[00:00:06] Viktoriia Miracle: Hello, and welcome back to happy time, happy money podcast and today we have Lorra Brown. And Lorra is obsessed with helping small business owners achieve the success they desire. She works with business owners to help them achieve the growth they want from their businesses, covering everything from getting and keeping customers to understanding the numbers in their business.

[00:00:34] She has a wide range of accounting and tax experience, enabling her to provide relevant and timely advice and assistance to business owners. Hi, and welcome Lorra.

[00:00:46] Lorra Brown: Hi Viktoriia. Thank you so much for having me.

[00:00:49] Viktoriia Miracle: Absolutely my pleasure and it's always, I would love to know more about you, your story and what you do?

[00:00:57] Lorra Brown: So I, help entrepreneurs that are starting businesses or looking to expand their business with various accounting, bookkeeping, tax functions, and consulting. My story is when I was a young child, I knew that I wanted to be an accountant. And so that's what I set my goals to my family had family owned businesses such as cutting yards and different things like that. So I knew that that was something that I wanted to do.

[00:01:27] Viktoriia Miracle: Beautiful. Super good. Wow. It's like not many people can say, Hey, like I know exactly what I'm going to do right now. This is so cool and so what prompted you to start a firm and like just not go in and work with somebody else?

[00:01:44] Tell us the more of your experience in being a business owners, business owner as well?

[00:01:49] Lorra Brown: So I did work for other companies up into 2009. I was CFO for various companies and controller ship, duties. And so in 2009, I decided to go full-time for myself as an entrepreneur because I had kids and I was missing moments that I couldn't get back, seeing graduations, getting ready for prompts, those type of things.

[00:02:14] And I just felt like I no longer wanted to miss as I miss my oldest son and I had two other children at home.

[00:02:24] Viktoriia Miracle: So what would you say is three mistakes that you've done in money?

[00:02:32] Lorra Brown: Oh, I would say the top three mistakes that I've done in money has been spending too much, not really paying attention to the expenditures. I would say the next one is having to have all the latest gadgets, whether it was in business or personal, that comes out and really living a lifestyle that you see others live and finally realizing, look, I need to live the lifestyle that I've developed for me, which is within my budget.

[00:03:06] Viktoriia Miracle: And what will be your number one advice for people that you see they're making mistakes in the business?

[00:03:14] Lorra Brown: My number one advice to people in the business is make sure that you're doing your bookkeeping and your tax. You are responsible for paying the IRS and the government entities and that's the number one thing that gets business owners in trouble.

[00:03:28] Viktoriia Miracle: So how. Okay. So what other mistakes do you see are businesses making?

[00:03:34] Lorra Brown: I see them commingling funds, meaning that they use their personal and business together. I see them not charging enough. They'll look out there and they will see what someone else is charging and they'll base their prices there.

[00:03:48] Not knowing that it is the whole factor that goes into pricing. So I also see them, you know, getting loans that they can't afford to pay because they don't have a consistent income yet. So I also see them quitting their job before it's time, and then they have to shut their business down and return to work.

[00:04:11] Viktoriia Miracle: That is, I think is huge and that's a mistake I've done. Well, things got, I did have savings to go, but still being in business for three years, I understand like that was not a good decision. It's definitely, you want to support yourself while you building business until it's like profitable and stable and what will be your like number one super fascinating thing that people don't know about your job?

[00:04:36] Lorra Brown: I think what people don't know about my job is that I'm just not really a bean counter. I just don't sit there and look at the tax laws, but I am a consultant to fortune 500 companies as well. And I'm a tech girl, so I do software implementations, as well. I have a lot of certifications behind my name, so yes, that's

[00:04:57] Viktoriia Miracle: So what is it tech tech girl? So what do you implement? Like quick books and optimization for a company? So what is it?

[00:05:05] Lorra Brown: Yeah, so I do do quick books, but that's one of the lower end packages, but I actually, for corporate America, bringing in Oracle, JD Edwards, Oracle cloud, I do black line, which is a reconciliation software SAP.

[00:05:20] I work on some of the top accounting systems of implementing I'm called IT functional. So I perform some IT, but I'm functional on testing and making sure that everything comes over to the trial balance, general ledger and the chart of accounts and that everything looks good before we start training others to use the system.

[00:05:42] Viktoriia Miracle: Beautiful, and so whenever your company is growing to the level that where you need better accounting than QuickBooks absolutely we then go to Lorra. And the last question that I ask everybody on this podcast is, and finish the sentence for me. And it sounds like this, if you really knew me, you will know that I am blank.

[00:06:04] Lorra Brown: A funny loving person.

[00:06:08] Viktoriia Miracle: Of course you are. I love it. And I know you have a free gift for my audience, what it is?

[00:06:16] Lorra Brown: So they can go out to my website.

[00:06:19] Viktoriia Miracle: Yeah. We will link everything in the show notes for us. So for those who are driving, I don't want to distract you guys. So what do you have for our audience?

[00:06:30] Lorra Brown: So I have a freebie of the advantages and disadvantages of a business entities and it'll tell you what business you should pick and which one you shouldn't. So it'll give you a lot of information on starting your foundation correctly.

[00:06:46] Viktoriia Miracle: Beautiful. So yeah, if you're just starting out, that's definitely a helpful information. If you don't want to pay lots of money for people to tell you what to do.

[00:06:56] And again, if you're watching or listening to this episode to scroll down and description, and you can find all contact information and connect with Lorra and also grab her amazing freebie there, just click on the link and there's going to be a whole bunch of resources about this episode.

[00:07:15] And if you, again, watching or listening, I would love for you to leave a review. Give us a five star rating if you love it or any feedback. I appreciate it and welcome send it to Lorra or to me. And thank you, Lorra, for coming over and thank you everybody for watching or listening, and I'll see you tomorrow.

[00:07:37] Bye bye. Thank you.