Episode 206: The Cost of Faking It in Business | Candace Galiffa | Founder, NewWay Accounting
What if the fear you have around spreadsheets, taxes, and bookkeeping is actually holding your entire business back? In this episode, Candace Galiffa, founder of NewWay Accounting, shares how to stop running your business like a hobby and start making powerful, strategic financial decisions. We talk about what real financial strategy looks like, why knowing your net profit is more important than your revenue, and how to stop playing small when it comes to your money mindset. Kara and Candace also discuss the unique challenges that women entrepreneurs face around money, from pricing to profit to power, and how a values-led approach to accounting can help founders of small, successful businesses finally feel like the CEOs they really are.
Whether you’re spreadsheet-averse or already running a multi-six-figure company, this episode will show you why financial confidence is one of the most powerful tools in your business.
“Having a bookkeeper who is routinely looking at your numbers and explaining them to you, allows you as a business owner to make realtime powerful strategic decisions.”
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Follow along using the Transcript
Chapters:
00:00 A “cute little hobby” that turned into a thriving firm01:45 The Instagram algorithm (finally) doing something right
03:00 Why spreadsheets terrify so many new entrepreneurs
05:20 IRS jail, tax shame, and other unnecessary fears
07:00 Your first steps: open a separate account and start tracking
08:45 The difference between bookkeeping and tax strategy
10:15 How financial clarity impacts everything, including relationships
12:00 Treat your business like the business you want it to be
13:15 How often do you really need a bookkeeper?
15:40 From corporate job to quitting, and a husband swapping roles
17:30 Building a fully remote team and a values-led culture
28:00 The team that saved clients $1.2M and what that means
And I just figured, you know what, I'll just do this cute little side hustle of some bookkeeping and taxes on the side during naps and on the weekends. Like it wasn't, it was just gonna be this little thing to keep my mind sharp and it. Just
it blew up. That's Candice Galiffa. I'm Kara Duffy, and this is The Powerful Ladies podcast.
Welcome to The Powerful Ladies Podcast. Hello, I am so excited that you are here today for a number of reasons. One. As a business coach, everyone is always asking me about accounting and tax elements and I am not licensed and I'm always looking for partners to send them to. So I'm so excited to have this conversation recorded so everyone else can hear the questions I'm gonna ask as well.
I'm also really excited because the algorithm of Instagram works sometimes and I found you on Instagram and I was like, one, like I love how you're running your business. You are. Killing it and bringing useful nuggets of information to that space, which is really how people should be using it. Thank you.
It's to, and we'll find out today if it's true or not, but your brand just looks really approachable and fun and so do you, and. I just think finding people who are making areas like accounting look easy and fun and approachable, and you can do it is such a relief because the number of clients I work with who are afraid of a spreadsheet when they start, because I feel like I'm good at converting people into loving a good spreadsheet, is amazing and it's holding people back from not just what their business can do, but what they can do with their entire life.
I'll let you respond to that, but before you do, please tell everyone who you are, where you are and what you're up to.
I love that you found me on Instagram. Can you imagine finding an accountant on Instagram? Like when I got started I didn't even think about being on Instagram, but anyway, I'm Candice Galiffa.
I am president and founder of New Way Accounting. And that's what we try to do. We try to take the stress and anxiety out of business, finances and taxes. We work with mainly female entrepreneurs across the country. We're fully remote. Firm, all our team is completely remote. So I'm just a mom, CPA, working in yoga pants, trying to take that finance burden off of small business owners.
And I love what you said about making it approachable. I think that's why our company. Been so successful is because a lot of times in our industry we get the stigma. Maybe the old white guy in a suit who's maybe a bit condescending, maybe ghost you, maybe thinks that your business is like a cute hobby and doesn't understand how oh, honey, how are you making money doing that? And, that's not us.
Yeah.
It's been quite the journey.
And I also think the biggest challenge I have, sorry, my dog decided that she wants to sit in my chair. Okay. Oh, hello Cookie. I think, we have areas when we start a business, especially creative entrepreneurs that are.
The fear roadblocks, right? When people say I wanna do it, but it's usually, but I dunno how to manage money, but I don't even know how much I should be spending or saving, but I need to be able to pay for health insurance. Like all these things that. Are in areas that scare us or we really just don't know what they are.
