Channel Title: Clara CFO Group Channel Description: The ClaraCFO Group channel will be providing information that you need to know to run your small business for long-term financial success! Clara CFO Group provides financial clarity for small businesses by supporting big goals and guiding key decisions so you can know that your money is working for you. <video> Year-End Payroll for S-Corp Owners: How to Reclassify Draws to W-2 Wages Using Gusto Description: Mentioned in this video: Gusto: www.claracfo.com/gusto RC Reports: www.claracfo.com/rcreports If you're an S-Corp owner who has ONLY taken draws throughout the year and hasn't yet paid yourself in W2 wages, it's crucial to reclassify some or all of those draws as W-2 wages to meet IRS requirements and avoid penalties. In this video, Hannah guides you step-by-step on how to run an end-of-year payroll using Gusto and explain its financial statement impact. Learn best practices for paying yourself reasonable compensation and ensure compliance with S-Corp regulations. In this video you will find: 0:00 - Intro: Year-End S-Corp Payroll 0:34 - Why Reclassify Draws 1:03 - Client Example: S-Corp Transition 2:00 - Reasonable Compensation Basics 3:33 - Determining Compensation 5:08 - Prepping for Payroll Adjustments 6:33 - Reviewing Financials 7:46 - Running Payroll in Gusto 9:11 - Tax Considerations 12:15 - Avoiding Payroll Mistakes 13:14 - Journal Entries & Taxes 15:00 - Final Financial Review To learn more about CFO services for B2B services providers making over $1M in annual revenue, go to: https://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! https://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: https://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! https://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 https://claracfo.com/ 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: MB01ETXFCRGNSM3 </video> <video> FinCEN Reacts to Federal Court Decision - What are the BOI Reporting Requirements Now? Description: From FinCEN as of 12/31/2024: "In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports." Fincen Website: www.fincen.gov/boi Stay up to date with Clara CFO Newsletters! Get on the list: www.claracfo.com/newsletter Fincen has said that they will accept voluntary submissions of BOI Reports. There will be no liability if someone chooses not to file with the injunction is in place. Hannah explains in this video. A Texas-based federal court has issued a nationwide injunction on the enforcement of the Corporate Transparency Act. BOI Reporting penalties cannot be enforced during this injunction! The Corporate Transparency Act is still LAW. This court decision affects the enforcement of the law. Small business owners can pause on reporting their BOI information for now, but there will be updates in the future on this issue. More videos about BOI: BOIR Basics: https://youtu.be/VuYhJmg1UZo DIY BOIR: https://youtu.be/wrrbNsJvrqo BOIR FAQs: https://youtu.be/Z4ncbOx7Xvo 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. </video> <video> How to Fill Out a W-9: A Guide for Small Business Owners Description: Get $100 when you sign up for a new Relay account and fund it with at least $100! To learn more, go to https://www.claracfo.com/relay Filling out a W-9 form can feel overwhelming, especially if you’re a new business owner. In this video, Hannah walks you through everything you need to know about the W-9 form: what it is, why you need it, and how to fill it out correctly. Whether you’re completing a W-9 for a client, a mortgage company, or another purpose, this step-by-step guide will help you navigate the process with ease. In this video, you will find: 0:00 Intro 0:25 Who Might Need a W-9 2:47 What Is a W-9 and Why Is It Needed? 3:44 Common Situations Requiring a W-9 6:24 Filling Out the W-9 Form: Step-by-Step Guide 9:00 Tips for Accuracy & Security 10:54 Certification and Final Steps To learn more about CFO services for B2B services providers making over $1M in annual revenue, go to: https://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! https://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: https://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! https://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 https://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: MB010P9LMND2XSV </video> <video> Understanding EIDL Loan Interest: Why Your Balance Is Growing Description: FREE EIDL Calculator: https://learn.claracfo.com/eidl-amortization-schedule If your EIDL loan balance is higher than what you originally borrowed—even after making payments—you’re not alone. In this video, Hannah breaks down the surprising math behind compounding interest on EIDL loans, including why your payments may not feel like they’re making a dent. Using our free EIDL calculator (link below), we’ll show you: - How deferred payments and compounding interest impact your balance - Why it can take years to pay off even a small loan - Simple strategies to accelerate your repayment In this video you will find: 0:00 - Revisiting EIDL Loan Realities 0:15 - Why Your EIDL Loan Balance May Be Higher 1:12 - Understanding EIDL Loan Interest Accrual 1:43 - Example Breakdown: Using the EIDL Calculator 4:12 - How Deferred Payments Impacted Loan Balances 6:24 - The Long Path to Reducing Principal 7:24 - The Key to Faster Debt Reduction 8:48 - Taking Control of Your Loan Repayment Strategy To learn more about CFO services for B2B services providers making over $1M in annual revenue, go to: https://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! https://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: https://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! https://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 https://claracfo.com/ 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: MB01K5EHKYXQ0ZS </video> <video> 15 Essential Questions to Ask Before Switching Payroll Providers Description: Considering a switch to a new payroll provider? Asking the right questions is crucial to ensuring a smooth transition. In this video, we cover 15 essential topics, including pricing structures, support for contractors, integration with benefits, and timelines for implementation. Whether you're planning a year-end change or exploring other options, these insights will help you choose the best provider for your business. In this video, you will find: 00:00 - Intro 1:41 - Question 1: What is not working? 2:51 - Question 2: What Services do you need? 4:30 - Question 3: What taxes will they report & pay? 5:43 - Question 4: What size organization is this platform built for? 7:04 - Question 5: How easy is it to use? 7:53 - Question 6: What is the reporting like? 9:32 - Question 7: How is their customer service? 11:08 - Question 8: Integration with accounting system? 13:19 - Question 9: What is the price? 15:20 - Question 10: How is price calculated? 16:27 - Question 11: Can you pay contractors on the same platform? 17:36 - Question 12: Is there a contract term? 18:17 - Question 13: What does the transition process look like? 19:20 - Question 14: How do they work with employee benefits? 20:57 - Question 15: Will employees have access to their information? To learn more about CFO services for B2B services providers making over $1M in annual revenue, go to: https://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! https://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: https://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! https://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 https://claracfo.com/ 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: MB01XDUJNEAADI7 </video> <video> Retirement Savings MISTAKES You Might Be Making! Description: Have you ever said or heard, "I don’t need to save for retirement, my business is my retirement?" If so, this video is for you. Hannah dives into a common mindset among small business owners—relying solely on your business for retirement. She brings some reality to the topic by discussing why this might not be the best approach and what you can do to ensure financial security for your future. If you're a business owner who wants to secure your future, this video offers important insights you can’t afford to miss. In this video you will find: 0:00 - Have You Ever Heard This Before? 0:26 - Is Your Business Really Your Retirement Plan? 1:20 - The Harsh Truth About Selling Your Business 3:33 - Small Business Failure Rates & Median Sales Price 5:04 - The Realities of Selling a Business 6:04 - Why You Shouldn't Rely Solely on Your Business for Retirement 7:09 - How to Use Your Business to Build Wealth 8:19 - The Best Time to Start Planning for Retirement To learn more about CFO services for B2B services providers making over $1M in annual revenue, go to: https://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! https://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: https://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! https://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 https://claracfo.com/ CODE: MB01IHOWPFLWYVY 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. </video> <video> Core Beliefs on Money & Business Success | My CFO Mindset for Small Business Owners Description: Videos we mentioned: The Key to Steady Cash Flow - https://youtu.be/WMCdPESjP_w Cash Rhythms - https://youtu.be/8S1EBcJ3pXo How to Create a Business Budget from Scratch in Excel - https://youtu.be/jK4D1JeT6iE Rolling Forecast vs. Budget - https://youtu.be/AN-9OSduhnc This video covers the core money beliefs we hold about running a successful small business. We talk about the importance of cash flow as a foundation for freedom, why it’s crucial