Go Summarize

How to Start a Bookkeeping, Payroll, Tax and Accounting Company that Makes Big Money

how to start a bookkeeping business#how to start a cpa firm#starting a cpa firm#how to start a tax firm#Own your own cap firm#Starting your own accounting firm#Start cpa firm#Starting a cap firm from scratch#Starting own cpa firm#Start your own cpa firm#Start your own bookkeeping business home#Start own accounting practice#Start own accounting business#Start my own accounting practice#Starting accounting practice#Start my own tax firm
129K views|5 years ago
💫 Short Summary

Rob Satrom shares insights on starting a tax and accounting firm, emphasizing entrepreneurship over pursuing a CPA title. He discusses the benefits of offering consulting services, focusing on saving time, mitigating taxes, and ensuring compliance for clients. By providing comprehensive services like tax planning, bookkeeping, and payroll, firms can build long-term relationships and increase revenue. Satrom highlights the importance of an outsourced accountant model, utilizing cloud-based accounting programs, and targeting specific industries like construction and real estate for potential clients. Networking, simplifying business strategies, and prioritizing sales are key to success in the outsourced accounting industry.

✨ Highlights
📊 Transcript
Insights on starting a tax and accounting firm from Rob Satrom, owner of Feedback Wrench.
Emphasis on the importance of entrepreneurship for young accountants.
Advice to focus on building a business rather than just pursuing a CPA title.
Value of providing consulting services to tax professionals highlighted.
Strategy outlined for starting a successful firm with a manageable workflow, including serving as an outsourced accountant.
Benefits of being an outsourced accountant for businesses.
Outsourced accountants offer tax planning, bookkeeping, payroll, and compliance services to save time and money for business owners.
Monthly retainer fee ranges from $500 to $1500, replacing the need for an expensive employee.
Utilizing cloud-based accounting programs like QuickBooks Online or Xero streamlines processes and provides valuable business insights.
Providing comprehensive services like tax returns, bookkeeping, and payroll can lead to long-term client relationships and increased revenue.
Benefits of offering bookkeeping and accounting services to small business owners.
Saving time, assisting with compliance, and reducing taxes are key advantages highlighted.
Speaker's business model success reaching a million dollars in revenue is mentioned.
Importance of focusing on a simple Hedgehog concept in business strategy is emphasized.
Hedgehog concept involves driving economic engine, aligning with passion, and utilizing skills effectively.
Importance of Monthly Billing for Small Businesses
Monthly billing can provide a consistent flow of income, which is crucial for driving economic growth and stability.
Impact on Small Business Owners and Entrepreneurs
Providing support and assistance to small business owners and entrepreneurs can greatly improve their quality of life and benefit their families.
Sales Approach for Small Businesses
Sales should focus on consulting, problem-solving, and offering solutions, rather than simply pushing products.
Challenges for Process-Driven Individuals
Process-driven individuals may find it challenging to attract clients, which is a common obstacle for small businesses.
Tips for Starting a Successful Business
Find a prime location for credibility, even if it's just a mailbox.
Choose a unique business name that is easily searchable online.
Establish your brand with a basic logo and colors.
Open a Google My Business account to build your digital presence.
Focus on adding value to potential clients and collecting reviews to boost your reputation.
Accumulate Google reviews over time to dominate your local sector with targeted Google Ads.
Target individuals with 1099 income for potential business opportunities.
Strategies for Tax Efficiency for Individuals with 1099 Income.
Setting up an S corp can help individuals like insurance agents and salespeople reduce taxes.
Implementing a reasonable salary and using a payroll system can lower Social Security taxes.
SEP IRAs and 401Ks can be utilized for tax planning and retirement savings.
Optimize tax efficiency for those making net profits up to $200,000, and manage payroll and salary tension for tax mitigation.
Importance of real estate and property for tax planning and wealth building.
Coaching individuals on utilizing S corp, retirement plans, and real estate for financial growth.
Advising on outsourcing accounting services to prioritize analysis and value provision for clients.
Highlighting the importance of building relationships and offering personalized services rather than rushing through tax returns.
Emphasizing personalized services and client-focused approach over traditional CPA methods.
Benefits of consolidating business functions into a single spot for service providers.
Integrated approach allows for better organization and informed decision-making for business owners.
Joining networking groups like BNI can help professionals make connections and secure meetings.
Building personal connections and offering a coaching system with feedback can help outsourced accounting firms stand out and demonstrate expertise.
Demonstrating value proposition to potential clients is essential for outsourced accounting firms.
Tips for Tax Planning and Bookkeeping Improvement
Analyzing tax returns can reveal opportunities for tax planning and better bookkeeping practices.
Determine the size of the business to focus efforts and keep processes simple for small businesses.
Starting an outsourced accounting firm and attending networking events can help attract clients.
Targeting the construction and real estate sectors can lead to potential clients, especially by converting real estate agents to S corps for tax savings.
Setting daily appointment goals and prioritizing sales are crucial in the early stages of the business.