And it's an illusion that we need to know how to do everything to run our business properly, like not possible. So with accounting in particular, it freaks people out because they are so afraid of going to IRS jail. Yes. And I don't think people understand how hard it actually is to go to IRS jail.
So let's just talk about that start.
If I could get the IRS on the phone, honestly, I'd be thrilled. Don't worry, you are not getting hauled off to IRS jail and it's so true. I hear it all the time. Like all the time, Candace, I've been, I need to reach out to someone, but like I just bury my head in the sand when it comes to finances or I look at receipts and it makes me break out in hives and I don't even open up my bank account because I don't, and it really holds business owners back. And if we could just free up some of that emotional energy. So they could go do the things that like spark joy instead of worrying about the finances of it.
That's what brings us joy. And so I get told all the time I don't know how your team does this. I was like this is what sparks joy for us, so we're lucky with that and we're so glad that you're doing the marketing thing or the selling thing or the creative thing. It's so amazing. And yeah, that's.
That's been, that's such a thing. And I always like to say we're forced to take home economics in high school. We're forced to take wood shop in high school, but we don't take tax 1 0 1 when we're all required to take taxes. I don't think anyone should feel ashamed or bashful for not understanding it.
Like, how are you supposed to know? How are you supposed to know how quarterly taxes work? So just make sure you're chatting with someone who does, and don't let that hold you back, talk to someone and don't let that be something that's a burden on your shoulders.
And I think if level one is keeping the spreadsheet and having the CPA, so like just talking about taxes at like basic level.
Are you doing them? Are you tracking anything? Yeah. The next level we get to is, now that we have money, now that the business is working, now that I know what numbers are. It's really hard. This is my personal experience and a lot of my clients, to find someone who wants to be strategic.
With them about taxes. 'cause it's not just about how do I reduce my tax liability, it's also how do I build wealth? How do I start thinking about the bigger money system? My advice so far has been okay, like we know we need a coaching community. We know we need teams to run our businesses. You need a CPA, you need a financial advisor, you need business insurance.
But there's often been this roadblock where because of the licensing requirements, especially in different states, a financial advisor can talk to you up to this point. And then your CPA can talk to you up to this point and the two points don't match. Yeah. Like I've had the experience myself of being like, okay, here's how much.
You, we think your tax liability is gonna be. Then I run that number over to my financial advisor and say, here's what we think it's gonna be. How much should I put into my IRA? And they're like, okay, we recommend this. And then I'm running back to be like, if I do this now, what's my tax liability? And I'm like, there has to be a system where, yeah, I can talk to one person who's gonna speak to me in everyday language.
And tell me, here's what I think you should do. This is the path. Yes or no.
Yes, it's so true. And that's why again, I think why we've been so fortunate to work with so many clients is because someone does wanna just all under one roof. And you're right, like this is what I always tell people when you're just starting off, you're just starting out.
Your business like number one important thing is tracking your income and expenses. We can't even begin to advise unless you're doing that. And Carrie, you said it perfectly. Use a spreadsheet. This does not have to be some sexy, sophisticated thing. You do not have to get QuickBooks. You just. Start, just start.
So every, my first board of advice for everyone listening, if you're starting a business, open up a separate bank account. If, even if you don't have an LLC, open up a separate bank account in your personal name and just start using that for your income and your expenses from your business. And then each month, set a calendar invite and go through your statements and throw in, okay, I got, I received this much money in sales, I spent this much money in office, supplies, this much money in marketing.
And if you just start doing that you're good. You're doing your bookkeeping on your own and that's. Fantastic. And then to your point then that's when you're gonna wanna talk to someone. You may have to be making quarterly estimated tax payments. You should be saving for retirement if that's your goals.
And there's lots of different things to do. So yeah, that's what we like to do is take over all of it. We wanna work with business owners monthly. We wanna do your bookkeeping for you, but then also add all that proactive tax strategy plus just ad hoc financial. Planning things. We are not financial advisors, right?
Like we do not work for Vanguard and Fidelity, but we'll help you understand exactly how much you can put away for retirement. If people are trying to hire someone, we let them walk them through that process. If you're trying to figure out, am I spending too much money? Am I expense margins X, Y, Z?
Hey we've seen the industry, we can really walk you through if your financial, if your business is financially healthy.
