Today's conversation will focus on the importance of looking at your financial reports, such as the profit and loss (P&L) statement and income and expense reports, to gain meaningful insights into your business's performance. Sugey emphasizes the need to shift our perspective from simply looking at profit or loss to understanding how we can make informed decisions and take advantage of opportunities.

 

Sugey believes that there is a disconnect between business owners and the understanding of their financial numbers. In this episode, she shares valuable tips on how to make your numbers more approachable and easy to read, making financial reports something to look forward to rather than avoid. 

 

Join us as we dive deep into the hidden power of your financial reports and gain the knowledge you need to keep what you earn. So grab your favorite beverage, find a cozy spot, and let's get started on this journey to financial empowerment!

As an enrolled agent and 20+ year certified tax preparer, Sugey Piedra likes to make her clients’ money work for them so that they don’t have to work forever.

 

In her daily work as co-founder of Prominence Business & Wealth Management, Sugey supports high-earning, service-based business owners achieve long-term wealth through a holistic approach to financial services, providing bookkeeping, tax preparation, financial planning, and tax strategy under one roof.

 

Together with her two sisters/co-founders, Sugey runs the business, and also hosts and produces  Tax Talk with HeyHey Podcast, where they provide insights into business taxes, wealth building and what it means to really create financial freedom. Besides her own show, Sugey has also been featured on Sell Without Selling and Business Spotlight USA.

 

When she’s not helping service-based business owners to grow their income, Sugey enjoys traveling, horseback riding and working on her own growth mindset.

 

Website: https://www.prominencebusiness.com/

LinkedIn: https://www.linkedin.com/in/sugey-piedra-ea-39aba911a/ 

Instagram: http://www.instagram.com/prominence.services

Facebook: https://www.facebook.com/ProminenceBMgmt

 

What you'll hear in this episode:

[4:30] Is an EA a better choice for taxes than a CPA?

[9:14] Shifting perspective: Can I afford this? Or, how much can this save me? What will this do for me? How will this get me closer to my goals? Many people stay in a one-dimensional realm, missing important nuances. Looking at your numbers is only the first step. Without a scale or context, they lack meaning.

[21:08] What does your bank or lender look for first? Your tax returns and financial reports. How financially strong are you on paper? It's important to know before making big purchases like a building or office. Don't wait until it's too late. By reviewing and understanding these reports together, it strengthens your overall financial position.

If you like this episode, check out:

QuickBooks Tips to Keep You Out of Your Books and in Your Business with Crystalynn Shelton

What Your Numbers Are Trying to Tell You

Differentiating Between Margin and Markup

 

Want to learn more so you can earn more?

Business Financial Quickstarter: https://www.keepwhatyouearn.com/bfq

Visit keepwhatyouearn.com to dive deeper on our episodes

Visit keepwhatyouearncfo.com to work with Shannon and her team

Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/

 

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.