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Should you get Accounting MBA or Degree when Starting a bookkeeping business or accounting business

Published on: December 6 2022 by FeedbackWrench

Should you get Accounting MBA or Degree when Starting a bookkeeping business or accounting business

Should you get Accounting MBA or Degree when Starting a bookkeeping business or accounting business

hey everybody rob sat from feedback
wrench i'm going to tok to you
accountants bookkeepers those of you
that are trying to start a bookkeeping
firm a work from home bookkeeping
company a cpa firm or you're thinking of
doing this outsourced accounting model
just remember if you check out all my
videos i've got a whole playlist full of
different things different videos
probably 100 or so that help coach how
to do this outsourced account and model
it's all about how do you add tons of
value to drive a higher retainer and
then we do websites paid ads we will
help you actually get clients but i have
a question here from somebody that said
i have a bachelor's degree
in psychology but at my previous job i
was in charge of the accounting apar and
taxes and i'm currently a staff
accountant
should i go for my mba prior to opening
my own business
i feel like that would definitely make
me more credible when prospecting for
clients so this is all based off of the
the video that i have should you get
your cpa if you're starting your own
bookkeeping company or if you're
starting your own uh tax and accounting
firm do you need your cert you know your
certified public accountant uh
certification or what do you need to do
right and my answer there was that yeah
it certainly helps you can be more
credible you will gain skills it's not
necessary though because what it comes
down to is your ability to actually
deliver results to clients to do things
accurately and to um and to work now
there's certainly something about
feeling credible if you having a cpa
makes you feel more credible then by all
means go do it but remember that
whenever you look at college or
certifications there is an opportunity
cost not only are you going to school
and it's costing you something to
actually go to school but you have to
remember that you also are usually not
earning very much money because you're
not working at the type of job that will
drive higher revenue so sometimes when
you do the math on that not only did it
cost you 30 000 to go to school but also
you missed out on probably another 30
grand in terms of earning capabilities
and right now we are learning that
higher education is super inflated it's
a bunch of nonsense in a lot of ways but
back to this comment should he get his
mba
um
well there's two things here so first of
all he's asking boy i would feel
credible whenever you're a financial
planner an accountant a cpa if you're a
cfa or whatever that is and you're about
to give financial advice or if you were
to give any advice at all you certainly
need to be credible you have to actually
know something to help people but what i
want to do is encourage you that i don't
think you should get your mba first of
all i think that's nonsense i think that
unless
you have some sort of free ride or
something like that a master's degree
right now does absolutely nothing for an
entrepreneur you're not going to learn
anything
you're going to learn how to do hard
work that's what's actually going to
come through on this but you doing your
own business you will learn ten thousand
times more things than you will in that
mba and i have so many accountants that
tell me that same thing now is it nice
to be able to say i have a master's in
accounting absolutely those
i i help a handful of clients that have
that
and they're smart they're smart as a
whip right but what you're going to find
here the crux of starting your own
business is that certainly you want to
make sure that you can execute and do
accounting and do bookkeeping but it's
not like the normal world you don't have
to convince your boss that you're super
competent so that you can do a whole
bunch of extra exotik things it really
comes down to some fundamentals and some
basics so your competencies people scoff
and laugh i think it's worth getting a
cpa i do if you can do that well you
could become an enrolled agent as well
if you can execute that and get that
done in a productive efficient time
frame and not have a lot of opportunity
costs then go ahead and do it that being
said it's not necessarily at all and i
don't think that you're going to gain a
ton from it but there is value to it and
there's some networking and some
marketing things you can be called a cpa
you could you could then start a cpa
firm that that's a whole other thing i
don't think you should do that but
going to school and getting an mba oh my
gosh that ain't going to help you at all
for prospecting in fact this whole thing
comes down to what you mentioned do you
feel competent do you feel
like you're actually moving something
and for those of you that are listening
to this and you felt that impostor
syndrome right that's what it is that
when you're doing this advice you're
doing this strategy you kind of haven't
done it that many times right and let me
tell you that you deploying and either
working on the job with another
accountant
at another firm
or you actually falling forward failing