Yeah. And I think that's where people get nervous also because there's so much money stories that everyone has. So much fear we have about not doing it right. Is having money good?
Is having money bad? Am I doing it wrong? So I I'm sure we are in similar spaces having to coach people through all of those things. Yeah. So what do you, one is another thing. Oh, I'm so sorry.
No,
go
ahead. I was gonna, it's another thing that we are not as women. We're not taught to, or we're not raised to talk about money.
It's not something that we're talking about all the time. So it's another thing we need to first get over that, even that hurdle of Hey, we gotta, we have to talk about this. Like we should talk about income and we should talk about our profits and we should talk about the strategies we're implementing and retirement.
It. We shouldn't bury our heads in the sand when it comes to these topics. It's important. Yeah.
And it's crazy to me still to think that. Like my mother couldn't open a bank account when she was born. She had to wait until she was 20 something before she was legally allowed to open her own bank account.
Oh my gosh. Don't even get me started. I'll just make my blood boil.
I can't. I can't even handle comments like that. I know. It's insane. It's absolutely crazy.
Yeah. So if we think about having to unlearn something, we're not even, we're one now, maybe two, maybe generations from people who have been able to manage their own money and be female at the same time.
So I think there is a lot of just different rules about how it's all working. And a lot of my clients, as I'm sure yours have complicated situations. Maybe both the husband and the wife are both entrepreneurs, but they don't share. They're two different businesses. Maybe they're married, maybe they're not married.
I have a client who is Canadian, her husband's American, they both have businesses. They're both living in the us. There's all these layers nowadays of things, and I think it just adds more people to be like, I'll deal with that later. But then when I ask them, Hey, let's set your sales goals, like what are your product margins?
And I'm asking them those questions. They don't know. And I had a client yesterday who've worked with for a long time, and we've been doing a lot more organizational coaching. And she said, she works with a client that I have. And she goes, that client is crushing it. What are you guys doing that's making such a difference?
And I go, we, I ask about the numbers every session and if you can't see it, you can't know. Like we're, it's like not having an arm and running a business. Exactly.
If you, I always know like the folks that come in and they fill out the intake form. One of our questions is, what is your net profits from the last year and your future net profits and so many people don't have that number. And it's then you are perfect for our services because how are you supposed to make any strategic decision in your business if you don't know how much money you're making? Yeah. Everyone knows their sales. I don't care. Like I tru, I don't care if you're making a hundred thousand dollars or $2 million because you could still be making either $0 at the end of the day or $2 million, yeah. And so we can't, you, how are you supposed to know if you can invest in your business? How are you supposed to know when you can hire? How are you supposed to know what your nest. Like strategic move is gonna be if you don't even know your net profits and what you can afford to do. You know how are you supposed to know if you can hire the accountant if you dunno what your net profits are.
So it's so important to have that number. And like you said, it doesn't have to be something super scary. It can be that simple spreadsheet that you're starting out with to see what are your net profits and that all is just income minus expenses. That's all that is.
A question I'm asked a lot is, why do we need a bookkeeper once a month when my business is so small and I have so few transactions, potentially, can't they just clean it all up at the end of the year?
So what would you say to that?
What I'll say is this, you can certainly find a bookkeeper that probably will just do the cleanup at the end of the year, and that's beautiful. However, you then have missed. 11 months of strategy that you could have implemented with knowing your results.
You've missed four quarters of tax payments that you should have been making. You've missed implementing the different tax strategies to lower your tax liability. If that is. Your goal, or if you're looking for lending power, right? Meaning you want to borrow money because you're trying to buy a house or build your wealth and rental properties, you've also just missed the boat on knowing what had to happen that year for you to get that lending power.
While that you can do that, it's just, it's not very strategic.
If we go back to 8-year-old, you would, she have imagined that. She, you have this life that you have today, both your family and your businesses and this accounting empire.
I have, I definitely can say I've always dreamed big and I do come from a family of entrepreneurs.
At eight I definitely thought I was gonna be like a ballerina or something really silly. But I will say this, Kara, that I'm a nerd. I've always been a bit of a nerd alert. So like in high school I was taking accounting classes, so I did always know that accounting was gonna be my jam.
