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Alternatives to Corvee & Why You Might Avoid It. Corvee Review for Accountant & Bookkeeping Business

Published on: December 6 2022 by FeedbackWrench

Alternatives to Corvee & Why You Might Avoid It. Corvee Review for Accountant & Bookkeeping Business

Alternatives to Corvee & Why You Might Avoid It. Corvee Review for Accountant & Bookkeeping Business

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00:00:00 00:00:03 hey everybody rob satcher from feedback
00:00:01 00:00:05 wrench um this is the second video
00:00:03 00:00:06 toking about corvie and a follow-up i
00:00:05 00:00:08 have an old video about corey i had a
00:00:06 00:00:09 guy that came in and made some comments
00:00:08 00:00:11 about corvy and now i'm going to tok
00:00:09 00:00:12 about why
00:00:11 00:00:15 tax planning is not enough for a
00:00:12 00:00:16 successful plan tax planning is simply
00:00:15 00:00:18 not enough for you to build a successful
00:00:16 00:00:20 tax and accounting firm now first off if
00:00:18 00:00:21 you're starting a bookkeeping business
00:00:20 00:00:23 if you're starting a tax firm you're
00:00:21 00:00:24 starting a cpa firm i cannot emphasize
00:00:23 00:00:26 this enough i think what you should do
00:00:24 00:00:29 is that you should create an outsourced
00:00:26 00:00:30 accounting business now that what that
00:00:29 00:00:33 does is you're going to do a number of
00:00:30 00:00:34 things we're going to push in here um a
00:00:33 00:00:35 little bit different value proposition
00:00:34 00:00:37 what you're not is you're not working
00:00:35 00:00:39 with individuals unless they own a
00:00:37 00:00:41 business and you're not basing your
00:00:39 00:00:42 business on a volume of tax clients what
00:00:41 00:00:44 you're trying to do is work with a small
00:00:42 00:00:46 group of business owners charging a
00:00:44 00:00:48 monthly retainer okay so that's the
00:00:46 00:00:50 underpinning check out my 500 course on
00:00:48 00:00:52 my website feedbackrench.com and you can
00:00:50 00:00:54 subscribe buy that for 500 that'll show
00:00:52 00:00:56 you the core of that right but let's
00:00:54 00:00:58 tok more about why tax planning is not
00:00:56 00:00:59 enough to be a successful firm okay so
00:00:58 00:01:01 in the same sentence that you're going
00:00:59 00:01:02 to say hey
00:01:01 00:01:04 i'm gonna be able to save you twelve
00:01:02 00:01:05 thousand dollars this year and in the
00:01:04 00:01:07 next couple of years you're gonna save
00:01:05 00:01:09 six thousand dollars a year that's gonna
00:01:07 00:01:11 be great but then they have to implement
00:01:09 00:01:12 it and when they implement it you're
00:01:11 00:01:14 going to go ahead and you're going to
00:01:12 00:01:16 ask them to pay you you're going to have
00:01:14 00:01:20 them pay you between 500 and 1500 a
00:01:16 00:01:22 month so if it's about saving money
00:01:20 00:01:23 to a degree
00:01:22 00:01:25 you're
00:01:23 00:01:27 you're sideways right they need your
00:01:25 00:01:29 services okay and that's what i'm gonna
00:01:27 00:01:31 get into
00:01:29 00:01:33 i don't think that the tax saving tax
00:01:31 00:01:35 savings is basically what you use to
00:01:33 00:01:37 finance yourself to pay for yourself so
00:01:35 00:01:38 basically it's a wash i was just on the
00:01:37 00:01:40 phone with a gentleman that i know has
00:01:38 00:01:41 been doing his own books and his parents
00:01:40 00:01:43 have been helping him because they're
00:01:41 00:01:44 entrepreneurs as well
00:01:43 00:01:45 and he's gotten to a point where mom
00:01:44 00:01:47 can't do his books anymore and all of a
00:01:45 00:01:50 sudden things are starting to creep up
00:01:47 00:01:51 on him he had some tax explosions show
00:01:50 00:01:52 up where all of a sudden he owed a ton
00:01:51 00:01:54 of money he couldn't pay for it so they
00:01:52 00:01:56 tried to like find more write-offs and
00:01:54 00:01:58 blah blah blah and just he told me he
00:01:56 00:02:00 goes rob this is just eating my soul
