Get a Good CPA
Summary
- When we started our first company in 2016, I didn't know anything about taxes or filing.
- About a year and a half later, I hired a great CPA firm to redo all our books and refile our taxes from the previous year.
- It's not ideal to redo everything, but it can be fixed, and you shouldn't feel bad about it.
- Many businesses, even those making below $3 million in revenue, often don't have their finances in order.
- I've seen businesses as large as $30 million that still don't have their finances together.
Video
How To Take Action
I would suggest implementing a few key strategies to make sure your financials are in order without spending a lot of money or time. These steps can dramatically improve your business or personal growth.
First, if you haven't already, start using accounting software. Tools like QuickBooks or Wave are user-friendly and some even have free versions. They help you track income and expenses, making it easier to manage your finances.
Second, keep detailed records of all transactions. Set aside a few minutes daily to update these records. It saves time later and ensures nothing gets overlooked.
Third, consider hiring a CPA or an accountant for a one-time consultation. They can review your books and offer advice on making sure everything is done correctly. Many provide affordable rates for small businesses or individuals. Even if you can’t afford to keep them on retainer, an initial consultation can set you up for success.
Fourth, revisit your financial situation regularly. Schedule a monthly check-in to go over your accounts, reconcile statements, and ensure everything aligns with your goals. It only takes an hour or so but can prevent issues from snowballing.
Lastly, educate yourself on basic finance management. There are countless free resources online, including articles, videos, and courses. Understanding the basics will help you make smarter decisions and communicate better with financial professionals.
By taking these steps, you'll establish a solid financial foundation, making it easier to grow your business or achieve your personal goals.
Full Transcript
go get a different firm to redo them I've done that before when we first started our first company in 2016 I didn't even freaking know about taxes I didn't know about filing nothing about a year and a half later when I found out I got a great CPA firm I had them redo all of our books from the year prior um and then basically just refiled our taxes um so it's not ideal but it can be fixed and don't feel bad about it because there's a lot of businesses that are in that like a lot of businesses we look at if they're below 3 million in Revenue um they typically don't have finances together I've seen businesses that are like 30 million that don't have their finances together