports and informs your decision making and growth. It's up to you to keep it healthy and vibrant.

Enjoy!

Replenishing the Source

"Love never dies a natural death. It dies because we don't know how to replenish its source. It dies of blindness and errors and betrayals. It dies of illness and wounds; it dies of weariness, of witherings, of tarnishings." ~ Anais Nin

Alternative to Quicken, for Mac

I am always on the lookout for alternatives to the Intuit Empire. The makers of QuickBooks and Quicken sell a number of services and have become the lion's share of the market. Yes it's what most people are using.

But it leaves a lot to the imagination. They don't develop almost at all for Mac and their compatibility and other issues seem unnecessary and unreasonable.

This morning I was gifted with a new idea: iBank. For Mac. It seems to have the functionality of Quicken plus some and is integrated with all the cool Mac functionality that we love.

Try it and let me know what you think!

Financial security: Insurance

Recently I was driving on a gravel road and hit a pothole. When I got home I found that I was leaking oil badly, so I took the car to the shop where there was more than two thousand dollars worth of damage, none of it covered by the warranty. They did, however, suggest that I call my insurance and low and behold it was covered!

One thing I rarely think about these days is my insurance. I bought coverage years ago as suggested by the academic honors group from college without thinking a lot about it (I was young and uninitiated). I also bought renter's insurance for my apartment.

When I got the new car last year I decided to go all out and get the policy with full coverage, uninsured motorist, collision, the works - to take really good care of myself financially. It was a better choice than I realized.

What I found is that small bit of planning has saved me a lot of money. A few years ago the building had a break in and the insurance covered our loss at $1500. And this time I paid $100 for the $2200 in repairs. Useful!

This is the case of an ounce of prevention is worth more than a pound of cure. The $1400 a year that I pay for insurance more than makes up for what I've had to claim in the past few years.

Insurance is a form of self-care. What kind and how much are something to discuss with a professional.

I watch people under-insure themselves all the time. And then I watch them struggle when something happens. It's just painful. And unnecessary. The difference in premiums is often minimal and the sense of peace it often brings can be profound. So really consider the ramifications of that decision.

If you've done your budgeting work, you'll know whether the price of the insurance is within your budget and what things you could move around if you needed to.

Making the right choice doesn't have to be a mystery. There's a local agent that I love, Ruth Stroup, who does amazing things. I recently watched her increase a client’s coverage on a home while simultaneous decreasing their payments because she did some consolidation. She's done great work for my clients.

There's also SafeCo which is who I use because they've done such a great job over the years.

Insurance is about increasing your financial security. If you think you don't have what you need or you have more than you need, contact a professional and ask questions. The good ones will answer them without pressuring you and only invite you into their practice if they can help you.

Taxes and payroll

I was just reading this article about what happens when you don't keep up your tax obligations. If you're an entrepreneurs and especially if you are thinking of setting up payroll, it's required reading for sure.

One of the skills that most people don't have is bookkeeping. Oh they can pay bills and follow up on invoices to get those payments, but payroll taxes and understanding the filing requirements and tax laws is beyond them (and most people don't want to track tax law). There's nothing wrong with that.

As an entrepreneur you don't have to be a genius about taxes or payroll to do it right.

He recommends having a bookkeeper or bookkeeping company and I agree. Beyond that I recommend having a bookkeeper and a CPA or Enrolled Agent (EA). At minimum I recommend having a professional help you set up your books and systems so that you're getting a good start. Even the smallest companies can benefit from having quarterly accounting services to make sure that they're on track.

A CPA is a Certified Public Accountant. It means that they are accountants who have passed the certification exam and do continuing education every year in order to keep their certification They, along with EA's, have a contract with the government which means that they have a responsibility to you and to the IRS. They can represent you in front of the IRS and have a burden of responsibility concerning getting your taxes right (based on the information you provide). Others, including bookkeepers, do not. That's one of the main reasons I don't do taxes and one of the main reasons that you ought to consider hiring such a professional to do that very important yearly task.

If you are involved in a company that does payroll or are an entrepreneur without a bookkeeper or accounting professional, it's a must read.