00:01:58 00:02:02 this is just eating at me i'm fighting
00:02:00 00:02:04 with my wife i don't have any i just i
00:02:02 00:02:05 go you don't have any peace dude he's
00:02:04 00:02:06 like no
00:02:05 00:02:07 and
00:02:06 00:02:09 what was interesting is is this whole
00:02:07 00:02:10 thing
00:02:09 00:02:12 i was telling him i'm like dude you're
00:02:10 00:02:14 not an escort i'm pretty sure he's
00:02:12 00:02:15 making 150 g's i'm like i'm pretty sure
00:02:14 00:02:17 you have like
00:02:15 00:02:19 four to seven thousand dollars with the
00:02:17 00:02:21 se taxes you won't have to pay and if
00:02:19 00:02:23 you go find somebody that will do this
00:02:21 00:02:25 for you it's probably going to cost you
00:02:23 00:02:27 500 to 800 a month so basically you can
00:02:25 00:02:29 get all your accounting done get rid of
00:02:27 00:02:32 that horrible feeling and it won't cost
00:02:29 00:02:33 you anything
00:02:32 00:02:34 so notike what i did there i'm not
00:02:33 00:02:38 trying to tell them boy you're going to
00:02:34 00:02:41 get rich i recommend using tax savings
00:02:38 00:02:44 as a way to finance the accounting
00:02:41 00:02:45 services and finance the retirement plan
00:02:44 00:02:47 and the reason why i'm saying this this
00:02:45 00:02:49 isn't what i say i tok with scores of
00:02:47 00:02:51 accountants every week
00:02:49 00:02:53 scores a month and essentially what i'm
00:02:51 00:02:54 hearing is that that's the best approach
00:02:53 00:02:57 from the people that are having the most
00:02:54 00:02:58 success the tax plan is good
00:02:57 00:03:00 but
00:02:58 00:03:02 it's a little iffy because not only do
00:03:00 00:03:04 you have to do the tax plan but then you
00:03:02 00:03:05 have to implement it right so you charge
00:03:04 00:03:06 somebody six thousand dollars then you
00:03:05 00:03:08 have to set it up and then you're like
00:03:06 00:03:10 oh by the way now you're an s corp run
00:03:08 00:03:11 your own payroll and figure that out
00:03:10 00:03:12 throughout the year that's a little bit
00:03:11 00:03:14 difficult so
00:03:12 00:03:16 basically what my premise here is that
00:03:14 00:03:19 tax planning is not enough for a
00:03:16 00:03:21 successful firm a successful firm has
00:03:19 00:03:22 three value propositions okay and this
00:03:21 00:03:23 is all
00:03:22 00:03:25 something that i had learned while we
00:03:23 00:03:27 were growing nuanced financial tax and
00:03:25 00:03:29 accounting because the scenario where i
00:03:27 00:03:30 said hey look at this we're gonna save
00:03:29 00:03:32 you
00:03:30 00:03:34 six thousand dollars this year and all
00:03:32 00:03:35 you gotta do is sign up but when you do
00:03:34 00:03:37 this there's compliance and the
00:03:35 00:03:39 government makes you do this stuff so
00:03:37 00:03:41 you're gonna have to hire us for 300 a
00:03:39 00:03:43 month and i remember i did two or three
00:03:41 00:03:45 presentations where they were becoming
00:03:43 00:03:47 clients and then all of a sudden they
00:03:45 00:03:49 realize that i showed him this way
00:03:47 00:03:52 and then showed him that they had to pay
00:03:49 00:03:54 us to do it and he felt manipulated
00:03:52 00:03:55 and not only did he feel manipulated he
00:03:54 00:03:57 saw right through it he's like that's
00:03:55 00:03:58 just stupid why don't you just set me up
00:03:57 00:03:59 and i'll run my own payroll if that's
00:03:58 00:04:01 all it is i don't want to pay for this
00:03:59 00:04:04 whole thing i'm like
00:04:01 00:04:06 jeepers and what i realized is
00:04:04 00:04:08 that that wasn't sufficient enough again
00:04:06 00:04:10 tax planning wasn't sufficient for that
00:04:08 00:04:12 customer now it is for mo many people
00:04:10 00:04:13 many people just get excited about this
00:04:12 00:04:14 but i think if you're intellectually
00:04:13 00:04:16 honest
00:04:14 00:04:18 um
00:04:16 00:04:20 you will reconcile this idea that
00:04:18 00:04:21 people's
00:04:20 00:04:23 savings
00:04:21 00:04:26 the the perceived value around saved
00:04:23 00:04:28 taxes either requires you to pompously
