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How to Build a Million Dollar Accounting Firm - Feedbackwrench Outsourced Accounting

Published on: December 6 2022 by FeedbackWrench

How to Build a Million Dollar Accounting Firm - Feedbackwrench Outsourced Accounting

Table of Contents

How to Build a Million Dollar Accounting Firm - Feedbackwrench Outsourced Accounting

startTime durationTime text
00:00:00 00:00:04 well hey everybody my name is rob satram
00:00:02 00:00:06 and i'm going to tok about how i grew
00:00:04 00:00:07 to a million dollar firm in less than
00:00:06 00:00:09 two years and it was called nuance
00:00:07 00:00:11 financial tax and accounting now right
00:00:09 00:00:12 now i just want you to know that i have
00:00:11 00:00:14 an agenda here and my agenda is to do
00:00:12 00:00:17 kind of three things one i want to show
00:00:14 00:00:18 you how i was able or what the framework
00:00:17 00:00:20 of what i call this outsourced
00:00:18 00:00:22 accounting model is which is what
00:00:20 00:00:23 allowed us to kind of drive towards a
00:00:22 00:00:25 million dollars in clients with only
00:00:23 00:00:26 about or a million dollars in revenue
00:00:25 00:00:30 with like
00:00:26 00:00:31 150 clients it was really powerful um
00:00:30 00:00:33 the second thing i want to do is hit on
00:00:31 00:00:34 how you can work with us so we do
00:00:33 00:00:38 websites and accounting for small
00:00:34 00:00:40 businesses or webs no we do websites and
00:00:38 00:00:42 paid advertising for accountants and
00:00:40 00:00:43 other small businesses and basically
00:00:42 00:00:47 what we do is we kind of have a get
00:00:43 00:00:48 started package for 3 500 500 or 7 500
00:00:47 00:00:50 we do
00:00:48 00:00:52 basically where you get my my course but
00:00:50 00:00:56 what we do is we set up a phenomenal
00:00:52 00:00:58 website that gains trust that actually
00:00:56 00:01:01 will have a system to it because we'll
00:00:58 00:01:03 set up paid advertising and a funnel
00:01:01 00:01:05 system that is fantastik so i'd love to
00:01:03 00:01:07 help you with that and number three i
00:01:05 00:01:09 have a course it's 500 bucks and it
00:01:07 00:01:11 toks about how to do this outsourced
00:01:09 00:01:12 accounting model and
00:01:11 00:01:15 lots of sales coaching in there it gives
00:01:12 00:01:16 you what you don't have okay and what
00:01:15 00:01:18 most of you have is you're really good
00:01:16 00:01:19 at accounting or if you're not good at
00:01:18 00:01:20 accounting you can go find out how to
00:01:19 00:01:22 get good in accounting but running a
00:01:20 00:01:24 good business that's profitable is huge
00:01:22 00:01:25 so i'm just going to dive right into it
00:01:24 00:01:27 so right off the bat let's tok about
00:01:25 00:01:29 some of the things i i like to
00:01:27 00:01:31 make uh
00:01:29 00:01:32 i demonize
00:01:31 00:01:34 the the typical tax and accounting firm
00:01:32 00:01:36 so there's a typical tax and accounting
00:01:34 00:01:37 firm and then what i call the outsourced
00:01:36 00:01:39 accountant model and basically what the
00:01:37 00:01:42 typical accounting firm is
00:01:39 00:01:44 is that they do hourly work for people
00:01:42 00:01:47 and businesses and they're generally
00:01:44 00:01:49 like swamped um you know people use
00:01:47 00:01:51 their services because they ask for them
00:01:49 00:01:53 right usually what happens in a typical
00:01:51 00:01:55 tax and accounting firm or even a cpa
00:01:53 00:01:56 firm or even a bookkeeper right
00:01:55 00:01:58 they find somebody that comes to them
00:01:56 00:02:00 they're like i want my books done i want
00:01:58 00:02:01 my taxes done i will you help me with
00:02:00 00:02:03 something file an extension or whatever
00:02:01 00:02:04 that is and at the end of the year or
00:02:03 00:02:05 throughout the year they're either doing
00:02:04 00:02:06 their books for them and then at the end
00:02:05 00:02:08 of the year what they'll do is they'll
00:02:06 00:02:10 come along and they'll help them do the
00:02:08 00:02:10 tax return they kind of clean things up
00:02:10 00:02:12 and
00:02:10 00:02:14 and no matter what even if you were to
00:02:12 00:02:15 charge like twelve hundred dollars for a
00:02:14 00:02:17 business tax return maybe five hundred
00:02:15 00:02:20 dollars for a personal tax return let's