Remember: not understanding the tax law is no excuse in front of the IRS!

Receiving: Completing a Sacred Circuit

Recently I was reading Wayne Dyer's "The Power of Intention." He talks about how when we are kind we get a shot of seratonin. But not just the giver of kindness, the receiver and anyone watching gets a shot too.

Interesting. So giving changes our brain chemistry. I took that and filed it away. Then I had this experience.

I went to a great workshop given by the people at Human Awareness Institute. They do workshops about love, intimacy and sexuality; their mission is very much in alignment with mine:

"The Human Awareness Institute (HAI) empowers individuals to be potent, loving, contributing human beings. HAI promotes personal growth and social evolution by replacing ignorance and fear with awareness and love.

"HAI aims to create a world where people live together in dignity, respect, understanding, trust, kindness, compassion, honesty and love. The Human Awareness Institute is committed to creating a world where everyone wins."

The title of the workshop was "Community." The real theme of this workshop in my opinion, was about giving and receiving.

Their workshops in general are about how we can take really great care of ourselves. I always feel good leaving any of their workshops or events because there's a lot there about kindness, being really amazing to each other and non-sexual touch (and who can't use more touch!).

This time, after being loved up, we were really encouraged to communicate and give each other feedback about how we show up in community. I got really positive feedback about how I show up which was exciting because I want people to like me. After taking it in I realized that this was more about how I can show up when I'm full of love - when I've received all that I need. That getting what I need makes me really available to give.

Being full of love and positively reinforced inspired happiness - to show up more, be more playful, supportive, loving, and appreciative. That, in turn meant that I had a greater capacity and could receive more which meant that people wanted to give me more - hugs, cuddles, conversation, attention. More people wanted to be with me and that was more positive reinforcement, which made me happier and that lead to more positive feedback and more availability and more receiving so on. A big happy circle of love. Yay!

It made it clear that when I'm full and happy that I am a gift to my community, I am available, loving and helpful (not a surprise, right?).

So receiving makes me feel good and that makes me available and that makes others feel good and want to do nice things for me and each other. Receiving well made me available for giving.

That is not the message that we usually get about receiving. The message we usually get looks more like "don't be greedy" or "you should be contributing" or "don't be selfish." We are discouraged from receiving because it might make us look selfish or dependent. And in America one of the worst things in the world is dependency.

That, my friends, is a trap. We need each other.

I can hear you saying "I'm independent! I don't need anyone!" Do you... make all your own food? All your own clothes? Fix your own car? Built your own house? Built that cell phone you use to call your clients on? No. We need each other even in the most basic ways. Pretending we don't is another lie Americans tell themselves in order to sleep at night.

Take a moment - yes right now - to get present to all the people who give to you. You might even pay them, but it's others labor, genius, ingenuity and skills that make our lives go. Who makes your life go?

Receiving is a quality that is critical to completing the circuit of giving, but not something widely expressed, explained, or even acknowledged. I've heard about it and even talked about it and experienced it before, but getting it in my body again and watching others in response to me had me get something more that I hadn't gotten before.

Receiving is necessary for giving. Receiving is necessary for the giver to feel understood and appreciated.

Think about it this way, if you went to a birthday party and spent time choosing a present and the birthday girl was not interested in it and ignored you, how would you feel?

Yo'd probably have a range of emotions: not seen, not understood, taken for granted, sad, frustrated maybe angry. Are you likely to give them something in the future? Probably not.

Why? (And this is the question that we don't ask.)

Because you were not received.

If on the other hand, that same birthday girl is thrilled to receive your gift and goes around showing people at the party and puts the present in a place of honor and gives you a big hug, how does that feel? Are you likely to give to her again? Yes!

When you're seeking a business transaction, what are you really looking for?

To give and receive. Some one to give to you - to give you money. In fact these transactions are the full circuit. You want them to receive the gifts you give and you want to receive the money they have to give.

Well if you want someone to give to you, you have to be available to receive them. Some of that is logistical: the thing/service has to be ready, well-formed and available. But the other piece is emotional: you have to be prepared to receive their contribution - their money, time, energy, excitement for whatever they have to give.