to stay connected to your financial power instead of outsourcing it, and the need to focus on profitability over just increasing revenue. These principles shape how we think about long-term growth and planning, offering practical insights for entrepreneurs looking to manage their business finances with intention and clarity. In this video you will find: 00:00 - Intro 01:12 – Cash Flow = Freedom 03:45 – Don’t Outsource Your Financial Power 06:22 – Prioritize Profit Over Revenue 09:05 – Planning for Long-Term Growth 11:32 – Summary & Takeaways To learn more about CFO services for B2B services providers making over $1M in annual revenue, go to: https://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! https://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: https://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! https://claracfo.com/melio CODE: MB01C1CPKOAHWZU (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 https://claracfo.com/ 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. </video> <video> 1099 Basics for Small Businesses: Who Needs One & How to Prepare Description: Resources mentioned: An update article on 1099s by the Dancing Accountant: https://www.msn.com/en-us/news/other/when-do-i-have-to-issue-a-1099-form-to-someone-i-paid/ar-AA1m4Ubf End-of-year 1099 season is here! In this video, Hannah covers everything you need to know about issuing 1099s as a small business owner. Learn who needs to receive a 1099, how to prepare, and the key differences between 1099-MISC and 1099-NEC forms. In this video you will find: 0:00 Intro 1:58 What is a 1099? Explanation & Purpose 2:18 Key Forms: 1099-NEC vs. 1099-MISC 2:53 Why Issuing 1099s is Crucial 3:35 Overview of 1099-MISC Reporting Categories 5:07 Overview of 1099-NEC Reporting Categories 6:24 Filtering Vendors for 1099 Requirements 7:13 Introducing the Decision Tree for 1099s 9:47 Importance of Collecting W-9s 10:22 Reviewing W-9s for Entity Classification To learn more about CFO services for B2B services providers making over $1M in annual revenue, go to: https://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! https://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: https://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! https://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 https://claracfo.com/ 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. </video> <video> Smart Debt Reduction Strategies for Your Business Description: FREE Cash Flow Forecast: https://learn.claracfo.com/cash-flow-forecast Mentioned in this video: How Profitable do I need to be?: https://youtu.be/6H9S-zSeTPw What is a Healthy Profit Margin?: https://youtu.be/Icxmyt_HFJ4 #1 Metric to Improve Profitability: https://youtu.be/gntcIuOPl80 Key to Steady Cash Flow: https://youtu.be/WMCdPESjP_w Cash Rhythms: https://youtu.be/8S1EBcJ3pXo How to Create a Cash Flow Forecast: https://youtu.be/0BGanYasxn8 Looking to pay down your business debt faster? In this video, we explore practical and creative ways to boost your cash flow and reduce expenses to free up more profit for debt repayment. From streamlining expenses, exploring revenue opportunities, utilizing cash flow forecasting, to taking advantage of balance transfers and loan consolidation, we cover actionable strategies to help you tackle debt efficiently. In this video you will find: 00:00 - Intro 1:58: Debt as a Strategic Tool 3:00: Strategies to Deal with Existing Debt 5:13: Creating a Debt Inventory 7:25: Ranking and Prioritizing Your Debts 11:08: Increasing Profits to Pay Off Debt 15:25: Cash Flow Forecasting for Debt Reduction 17:49: Practical Strategies for Managing Debt 26:40: Mindset and Consistency in Debt Reduction To learn more about CFO services for B2B services providers making over $1M in annual revenue, go to: https://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! https://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: https://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! https://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 https://claracfo.com/ 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: MB01YDCHOCJIG9F </video> <video> How to Set Up a Business Bank Account in less than 15 min with Relay Description: Get $100 when you sign up for a new Relay account and fund it with at least $100! To learn more, go to https://www.claracfo.com/relay Videos mentioned: How to get an EIN: https://youtu.be/R01vqc8vP6s What is BOI Reporting & Fincen: https://youtu.be/VuYhJmg1UZo BOI Reporting Example: https://youtu.be/wrrbNsJvrqo Hannah walks through the process of setting up a new business banking account with Relay. This step-by-step guide highlights the key features of Relay, the application process, and essential information needed to set up an account. Whether you're starting a new business or looking for a better banking