Let’s talk accounting and payment processors!
A recent Venmo change has some beauty pros freaking out about monies earned from Venmo transactions now being reported to the IRS by Venmo if more than $600 is processed using the payment processor. I’ve noticed the general understanding about payment processors as well as the conversations being shared inside of free forums is incorrect, uninformed, and questionably illegal.
So to help you get clarity on what Venmo’s recent changes actually means for your business if Venmo is one of the payment processors you’re using in your business – I brought on a new friend of mine, Michelle Cook of @smallbusinesscpa on to the podcast to chat all things Venmo.
Since Michelle also specializes in accounting for Beauty Business Owners – I also wanted her to share some of her best tips on the must have accounting processes for you to set yourself up for financial success in 2022.
Here’s some highlights from this week’s episode:
- – The changes with Venmo you need to know starting this year
- – The importance and benefit of honestly declaring your business income
- – Accounting best practices for business starters
- – The difference between a bookkeeper and an accountant
- – Questions to ask when hiring an accountant
