Paula Burton is the Founder of Monkey Mind LLC, a successful e-Commerce company she launched in 2015 and operates while working full-time for an international non-profit organization.
In the early days of launching a new e-Commerce business, sales and fulfillment are the big rocks to move. No sales equals no business, right?
Like many new online business owners, a source of stress for Paula was in the areas of finance and tax. For years the financial side of her business “kept her up at night” and after trying on her own she knew it was time to stop doing it alone.
The Entrepreneurial Journey
Paula learned from an early age what it takes to own and maintain a small business. She watched her parents work hard running their own small business.
As a child, Paula wasn’t interested in business but she always loved how her parents made time for the family despite their busy schedules. She was proud to share they never missed a single dance performance when she was growing up!
The ever-present parenting and entrepreneurial spirit did leave its mark on Paula and after graduating from college found herself wanting to do something entrepreneurial as she worked her “normal” job.
After “dabbling” in a variety of entrepreneurial endeavors, Paula discovered Amazon FBA in 2015 and life hasn’t been the same since. Retail arbitraging her way through all the ins and outs of Amazon FBA, her side hustle started paying off after getting serious late 2018.
With her growing success in eCommerce, the stress of “all the financial things” kicked into high gear. The financial results of the business seemed like a “complete mystery” and she felt very “non-compliant.” It was hard to know what to do and how to handle the finances, but it was time for a change.
The Amazon FBA side hustle Paula built from the ground up was gaining momentum and the fear behind the finances started to climb too.
In July 2018 the decision was made to get the expert help needed to tackle the dreaded finance and tax areas from our team at The Bottom Line CPA. Paula enrolled in The Profit Path™ program, feeling confident that guided DIY with a team of Finance + Profit Pros who specialized in Amazon FBA was the next best step.
While The Profit Path™ was just what Paula needed, she quickly learned that where she was in the online climb in relation to bookkeeping, accounting, taxes, and profit planning required more attention than she could give as a DIYer.
In January 2019, Paula connected with Marilyn to have an honest conversation about the Q4 wins and the continued concerns around the “hardest part of her business.”
“There’s so much of the business that really worried me. My time with Marilyn was great. I was in knots about the accounting, taxes, legal structure…. and she untied my knots. The process to fix things felt really simple, easy, and was just so pleasant.”
During our busiest time of year, the TBL team put the plans in motion so Paula’s Amazon FBA side hustle could be the online financial powerhouse she desired. Getting the systems and the facts in line meant she wasn’t putting her years of hard work at risk, could sleep at night, and would continue growing profitably.
“The TBL Team took over a massive part of my business that I was fearful of. I don't have sleepless nights anymore. The Bottom Line CPA was the first really big partnership for me and it’s worth every penny to partner with really good people.”
The top priorities in the first 45 days with Paula were to establish the best business entity structure to minimize tax, put Xero back in the facts-giving game, and source the right tax partners so the Amazon FBA side hustle could expand into a full-time adventure.
The wins made without compromise: 🏆 👇
- Converted Paula’s LLC from CALIFORNIA to OREGON given her recent move
- Filed for S-Corp Election to IRS for self-employment taxes were minimized
- Re-established Xero with customized Amazon FBA Chart of Accounts
- Completed historical write-up work in Xero so the financial facts were present
- Fully optimized Xero Bank Rules, Files, and Contacts to maximize system use
- Completed Profit First Instant Assessment and hosted CPA Advisor Session
- Determined Shareholder Salary to maximize personal earnings from business
- Set up Employer Accounts and processed first Shareholder Payroll via Gusto
- Referred Paula to TaxValet so a plan and partner for sales tax could hatch
- Referred Paula to our sister company, DigiTax Pro for income tax planning
“The hardest part of the business, the part I was most fearful of, ends up being the easiest! It’s important to not just find partners but find the right partners. I am so grateful for the partnership and friendship I feel like I have with you guys.”
The Bottom Line
At The Bottom Line CPA, we believe financial TRANSFORMATIONS are fueled by PARTNERSHIP. We also know “the best work is done when the books are done.”
Paula embraced the power of partnership and invested in her own financial success by allowing us to lead in our areas of strength – Finance, Tax, Operations, and Profit.
The partnerships that drive desired results across the finish line are two-way — Paula being fully present in the process made the difference!
All decisions when running any business are profit decisions. Remember, “Profit Is A Process™, and the process only works when you work it!”