00:02:17 00:02:22 just be frank um it's a compressed
00:02:20 00:02:24 season where you're trying to do a ton
00:02:22 00:02:26 of work all in one season that's super
00:02:24 00:02:28 hard um it's not great money because
00:02:26 00:02:29 it's a ton of work and for every person
00:02:28 00:02:31 like
00:02:29 00:02:32 what's so hard is you got to get all of
00:02:31 00:02:33 these clients so that you can actually
00:02:32 00:02:36 make enough money in order to make
00:02:33 00:02:37 enough money you got to have a lot of a
00:02:36 00:02:40 lot of meetings a lot of touch points
00:02:37 00:02:42 because everybody has 15 different touch
00:02:40 00:02:44 points on every single tax return here's
00:02:42 00:02:45 the fact of the matter and i'll i'll
00:02:44 00:02:47 tok to you about my whole story there's
00:02:45 00:02:48 a longer version of this video below
00:02:47 00:02:51 here you don't have to watch that in
00:02:48 00:02:53 this one um but basically what i'm gonna
00:02:51 00:02:55 tell you is that there's a better way
00:02:53 00:02:57 okay you shouldn't just do
00:02:55 00:02:58 the services the accounting attack
00:02:57 00:03:00 services the people ask for you can hear
00:02:58 00:03:01 my kids going crazy back there what you
00:03:00 00:03:03 should do is that you should connect
00:03:01 00:03:06 with business owners engage with them
00:03:03 00:03:08 and help them have a preferable future
00:03:06 00:03:10 what you're going to do is you're going
00:03:08 00:03:12 to create a framework that allows you to
00:03:10 00:03:14 deliver massive
00:03:12 00:03:16 intense amounts of value to that
00:03:14 00:03:17 business owner which is really easy for
00:03:16 00:03:18 me to say but i'm going to tok about a
00:03:17 00:03:20 couple of things real quick so let me
00:03:18 00:03:22 hit on what's valuable to a business
00:03:20 00:03:24 owner here's the deal
00:03:22 00:03:26 none of them like doing this stuff none
00:03:24 00:03:28 of them like paying taxes they all hate
00:03:26 00:03:30 doing bookkeeping they understand
00:03:28 00:03:31 financials right there but they're a lot
00:03:30 00:03:33 like me i understand numbers i
00:03:31 00:03:36 understand financials i do not want to
00:03:33 00:03:38 sit in my books and reconcile books i
00:03:36 00:03:39 don't want to know where it would
00:03:38 00:03:41 account does this go to the charter
00:03:39 00:03:43 accounts means nothing to me and i don't
00:03:41 00:03:45 want to waste my time in fact not only
00:03:43 00:03:47 do i not want to waste my time i know
00:03:45 00:03:49 that if i can spend time communicating
00:03:47 00:03:50 and leading my people and working on my
00:03:49 00:03:53 clients stuff that i will make
00:03:50 00:03:54 way more money so it is a complete and
00:03:53 00:03:56 utter waste of my time for me to do
00:03:54 00:03:58 something that i'm not great at
00:03:56 00:04:02 especially
00:03:58 00:04:03 menial detail work that doesn't really
00:04:02 00:04:06 line up with my giftings or my strengths
00:04:03 00:04:07 and your customers are the same they got
00:04:06 00:04:10 into business for other reasons in fact
00:04:07 00:04:12 we'll hit on like why i do what i do
00:04:10 00:04:15 because business owners have to get
00:04:12 00:04:17 sales and then execute right
00:04:15 00:04:18 and do financial stuff but getting sales
00:04:17 00:04:20 and executing usually they're really
00:04:18 00:04:23 good at executing that might be you you
00:04:20 00:04:25 might be a really great accountant but
00:04:23 00:04:27 you're really bad at understanding sales
00:04:25 00:04:29 and how to move people attract them and
00:04:27 00:04:31 have them take a step with you and once
00:04:29 00:04:33 that steps there how to have messaging
00:04:31 00:04:34 and systems so that they actually want
00:04:33 00:04:35 to close with you right that's what i
00:04:34 00:04:37 love to do and that's what we do here at
00:04:35 00:04:38 feedback crunch we'd love to help you
00:04:37 00:04:40 with that but
00:04:38 00:04:41 let me just hit on this real quick most
00:04:40 00:04:42 accountants don't make very much money
00:04:41 00:04:44 the only accountants that do are part of
00:04:42 00:04:46 a mega firm and the mega firms are
00:04:44 00:04:48 slowly deciding that wait a minute this
00:04:46 00:04:49 is kind of bad they're all moving to
00:04:48 00:04:51 this accountant model this more advisory