solution, this video provides valuable insights into establishing a strong financial foundation. In this video you will find: 00:00 - Intro 00:45 Importance of Multiple Bank Accounts in Profit First 02:30 Creating Accounts in Relay: Step-by-Step 04:15 Integrating Relay with Accounting Software (QuickBooks, Xero) 06:00 Managing Cash Flow and Monthly Expenses 07:30 Allocating Income Using Relay 09:00 Permissions and Team Management in Relay 10:30 Dual-Banking Strategy: Why It Matters 12:00 Setting Up a Backup Account 13:15 Final Tips on Optimizing Business Banking To learn more about CFO services for B2B services providers making over $1M in annual revenue, go to: https://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! https://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: https://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! https://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 https://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: MB01VYRBAJAB1BK </video> <video> BOI Reporting - What you NEED to know as a Small Business Owner Description: Get $100 when you sign up for a new Relay account and fund it with at least $100! To learn more, go to https://www.claracfo.com/relay Resources: File your report for FREE: https://www.fincen.gov/boi BOI FAQs: https://www.fincen.gov/sites/default/files/shared/BOI-FAQs-QA-508C.pdf BOI Small Compliance Guide: https://www.fincen.gov/sites/default/files/shared/BOI_Small_Compliance_Guide.v1.1-FINAL.pdf Are you hearing a lot about BOI (Beneficial Ownership Information) reporting but unsure what it means for your business? As we approach the end of 2024, this new requirement is gaining attention, and many small business owners are getting emails asking them to file. But what exactly is BOI reporting, who needs to comply, and how can you ensure you're following the rules? In this video you will find: 0:00 - What is BOI Reporting? 0:37 - BOI Reporting for Small Business Owners 1:18 - Relay Business Banking 2:45 - Who Needs to File? 3:05 - Beneficial Ownership Defined 4:10 - Key Deadlines to Remember 5:35 - Exemptions: Who is Excluded? 7:05 - Potential Penalties for Non-Compliance 8:30 - How to Prepare for BOI Reporting 9:55 - Common Mistakes to Avoid 10:30 - Steps for Filing BOI 13:25 - FAQs on BOI Reporting 15:00 - Best Practices to Stay Compliant 16:20 - Conclusion & Next Steps To learn more about CFO services for B2B services providers making over $1M in annual revenue, go to: https://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! https://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: https://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! https://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 https://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: MB01EFRUETNNJI2 </video> <video> BOI Reporting for Small Business Owners - Step-by-Step DIY Guide Description: BOI Reporting Resources: File your report for FREE: https://www.fincen.gov/boi BOI FAQs: https://www.fincen.gov/sites/default/files/shared/BOI-FAQs-QA-508C.pdf BOI Small Compliance Guide: https://www.fincen.gov/sites/default/files/shared/BOI_Small_Compliance_Guide.v1.1-FINAL.pdf We're diving deep into Beneficial Ownership Information (BOI) reporting. We’ll go step-by-step through the BOI process using real screenshots, so you'll have a clear path to successfully register your business, identify beneficial owners, and avoid extra costs by going directly through the official FinCEN website. This is everything you need to get your BOI reporting done quickly and correctly. In this video you will find: 00:00 - Intro 0:35 – Why BOI Reporting Matters for Small Businesses 1:20 – Key Requirements and Deadlines for Filing 2:15 – Accessing the BOI Reporting Portal on FinCEN.gov 2:50 – Overview: Filing Options 3:25 – Initial Information Needed for Filing 4:10 – Basic Business Details (EIN, Address) 5:30 – Adding Beneficial Owners 6:45 – Applicant Information: Requirements for New Companies 7:50 – Company Applicants 10:12 - Beneficial Owner 11:25 – Final Page: Review and Submit Your BOI Report 12:05 - Saving Transcript 12:13 - Fees and Penalties To learn more about CFO services for B2B services providers making over $1M in annual revenue, go to: https://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! https://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: https://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! https://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 https://claracfo.com/ 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: MB01GY3TLZZMMZ7 </video> <video> FinCen BOIR Updates - Breaking News! Watch before you file! Description: Articles referenced in this video: https://www.forbes.com/sites/matthewerskine/2024/12/04/court-blocks-corporate-transparency-act-a-win-for-federalism/ https://natlawreview.com/article/texas-federal-court-blocks-corporate-transparency-act-halts-nationwide-enforcement A Texas-based federal court has issued a nationwide injunction on the enforcement of the Corporate Transparency Act. BOI Reporting penalties cannot be enforced during this injunction! The Corporate Transparency Act is still LAW. This court decision affects the enforcement of the law. Small business owners can pause on reporting their BOI information for now, but there will be updates in the future on this issue. More videos about BOI: BOIR Basics: https://youtu.be/VuYhJmg1UZo DIY BOIR: https://youtu.be/wrrbNsJvrqo BOIR FAQs: https://youtu.be/Z4ncbOx7Xvo 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. </video> <video> Answering Your Questions About BOI Reporting: What Business Owners Need to Know Description: Get $100 when you sign up for a new Relay account and fund it with at least $100! To learn more, go to https://www.claracfo.com/relay BOI Resources: File your report for FREE: https://www.fincen.gov/boi BOI FAQs: https://www.fincen.gov/sites/default/files/shared/BOI-FAQs-QA-508C.pdf BOI Small Compliance Guide: https://www.fincen.gov/sites/default/files/shared/BOI_Small_Compliance_Guide.v1.1-FINAL.pdf Got questions about Beneficial Ownership Information (BOI) reporting under the Corporate Transparency Act? In this video, Hannah answers your top questions about who needs to file, what counts as beneficial ownership, and how to handle complex structures. Plus, learn what to do if you make a mistake and how to avoid penalties. Don’t miss this essential guide for small business owners preparing for the January 1, 2025, BOI deadline! Videos we mentioned: BOI Reporting Example: https://youtu.be/wrrbNsJvrqo BOI Reporting - What you need to know: https://youtu.be/VuYhJmg1UZo In this video you will find: 00:00 - Intro 01:05 - What is Beneficial Ownership Reporting? 02:30 - Who Needs to File BOI Reports? 04:15 - What is a Reporting Company? 06:00 - Who is a Beneficial Owner? 09:30 - Exclusions from Beneficial Ownership Reporting 12:15 - Understanding Substantial Control 15:00 - Ownership Interest Explained 17:10 - Complex Corporate Structures 20:00 - Intermediate Holding Companies & Reporting 21:03 - Correcting BOI Reporting Errors 22:09 - When to Seek Professional Help 22:55 - Final Thoughts and Sharing the Deadline To learn more about CFO services for B2B services providers making over $1M in annual revenue, go to: https://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! https://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: https://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! https://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 https://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: MB01XK3YKFWKPSM </video> <video> Set up a new company in QBO in 2025 Description: 💲 QuickBooks: Sign up to get a discounted subscription for 12 months! https://claracfo.com/QBO For the best rates on QBO merchant services, email us: hello @ claracfo.com (no spaces) Other videos mentioned: How to set up QBO in less than 20 min: https://youtu.be/hyWnHBtRB_4 Get started with QuickBooks Online in this step-by-step guide for 2025! We’ll walk you through account setup, importing a custom chart of accounts, cleaning up categories, and preparing your business for bookkeeping success. Perfect for small business owners looking to streamline their accounting process In this video you will find: 0:00 - Intro 0:35 - Setting up a new QuickBooks Online account 1:40 - Choosing the right plan for your business 3:15 - Navigating the QuickBooks dashboard 4:45 - Linking your bank accounts 7:05 - Importing your chart of accounts 10:55 - Understanding account types and detail types 13:45 - Uploading your custom chart of accounts 16:15 - Cleaning up and managing duplicate accounts 17:35 - Customizing account names and numbers 20:00 - Adjusting QuickBooks settings (account numbers, fiscal year, etc.) 21:30 - Verifying bank accounts for merchant services 22:05 - Finalizing your QuickBooks setup and next steps To learn more about CFO services for B2B services providers making over $1M in annual revenue, go to: https://claracfo.com/cfo-services/ 🙋‍♀‍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: https://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! https://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 https://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: MB01MZXWTE49KEN </video>

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The ClaraCFO Group channel will be providing information that you need to know to run your small business for long-term financial success!
Clara CFO Group provides financial clarity for small businesses by supporting big goals and guiding key decisions so you can know that your money is working for you.

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