The Accounting Edit

The Accounting Edit
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The Accounting Edit is where real conversations meet real numbers. Hosted by two women accounting firm owners, we’re pulling back the curtain on what it’s actually like to build a modern accounting practice—while helping small business owners make sense of their finances. Whether you’re a fellow firm owner, a service-based entrepreneur, or just curious about the behind-the-scenes of running a business, you’ll find honest insights, practical advice, and plenty of moments that make you feel like you’re not alone.

  1. 5 FEB

    21. When DIY Bookkeeping Stops Making Sense

    In this conversation, Leah and Aminder discuss the challenges of bookkeeping for business owners, highlighting signs that indicate when it's time to seek professional help. They explore the emotional burden of managing finances, the importance of understanding financial literacy, and the complexities that arise as a business grows. The discussion emphasizes the benefits of outsourcing bookkeeping tasks to allow business owners to focus on growth and decision-making.   Takeaways ·     If your books are always behind, it's a sign. ·     Using numbers only for compliance indicates aproblem. ·     Increasing complexity in business financesrequires professional help. ·     Cash flow issues can arise even with profit onpaper. ·     The emotional burden of bookkeeping can beoverwhelming. ·     Understanding finance is crucial for makinginformed decisions. ·     It's okay to let go of bookkeeping tasks as yougrow. ·     Outsourcing bookkeeping can relieve stress andsave time. ·     Financial literacy is important for businessowners. ·     Outsourcing allows you to focus on growing yourbusiness.   Chapters 00:00 Introduction to Bookkeeping Challenges 01:11 Your books are always behind 02:19 You don't actually use the numbers 03:30 Revenue or complexity has increased 05:03 You're guessing instead of deciding 05:52 Emotional cost is high 09:18 The Importance of Financial Literacy   Keywords: bookkeeping, accounting, financial literacy, business growth, outsourcing, cash flow, compliance, emotional burden, complexity, small business   Website: TheAccountingEdit.com Aminder's Links Website: sequoia-cpa.com Instagram: @sequoiacpa LinkedIn: linkedin.com/company/sequoia-cpa   Leah's Links Website: orca-accounting.com Instagram: @orcaaccounting LinkedIn: linkedin.com/in/leahmccool

    12 min
  2. 20. Defining Accounting Terms: So you feel less lost when meeting with your CPA

    22 JAN

    20. Defining Accounting Terms: So you feel less lost when meeting with your CPA

    In this episode, Aminder Mann and Leah McCool delve intoessential accounting terminology, aiming to demystify common terms used in the field. They cover key concepts such as the General Ledger, Trial Balance, Chart of Accounts, Journal Entries, Profit and Loss Statements, and more. The discussion provides insights into how these terms interrelate and their significance in understanding financial statements and managing businessfinances effectively.   Takeaways ·     Understanding the General Ledger is crucial fortracking financial transactions. ·     The Trial Balance serves as a check to ensureall accounts are balanced. ·     Chart of Accounts organizes financial data intocategories for better clarity. ·     Journal Entries are essential for makingadjustments in accounting records. ·     Profit and Loss Statements provide insights intoa business's financial performance. ·     Bank Reconciliation ensures that bank recordsmatch the company's financial records. ·     Accounts Payable involves managing bills andpayments to vendors. ·     The Balance Sheet reflects a company's financialposition at a specific time. ·     Top Line income refers to gross revenue beforeexpenses, while Bottom Line is the net profit after expenses. ·     Accounts Receivable management is vital formaintaining cash flow.   Chapters 00:00 Demystifying Accounting Terminology 01:07 Understanding the General Ledger and Trial Balance 02:55 Journal Entries: Adjustments and Corrections 04:56 Profit and Loss Statement Explained 05:32 Bank Reconciliations: Ensuring Accuracy 05:56 Accounts Payable: Managing Bills and Payments 06:36 Balance Sheet: A Snapshot of Financial Health 07:35 True Up and Ties Out: Ensuring Accuracy 08:54 Top Line vs. Bottom Line: Understanding Revenue 10:08 Accounts Receivable: Managing Customer Payments   Keywords: accounting, general ledger, trialbalance, chart of accounts, journal entries, profit and loss statement, accounts payable, balance sheet, cash flow, accounts receivable   Website: TheAccountingEdit.com Aminder's Links Website: sequoia-cpa.com Instagram: @sequoiacpa LinkedIn: linkedin.com/company/sequoia-cpa   Leah's Links Website: orca-accounting.com Instagram: @orcaaccounting LinkedIn: linkedin.com/in/leahmccool

    13 min
  3. 19. January tips & deadlines: 1099s, W2s, Year-End close, etc.