You have to be available on both sides of the coin: available to give and to receive.

We're often available (or pretend we're available) to give. We know our service or our gift and we're prepared to give it. But what happens when they give to you? Do you receive it?

Money can be spent anywhere. Even necessities like grocery stores are so abundant that one need never shop at any grocery store you don't love. There is a lot of choice. So choosing a practitioner, service provider or product vendor is a huge gift.

Stop for a moment and take that in. The money that your client or boss or friend, partner, parents are giving you, for whatever reason, is a gift. It's a sacred trust. My clients give me money to help them transform their relationship with resources.

In order to do that, I really need to get them and understand what money means to them, ,to take time and open to who they really are. For me it's a sacred trust that someone is willing to open up enough to share a piece of their soul with me.

It is a gift to be given that level of trust by our clients for products or services. Gift. The definition of a gift is something given voluntarily and a special ability or capacity. In giving your gift, you're giving a gift.

I wonder what would happen if you decided that you were a gift - that you could give what you wanted as you felt really good about it. What happens when you receive your client's money with joy and openness? What happens when you give to your clients joyfully and with a generous spirit? If you turned every act of work into an act of kindness, how would the chemistry in your brain be?

Procrastination Problems?

One of the most common things I hear my clients talk about is procrastination - they can't seem to get those things off the To Do list.

While there are many strategies, I was just reading Procrastination Inoculation that gives nearly all the strategies that I also share with clients.

So rather than re-write it, I'll include it here.

A recently study by Dr. Piers Steel, a professor at the University of Calgary concluded that procrastination is on the rise. According to Steel’s research, in 1978 about 15 percent of the population were considered moderate procrastinators. Today that number is up to 60 percent, a four-fold increase. While procrastination is to some degree a natural phenomenon and can’t be completely eradicated, you can use the following ten strategies to to get in the habit of getting things done.

1. Take advantage of your power hours. Are you an early riser who tackles your morning to-do list with all the gusto of a bear eating honey? Perhaps you’re a night-owl and crank through your most pressing projects at 11:00 p.m.?

Either way, knowing and taking advantage of your natural energy patterns will help you steer clear of procrastination by using your power times to tackle the projects you find most challenging.

2. Focus for five minutes. The hardest part of overcoming procrastination is often just getting started. For a tedious task that you have been putting off try setting a timer for five-minutes and get to work. When the alarm sounds, if you feel like stopping – don’t be surprised if that first five minutes turns into 10, 15 and 20.

3. Create cues. Write down the item you need to do and place it somewhere where you can see it – your refrigerator door, car dashboard, calender, iphone, bathroom mirror. Posting prompts on items you are procrastinating about in a highly visible place, helps remind you to get them done.

4. Use the clout of your calendar: Do you have a task that has been lingering on your to-do list for days, weeks or even (gulp) months? If so, use the clout of your calendar to move from inertia to action. Open your planner or PDA and schedule a specific date and time period when you promise yourself that you will work on that item – and that item only.

5. Decide on the next action: One reason people procrastinate is they feel intimidated by the task as it is currently stated and can’t figure out what to do next. To overcome overwhelm, figure out the next smallest, easiest and most comfortable action you could take to move forward. By breaking down the bigger less defined item into smaller more specific chunks, you tell your mind “I can do this”!

6. Give yourself credit all along the way: The moment you take any action (no matter how small) – give yourself credit. Don’t wait until the entire to-do is complete before experiencing at least some degree of satisfaction and accomplishment.

7. Tackle the hard ones first: Almost everyone has more focus, energy and attention available at the beginning of their workday than at the end. When you have to do a hard task, get it out of the way and do it first thing in the morning. This way it won’t nag at you all day long.

8. Be decisive: Putting off a decision on what to do with that piece of paper won’t be any easier tomorrow than it is today. Train yourself to categorize every item that comes across your desk as something to do now, delegate, dump, or defer. Defer does not mean placing it back in the pile and pretending it does not exist. That is the pathway to procrastination. It means putting it in a dated tickler file, scheduling a time to do it, or moving it to a someday to-do list – where the guilt and stress of procrastination don’t apply.