and learning is going to teach you 10
000 times more than what that mba is
going to teach you as well as
you're going to get practikal real
solutions because you have to work
things out now i've become the type of
person and i mean this if you tok to my
wife you tok to my employees i may suck
it up and figure it out kind of guy like
you don't know how to do something you
better figure out how to do it and
basically bring yourself to the point
where you absolutely do not have the
skills or the organizational skills in
your mind
to do it and up until that point you can
figure it out and i mean that like
before and let me frame this up this is
my story this isn't applicable to you
but i want you to know this
um i was a pastor at a church for two
years
before that i was a salesman at best buy
for seven years um i kind of went in and
out of school never really finished at a
full ride scholarship but long story
short i did like thousands of sales at
best buy and i knew computers but there
was always this thing in the back of my
head that i don't know anything i get
hired at this church eagle brook church
amazing church eaglebrookchurch.com and
i get asked to be a group's pastor and
then a pastor of serving i helped people
right we were part of the team and i
loved it but then i got fired because i
was kind of a butt head and i needed to
have some awareness and then i get
recruited by thriving financial where
faith and finance meet but really it's
where i bring variable annuities which
pay me high commissions and charge you
high fees um sorry thriving guys that
really upset me and uh the whole point
in this is that when i first toked to
the people at thrive and they were like
do you know anything about finances and
i'm like i don't know i don't think so i
took the pre-test and i flunk i failed i
didn't know what a dividend was i didn't
know what an option was i didn't know
what bonds are what's the difference
between high yield yield low yield what
happens when interest rates go up and
down to the value of a bond mutual fund
i do nothing i failed that sucker so
hard but then i committed myself i
studied and i learned everything i
possibly could and i went and got my
series seven my series 66 and my life
and health insurance it took me about
four months and it was hard because i
had lots to
actually learn but i ended up passing it
with like an 83 percent
and what i found is that i taught myself
and i learned it and i crammed for a
test right cramming for a test is a
little bit different but then
i i had decided that i want to learn i
want to be able to learn it all i i'm
not a know-it-all i want to become a
learner all if there's something out
there i want to find out as much as i
can as much as it depends on me how to
solve that problem now now there's too
many things like i've gotten to this
point but i want you to know i knew
nothing about finances and i passed that
then i knew hardly anything about taxes
and i taught myself everything i
possibly could i read every book that i
could get my pause on toked to all
sorts of cpas accountants watched videos
went into linkedin got lynda.com bought
courses and i drank everything in until
i understood tax planning at its core
right
am i a good accountant nope i'm not an
accountant i don't want to be an account
i don't want to count beans i don't want
to reconcile stuff i don't care i'm not
going to store that in my head but i
strategically knew how to implement that
stuff and i grew from nothing i brought
my sales ability
and my knowledge of how to help
businesses improve their life
and then i and and then i had a cpa that
i connected to them to my old best buddy
we grew from zero to 150 small
businesses nuanced financial tax and
accounting out of lakeville here
until my partners
pulled some shenanigans that they should
be embarrassed about and essentially um
i said i can't be with you guys anymore
i'm done we had an argument and i left i
and i said that's it so i started
another business from the ground up from
nothing feedback ranch now while i was
doing nuance financial i had basically
taught myself everything possible about
seo about websites and over the last
seven years i have gone from knowing
nothing to basically being able to
develop and web flow to run every google
ad remarketing campaign conversion
action google tag manager google
analytiks facebook message like i know
how to do so much stuff because i'ma
learn it all now let me be clear when i
first started in each one of these i was
oozing with imposter syndrome i didn't
go to school for any of this
none of it and i'm smarter than most
people in this category because i
committed to be a know-it-all i sought
out the knowledge i sought out the
wisdom i found people that i could learn
from every time i intersect with
somebody i'm sitting there going how can
i get smarter how can i learn
what problems do they have that i don't
even know how do i antikipate and it's
always this pursuit of continual
improvement continuous improvement
college is a little version of that okay
but the problem is they don't give you
practikal skills and knowledge what they
do is they put you through their system
that is hard work and you have to do it
on their
thing and
on their timeline and there's value to
it there's certainly value to it but i'm
telling you if you do what i did and you
