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Ideas from inside Upside CFOFind a CPA That Makes YOU Money
by Brian Lang
There are plenty of CPAs who worked for the big 4 who aren’t very impressive, and plenty that are with a small business or local firm and are awesome. So, it’s imperative you learn how to interview CPAs.
Don’t underestimate the amount of money a strong CPA can bring in. It can, and will be a complete game changer.
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Are Virtual CFO Services For You?
The short answer is at least $1.0m in revenue and sometimes this can be more in the range of $1.5m to $2.0m in revenue. The long answer is it depends. Is your revenue enough that virtual CFO services make sense? Companies using virtual CFO services typically...
5 Ways to Restore Your Cash
Growing your wealth is the name of the game. Many business owners only focus on top line revenue, which isn’t a bad thing. However, often it is easier to simply keep more of the money you’ve already earned and optimize your overall cash flow to live a wealthier life....
Find a CPA That Makes You Money
In the previous blog, you just fired your CPA. Now, comes the hard part. How do you find a CPA who focuses on delivering you an ROI? Even better, how do you find someone who actually understands business and doesn’t just crunch numbers? You need someone who...
How to Breakup With Your CPA Service Provider
People outgrow their professional service providers, especially CPAs. After a few years of growth as a business owner, it is common to realize your current CPA isn’t the right person for you. They may not share the same passion you have for minimizing your tax bill....
Is Your CPA Doing Everything They Can For You?
This is an important question to think through. How do you know if your CPA is doing everything they can to help you? It is disturbing to hear business owners and individuals rattle off several things they dislike about their CPA. When you dig further and ask the...
5 Not-So Common Ways to Grow Your Business
The people who are really strong at building businesses are able to position it for sale, typically providing a large, one-time chunk of change. Another alternative is to find someone to run your business. Everyone wants “passive income”, turn your business into a tool, as you sit back…
Don’t Fear Change – Replace Your CPA!
Why are people reluctant to switch CPAs? The main reason is simple, people fear change. There are multiple statistics that show the average client stays with their CPA for over 7 years. This is an extremely long time, especially when you factor in many common...
The Dream of Home Ownership is Wrong
Home Ownership. The American Dream. This is often a poor financial decision. I will prove it to you with my own personal situation. I often get a jaw-dropping reaction when I tell people that I rent our primary residence even though we own over 10 homes. “Why would...
The Truth About SBA Loans: EIDL vs PPP
The CARES Act was recently passed to help small business owners just like you. This legislation contains the option to apply for one of two loans products backed by the Small Business Administration: either the Economic Injury Disaster Loan (EIDL) directly from the SBA…
Are You Big Enough for Tax Planning?
We get this question a lot. It is always some form of “How much money do I need to make before I can consider a tax plan?" We hate to do it, but we usually answer that question with another question: "Would you rather have money in your bank account, or in the bank...
Salary Distorting Your Financials?
A common theme that occurs on many business owners' financial statements is that the owner's pay distorts the actual profit of the company. We often see owners paying themselves too low of a salary (more common) or too high of a salary. This discrepancy in salary...