9. Enlist encouragement. Tell a close friend what you’re going to accomplish by when and ask them to check in on your progress. Going public can create a self-imposed pressure to shun procrastination and perform. Having a buddy who can celebrate your successes, and help you maintain perspective when you procrastinate is invaluable.

10. Play let’s make a deal. To get yourself moving on a hard to do activity, try a bribe. Make a promise to yourself that when you stop procrastinating and take some action on the item, you get a reward. This can be a piece of chocolate, watching a favorite tv show, spending time with your family - anything that you value and will motivate you to get moving.

Karen Leland is the bestselling author of the new book Time Management In an Instant: 60 Ways to Make the Most of Your Day. Feel free to excerpt any or all of this article but please give credit to Karen Leland and the book.

Money Fun with Seth Green

I have to admit upfront that this is really an ad for this ad.

Seth Green used to be on one of my all time favorite TV shows: Buffy the Vampire Slayer (among others) and in this clip he gives a tour of his crib and some funny money advice.

Enjoy!

Taking Care of Business, Taking Care of You

Money work is about two things: taking care of yourself and information. Most of my posts are about the information side. This post is about some ways that you can take great care of yourself and increase your ability to bring in business at the same time.

In my experience, I handle money best when I'm feeling at my best. When I'm feeling down or haven't been taking good care that's when I'm the most likely to make less than stellar decisions - to spend money badly, dip into savings when I wasn't planning on it, over commit myself, or take too much time off.

So here's a reminder of some things you can do to make sure you're feeling in tip top shape. Doing these things consistently will change the way you spend money because it will change the way that you feel. Most difficult decisions people make around money seem to happen when they are feeling emotional, drained, exhausted or scared.

1. Sleep. Getting enough sleep consistently is one of the most important things you can do for yourself. Make sure your space is comfy and dark and that you get at least 7-8 hours every night. If you're doing substantial healing work (physical or emotional) you need 9 and a half hours a night.

2. Eat well. You are what you eat, literally. Your cell walls are made of the fats you eat, your blood carries the nutrients, proteins make up your skin and hair and veggies support your system running clean and getting rid of waste. Crowd out caffeine, sugar, preservatives and trans fats with real, whole, nourishing foods. Eat what truly nourishes you so that you are available, focused and ready for your business and for your life.

3. Exercise. Exercise is the only thing clinically proven to improve depression - the only thing. Moving your body consistently changes your brain chemistry, makes you more effective, able to focus, lifts your mood, and makes you ready to take on the world. Find some way that you love to move your body and go for it! If you don't love your body, begin by becoming aware of that and notice what joy there is. Keep coming back to that in any moments of self-destructive behavior to help you re-focus. You are a beautiful human being.

4. Get outside. The earth, the clean air, the sunlight all have things to offer your body. Sunlight effects brain chemistry positively. 20 minutes a day is the minimum needed to get your sun-related vitamins. Yum!

5. Be kind. Doing a kind act releases serotonin which makes you feel good. In fact, doing the act, receiving the act, and watching the act all create those chemicals. Make kindness part of your day and see how it changes the way you feel.

5. Love. Be with people who feed you and who you feel good about. When you're filled up you're more likely to do something kind and be at your best and that draws the best of the universe to you.

6. Play. Playfulness inspires participation. Looking to bring in new clients? Play. Looking to find a partner? Play. Get out and have a great time and see what happens, how many people you meet and how you feel afterwards (it's also great to helping you induce sleep and cure insomnia!). It's one we often seem to over look, but that attitude is more likely to bring in clients than all the other things you're doing combined. Plus it's fun. And who doesn't want to have fun?

6. Practice skilled relaxation. Whether it's meditation, yoga or Tai Chi, doing something that intentionally brings you into your body and present helps your nervous system do it's job and take better care of you and your brain which makes decision-making more clear. Plus it feels so good.