00:04:49 00:04:52 service model but it's not just about
00:04:51 00:04:54 advisory so i'm going to hit on real
00:04:52 00:04:55 quick what do you actually need to
00:04:54 00:04:57 provide in order to have this outsourced
00:04:55 00:04:59 account and model so i'm going to list
00:04:57 00:05:00 off everything that i think you should
00:04:59 00:05:02 include in that service we'll tok a
00:05:00 00:05:03 little bit about how much
00:05:02 00:05:05 it's worth but let's start off by
00:05:03 00:05:07 understanding two different things
00:05:05 00:05:09 number one i want to tok about the
00:05:07 00:05:11 three value propositions that you have
00:05:09 00:05:13 the first value proposition that every
00:05:11 00:05:15 business owner resonates with is you're
00:05:13 00:05:17 going to help them mitigate their taxes
00:05:15 00:05:18 pay their fair share in taxes and not a
00:05:17 00:05:20 penny more and along with that you're
00:05:18 00:05:23 going to help them build tax efficient
00:05:20 00:05:24 wealth so number one reduce the taxes
00:05:23 00:05:26 number two you're going to help them be
00:05:24 00:05:29 more efficient and productive by
00:05:26 00:05:30 and and save them time by handling
00:05:29 00:05:31 everything for them you're going to do
00:05:30 00:05:33 the bookkeeping you're going to be a
00:05:31 00:05:35 staff alternative they don't need an
00:05:33 00:05:37 accountant because they're choosing you
00:05:35 00:05:39 and your small firm right but basically
00:05:37 00:05:41 you're going to save the business owner
00:05:39 00:05:43 time and you're going to save the staff
00:05:41 00:05:44 people of the operations time and you're
00:05:43 00:05:46 potentially going to be a staff
00:05:44 00:05:48 alternative it's kind of two phases of
00:05:46 00:05:49 this business there's like single owner
00:05:48 00:05:51 guys and then folks that they're going
00:05:49 00:05:53 to need an accountant right
00:05:51 00:05:55 you will eliminate the need for more uh
00:05:53 00:05:56 staff and then the third thing is you're
00:05:55 00:05:58 gonna keep them compliant and help them
00:05:56 00:05:59 mitigate risks right you're gonna do it
00:05:58 00:06:01 better than them
00:05:59 00:06:02 you're gonna do it better than that
00:06:01 00:06:04 part-time accountant that they try and
00:06:02 00:06:06 hire you're gonna do it better and
00:06:04 00:06:08 you're gonna they're gonna rest assured
00:06:06 00:06:09 that a cpa or an accountant or a high
00:06:08 00:06:10 level professional is actually doing
00:06:09 00:06:12 this for them and then you're gonna help
00:06:10 00:06:13 them mitigate some risks right tok to
00:06:12 00:06:16 them about
00:06:13 00:06:17 insurance tok to them about entity
00:06:16 00:06:18 planning and all these different things
00:06:17 00:06:20 right
00:06:18 00:06:23 and underpinning something that you need
00:06:20 00:06:25 to come to the grips with if you want to
00:06:23 00:06:27 have a profitable firm and run this
00:06:25 00:06:30 outsourced accounting model is that
00:06:27 00:06:31 price isn't really what it's all about
00:06:30 00:06:34 in fact price is
00:06:31 00:06:36 not huge now a lot of these gurus will
00:06:34 00:06:39 tok about you need to land clients and
00:06:36 00:06:41 understand your value you need to charge
00:06:39 00:06:43 more and only work with people that
00:06:41 00:06:45 understand your value
00:06:43 00:06:47 here's my question
00:06:45 00:06:48 do you know what's valuable about what
00:06:47 00:06:50 you do
00:06:48 00:06:53 i bet you don't maybe you do that might
00:06:50 00:06:54 sound arrogant i'm sorry
00:06:53 00:06:57 there's things called value
00:06:54 00:06:58 sensitivities okay and what it is is if
00:06:57 00:07:00 you can deliver these things they
00:06:58 00:07:02 generate more value for the customer and
00:07:00 00:07:04 for business owners my dad taught me
00:07:02 00:07:06 this there's seven value sensitivities
00:07:04 00:07:08 for heavy machinery to a contractor
00:07:06 00:07:10 right but what i've kind of identified
00:07:08 00:07:12 is that there's three major value
00:07:10 00:07:15 sensitivities that will
00:07:12 00:07:17 astronomically
00:07:15 00:07:18 impact how much value you deliver to the
00:07:17 00:07:19 business owner and it's really what
00:07:18 00:07:21 resonates with them