Did I. Think that I'd have a firm with, over 10 employees and over, a couple hundred clients. And three baby girls. No. That I definitely would not, I did not think was in my car is having three baby girls. No. But I, I have always dreamed big, but. I, and I do come from family of entrepreneurs, but I'm not sure if this is exactly where I thought it would all, all turn out, that's for sure.
When you made the pivot from working in corporate to your own business, was that a choice you made? Was it the universe telling you like, okay, time's up, gotta go now? What made you finally make the leap?
Oh, this is a, this is a fun story. Yeah I started my career in public accounting, in corporate public accounting at pwc.
In audit I moved into corporate accounting managing teams in accounting, financial planning analysis, cash investments, and I worked long hours. I am, had a. Big baller job in Philly and with a salary to match it. And, but big hours like lot, a lot of hours. And when my husband and I got pregnant I knew I didn't want to, I didn't want, I wanted to try the stay-at-home mom thing.
I didn't wanna work those hours with a baby. And I had always, because I come from a family of entrepreneurs, I had always done bookkeeping and taxes on the side for small businesses. And so I truly. I was quitting my job. My husband was gonna be the full financial provider, and I just figured, you know what, I'll just do this cute little side hustle, this cute little hobby of some bookkeeping and taxes on the side during naps and on the weekends.
It wasn't, it was just gonna be this little thing to keep my mind sharp and it. Just, it blew up. So within a year, my husband quit his full-time job and he was a stay-at-home dad, and we started hiring and continued to expand because we really fell into this need of, wow, there is a, there's a missed opportunity out there with small business owners.
Especially females who are not getting the support they need, they can't talk to someone who can just talk to them about what things are. Yeah. They're, no one is empowering business owners. To we'll take it off your plate. You don't have to be the accounting expert, but I wanna I want you to understand why we're electing to file as an scorp.
I want you to feel empowered that you're a part of this decision making. We're not just telling you to do it. So it has been, it's been so remarkable.
I just see that need every day. I. My, in addition to running Powerful ladies, I have a business coaching, it's called KDCC, Kara Duffy Coaching Consulting.
And I work with all different industries and I work with majority women because of the referral process. But I work with men as well, and there is such a gap of the resources needed for the not even small business, 'cause that goes up to 40 million in revenue in the us but people who are under a million.
People who can live on their own business. So obviously from zero, but usually it's between one 20 to 1 million. That gap where the majority of people who are able to feed themselves and their families and have a business are hanging out. It's small teams. It's. Very customized businesses and there's so many missing parts of being able to let people know that they're gonna be okay.
Yeah. So I think part of what I've loved about finding you on Instagram and now getting to connecting you today is just knowing that. Look, there is another women female entrepreneur out there who cares about people like I do. And to know that we are like next to each other, like being like, you guys can all do this.
We've got you. Yes. It's such a relief. And I think the same thing happens with the gaslighting of women in business in particular of sometimes going to an accounting firm or a legal firm is like going to get your car serviced. You're like. You talk to me like I'm an adult, tell me what the things are.
If I don't know, I'll ask. But like I need the real thing, not the what we think you can handle conversation.
Exactly. Get empowered. Be empowered. And it's so funny when you were saying about like the relief aspect of it, just knowing someone has your back. I think this is funny and it's a bit of a stereotype, but it's just what I've found, right?
And we also work with men and women and it's always. It only time I get the question on the cause being like, okay, it's costing us this amount of money. Is it gonna save me that amount of money in taxes? And the answer generally is yes, but like the only time I get that question is from men.
The question I get from women is, oh my God, for this to this re this relief is worth double. The relief I'm feeling to no longer have this burden on my shoulder is actually worth double. And it's just always so interesting having those conversations and hearing the different perspective.
And it's a, because it's a shame that is where we are, right? But it, there is a group of female. Finance people who are also in the same network who wanna support you. And I have other female accounting firm owners who I work with. And, it's like a beautiful community.
When you think about the words powerful and ladies, what do they mean to you separately? And does that definition change when those words are put next to each other?
So powerful to me, I think means. When you speak, you are listened to. And that doesn't mean maybe you speak often, it may mean you speak less, but when you speak, you are listened to.
Ladies, of course like the first thing I'm thinking of all the single ladies, but that's just because my love for bay. I think ladies for me also just, I. Female. And of course, like I'm thinking in my head already, like I'm always trying to, I have three daughters and so I'm always trying to raise women.