7. Contribute. Recently in a workshop Matthew Engelhart of Cafe Gratitude fame, said something to the effect of, "When you feel constricted around money, give." Contribution gives life purpose and meaning as does love and family. These are things that help us, causing us to strive for the best and reach beyond ourselves into the extra-ordinary. Also remember that bit about kindness above? I'm a volunteer junkie - helping people makes me feel really good. And right now there are a lot of opportunities to help. So figure out what inspires you and give - time, money, energy and see what happens. Open the door to possibilities and co-creating something amazing with the people you love.

8. Take care of the gift wrap for your soul. You body is the home of your emotions, thoughts, and actions. Don't put off the trip to the dentist, doctor, healer, massage practitioner or body worker. If you know you need to, you do. Feeding yourself in that way makes you available to friends, family and your business. You've only got one body and I know it's cliche, but it will take care of you if you take care of it. All those aches and pains, lack of clarity, headaches and stiffness are telling you something. Tune in and listen.

Have a beautiful amazing day and I look forward to seeing you out in the wide world!

Finding The Forms You Need

You know how at the end of the year you're working on those pesky 1099 forms but find that you don't have the contractor's social security number or tax identification number?

Very small companies and companies that use a lot of independent contractors need to use for W-9 get tax ID information from their contractors. It's a simple form to have your contractors fill out bfore they start working with you.

You can find that form here. (Note: This will change in future years.)

You can search www.irs.gov for IRS forms or pulications. They are generally available online.

Now you know, so no excuses!

6 Ways to Take Money Out of Corporation

One of the bigest confusions I see in corporate bookkeeping is how you can take money out of the corporation. So I've complied a very basic list for us to refer to.

(1) Repayment of a loan to the corporation. This is not taxable to the stockholder. The stockholder should have reported interest earned and the corporation should have taken an interest expense deduction.

(2) As dividends paid by the corporation. Dividends are profits split among the shareholders proportional to the number of shares each stockholder owns. For example, a company has $100 to pay in dividends, if one stockholder owns 40% of the stock, he should receive 40% of the dividends or $40. See dividends for more information on them.

(3) By selling some of his stock back to the corporation. This becomes Treasury Stock to the corporation (as opposed to Common Stock) and is not taxable to the sharehold if he receives the same amount per share as the amount per share for which he originally bought the stock.

(4) As salary. The salary amounts are not dependent upon the number of shares owned. For example, if two shareholders each owns 50% of the outstanding stock, it is not necessary that each get identical salaries. Bonus payments would also fall under this category. This is taxable as payroll and the corporation must pay liabilities on the amounts paid.

(5) Theft or embezzlement. This is taxable to the shareholder as he is caught.

(6) As a loan from the corporation. In this case there should have been loan documents drawn up and signed by both the stockholder and a corporate officer. The corporation will record periodic interest earned and the stockholder may be able to take interest paid as a tax deduction.

There's abunch of other things that people think they can take out of a corporation, but they can't. Partner "draws" are one of those things.

Reimbursements are not wages or money taken out, they are corporate expenses being paid in advance by an individual. So the reibrusement is not taxable and does not fall into this category.

Please note: this is a beginning only. This does not create a reliance of any kind.

Why Prosperity Work Often Doesn't

I see a lot of "Prosperity Work" going around - people teaching classes, communities doin events, books, television shows, etc. But people consuming it aren't getting rich. Or even making enough money to thrive.

Why is that? What is it that holds us back from having more money?

I can't say I have The Answer. But one of the most overlooked thing about money is: our relationship to it. Most people assume that they want more of it so they are going to do something, primarily an emotional thing - like prospereity work - to try to make it happen. First of all, this has to be accompanied by real world actions or it's virtually useless - unless you're teaching the class.

In using the approach of prosperty work, it assumes that whatever the issues is we need money to fix it. That also assumes things like it can be fixed and that we know the solution. Is that true or accurate or even useful?

Let's look at this from another angle. If you have difficulty with digestion and are suddenly hungry, is the answer more food?

Well, maybe. But we don't know.

The answer is to figure out what nourishment you require, acquire it, prepare it and make time to sit down and consume it. Having more food won't fix the issue, it won't nourish you and it won't prevent hunger or create a solution for addressing future needs that won't also irritate your digestive track. Your missing information, clairty and action.