00:07:19 00:07:23 but it's a little different than those
00:07:21 00:07:25 three right so mitigate taxes handle
00:07:23 00:07:26 everything for them and then keep them
00:07:25 00:07:29 compliant this is more of like
00:07:26 00:07:31 underpinning this is you want to help
00:07:29 00:07:33 increase productivity the number one
00:07:31 00:07:34 impact on a business is if you can
00:07:33 00:07:37 increase productivity of the business
00:07:34 00:07:39 owner and of all the staff people when
00:07:37 00:07:42 they can get more work done
00:07:39 00:07:43 because you've interacted with them
00:07:42 00:07:47 you're super valuable the second thing
00:07:43 00:07:50 is efficiency if they can reduce what it
00:07:47 00:07:52 costs them to get the same work done
00:07:50 00:07:53 that's huge and that's you they take
00:07:52 00:07:55 their dollars they either spend it on a
00:07:53 00:07:58 staff person or they spend it on you
00:07:55 00:08:00 you're going to drastikally deliver
00:07:58 00:08:02 better results because for the cost of a
00:08:00 00:08:03 staff accountant yeah they're going to
00:08:02 00:08:05 get everything the accountant does but
00:08:03 00:08:07 now they're going to get a tax guru and
00:08:05 00:08:09 that's huge then the third thing is is
00:08:07 00:08:11 tax efficiency and wealth optimization
00:08:09 00:08:13 save them taxes right this is a bottom
00:08:11 00:08:16 line write-off when you save them in
00:08:13 00:08:17 taxes it's like creating a 10x or
00:08:16 00:08:19 whatever it is for their
00:08:17 00:08:22 gross profit percent
00:08:19 00:08:22 you're going to amplify revenue for them
00:08:22 00:08:25 you're gonna
00:08:22 00:08:28 it's a huge deal for them to save in
00:08:25 00:08:30 taxes and you need to embrace that those
00:08:28 00:08:32 three things productivity efficiency and
00:08:30 00:08:34 taxes saved are going to be the biggest
00:08:32 00:08:36 things that you can pull and ultimately
00:08:34 00:08:37 if you can frame yourself up those first
00:08:36 00:08:39 two are like you being a staff
00:08:37 00:08:42 alternative and saving them time so
00:08:39 00:08:44 that's what you're going to rely on to
00:08:42 00:08:45 know that if you can resonate with that
00:08:44 00:08:47 if you can find business owners that
00:08:45 00:08:48 understand that or if you can teach that
00:08:47 00:08:50 to business owners that are maturing
00:08:48 00:08:53 into that you're going to have an
00:08:50 00:08:55 opportunity to land 500 to 2500 a month
00:08:53 00:08:58 clients and they're gonna like it now
00:08:55 00:09:00 this isn't like your you charge 11 000
00:08:58 00:09:02 for a tax plan andrew argue stuff andrew
00:09:00 00:09:03 argue does a lot of good stuff but i
00:09:02 00:09:05 think that
00:09:03 00:09:07 i have a whole rant about why tax
00:09:05 00:09:09 savings is something
00:09:07 00:09:11 tax savings needs to fuel
00:09:09 00:09:14 productivity and efficiency you you save
00:09:11 00:09:15 taxes so that you can invest
00:09:14 00:09:16 in the accountant because what you're
00:09:15 00:09:18 gonna do is you're gonna tok about oh
00:09:16 00:09:20 i'm gonna save you six thousand dollars
00:09:18 00:09:22 this year and then you're gonna pay me
00:09:20 00:09:24 six thousand dollars it's not about
00:09:22 00:09:26 saving money right it's about mitigating
00:09:24 00:09:28 taxes over the long haul but ultimately
00:09:26 00:09:30 the tax is going to fund their future
00:09:28 00:09:33 investments their wealth building and
00:09:30 00:09:35 it's gonna fund you which then makes
00:09:33 00:09:37 them all that more productive so
00:09:35 00:09:38 let's dive right into it what's all
00:09:37 00:09:41 included in the outsourced accounting
00:09:38 00:09:44 model and this is really what it is
00:09:41 00:09:46 it's all about everything all together
00:09:44 00:09:48 not one-off right so in order to do this
00:09:46 00:09:50 business model really well you're going
00:09:48 00:09:51 to have to include all of these services
00:09:50 00:09:53 for just about everybody with the
00:09:51 00:09:55 exception of payroll whether you run
00:09:53 00:09:57 payroll for people that have employees
00:09:55 00:09:59 or not okay you'll provide payroll but
00:09:57 00:10:00 we'll get into that
00:09:59 00:10:02 the more one-off work you have the more
00:10:00 00:10:04 people that are not within this core