Girl, they're very young, four, two, and 11 months, but always in the mindset of we don't. There are no, gender roles when it comes to work and what you're doing. And just really highlighting that. And that's not exactly what your question is, but it's always what I'm thinking about when I'm, when I, when someone asks me something about oh, you're a, you're a lady boss.
No, I'm just a boss. But I do happen to be lady. I do happen to be a lady, and so I feel that same way about Powerful ladies is I, it's a great name together, but we're just powerful. It doesn't matter that we're women. It shouldn't have any definition different than being, a powerful man.
You also mentioned about how you guys switched roles. You were the stay-at-home caregiver. Now your husband is, that is becoming more common, but it's still not common. How did that conversation go? How has that. Shifted at all the relationship you and your husband have?
Oh, I love that. No, I'm so lucky.
So he's just he's just rocked with it. He has just taken it and rocked it, and especially being a girl dad. No. When we first did it I know I'm obviously very well, I married to the man, so it was like he was told he was right. He didn't love his job and he knew that this business was.
Better for both of us, financially, better for both of us. I liked it better. He loved our daughter, and so was excited to spend more time. But no, then as I get pregnant again and there's another girl and then get pregnant again, and it's another girl, it's definitely, you wonder, like at some point, is there gonna be like a weird like pride. Thing. Or is he going, is it, is he gonna be over the fact that he's like always the only dude on the play dates? And he hasn't he really don't get me wrong. So being a stay-at-home parent, 'cause I've done it, is. Harder job. Way harder than the job that I do every day.
No doubt about it. And I'm really fortunate that I can, have flexible hours. So most mornings I'm doing something with the girls and so he gets a little bit of a break and then in the afternoons when I hop into the office. But no, he has been amazing. Like when people ask him about being a stay at home dad, he's oh, I.
I love not having the commute, and I now have three bosses, and he jokes around that he's retired and that he's my third place trophy husband. He's so funny. He's totally, so he does he's been amazing with it. And I was very fortunate with that. He just, because I think the two of us realize how much of a team it takes to run the whole gamut, right?
He hears me say so often to people like his job's harder than my job, and we've never looked at finances separately before. So it's never been this thing where I was a stay at home parent. Oh, he's making the money. I have to go ask him for an allowance. No, it's, and now versa.
It's just, it's not how we operate. And he's also so insanely relieved that he doesn't have to worry about finances anymore. He says that to people all the time. Oh my gosh, I have no idea. I don't even, I don't even know where a bank account from. I'm like you should learn. We're gonna have to, we're gonna have to teach you some education there.
But no, it's, I'm really fortunate to have such a true, like partner in life.
I know that for myself, most of my relationships, I've been the higher earner in the relationship. And when I launched this business years ago, I was living with a partner who, for the first time, they had to not just be, earn more money because I never cared about that.
It just worked out that way, but I had to rely on them to cover things like I had planned my runway. I knew how much I had, but I was like, I'm not gonna spend anything. And it brought up for me how many money stories I had that I didn't know I had about relying on somebody else and how what I was.
Okay. Like I didn't mind that they were covering maybe more all of the rent at the time, or groceries. But when it came to I needed like a new pair of jeans, I was like, oh no. Like you can't pay for that. That's not a necessity. And it was such an interesting breakdown for me of thinking about all of that.
And I do think that's something else that. Women entrepreneurs have to unlearn and unpack the way that men entrepreneurs don't. Of whose money is it and why, and can I spend it if I didn't earn it, and what does that look like? And can, is it okay to rely on someone? There's so much in that. That I think also goes into what you probably work with people every day of. When is it okay? Yeah. When can I believe that this is a real business? When can I choose to say to my partner, Hey, do you wanna stay at home? Hey, should we do something else?
Yeah. And I, and like from, so again, I'm just, I have a, in my stage of life, I have a lot of friends with little kids, and I have a lot of Stayat home parent friends.
And so that's always a conversation that they're having is it's not my money. And I'm like excuse me. And I'm not making any money. I'm like, oh. Let's just put some numbers on the paper here. How much would childcare cost if you were outsourcing that? How much would grocery shopping cost if you were outsourcing that?
How much would clean, blah, blah, blah. You go through the, there's so many invisible tasks that are happening. Like actually the amount of money you're saving your family is substantial. And so that's how it should be thought about is, just because you're not getting a check every two weeks doesn't mean.