    8 JAN

    19. January tips & deadlines: 1099s, W2s, Year-End close, etc.

    In this conversation, Leah and the Accounting Podcastteam discuss essential tips and deadlines for small business owners as they enter the new year. They cover important topics such as 1099 forms, W-2s, year-end closing procedures, financial performance analysis, and sales tax filings. The discussion emphasizes the importance of compliance, organization, and strategic planning for the upcoming year.   Takeaways ·     A 1099 form is required for contractors paidover $600. ·     Collect W9 forms before paying vendors to ensurecompliance. ·     W-2s are due by February 2nd for the previousyear. ·     Year-end close involves finalizing financialsand ensuring accuracy. ·     Review financial performance to set goals forthe new year. ·     Sales tax filings depend on your business'sfiling frequency. ·     It's crucial to stay organized and meet alldeadlines. ·     Utilize accounting software to streamline thefiling process. ·     Comparative analysis of financial data helps instrategic planning. ·     Having a checklist can simplify the transitioninto the new year.   Chapters 00:00 Intro 00:28 1099s 04:49 W2s 06:08 Year-end Close 07:54 Review your financial performance and position 10:46 Sales tax filings & WA DOR State Filings   Keywords: small business, 1099 forms, W-2s,year-end close, financial performance, sales tax filings, compliance, accounting tips, January deadlines, bookkeeping     Website: TheAccountingEdit.com Aminder's Links Website: sequoia-cpa.com Instagram: @sequoiacpa LinkedIn: linkedin.com/company/sequoia-cpa   Leah's Links Website: orca-accounting.com Instagram: @orcaaccounting LinkedIn: linkedin.com/in/leahmccool

    15 min
  4. 18. A Year in Review: Suprises, lessons, and predications

    25/12/2025

    18. A Year in Review: Suprises, lessons, and predications

    In this reflective podcast episode, Aminder and Leahdiscuss their experiences and lessons learned throughout 2025, their growth as entrepreneurs, and their predictions for the upcoming year. They share insights on the importance of networking, referral marketing, and the emotional journeyof starting a business. The conversation highlights the significance of trusting the process, adapting strategies, and the value of supportive relationships in entrepreneurship.   Takeaways ·     2025 was a year of significant growth. ·     Referral marketing has proven to be impactfulfor client acquisition. ·     Trusting the process is essential inentrepreneurship. ·     Networking can lead to unexpected opportunitiesand connections. ·     The podcast has been a meaningful outlet forsharing experiences. ·     Adapting strategies and being open to pivots iscrucial for success. ·     Branding and marketing are vital components ofbusiness growth. ·     Recognizing that everyone is human can easenetworking fears. ·     Setting clear goals for the upcoming year isimportant. ·     Creating digital products can supportearly-stage business owners.   Chapters 00:00 Year-End Reflections and Surprises 06:51 Lessons Learned in Entrepreneurship 14:12 Pivots and Changes in Business Strategy 18:29 Predictions for the Coming Year   Keywords: 2025 recap, business growth,entrepreneurship lessons, referral marketing, networking, client acquisition, podcasting, branding, marketing strategies, future predictions, accounting   Website: TheAccountingEdit.com Aminder's Links Website: sequoia-cpa.com Instagram: @sequoiacpa LinkedIn: linkedin.com/company/sequoia-cpa   Leah's Links Website: orca-accounting.com Instagram: @orcaaccounting LinkedIn: linkedin.com/in/leahmccool

    24 min
  5. 17. QuickBooks vs Xero: A Showdown of the Two Leading Small Business Accounting Softwares