become a learn it all and you read as
many books as you possibly can you go
through the trainings and take off and
get a cpa a cpa certification or
enrolled agent certification is a
thousand times better than some stupid
masters of accounting unless by chance
you want to pursue your phds or if you
want to get ahead and join a big
corporation then by all means do it you
know what there's a lot of job security
in that let me tell you this right now
if you want to start your business
master's degree the fact that you're
concerned about feeling credible makes
me think you're gonna fail
and i mean that nicely my friend but let
me tell you what entrepreneurship is is
not
you can be a very good accountant and be
a terrible
entrepreneur business owner or somebody
who's gonna start their own gig because
you have to do two things you have to
execute and do the accounting but then
you also have to go and get sales and
that's just the the start of it right
not only that you're going to have to
set up your own email you're going to
have to set up some sort of marketing
you're going to want to get google
reviews you're probably going to want to
make sure that you have some stationery
and grab like you start wearing so many
caps you got to be able to spin that you
have to be able to multitask you cannot
and and by nature most accountants are
behind the scenes high detailed
fine-tooth combed type of people that
are really good at working behind the
scenes and that's fine there's value to
that but unless you're ready to also put
on at least
the sales hat
and then you tok to somebody like us
that can put digital and video and
google ads and assets in place that will
bring them to you but not only do you
have to do sales and prospect and
connect and and peak curiosity and ask
them for meetings and do that
uncomfortable thing of prospecting you
also have to run a meeting
and running a meeting you have to have a
meeting cycle not only this i'm giving
you the framework like you haven't even
worked out your business framework yet
in your services right and you can do it
i mean this
take my 500 course i will frame this out
for you so quickly and so easily that it
is absolutely worth it and is that a
good pitch um but i'm telling you man if
you think that what it's going to be is
you feeling a little naked and a little
insecure about whether or not you're
credible that's not it and here's the
assurance so here's the good news my
friend
think about these business owners so
first of all if you remember my
outsourced account model it's all about
business owners and their businesses
right because that's where the most
opportunity is they have the most
problems that need solving you're
working with a business checking account
which is better than a personal checking
account when it comes to paying you they
in general need the help and there's a
ton of them right and there's this
entropy itself makes sure that there's
roofers and plumbers and electricians
like there are a lot of them that need
this help right and the government's not
making it any easier so what you're
going to find my friend is that um
when they're doing their stuff on a
business owner let's just say let's just
imagine you're a concrete guy right and
you're working for something you're like
you know what i want to do my own
concrete for me break off year one you
barely pay your mortgage you're just
making sure you don't go under your two
you make a little bit of money maybe you
got some help year three all of a sudden
you got help you started making some
money and now they better tok to you
because through this whole thing all
they did was barely survive they don't
understand the problems that are going
on
and on one end of the spectrum
they've been doing their own stuff just
holding on by the seat of their pants
they could do it their themselves on a
real
diy spectrum on this side is them
getting no help doing it themselves and
they are not experts in fact
they'll often have like double counted
revenue they're they they don't have
bank accounts set up like that's the
worst it can get is they do it
themselves and they screw it all up but
you know what there's a lot of people
doing that and then on the other side
let's just say they go to the most
credible confident high caliber high
protein accounting firm that's out there
that's going to cost them a fortune
think of the gap there you know how many
people are like halfway and below on
that
at minimum you should be encouraged that
you as an organized person simply
helping them a little bit will add so
much value because what you don't
understand is that a business owner
wears all these caps and some of them
are so hardwired towards sales so
hardwired towards you know the mechanics
of executing in their job that the
finances the mart like there's marketing
and finance there's kind of these
different vertikals within the business
and different hat that they are
significantly different um types of
thinking like it's using a whole
different hemisphere of their brain and
by the time they get to the end of their
day the end of the week the month the
quarter and the year their decision
making their attention span and
everything that they have in them is no
longer capable of doing this thing that
they hate doing they don't know how to
do they second guess themselves they do