That you aren't truly providing financially to your family, it's just shown in a different way. Which is a shame that we're not always seeing that because a lot of those are the invisible tasks. Yeah. But in regards to business, I always, like in the beginning you do have to, sometimes stay lean and as you grow to figure out what you can afford and when you know a spouse can and when you feel like you can take money from your business.
But I always like to tell people, treat your business like the business you want it to be, not the business it is right now. I don't want you to be foolish with your spending. I'm not saying that, but I'm saying, like even the silly things like accept money via your invoicing platform, not like PayPal, friends and family, don't, treat the business like you want it to be.
And that's, you'll manifest it into that. But yeah, it is, the money dynamic is always a really interesting thing when it comes to business life, family. It's a tough topic sometimes.
How are you balancing all the roles that you have, managing the team, working with clients, your family, your friends, like you have a full life.
How are you making all of it or as much of it as possible at one time, work.
Kara, sometimes it's overwhelming, like sometimes it's a challenge. Right now we know we're getting into tax season, and and our company has definitely grown substantially. So right now I'm really thinking about layering layers into the company.
But I always also just try to remind myself that. Not remind myself, I know my team is amazing. So I'm so fortunate to have a team that can really step up and pick up things. And just they're just amazing. Last tax season I had a baby and I truly thought it was just gonna be the absolute biggest cluster fuck.
And it wasn't at all it was just remarkable. The clients gave me space. The team, it's just amazing. So I'm so fortunate to have this amazing team. But right now in, in this, in the size of the business we have with about 10, 10 team members and continuously growing is figuring out the layers in the organization.
And realizing that a lot bubbles up to me and I can't really always answer all of the questions as well as strategize for the future of the company as well as come up with the processes. Right now, like me and some team members are strategizing about. Who, maybe there's just someone else to help come up with processes and standard operating procedures.
And I, this morning I was reviewing additional tax reviewers, right? So I'm not reviewing everything. So we are, constantly thinking about that. But it is always a balance. I, like I said, try to, I try to keep my mornings open for my girls to do those things. But then, I, in the afternoons I'm in the office and I lock the door what I do.
And that's. That's how I manage it and just always try to bring on help. That's best we can really do.
I think it's so important for a sustainable business that it has to be in alignment with the business owner. What fills your soul? What are your values? What work do you actually enjoy doing yourself?
How have you surprised yourself with this company filling your soul in ways you weren't expecting?
Oh my goodness. So we just did this analysis. This was literally last week, and I've just been riding a high from it. So I've always worked with these huge corporations and I felt valued and I felt like I was adding value.
But it's just such a difference when you're helping a multi-billion dollar company compared to when you're seeing, you're actually helping a, a six figure. Person. And so we do these tax savings analysis for our clients every summer where we go through their financials and we d determine all the tax strategies they're currently implementing as well as ones that they can implement.
And then what's that tax savings. And every one of our monthly clients gets the summary and we walk 'em through it. And so I had intern Johnny. Do a very tedious task two weeks ago where he went through all of them and tallied up the total because I'm just like curious, like I, I think this is gonna be a big number, but I'm not really sure.
Yeah. And it was $1.2 million amazing for the clients we had. I know. I was like, I was, I'm still riding a hire from that. Oh. And I like, when we got that number, I immediately messaged the team and I was like, guys. You are truly doing real and tangible and significant work for people like you are making a true difference in people's lives.
Like truly like real, like I'm just, I'm so excited about that 'cause and there's just so much more value when you are actually, again, the emotional burden you're taking off of someone's shoulder so they feel comfortable and happy so they can focus on the business that they wanna be worrying about. And then also financially like saving them real money.
Oh, it's. It's so great. Yeah, it's really cool.
It's knowing that you're making that ripple effect is one of my favorite feelings. And I wish everyone gets to experience that at least once, if not repeatedly. 'cause it, it shifts how, like the why we do things matter so much. Like I often talk to clients about why are you doing this?
Who is it for? And what are you really gonna give them? Because I, that relief that you're giving them, that's the business you're in. You give people relief by ways of accounting, like that's, and to know those, what that triangulation is for your business so you can see it and honor it.