00:04:26 00:04:31 push it in their face non-stop
00:04:28 00:04:32 or they have it takes a discipline to
00:04:31 00:04:34 really
00:04:32 00:04:36 appreciate that and that's not there so
00:04:34 00:04:37 then not only did i have that feeling
00:04:36 00:04:39 that it wasn't good enough so then we
00:04:37 00:04:41 kind of switched and my conversations
00:04:39 00:04:42 and sales pitches went more towards you
00:04:41 00:04:44 know we're going to do all this for you
00:04:42 00:04:46 and it's going to save you time
00:04:44 00:04:49 and then what happened is i took a step
00:04:46 00:04:51 back as i i left nuance financial and
00:04:49 00:04:53 started helping other firms and just
00:04:51 00:04:55 hindsight was 2020 and i realized that
00:04:53 00:04:57 our best clients that we had
00:04:55 00:04:59 what we were is we were the alternative
00:04:57 00:05:01 to patty part-timer okay so let's just
00:04:59 00:05:03 dive into the three things that are
00:05:01 00:05:06 really the good foundation for an
00:05:03 00:05:07 excellent outsourced accountant firm and
00:05:06 00:05:09 tax planning is not enough so the number
00:05:07 00:05:10 one thing is that your value proposition
00:05:09 00:05:12 is you're going to help them reduce
00:05:10 00:05:14 their taxes and build tax efficient
00:05:12 00:05:16 wealth right so this is all about
00:05:14 00:05:18 implement that s corp you want to help
00:05:16 00:05:20 them implement retirement plans that
00:05:18 00:05:22 will be super tax efficient and not only
00:05:20 00:05:23 that though you have to be with them
00:05:22 00:05:26 throughout the year to help them pay in
00:05:23 00:05:27 those taxes and execute on that because
00:05:26 00:05:29 otherwise
00:05:27 00:05:32 they're going to screw it up right and
00:05:29 00:05:33 you need to help them plan ahead so you
00:05:32 00:05:34 want to help them with the taxes
00:05:33 00:05:36 immediately you want to help them in
00:05:34 00:05:37 that year you want to help them pay in
00:05:36 00:05:39 throughout the year so they end the year
00:05:37 00:05:42 with peace and they use the payroll
00:05:39 00:05:43 system and it's all done for them and
00:05:42 00:05:45 that will help them save taxes and get
00:05:43 00:05:48 them into retirement plans and get them
00:05:45 00:05:50 into real estate and show them the path
00:05:48 00:05:52 towards that that is absolutely
00:05:50 00:05:54 necessary that is a huge part of your
00:05:52 00:05:56 business but it's not just the carvey
00:05:54 00:05:58 tax plan right and i don't think you
00:05:56 00:06:01 need corvy to understand that get people
00:05:58 00:06:03 into retirement plans and benefits get
00:06:01 00:06:05 people into s corpse in the right court
00:06:03 00:06:07 the right corporation depending on their
00:06:05 00:06:10 their jobs right or their goals
00:06:07 00:06:12 and to get them into tax efficient real
00:06:10 00:06:13 estate and other passive income
00:06:12 00:06:15 opportunities you don't need carvey to
00:06:13 00:06:16 tell you that those are like principles
00:06:15 00:06:18 right it's kind of like if you're losing
00:06:16 00:06:20 weight um
00:06:18 00:06:22 burn a little bit of calories have a
00:06:20 00:06:23 slight calorie deficit maintain that for
00:06:22 00:06:25 the rest of your life that's what you
00:06:23 00:06:26 got to do right
00:06:25 00:06:28 there are principles that we're going to
00:06:26 00:06:29 bring to play now you know the tactiks
00:06:28 00:06:32 and the strategies and then the tactiks
00:06:29 00:06:34 but that's the core so number one that's
00:06:32 00:06:35 what you're gonna do number two
00:06:34 00:06:38 you're gonna help them increase
00:06:35 00:06:40 productivity save time and avoid hiring
00:06:38 00:06:41 staff okay this is where when you and i
00:06:40 00:06:43 was just walking through this yesterday
00:06:41 00:06:44 and that's why i made this video i was
00:06:43 00:06:46 telling the guy i go you know what your
00:06:44 00:06:48 mom used to spend about four hours a
00:06:46 00:06:50 week you know four hours a week doing