    11/12/2025

    17. QuickBooks vs Xero: A Showdown of the Two Leading Small Business Accounting Softwares

    In this episode, Leah and Aminder compare two popularaccounting software platforms, Xero and QuickBooks Online. They discuss the strengths and weaknesses of each platform, focusing on ease of use, target audience, bank reconciliation processes, invoicing features, reporting capabilities, and common mistakes made by users. The conversation aims to help small business owners make informed decisions about which software best suits their needs.   Takeaways ·     Xero is less known in the US but popular abroad. ·     QuickBooks has a significant market share in theUS. ·     Ease of use varies between the two platforms. ·     Bank reconciliation processes differ inefficiency. ·     Invoicing features are similar but have keydifferences. ·     Reporting capabilities are robust in bothsoftware. ·     Common DIY mistakes can lead to dataduplication. ·     Cleanup processes can be tedious for bothplatforms. ·     Cost is a significant factor for smallbusinesses. ·     Choosing the right software depends onindividual business needs.   Chapters 00:00 Introduction to QuickBooks vs. Xero 03:02 Target Audience and Market Positioning 05:11 Ease of Use: QuickBooks vs. Xero 09:48 Bank Reconciliation Processes 16:22 Invoicing Features Comparison 21:51 Reporting Capabilities 24:33 Common DIY Mistakes 29:52 Cleanup Pain Points 34:53 Final Recommendations   Keywords: accounting software, Xero, QuickBooksOnline, small business, invoicing, bank reconciliation, reporting, ease of use,DIY mistakes, software comparison   Website: TheAccountingEdit.com Aminder's Links Website: sequoia-cpa.com Instagram: @sequoiacpa LinkedIn: linkedin.com/company/sequoia-cpa   Leah's Links Website: orca-accounting.com Instagram: @orcaaccounting LinkedIn: linkedin.com/in/leahmccool

    40 min
  6. 16. Our Monthly Close Routine: A Behind the Scenes Example You Can Copy

    27/11/2025

    16. Our Monthly Close Routine: A Behind the Scenes Example You Can Copy

    In this episode, Leah McCool and Aminder Mann discuss theimportance of monthly accounting updates and the monthly close process. They outline the steps involved in closing the books each month, the tools they use to streamline the process, and common issues that arise in clients' accountingpractices. The conversation emphasizes the significance of maintaining accurate financial records for business growth and audit readiness, and how professional accounting services can alleviate the burden on small business owners.   Takeaways ·     Monthly updates provide real-time insights intobusiness performance. ·     A monthly close ensures reliable and cleanfinancials. ·     Regular bookkeeping helps in making informedbusiness decisions. ·     Using a structured process for month-end closeis essential. ·     Tools like close trackers and client portalsenhance efficiency. ·     Common issues include misclassifyingtransactions and ignoring undeposited funds. ·     Separating personal and business transactions iscrucial for accuracy. ·     Documentation is vital for maintaining auditreadiness. ·     Diligence in accounting prevents costly year-endcleanups. ·     Financial statements guide intentional businessmanagement.   Chapters 00:00 Introduction to Monthly Close Routine 03:03 Understanding the Monthly Close Process 05:47 Steps in the Monthly Close Process 08:24 Tools and Software for Efficient Closing 11:32 Common Issues in Monthly Closing 14:17 Best Practices for Business Owners 17:12 Conclusion and Call to Action   Keywords: accounting, monthly close, bookkeeping,financial statements, business growth, tax compliance, small business, financial insights, accounting tools, client management   Website: TheAccountingEdit.com Aminder's Links Website: sequoia-cpa.com Instagram: @sequoiacpa LinkedIn: linkedin.com/company/sequoia-cpa   Leah's Links Website: orca-accounting.com Instagram: @orcaaccounting LinkedIn: linkedin.com/in/leahmccool

    29 min
  7. 15. Mini-Series: Demystifying Your Financial Statements – Cash Flow Statement