Plus you mentioned, which I want people to really hear and not sip over when we're listening to this, is you were measuring it and tracking it so that you could see the impact you're making. Part of the spreadsheets isn't just to save money and know what you're spending, but. To track it all.
Like we have to track the impact that we're causing in whatever measurement we have for per business. So I love that you shared that story because 1.2 million is no joke.
It's not, it's real. It's tens of thousands of dollars for each of our monthly clients and. And I think it's, yeah, it's just, I was really excited to see that and I had a thought in my head that I wanted to share.
Now I forget it. Of course, Kara. But no, it's great. It's so important to, to do those trackings. I think, oh, this is what I was gonna say that I had, and I don't know who made this quote, but the quote was something like, people don't buy. To buy the thing they buy because of the feeling you're selling them.
It's not the thing you're, and so I think you said that perfect. It's like you, we're really excited about the 1.2 million and which is awesome, but I think still my best feel good emails I get from clients is thank you so much. It's just what a relief to not have to worry about.
I'm just so much more comfortable in my own skin, even with this business and like the, that's the intangible, you can't quantify thing that's like also just really a feel good factor.
And so much of founders fraud, which we all go through at some point. It has to do with, is our foundation strong or not?
Are we running, what People will call me all the time and say, I don't think I'm running a real business. They're like, I don't have a spreadsheet. I don't have a bookkeeper, I don't have a plan, I don't have a sales goal. They're like, I just show up and people are showing up, but this is not a real business.
So to be able to give people one of those foundational points where you're like, you can relax, like you have a real business look. There's a spreadsheet. It's real. Yeah,
exactly. You're getting a management report from us every month that has your financial statements in it. You're real. It's real. Yeah.
Yeah. We ask everyone on the podcast where you put yourself on the Powerful Lady Scale. If zero is average everyday human, and 10 is the most powerful person you can imagine, where would you put yourself today and on average?
Oh my goodness. Okay here's, I define powerful earlier as someone who is, when they speak, they're listened to.
And so I would say like 50% of my life is wrapped up in my business. And when I speak, I am listened to. The other 50% of my life is wrapped up with a 4-year-old, a 2-year-old, and an 11 month old. And they do not listen to me ever because they're crazy little girls. So maybe I'll say. In business. I'm on the higher end of the scale, but on my everyday mom, world, I'm probably a solid five.
So many people who are in business, they are so focused in their space what their zone genius really is. So in your business, obviously, where it's in the accounting space and people are afraid to really lean in on the parts of the business they need to delegate or focus on so that they can be seen as the powerful company they are.
You do have an amazing social media presence. You have an amazing website. Have you been active in delegating that to powerful people? Have you been doing it all? When did you realize that you had to make a digital presence for your business?
Oh my goodness. That was the very first thing I outsourced because I am horrific.
I'm so glad that you love my social media and my marketing team will be thrilled to hear that. But they do it all. They like, give me the scripts, like I obviously provide all the tax. And accounting guidance content, but like all the cool real, no, that's all that. So no. What happened was when I started, I truly, it's so interesting.
I thought I would be this like more old school accountant and I sent out flyers to local businesses with my services. That's truly how I thought I was going to get business. I wasn't even thinking of social media. And it's funny how the world happens, like just how things happen. One of my clients I was meeting for him like at a Starbucks.
And he said, wow, Candace, you just must tear it up in the female online. Entrepreneur space. And I'm like, no. I'd love to, but I don't even know what you mean. And he was like, you have to follow Jenna Kutcher, the Gold Digger podcast. And I'm like, okay. So I'm scribbling down this. So later on I go in and I I look and I'm like, oh, okay.
And I still wasn't really understanding like, how is this really going to impact me? But I start listening to her podcast and I get into her like Facebook group or whatever, and that's where my world was changed is number one. The female entrepreneurial network is remarkable. And so as soon as someone asked in that Facebook group or an account, I threw my name in the hat.
But like you, I throw my name out there once, and then if someone comes on, I'm no longer the one throwing my name out there. These women just share who they love to work with. And so it blew up. And then of course, now I'm also interested in this Jenna Kutcher character, and I'm listening, and she's telling you to get on Instagram, and I'm like, okay.
Who is going to get on Instagram for an account. And I was laughing at this, my family was laughing at this, and I'm po I'm just educate. So I was doing it all on my own. And I'm like, this is during naps, right? My kid's sleeping and I'm like posting different tips and whatnot.
