Who's Watching The Eggs in Your Basket?

Daniel Stoica, Accounting Consultant, helps you explore and discover your passion and turn it into a successful business, as this is his passion. "Minimizing your tax liability and maximizing your net worth at the same time by providing you with professional accounting and tax preparation services" is his profession. He goes beyond his own expertise and uses the resources of his professional network to meet the needs of his clients. He is incredibly passionate about helping others.

I have to tell you, bookkeeping, accounting, and taxes and the like are not the most exciting topics, but when you don't have a seasoned professional like Daniel on your side, you can really lose your shirt - or more!

Sometimes, it is not about how much you earn, but how much you keep that counts.

In the Tuesday, November 24th, 2009 podcast I did with Daniel, here are some of the topics we discussed:

• Where you should be spending your hard-earned dollars
• What you should not be spending money on
• What the best business structure is for your business
• How taxes can really add up depending on the nature of your business
• Some of the the deductions that home-based entrepreneurs qualify for
• And a lot more!

This was a general accounting overview and Daniel has agreed to visit with us again to focus on specific aspects of accounting and taxes to optimize your profits.

To listen to the 60-minute interview that is certainly a must-listen to, click on the player below.



David is based in Chicago and his website is www.DanielStoica.com

All the best,

Sample of an Monthly MLM PNL Statement

This is an example of the a Profit and Loss statement for a fictional network marketer named Joanne Networker for May 2009.

Most network marketers talk about how much money they make, but how much you keep is what determines if you really made money (profit), or if you didn't (loss).

Simply put, revenue (money that comes in to you) less expenses (money that you pay out) should equal profit (income).

If your expenses exceed your revenue, as is the case with Joanne Networker, you are in a deficit -- you loss money.

Please review the spreadsheet while listening to the audio.

Comment | Copy This

CLICK HERE for the spreadsheet

DO NOT delete anything from the following cells on Tab 1 -- PNL: Total Revenue (B11), Total Expenses (B33), or Profit or Loss (B35). From Tab 1 - 4, don't delete anything from Line 18, column B through Column T.

They contain formulas that calculate totals automatically.

This is not the holy grail or anything like that, but make sure to use this tool as it will help you monitor your cashflow.

For your convenience, there are also tabs in the spreadsheet that serve as weekly expense reports so you monitor your expenditures on a weekly basis.

Kind regards,