00:10:02 00:10:06 focus that are paying a monthly retainer
00:10:04 00:10:08 to you uh the the more difficult your
00:10:06 00:10:09 life's gonna become and you're not gonna
00:10:08 00:10:11 like it so i'm gonna move fast through
00:10:09 00:10:13 this and i'm telling you take notes i've
00:10:11 00:10:15 got an artikle you can see it underneath
00:10:13 00:10:17 you'll see everything that's there
00:10:15 00:10:18 but here's what's all included so all
00:10:17 00:10:19 the clients you're going to get their
00:10:18 00:10:20 books you're going to get their
00:10:19 00:10:22 accounting you're going to set it up
00:10:20 00:10:23 right so number one you're going to get
00:10:22 00:10:25 those chart of accounts you're going to
00:10:23 00:10:28 set up that accounting and all of the
00:10:25 00:10:29 accounts to a standard that is amazing
00:10:28 00:10:31 and then you're going to do all the
00:10:29 00:10:33 backup bookkeeping now when you first
00:10:31 00:10:34 get a client implementation is heavy
00:10:33 00:10:35 right implementation and backup
00:10:34 00:10:37 bookkeeping might need to have an
00:10:35 00:10:39 additional charge to it so you might say
00:10:37 00:10:42 hey to work with us where i want you to
00:10:39 00:10:44 be at is 800 a month and it looks like
00:10:42 00:10:46 we have a significant amount of
00:10:44 00:10:47 implementation we've got to make you an
00:10:46 00:10:50 s corp we have to get all your books
00:10:47 00:10:53 caught up and that's going to cost
00:10:50 00:10:54 3 500 so it's going to be 3 500 then 800
00:10:53 00:10:56 a month to get you going that might
00:10:54 00:10:58 sound a lot but i'm telling you number
00:10:56 00:11:00 one get everything set up fresh clean
00:10:58 00:11:01 slate awesome in fact usually i wouldn't
00:11:00 00:11:04 even get access to the books man you
00:11:01 00:11:05 might as well start over in most cases
00:11:04 00:11:06 uh this the next thing that you're gonna
00:11:05 00:11:09 do is you're gonna take an in-depth
00:11:06 00:11:11 snapshot of their financial picture they
00:11:09 00:11:13 might be hesitant on that their tax
00:11:11 00:11:15 picture get the tax returns get the last
00:11:13 00:11:16 two or three tax returns read and figure
00:11:15 00:11:17 out what they're doing partikularly with
00:11:16 00:11:19 the s corp and then the accounting
00:11:17 00:11:20 system you have to peer into the
00:11:19 00:11:22 bookkeeping and accounting system to
00:11:20 00:11:24 find out how big of a mess it is and how
00:11:22 00:11:26 frequent things are and you just need to
00:11:24 00:11:27 understand that no matter what
00:11:26 00:11:29 off of that you're going to create a
00:11:27 00:11:31 comprehensive tax plan that addresses
00:11:29 00:11:33 taxes in that year and over the long
00:11:31 00:11:34 haul to help them build tax efficient
00:11:33 00:11:36 wealth really what you're trying to look
00:11:34 00:11:37 at here is
00:11:36 00:11:38 again
00:11:37 00:11:40 the strategies are real estate
00:11:38 00:11:42 retirement plans in the s corp that's
00:11:40 00:11:44 the big hair or the big string you're
00:11:42 00:11:46 looking to pull that will really and
00:11:44 00:11:48 you're looking at can they maximize that
00:11:46 00:11:50 escort that's language that i recommend
00:11:48 00:11:52 using if you a lot of people a lot of
00:11:50 00:11:53 accountants come alongside a business
00:11:52 00:11:54 owner tell them to be an s corp they're
00:11:53 00:11:57 like well your reasonable seller you
00:11:54 00:11:59 made 120 g's well i don't think you
00:11:57 00:12:01 should go lower in 110 because a lot of
00:11:59 00:12:02 real estate agents make 110 000 say what
00:12:01 00:12:04 are you toking about help them be
00:12:02 00:12:07 aggressive for crying a lot so you're
00:12:04 00:12:09 gonna you're gonna establish a tax plan
00:12:07 00:12:11 for them for that year and moving
00:12:09 00:12:12 forward okay and then what you're going
00:12:11 00:12:15 to do is you're going to do all the work
00:12:12 00:12:18 necessary to set them up file the the
00:12:15 00:12:20 what is it 2553 get the s-corp set up
00:12:18 00:12:22 convert them to an s-corp set up the
00:12:20 00:12:24 payroll system for them do all the stuff
00:12:22 00:12:25 for them make their life easy okay
00:12:24 00:12:27 they're going to love you
00:12:25 00:12:28 you have to do a little bit of like