I'm having my, I. My husband's at work and I'm having my parents there and they're taking pictures of me in the backyard with my own DIY brand photo shoot. Like it was all completely on its own. And she's also saying, you gotta put your face. And I'm like, no one wants to see the CPA's face.
But then I start doing that and she's right and it blows up. So as soon as I went full-time and I outsourced it. So I had someone managing social media and now I have an entire marketing team doing it, and they're wonderful. My website was also designed by web designers. I, yes I am not a marketing genius at all.
I am much better at accounting.
We have also been asking everyone on the podcast what is on your to manifest or wishlist or to-do list that. You would love to ask for help with. This is a powerful, resourceful community that wants to help, has connections, has answers. What do you wanna put out? What do you need?
What do you want?
Oh my gosh. Seriously, this is so real. I'm truly trying to figure what, how to add layers in my business. So looking for an accounting professional who can come in and bring forces together, an operations managers type role. That's literally what I'm looking for right now.
So any accountants out there that's looking to come into a cool firm, reach out. But no, I mean that really is it is just continuously trying to grow my company. And build it and structure in a way that my team super satisfied. My clients are super satisfied and I'm happy. I just always wanna take care of my team.
And so making sure that they're getting the support they need, and I know that at the bigger we get, the more spread thin I am. And so I'm just trying to figure out how to support them right now. Yeah. And so yeah, that's literally like. Top of mind currently, Kara.
And does that person need to be local?
Can they be remote? What's your ideal scenario?
Remote
is totally fine. Our
entire, so we made a virtual firm Cool. Before COVID, our entire team, virtual. I always like to joke around, like Kathy, one of our team members in Florida. I assume she has legs. I have no idea. I've never seen them. We have one of our accountants.
Is her and her husband living in an rv traveling the country. No, we are truly remote. You are. We are good. We, you gotta work some working out like business hours to be on calls and whatnot. No, but we're a very flexible team. If you wanna spend your mornings in the park with your kid, you should.
And if you are night out, wanna work during the night, awesome. Who cares more power to you Just, we just want you to get your stuff done.
It's just, it's so refreshing to hear that, right? Because I think that there are. We keep putting limitations on ourself. And so for here you to hear that you're building your business where people can work anywhere, they can have whatever schedule they need, it's all about getting the work done.
It's all about making sure the customers are getting what you've promised. And that to know that you are a leader that is continuing to think big and supportive at the same time is really refreshing to hear.
Thank you. Thank you so much. It's so nice to hear. Sometimes I have to pinch myself like who said?
What, in what universe did someone say it was okay, number one, for me to be raising three humans and running this business? Like, how did this happen? What has happened in those last four years of my life? I'm not really sure. So no, it's, yeah, it's finger
for people who want to hire you, collaborate with you, just reach out and support you.
Where can they find and follow you?
Thank you. Feel free to check out us, check us out on Instagram at New Way Accounting. You can also check out our services and the team on new way accounting.com, but then I answer my inbox, it's all me. So if you wanna send me an email, I'm candace@newwayaccounting.com.
Thank you so much for taking your time to talk to us today. Thank you for being a yes to me in this community and all of the businesses that you're here to support. Like I said before, I'm glad that there are women like you out there so that we're not pulling all this weight to empower and help businesses on our own.
Amazing. Thank you so much for having me. It was so great chatting with you today.
All going to connect with Candace and NuWave Accounting are in our show notes@thepowerfulladies.com. Subscribe to this podcast wherever you're listening and if you could leave us a rating and review. They're so important for podcasts. Visibility. Come join us on Instagram at Powerful Ladies and at Kara Duffy, and if you're looking to connect directly with me, you can book a call@karaduffy.com.
I'll be back next week with a brand new episode. Until then, I hope you're taking on being powerful in your life. Go be awesome and up to something you love.
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Facebook: @newwayaccounting
Website: www.newwayaccounting.com
LinkedIn: www.linkedin.com/in/candace-galiffa-cpa-8444a733
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Email: candace@newwayaccounting.com
Created and hosted by Kara Duffy
Audio Engineering & Editing by Jordan Duffy
Production by Amanda Kass
Graphic design by Anna Olinova
Music by Joakim Karud