it wrong and it sucks
life from them
just watch it i was just so i'll tell
you a story right now i was just on the
phone with a friend of mine from high
school he runs his own custom cabinet
shot he's been his own diy guy single
owner llc doing his own thing and him
and his wife are having conflict because
of taxes and i'll tell you what the
taxes the bookkeeping and all that just
eats at them because what they've done
is up to this point for like 15 20 years
is you know he just kind of
wings it
well then what happened is last year
something happened you made a little
more money and then a little bit less
money and all of a sudden boom that
you're about to have a fifteen thousand
twenty five thousand thirty five fifty
thousand dollar tax bill you didn't know
about and your wife is asking you about
it you know what that does to you turns
you into a crabby dad i'll tell you that
much turns you into a bad business owner
eats your soul
my friend
again
that's over here don't you think you can
help
i think you can help my friend i think
that if you just take your skills of
being organized and understanding
accounting and bookkeeping and just help
them stay organized shoot there's a
whole atm there's a whole sphere of
business owners that are just virtual
accountants or virtual assistants and
they don't even know how to do
accounting really you can come in and
add a ton of value my friend so my
answer is screw the mba screw higher
education there's a whole bunch of
reasons for that it is the most stacked
up inflationary thing it is not worth it
unless you want to go to big business
and even there entrepreneurship's not
easy this is hard
but you know what
you can put that tee time i was toking
to the same business owner right so i
was toking to my buddy
and i'm like he's like man i just part
of me wants to get out of here and go
work for somebody else because this just
pisses me off and he was toking about
how he gets in arguments with his wife
about how he spends his time right
because i said well the good news is is
you know one bad thing is that work
follows you on the nights and weekends
if you allow it
but on the other side
you kind of set your own schedule right
you you can you can do whatever you want
you want to go on that trip go on that
trip you got to afford it
if you want to go and have the tea time
and play some golf you want to go
fishing you want to go on a hunting trip
you want to work remotely like me myself
if i didn't have a family here i could
seriously do whatever i want everything
i do is on this laptop right here short
of making these videos and i could work
wherever i want whatever i want and i
can make bank right
now he goes you know what i always do
every other week i got a tea time and i
hit it my wife hates it but
there's benefits to this not only that
you can make some serious wealth you can
integrate there's all sorts of reasons
to start your own business and i think a
lot of you are called to do it but if
you can't run meetings and get sale some
prospect
doesn't matter how credible you feel now
that being said it's a lot easier to
prospect it's a lot easier to sell it's
a lot easier to get behind your
marketing system if you work with us and
create videos if you are competent so my
suggestion for you is get your cpa or
enrolled agent if you want that
credibility forget the mba get your
college degree get out go work in a firm
if you want some real experience go call
the local cpas around you and say hey
tell you what wondering if you need help
during this tax season
don't tell them you're starting to own
firm all of these guys need help they
need good help unemployment for
accountants is
worse than it is in the trades okay so
that would be my recommendation to you
good luck god bless i hope that helps if
this is helpful okay i'm trying to make
sure that i give stuff away okay if
you're just looking to start your own
business there's two things i want you
to do number one if that was helpful go
to this support the channel and there's
a link in the description here too and
give me
money if you give a donation well
there's two bucks right this google ad
spender this google adsense does it's
not it doesn't
provide this hour that i just poured out
of myself and i want to do that i feel
called by god to help more of you start
your own business i know that might
sound a little corny but that's the
first thing the second thing is is that
i've got a course okay this course is no
joke and i know that's easy for somebody
to say but if you go to my website go to
feedbackrench.com and you come down here
to online course you can learn about
this thing it's 500
and in this 500 it's your value
proposition it's your structure it's
your coaching what i just did there it's
27 segments and i'm pouring more into it
and i'm telling you this will get you
set for the things you don't know how to
do go get your enrolled agent go get a
cpa get some
bookkeeping help go to bookkeepers.com
they have some really good stuff about
how to do bookkeeping this is about how
to run a business and we can help you
with that that course will help you with
that i guarantee you it'll be worth your
money good luck god bless like and
subscribe if you like this leave a
comment evidently comments help a lot i
don't know i'm just trying to help so
have a good one