00:12:27 00:12:30 coaching them what you're all doing and
00:12:28 00:12:32 helping them understand the value but
00:12:30 00:12:35 then you're going to keep their books up
00:12:32 00:12:37 to date at a very high level right do
00:12:35 00:12:39 amazing bookkeeping services make sure
00:12:37 00:12:41 that they're closed at least quarterly
00:12:39 00:12:43 every month they should be closed up and
00:12:41 00:12:44 just stay on top of that man in fact
00:12:43 00:12:45 what we always recommend is take the
00:12:44 00:12:47 month and you'll mark which days you're
00:12:45 00:12:48 going to go in and clean up which books
00:12:47 00:12:50 and have a system to that then you're
00:12:48 00:12:52 going to set them up on the best payroll
00:12:50 00:12:54 system i tell one of the things i
00:12:52 00:12:56 recommend is that you choose your
00:12:54 00:12:58 cloud-based accounting system you choose
00:12:56 00:13:00 the payroll system
00:12:58 00:13:01 and you force everybody to get on it
00:13:00 00:13:02 like there's no hey when you come with
00:13:01 00:13:04 us you're gonna get rid of the other
00:13:02 00:13:05 thing you're gonna get you're gonna get
00:13:04 00:13:07 set up here payroll can be a beast with
00:13:05 00:13:09 that the goal in payroll could be
00:13:07 00:13:11 there's multiple parts here number one
00:13:09 00:13:13 what you're going to do is is the
00:13:11 00:13:15 and i'll get into this
00:13:13 00:13:17 we'll tok about this in a second but
00:13:15 00:13:19 payroll you for sure just have wholesale
00:13:17 00:13:20 payroll so get a relationship with adp
00:13:19 00:13:22 paycheck so you can use intuit you can
00:13:20 00:13:23 use gusto whatever payroll system you
00:13:22 00:13:26 want you're going to provide wholesale
00:13:23 00:13:27 payroll right at minimum you provide
00:13:26 00:13:29 good customer service to make sure
00:13:27 00:13:30 things that are set up right at medium
00:13:29 00:13:32 level payroll service that you can
00:13:30 00:13:33 provide you're going to help them do new
00:13:32 00:13:36 contractors so if they have 1099
00:13:33 00:13:38 contractors instead of filling on a w-9
00:13:36 00:13:40 have them contact you and now you get to
00:13:38 00:13:42 make that easier for them i got a new
00:13:40 00:13:45 employee connect them with your tax firm
00:13:42 00:13:46 and get that new employee set up right
00:13:45 00:13:47 so you're going to set up the payroll
00:13:46 00:13:49 you're going to help them and then at
00:13:47 00:13:51 the most so you're either just customer
00:13:49 00:13:52 service customer service with new
00:13:51 00:13:54 employees and stuff like that or you
00:13:52 00:13:56 could be the one that actually runs the
00:13:54 00:13:58 payroll for them now the advantage of
00:13:56 00:13:59 that is that you're really stiky the
00:13:58 00:14:01 disadvantage of that is if you screw
00:13:59 00:14:03 that up now their employee can't pay
00:14:01 00:14:04 their mark their mortgage it's a big
00:14:03 00:14:06 deal
00:14:04 00:14:07 zero room for
00:14:06 00:14:08 margin for error when it comes to
00:14:07 00:14:09 payroll so
00:14:08 00:14:11 that's that's the thing that you're
00:14:09 00:14:12 gonna do is you're gonna help them with
00:14:11 00:14:13 payroll
00:14:12 00:14:15 then you'll provide monthly and
00:14:13 00:14:17 quarterly reports with real feedback
00:14:15 00:14:18 right you're doing the books provide
00:14:17 00:14:20 monthly feedback
00:14:18 00:14:22 then you're gonna and this is the
00:14:20 00:14:24 biggest one guys
00:14:22 00:14:27 you're going to help them
00:14:24 00:14:29 pay in their taxes according to your tax
00:14:27 00:14:31 plan throughout the year by using the
00:14:29 00:14:33 payroll system and what you're trying to
00:14:31 00:14:35 do and this i'm telling you you got it
00:14:33 00:14:37 you have to understand this
00:14:35 00:14:40 you're gonna take away all of the
00:14:37 00:14:42 surprises and you're gonna help them pay
00:14:40 00:14:44 in according to the taxes so that they
00:14:42 00:14:45 don't have that anxiety towards the end
00:14:44 00:14:48 of the year okay
00:14:45 00:14:49 you might not know this accountants but
00:14:48 00:14:50 every business owner come about quarter
00:14:49 00:14:52 three in the back of our head we're
00:14:50 00:14:54 always like i wonder if i'm paying
00:14:52 00:14:57 inappropriately but most of us that are