There's a similar idea for relationships. If you have a difficult relationship with yoru parents, is the way to fix it to have more time with them? Sometimes. Maybe. I don't know.

The point is that just having more of a thing is over-simplistic and doesn't usually meet the needs of the seeker.

The thing that is generally missing from the equation is clarity. Most people have a twisted relationship with money or the things they use money for and so it's assumed that money, and only money, will fix a problem.

That way of thinking creates a level of scarcity and emotional constriction going into the situation that prevents clear thinking and therefore decisive action. You've created desperation and fear before you've even bagan. If you were afraid you'd never eat again, what would your next meal look like? And if you were afraid you'd never see your Mom again, what would that visit look like?

The question to ask yourself is: do you have clarity about your relationship with money? Have you so contricted and twisted up how you feel about money that you're not using your resources appropriately and so it's unavailable? Is there some way that you could be more honoring of money so that when it is available you can use it to it's fullest?

Just like planning meals is both necessary for running an efficient household (especially with kids!), creating a money plan is necessary for effective use of currency and resources. Planning focuses on clarity, intentions and goal setting as well as decisive action and review. This creates a space for money to be, a container to put it in (literally sometimes like accounts and investments) and a direction for it to flow.

If a plan is not available and active, all the asking in the world is not going to draw money to you, there's no space for it and no where for it to go.

I'm not saying "don't aquire more money" or even "stop doing prosperity work." The point is to get clear about what you're looking for and why, so that you make space to have the money that would really serve your needs.

Bookkeeper's Roundtable: Bank Specializing in Small Businesses

Tonight Dale Marie Golden, VP of Alta Alliance Bank will be speaking at our gathering. We've had several conversations about banking in our group and Dale is VP of a bank I really like; they specifically work with small businesses and non-profits. I hope you'll join us to talk about banking and what this small bank has to offer that our clients (and our own consultancies) can really benefit from.

This group is primarily for finance professionals, but tonight it's open to small business owners who are interested in hearing about this.

Date: May 4, Monday
Time: 7:30 PM
Where: Viceroy
21 Shattuck Square, Berkeley 94704

Please RSVP here or to: briana at infinitelypossible dot net

Thanks!

Three Exciting Events!

There are three big things on the horizon for us here at Infinitely Possible:
* Tonight @ EcoTuesday, meet my apprentice
* May 4th, 7pm @ Viceroy's in Berekeley come talk about banking
* I'm going to be on the radio! May 20th @ 2:30pm!

Tonight I'm bringing my apprentice, Tom Howard, with me to EcoTuesday . It's turning into quite the event. In addition to the panel discussion, several of my clients have said they will be there and I'm bringing my exciting and talented apprentice with me.

Tom is studying to be a CPA and has vastly helped me get current and re-inspire me in my work. It's very exciting. Plus he's English so he's got that cool accent thing going on.

Come on out!

I will be hosting May's Bookkeeper's Roundtable with special guest Dale Marie Golden. Dale is the VP of Alta Alliance bank - the bank I'm curently most impressed with and is going to talk to us about banking and why her bank is doing well in this economy. Even if you're not a bookkeeper, you might want to check it out!

We'll meet Monday May 4th @ Viceroy's in Berekeley at 7pm.

One last note that I'll share more about soon is that I'm going to be on a radio show being hosted by one of my former clients Alice Moore of Emerge Healing (see Coffee Meditations). She's a nutritionist and her show is about what it really means to be healthy. So I'll be talking about financial health and well being. If there's a question that you'd like answered, let me know and I'll try to get it included! And I'll post the date when I know it.

EDIT: I have the date: May 20th @ 2:30pm and I'll let you know more details when I have 'em!

It's an exciting time to be doing money work and I hope that you'll join me at one of my upcoming events or inspired to invite me to one of yours!

