In this episode of Retained Trust, host Karl Hughes welcomes Tevia Hoalst, founder of TeKoda Accounting, for an engaging conversation on the world of small business finance. Tevia shares her journey from the restaurant industry to leading a team that helps entrepreneurs manage their day-to-day accounting with a personalized approach. They explore the differences between "tax books" and "business books" and why a tailored approach to financial reporting can make or break a company’s decision-making process. Tevia explains the importance of finding the right financial partner who understands the unique needs of small businesses and emphasizes how data-driven insights can alleviate growth-related cash flow challenges. The discussion also covers key growth lessons, cash cycle management, and the psychological highs and lows of entrepreneurship.

Key Points From This Episode:

[00:00:00] Karl Hughes welcomes guest Tevia Hoalst, founder of TeKoda Accounting.

[00:01:00] TeKoda Accounting’s personalized approach: Humanizing the bookkeeping process with client-tailored services.

[00:02:02] Internal vs. tax accounting: Differences in how business and tax books are organized and why both matter.

[00:04:58] The challenge of generic categories in tax-focused bookkeeping and its limitations on operational insights.

[00:08:26] The importance of hiring the right accounting professionals for small businesses.

[00:10:53] Insights from diverse industries: How observing different financial structures helps TeKoda’s Accounting provide better advice.

[00:14:24] Common triggers for outsourcing bookkeeping: When and why entrepreneurs seek professional financial management.

[00:17:31] The pitfalls of ignoring historical data and the importance of proactive financial planning.

[00:20:13] Why entrepreneurs may resist data-driven decisions and how to balance vision with practical financial insights.

[00:25:10] Managing growth-related cash flow challenges, such as negative cash cycles and solutions like credit lines and upfront payments.

[00:28:26] Strategic financial planning: Knowing when to secure funding before a growth phase to avoid cash crunches.

[00:31:03] Marketing challenges for service-based businesses and the importance of trust in customer acquisition.

[00:36:17] The hiring process at TeKoda Accounting: Culture-first recruiting and the use of live skills assessments.

[00:41:10] Managing the emotional highs and lows of entrepreneurship with the support of peer networks.

[00:46:07] Book recommendations for entrepreneurs: "Simple Numbers" by Greg Crabtree and "Awesomely Simple" by John Spence.

[00:50:46] Tevia’s goals for the future: Exploring growth through acquisitions and expanding brand visibility.

Key Points From This Episode:

Links:

EP.13 - Breaking Down Business Books: Tevia Hoalst on Smarter Financial Management