00:14:54 00:15:00 not engaged in tax law especially when
00:14:57 00:15:02 you add in an s corp we don't know are
00:15:00 00:15:05 we gonna owe 5 000
00:15:02 00:15:06 am i going to get a 10 000 check you
00:15:05 00:15:07 know you add in some of this stuff from
00:15:06 00:15:09 the
00:15:07 00:15:12 different administrations you know
00:15:09 00:15:15 we have no idea there's so much anxiety
00:15:12 00:15:17 as you're doing our year-end taxes it
00:15:15 00:15:20 drives us nuts it hurts marriages it
00:15:17 00:15:22 hurts relationships it eats at people
00:15:20 00:15:25 and ultimately it can cause gigantik
00:15:22 00:15:27 financial bombs right we know all of us
00:15:25 00:15:29 have been on the wrong end of owing more
00:15:27 00:15:30 than we can afford and putting on a tax
00:15:29 00:15:32 plan and
00:15:30 00:15:34 punting as far as you possibly can take
00:15:32 00:15:37 out some of that
00:15:34 00:15:39 mystery and provide peace of mind by the
00:15:37 00:15:42 second they come with you put them in
00:15:39 00:15:44 and use the payroll system to pay in
00:15:42 00:15:46 their withholding to help them end
00:15:44 00:15:49 without a tax return
00:15:46 00:15:51 and not have a tax bomb you do that and
00:15:49 00:15:52 you communicate that well in your
00:15:51 00:15:54 meeting you're going to land good
00:15:52 00:15:55 clients because that's a huge one now
00:15:54 00:15:57 before the year end you're going to help
00:15:55 00:15:59 them make tax mitigation decisions and
00:15:57 00:16:00 proactively help them with planning
00:15:59 00:16:02 should they buy something should they
00:16:00 00:16:03 invest should they you know do you buy
00:16:02 00:16:06 that new
00:16:03 00:16:08 benefits plan you know what do you do do
00:16:06 00:16:10 you make the profit share contribution
00:16:08 00:16:12 to everybody's sep ira but you do that
00:16:10 00:16:14 before the year end and that's a huge
00:16:12 00:16:16 difference every other tax and
00:16:14 00:16:18 accounting firm it's it's they're only
00:16:16 00:16:20 getting help at the end of the year and
00:16:18 00:16:22 you can't do anything there and most
00:16:20 00:16:24 small businesses are in that model i'm
00:16:22 00:16:25 telling you most of them are not getting
00:16:24 00:16:27 this proactive stuff then you're going
00:16:25 00:16:29 to close out the books at the year end
00:16:27 00:16:30 you're going to perform high levels of
00:16:29 00:16:33 your end reporting to them help them
00:16:30 00:16:35 understand year over year and as you do
00:16:33 00:16:37 this you'll see year over year you can
00:16:35 00:16:38 really help them gauge
00:16:37 00:16:40 their ratios and you can help them
00:16:38 00:16:42 understand their business then you're
00:16:40 00:16:43 going to make the year in tax
00:16:42 00:16:45 season a breeze you're going to do their
00:16:43 00:16:46 business taxes you're going to do their
00:16:45 00:16:47 personal taxes and because you've been
00:16:46 00:16:49 doing the bookkeeping and all the
00:16:47 00:16:52 accounting and tax and everything it's
00:16:49 00:16:53 super easy you don't have to work that
00:16:52 00:16:56 hard they just got to get you the
00:16:53 00:16:57 documents make their life easy and just
00:16:56 00:16:59 handle all those tax returns for
00:16:57 00:17:00 everybody and then you want to provide
00:16:59 00:17:03 wealth building
00:17:00 00:17:05 and some financial planning type advice
00:17:03 00:17:06 usually they're a little hesitant to
00:17:05 00:17:08 that because there's so many people
00:17:06 00:17:10 slinking around trying to get them for
00:17:08 00:17:11 that um but i'm telling you you should
00:17:10 00:17:12 be advising them and then helping them
00:17:11 00:17:14 with
00:17:12 00:17:16 risk mitigation so here's what i mean
00:17:14 00:17:18 with those last two be dave ramsey for
00:17:16 00:17:20 them right help them save up cash help
00:17:18 00:17:21 them invest get them involved in
00:17:20 00:17:23 compounding interest
00:17:21 00:17:26 right
00:17:23 00:17:28 have them open a simple ira or a solo
00:17:26 00:17:30 401k if they if they don't have any
00:17:28 00:17:31 employees or any statutory employees
00:17:30 00:17:34 meaning that it's all family members and
00:17:31 00:17:36 executives have them open it's called
00:17:34 00:17:39 the individual k from from vanguard now