The Clock of the Long Now: Everyone Has a Perspective

In reading about the Clock of the Long Now I came across:

"My friends who get it all have ideas that focus on a particular aspect of the clock. My engineering friends worry about the power source: solar, water, nuclear, geothermal, diffusion, or tidal? My entrepreneurial friends muse about how to make it financially self-sustaining. My writer friend, Stewart Brand, starts thinking about the organization that will take care of the clock. It's a Rorschach test - of time. Peter Gabriel, the musician, thinks the clock should be alive, like a garden, counting the seasons with short-lived flowers, counting the years with sequoias and bristlecone pines. Artist Brian Eno felt it should have a name, so he gave it one: The Clock of the Long Now."

Money is very much like that: everyone has a perspective on it, but no one is sure how it works exactly. Money can be a thing of beauty and pleasure or of pain and anguish. It can be something to fuel a creative project or something that helps us survive. Maybe it's all of those things and maybe it's none of them.

What's your perspective?

P.S. This blog entry might be a ploy to get you to read the article; it's certainly a nudge to enhance thinking about perspective. And as always it's a portal to drop in and tell me what you think, even if you only do it on Facebook.

Tax Payer Advocacy

One of the many things that most people don't know about the IRS.

Taxpayer Advocate Service is an organization that that helps tax payers get help paying their back taxes, settle issues with the IRS and helps them get help with there is a financial hardship regarding those taxes.

From the site:
"Our mission in the Taxpayer Advocate Service reaches beyond individual cases and extends into the realm of Systemic Advocacy. The role of Systemic Advocacy is evident in the TAS mission statement: "As an independent organization within the IRS, we help taxpayers resolve problems within the IRS and recommend changes that will prevent the problems." This means we try to repair systemic flaws in the IRS and the tax code, which can cause trouble for taxpayers and IRS employees alike."

Interesting, isn't it?

Did you know?

That there were more millionaires were made during the depression than any other time in history?

That's what I hear.

After doing a bunch of reading what I'm learning is that people who keep up their financial education and use their liquid capital to invest in things that develop during this time people make a lot of money. In part that's because many people are freaking out and pull out of their investments, get out of their homes and use the model of fear being generated in the economy to drive them.

There are always people who make money during any economic downturn, after all the unemployment rate rises to 12 or 20% that still sees more than 80% of people in jobs. And while it sucks to lose your job, many people do not. Many people are just fine. And in fact in the US most of us are more wealthy than 95% of people around the world.

And in fact I can see it. In this economy I'm bringing in clients. They are coming to me. I have a commitment to do my best for clients, consistently learning and growing. And I'm not giving up. I'm not watching CNN (Constantly Negative News) and I'm not reading the newspaper and I'm not letting fear run me.

I am:
I am learning more: going to seminars, getting further education in my trade and connecting further into my professional networks.
I am listening to people who are highly profitable and learning what they are doing.
I am meditating and taking good care of myself.
I am not letting the voices that come up of fear, defeat and hardship run me. Instead I tell them no and decide what my possibilities are.

Instead of worrying about money and listening to that negative story, take a moment right now and ask yourself: what are the possibilities? How could I be even more kind to myself and even more loving? What is possible for me right now? And take one action RIGHT NOW towards being the person you really want to be or having the business that really inspires you and your community. That will show your story that you mean business and that things are changing - right now.

The Cure for Money Madness

I keep hearing great things aboutThe Cure for Money Madness: Break Your Bad Money Habits, Live Without Financial Stress--and Make More Money!. He works with my financial coach and you can learn about his work here.

If you read this, do let me know. I'm interested in what people, especially my clients think of it. And I'll get to it, but not until after tax season!

Inoculations of Hope

In the pre-Obama world a lot of people working for peace and justice on the left had a lot of fear, doubt, pain and anger about the possibilities of change. But even in that place, one of my favorite resources has been Rob Bresnzy and his book Pronoia: The Antidote for Paranoia. Well today I found his blog.

It has a lot of things that are really right in the world. If you need a dose of hope, check it out.

No pricing policies

There's an exciting trend in allowing people to "pay what they can." CNN has an article about Sam Lippert taking prices off of his menu.

Cafe Gratitude's Workshops are being offered in pay it forward style. It's so exciting. This idea allows for a wide variety of people and styles, allowing some people to pay more than they might otherwise and some to pay less.