    13/11/2025

    15. Mini-Series: Demystifying Your Financial Statements – Cash Flow Statement

    In this episode, Aminder and Leah discuss the importanceof cash flow statements in business accounting. They explain what a cash flow statement is, how to read it, and the common mistakes business owners make when analyzing their cash flow. The conversation emphasizes the significance of understanding cash flow for making informed business decisions and ensuring financial stability.   Takeaways ·     A cash flow statement shows how money moves inand out of a business. ·     It is one of the three main financialstatements, alongside the profit and loss statement and the balance sheet. ·     Cash flow statements are crucial forunderstanding liquidity and financial health. ·     The statement is divided into three sections:operating, investing, and financing activities. ·     Positive cash flow indicates strong businessperformance, regardless of profitability on paper. ·     Common mistakes include confusing profit withcash and not tracking owner contributions accurately. ·     Timing differences in cash flow can impactfinancial planning and decision-making. ·     Regularly reviewing cash flow statements isessential for avoiding financial pitfalls. ·     Cash flow statements provide insights intomanaging expenses and planning for growth. ·     Understanding cash flow is vital for attractinginvestors and securing loans.   Chapters 00:00 Understanding the Cash Flow Statement 00:40 What is a Cash Flow Statement? 02:11 Breaking Down the Cash Flow Sections 06:56 Importance of Cash Flow Management 08:57 Common Mistakes in Cash Flow Analysis   Keywords: cash flow statement, financialmanagement, business accounting, cash flow analysis, profitability, financial statements, small business finance, cash management, accounting mistakes, financial insights, bookkeeping    Website: TheAccountingEdit.com Aminder's Links Website: sequoia-cpa.com Instagram: @sequoiacpa LinkedIn: linkedin.com/company/sequoia-cpa   Leah's Links Website: orca-accounting.com Instagram: @orcaaccounting LinkedIn: linkedin.com/in/leahmccool

    13 min
  8. 14. Mini-Series: Demystifying Your Financial Statements – The Balance Sheet

    30/10/2025

    14. Mini-Series: Demystifying Your Financial Statements – The Balance Sheet

    In this episode, Aminder Mann and Leah McCool delve intothe intricacies of the balance sheet, a fundamental financial statement for businesses. They explain its components, including assets, liabilities, and equity, and emphasize the importance of understanding how these elements reflect a business's financial health. The hosts also discuss common mistakes made in balance sheet management and provide insights on how to effectively use the balance sheet for informed business decisions.   Takeaways ·     A balance sheet is a snapshot of a business'sfinancial position. ·     Assets equal liabilities plus equity. ·     Understanding the balance sheet helps inassessing financial health. ·     Common mistakes include not reconciling accountsand mixing personal with business finances. ·     Retained earnings reflect the profits generatedover time. ·     The balance sheet connects with other financialstatements. ·     Regularly reviewing the balance sheet aids inbetter decision-making. ·     Business owners should check their financialhealth monthly. ·     The balance sheet is a tool for all businessowners, not just accountants. ·     Understanding the balance sheet can change howyou manage your business.   Chapters 00:00 Understanding the Balance Sheet 04:34 Importance of the Balance Sheet for Business Owners 08:08 Common Mistakes in Balance Sheet Management 10:26 Takeaway for Business Owners   Keywords: balance sheet, financial statements,assets, liabilities, equity, accounting, business health, common mistakes, financial management, decision making, bookkeeping   Website: TheAccountingEdit.com Aminder's Links Website: sequoia-cpa.com Instagram: @sequoiacpa LinkedIn: linkedin.com/company/sequoia-cpa   Leah's Links Website: orca-accounting.com Instagram: @orcaaccounting LinkedIn: linkedin.com/in/leahmccool

    13 min
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About

The Accounting Edit is where real conversations meet real numbers. Hosted by two women accounting firm owners, we’re pulling back the curtain on what it’s actually like to build a modern accounting practice—while helping small business owners make sense of their finances. Whether you’re a fellow firm owner, a service-based entrepreneur, or just curious about the behind-the-scenes of running a business, you’ll find honest insights, practical advice, and plenty of moments that make you feel like you’re not alone.

Information

  • Creator
    The Accounting Edit
  • Years Active
    2025 - 2026
  • Episodes
    21
  • Rating
    Clean
  • Copyright
    © The Accounting Edit
  • Show Website
    The Accounting Edit