00:17:36 00:17:40 this is not legal advice right um but
00:17:39 00:17:43 what you can do there is they can do up
00:17:40 00:17:45 to the 25 of their salaries or 25 of the
00:17:43 00:17:46 schedule see as a profit share
00:17:45 00:17:48 contribution which essentially
00:17:46 00:17:50 essentially
00:17:48 00:17:51 avoids self-employment taxes and they
00:17:50 00:17:53 can do a regular
00:17:51 00:17:55 contribution
00:17:53 00:17:57 a regular 401k contribution of either
00:17:55 00:18:00 roth or traditional up to the limits you
00:17:57 00:18:02 could do like 18 000 in roth on one side
00:18:00 00:18:04 if you wanted to which is non-deductible
00:18:02 00:18:06 and they could do a profit share
00:18:04 00:18:09 contribution of up to 25 of their
00:18:06 00:18:10 schedule c or up to
00:18:09 00:18:13 the
00:18:10 00:18:16 25 of their s corp salary
00:18:13 00:18:17 and not to exceed i think it's 58 000
00:18:16 00:18:19 this year you got to check but there's a
00:18:17 00:18:20 contribution limits for set buyers and
00:18:19 00:18:22 solo 401ks long story short you could
00:18:20 00:18:23 put a ton of money away for them and
00:18:22 00:18:26 they got to have compounding interest
00:18:23 00:18:28 let them take advantage of 3m and
00:18:26 00:18:30 apple's ability to create profits and
00:18:28 00:18:31 let them partikipate in compounding
00:18:30 00:18:33 interest
00:18:31 00:18:34 and lastly just remember that when you
00:18:33 00:18:35 do all this s-corp guess what happens
00:18:34 00:18:38 when they're ready to retire their
00:18:35 00:18:39 social security benefits are small
00:18:38 00:18:40 hopefully you've helped them build a ton
00:18:39 00:18:42 of wealth throughout the years and it
00:18:40 00:18:44 doesn't matter but you know get them
00:18:42 00:18:47 involved start saving up to buy and hold
00:18:44 00:18:49 real estate uh get them involved in
00:18:47 00:18:50 different asset classes right get them
00:18:49 00:18:52 involved in different types of
00:18:50 00:18:55 businesses help be the financial
00:18:52 00:18:56 quarterback to help them go and and i'll
00:18:55 00:18:59 end with this guys
00:18:56 00:19:00 if you do this and it's all in one
00:18:59 00:19:02 your clients are going to love you
00:19:00 00:19:03 you're going to love your business it's
00:19:02 00:19:05 more meaningful work you're moving the
00:19:03 00:19:06 needle for these people in some serious
00:19:05 00:19:08 ways
00:19:06 00:19:11 and we know how to help you get there we
00:19:08 00:19:13 know how to help you get to that 25 to
00:19:11 00:19:15 50 clients and then to that 100 clients
00:19:13 00:19:16 if you want to grow we can help you
00:19:15 00:19:19 build a million dollar practike very
00:19:16 00:19:21 seriously by using digital marketing
00:19:19 00:19:22 video marketing and a combination of
00:19:21 00:19:24 remarketing
00:19:22 00:19:26 and we do all the writing for you we
00:19:24 00:19:29 make this so easy and again it's 3 500
00:19:26 00:19:31 500 or 7 500 to set up the different
00:19:29 00:19:34 machinery and i'm telling you you get
00:19:31 00:19:36 set up with our 7 500 setup i guarantee
00:19:34 00:19:37 you i'll get you clients in the first
00:19:36 00:19:39 month or two that will offset that cost
00:19:37 00:19:40 so quickly you won't even know what
00:19:39 00:19:42 happened and there were clients you
00:19:40 00:19:45 wouldn't have gotten otherwise
00:19:42 00:19:47 god bless good luck like and subscribe
00:19:45 00:19:49 if you're on youtube if if
00:19:47 00:19:51 you downloaded this guide
00:19:49 00:19:53 i'd love the opportunity to help you
00:19:51 00:19:55 again we got a small cool little team
00:19:53 00:19:57 here it's myself daniel our full-time
00:19:55 00:19:59 web designer we've got byron our video
00:19:57 00:20:01 photo and graphic guy we've got heather
00:19:59 00:20:02 our project manager we've got a writer
00:20:01 00:20:04 that we're working with and we're hiring
00:20:02 00:20:06 another one here we'd love the
00:20:04 00:20:07 opportunity to set you up right check
00:20:06 00:20:10 out everything else that we have in
00:20:07 00:20:12 terms of what we do to actually attract
00:20:10 00:20:14 this client close this client and have a
00:20:12 00:20:18 system that works while you sleep so
00:20:14 00:20:18 good luck and god bless

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