186 ⎸ [Q&A] E-commerce, Digital Products & the CFO Title

Hey ambitious bookkeepers!

This week, join me as I dive into a treasure trove of archived Q&A content. We’re talking year-end tips, the ins and outs of e-commerce, using that CFO title wisely, and loads more.

Listen here or on your favorite podcast player, or watch the video version on YouTube >>

Now let's dive into some highlights!

Feeling the E-commerce Overwhelm? You're Not Alone

Stepping into the world of e-commerce can be daunting, right? In this episode, Alina, one of our listeners, shared her anxiety about a new e-commerce client. It's perfectly normal to feel overwhelmed with a complex client like that, especially if you're just starting out. If you're going to roll up your sleeves and learn, it might be helpful to work alongside a mentor. E-commerce is intricate and requires knowing the ins and outs, especially when it comes to sales tax and inventory. So, don’t rush it—you’ll get there!

Choosing Your Title: CFO vs. Controller

And then there's Jessica, who's pondering whether to offer outsourced controller or accounting manager services instead of using the CFO title. It's all about feeling comfortable with what you call yourself and how you educate your clients on what services you provide. Even as a controller or accounting manager, you can engage in closing books, overseeing day-to-day operations, and budgeting. Stick with what aligns with your angle and feel confident about it.

1099s: Handling Missing W-9s

Rebecca's question about handling Form 1099s where vendors don’t provide W-9s comes up, and here's a key takeaway: you can still file the 1099 without a tax ID. Always ensure your clients are aware they shouldn't continue paying vendors who haven't submitted a W-9—future payments can be withheld. Use this strategy to keep things in line and clarify processes for the next year.

Finding the Right Platform for Digital Products

Many startups are getting into digital products, and I’ve had folks ask about which platforms to use. From experience, Kajabi is a fantastic all-in-one solution, albeit a bit pricier. For a more budget-friendly option, Podia might be worth considering. If you're just providing information to existing clients, sometimes Google Drive can be a straightforward, scrappy path to take.

Juggling Venture Capital Firm Expectations

Rebecca mentioned her struggles with a venture capital firm expecting full-time employee dedication. My advice? Have an upfront conversation with the business owners. Establish boundaries and suggest possible solutions that involve renegotiating the scope or considering hiring in-house staff for specific tasks to lighten your load.

Final Thoughts

Navigating the world of bookkeeping means facing unique challenges, whether it’s dealing with tricky clients, deciding on the right title for your services, or venturing into the digital product arena. Remember, sharing your experience with your peers and seeking guidance can offer new perspectives and solutions. I hope these insights from the podcast help you along your journey!

Keep listening and keep growing. Until next time!

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