00:06:48 00:06:53 your books and no matter what that four
00:06:50 00:06:55 hours a week is not
00:06:53 00:06:57 you're not paying for it but there's a
00:06:55 00:07:00 cost to that right so let's just say an
00:06:57 00:07:01 accountant is about 25 an hour right now
00:07:00 00:07:04 if we just do some of that rough and
00:07:01 00:07:08 dirty math um let's just say it's four
00:07:04 00:07:11 hours a week times 52 weeks times 25
00:07:08 00:07:15 dollars an hour that's 5 200
00:07:11 00:07:17 that's a 4 hour 25 an hour 4 hour a week
00:07:15 00:07:17 accountant or bookkeeper
00:07:17 00:07:19 and
00:07:17 00:07:21 so that's fifty two hundred dollars
00:07:19 00:07:23 now let's just say that they need to be
00:07:21 00:07:24 competent be a cpa and understand your
00:07:23 00:07:27 finances and close out your books maybe
00:07:24 00:07:30 you have a little more uh complicated
00:07:27 00:07:32 situation i'm telling you um that
00:07:30 00:07:33 reducing taxes is good but more
00:07:32 00:07:35 importantly is that you're going to save
00:07:33 00:07:36 them time you're going to help them
00:07:35 00:07:38 avoid hiring staff and then there's the
00:07:36 00:07:40 productivity thing
00:07:38 00:07:42 genuinely if their staff is not muddled
00:07:40 00:07:45 and stuck in this stuff that they do
00:07:42 00:07:47 mediocre at best if you can get them out
00:07:45 00:07:49 of that you're going to find that they
00:07:47 00:07:51 have a huge payoff they don't always
00:07:49 00:07:53 understand that but when they're not
00:07:51 00:07:55 stuck they have a small business there's
00:07:53 00:07:57 probably like two to ten people right
00:07:55 00:07:59 when they're not
00:07:57 00:08:00 totally hamstring by doing things that
00:07:59 00:08:02 they're not good at you're going to
00:08:00 00:08:03 deliver a huge value and then the last
00:08:02 00:08:05 thing is
00:08:03 00:08:07 you want to keep them compliant avoid
00:08:05 00:08:08 irs problems and mitigate risks you owe
00:08:07 00:08:10 it to them to be a little bit of the
00:08:08 00:08:12 dave ramsey and tok to them about life
00:08:10 00:08:13 insurance tok to them about long-term
00:08:12 00:08:15 disability insurance tok to them about
00:08:13 00:08:17 health insurance make sure that they
00:08:15 00:08:19 understand that the triggers that are
00:08:17 00:08:20 going to get them in front of the irs
00:08:19 00:08:21 don't do stupid things with your
00:08:20 00:08:23 vehicles right
00:08:21 00:08:25 don't cheat be the guide to help them be
00:08:23 00:08:26 wise and but really all you're going to
00:08:25 00:08:27 do is you're going to help them mitigate
00:08:26 00:08:29 risk right so help them mitigate the
00:08:27 00:08:31 risk avoid the irs problems and keep
00:08:29 00:08:33 them compliant by doing things right
00:08:31 00:08:35 i'm telling you tax planning is not
00:08:33 00:08:37 sufficient
00:08:35 00:08:39 it is one part of the puzzle and i know
00:08:37 00:08:40 that carvey and andrew argue don't say
00:08:39 00:08:42 that it's the only thing but what i've
00:08:40 00:08:44 found is that there are rather than
00:08:42 00:08:46 spell spend twelve thousand dollars a
00:08:44 00:08:48 year on a tax plan
00:08:46 00:08:50 if you get really good i would take that
00:08:48 00:08:52 twelve thousand dollars and do so many
00:08:50 00:08:54 other things with it whether it's client
00:08:52 00:08:56 acquisition whether it's investing in
00:08:54 00:08:58 your content with us or if it's
00:08:56 00:09:00 investing in help
00:08:58 00:09:02 i would take some you know twelve
00:09:00 00:09:04 thousand dollars a year again that's
00:09:02 00:09:06 for eight hours that's that's eight
00:09:04 00:09:09 hours a week of a 25 an hour employee
00:09:06 00:09:11 that you can have right that 12 000
00:09:09 00:09:12 is is huge and i know that they have
00:09:11 00:09:15 other packages and stuff i think they're
00:09:12 00:09:16 doing great jobs i i think it's good but
00:09:15 00:09:18 i'm telling you um
00:09:16 00:09:20 before you spend 12 grand on corvy
00:09:18 00:09:23 that's what i would look at
00:09:20 00:09:23 look