It also has the advantage of bringing in more business to the establishment and class.

Money and Food - Is it True we Don't Have Enough?

I only get two physical magazine subscriptions these days. One of them is National Geographic and the other one is Yes Magazine. Their tag line used to be something like "the magazine of positive futures". And I loved that - I was inspired to pick it up at the US Social forum back in 2007. They've changed the tag line, but not their style. They have a national and global look at what's going right in activism and movements and how you can connect and get involved locally with making a difference. Making a difference and watching others make a difference is inspiring.

I am into food security activism (which is not about using guns to secure food but rather to make sure that people have enough to eat) and this month they have a great article on Belo Horizonte, Brazil. They have implemented a food for all policy making sure their people are fed which includes many methods: from using public space for farming and that food being sold below market cost, to People's Restaurants where whole good foods are sold cheaply to feeding children in nursery schools 3 meals a day. It's brilliant.

They reduced their hunger and child mortality rates dramatically in just a couple of years (which is one measure of nutrition). And they do it all for about a penny a day per person. Holy cow!

I love this work. Frances More Lappe, who wrote the article also founded Food First and wrote "Diet for a Small Planet."

If you know or want to know nothing else about food security activism, I encourage everyone to read the 12 Myths About Hunger. It explains the difference between the hunger issue and the policy issues. I believe that all humans deserve to eat food every day as a right of being alive and this piece of writing was one of my great inspirations for that belief. Hunger is a matter of policy not food quantity and that made it clear to me that scarcity really is all about how we think about it. Go read! And tell me what you think!

Business Practices and Emotional Clarity

This weekend I went to Cafe Gratitude's Sacred Commerce workshop.

It was both informative and a lot of fun.

They use components of NVC (non-violent communication) to help people really hear and be heard - critical to make sure your work with clients and employees is clear, effective and efficient.

This workshop is taught by Matthew and Terces Engelhart, the founders of Cafe Gratitude. They have clearly studied a lot of personal growth work from NVC to meditation and gratitude practices. The workshop itself is about how to clear out what's keeping you from being present so that you can be at work and not be carrying emotional baggage into that or any space. In fact they take it beyond being present into being grateful. It's a great idea and it really works.

Cafe Gratitude spend about $230,000 a year on this process. They employ more than 200 people and every morning they do this process with each employee from District Managers on down to dishwashers. Each person sits with someone and goes through the process of getting present and shifting into gratitude. Every day.

And they are profitable. That's the key here. This is a business who consistently turns a profit with sustainable business practices. They wrote a book about this process and other aspects of how they run their business called "Sacred Commerce" which you can also find on their website.

Not only that, but they have started a practice of making their work more widely available by using a model of pay it forward. You go to the workshop and get value from it and decide what it's worth and then pay for the next person to be able to get that same seat next month. I paid for my seat so that you can go. Enjoy!

To me Cafe Gratitude is a clear and exciting example of how business can work in alignment with their values and do amazing things in the world.

Accounting terms - debit and credit

There were two specific terms that were challenging for me because them mean different things are different times - or so it seemed.

You see a debit is an accounting entry which results in either an increase in assets or a decrease in liabilities or net worth. Opposite of credit.

Where as a credit is the opposite.

But when you look it up the definite says nothing about accounting entries. It talks about consumer credit and lines of credit. So when the banks loan you money, they see an increase in assets (especially because they've been lending on a 1:40 ratio). A credit is an increase in liabilities - for you. So while you receive cash, you're worth less money because of it.

Interesting no?

An affirmation to work with around credit and debt: My debts represent my and other's belief in my future earning potential.

Using QuickBooks Online - IE plug in for Firefox

There are still a few sites that run on Internet Explorer only and QuickBooks Online is one of them. I don't recommend it, by the way. It's slow, clunky and often has connectivity issues. But if you're going to use it, you might want to use it in Firefox rather than in IE itself.

If so, you'll need this plug in for Firefox. It is for Windows only, as far as I can tell. Sad all around. It means that I still can't use QBs Online on my preferred and well-loved Mac. But at least I'm not bound to Microsoft.