Here's a great article on how to prepare taxes professionally www.feedbackwrench.com/post/how-to-prepare-taxes-professionally-requirements-for-a-tax-preparation-business
Good one bro! I agree all the points you mentioned, i had similar experience as yours from my previous employer (as an employee). I worked full time with a CPA for 6 years (literally all 7 days/ 90 hrs a week throughout the year), now i quit my job, pursuing my 2nd Masters in Accounting and CPA. I am an 30 year old Enrolled Agent now with 11 years of Accounting, payroll, Book keeping, and US Taxation. Myself with few of my friends formed a corporation to provide Accounting service, to start with Book keeping and Sales Tax filing. YOur video gave me little boost to confidence. Thanks bro! All the best bro!
Am pursuing Ca and cs (india) and how can I enroll for CPA and how to enroll as an agent and I have 6.5 years experience on the same field.. let me know the same soon
5:00_ create a system, and use cloud technology. Focus on business clients not individuals. Keep relationships with clients. Keep a good balance of clients, like 20 clients.
3:19 _ 3 benefits: 1. help pay only fair share of taxes. 2. Save time doing admin. 3. Stay compliant with authorities. So its money, time, and peace of mind.
Your videos are very useful and provide lots of information. I have received lots of help after watching this post, please continue to share this kind of information. Thank you.
You can do it! Keep learning and getting to the point where you can perform the work well and then get excellent training and perspective! Keep financially wise so you can actually have the freedom when you need it.
Bro, you just gave away about 6,000 to 10,000 dollars worth of FREE business consulting GOLD! That's how much I charge start-ups for business consulting. This is how I knew you're legit! I subscribed.
Thank you so much for inspiring me. I am a CPA with an MBA degree, currently enrolled on my PhD. I am an employee and my Accounting expertise is being put aside for nothing and I don't get my job satisfaction at all. However it will take a leap of faith for me to get out of my comfort zone which is employment.
This is honestly the video on accounting that has resonated the most with me in months. It sounds like what you're doing is the USA version of my business here in Canada. Basically starting a one man accounting firm and living and dying by what that means to you. Good vid.
@@FeedbackWrench Np, I'm even going to retune my website and market it more as an "oputsourced accountancy firm", good idea. And business owners in my experience don't like the black box lack of transparency in pricing for accounting services, having right ont he site "$400-1500" gives a range based on size and volume, while still offering prices out in the open.
Cody Payant hey Im from canada too, in your firm do you hire others to work for you and he or she works with a bunch of new clients to make more profit for you?
Well I’m not a young person just getting out of college anymore lol. I’m a 29 year old stay at home mom, and I used to be an insurance underwriter, but I know once my kids are in school I want to get back into the workforce. I plan to get my MS in Accounting since my undergraduate degree is in Anthropology. In addition to that, I know I want to be a business owner, so this video is extremely helpful in getting me to understand how lay the groundwork before I even get there. I’m a planner, so this is some great content. Thank you 😊
This is indeed the best and realistic video I have ever seen on TH-cam. I am also planning to start my own bookkeeping business but don't know where to start. I recently finished my bachelors in Accounting and working as a bookkeeper but I have always wanted to be an entrepreneur and start my own business. Can you please provide some tips on how to start and land your clients. Many Thanks
@@amnaanis4931 If you are still looking I would check out Ben Robinson's course. He shows you how to get clients with no experience sk293.isrefer.com/go/LTBBHP/KG43/
I have 5 years of experience processing payroll, paying payroll taxes, file quarterly returns, w2, garnishments etc.. I am very passionate with payroll stuff. I really want to start my own company but I am lucking of self confident. I appreciate this video.
I would recommend connecting with a sales oriented insurance sales or financial planner, or someone who is great at sales to help you as a partner. Find a business partner!
Watching as an HR expert-I can translate a lot of these concepts to a potential HR business. Pure gold ❤ do you know anyone in the HR outsourcing space I can learn from?
I’m a CPA with 3-4 years of experience. My hesitation is that corporate returns require so much knowledge and even though I’ve prepared them for 4 years I’m worried I don’t know everything like if they sell, etc.
I mean this with all love and encouragement - YOU SOUND LIKE A TYPICAL CPA, and that's alright. Go buy freaking NOLO books and DIY books. Head to the IRS annaul training, H&R block, or Jackson Hewitt annual traning..... Seriously. It's a freaking return.... YOU GOT THIS. you're hard-wired to feel that way Greg - it's how God hard wired your CPA brain. You can learn this - and be just fine.
I understand the credit and the debit and banking and own business but the question is how do u get your own client when you first start . Because im just finished school this year deciding if i want to do accounting.
Get a PT job at a local tax firm. H&R, anything. Learn how to actually process intuit quickbooks, ADP payroll, Intuitively payroll, and tax returns. I have a video called “7 classes better than college, check it out!
Wow, Rob, you are SO down my lane on a lot of this stuff you're talking about! I'm not looking at it from the view of starting my own bookkeeping business, yet I like all the things you're saying around that, like entrepreneurship helping other business owners be better people, your concept of sales, how to get started as a small business, etc.! :D Love your passion. You pack so much good value into this one video!
You mentioned Xendoo. They seem to be providing this same or similar outsourced accounting model to businesses for between $200 and $1,000 per month. So the $500 to $1,500 price range seems high. How worried should someone who is trying to start their own outsourced tax and accounting practice be about large, higher volume competitors like xendoo?
Great question - I believe that the true value of an outsourced accountant is both the A: Stack of valuable services and B: the Wisdom of the Guide. Seriously, if you don't have someone coming to you with ideas as your business fluctuates, you're screwed. Also, there's more than enough business to go around. It's usually all about the trust, making it easy and simple, and handling EVERYTHING together because guess what, - BUSINESS OWNERS DON'T CARE about the how, they just care where you're bringing them or getting done for them. I'm emphasizing that because while it's easy to list out some services and a price, it's hard to pull them together in a coherent, helpful and trustworthy manner that actually moves the needle for the business owner. I'm not worried in the least at the moment, if anything, i see it as confirmation of your value and you should be bullish about your pricing.
Awesome video, great advice. I’m working in audit for a B4 firm and plan on continuing this path for a few more years to learn, but I’ve been thinking about going out on my own eventually and this may have finally convinced me.
Yeah Sean, I'm telling you, it's meaningful work, less intensive than the rat-race, and you can keep your complexity down too. Good Luck and I appreciate your comment.
Great video..I’m actually my 2nd year.. and I think I’m going to make $100,000 a month in the next 6 months.. this video is exactly what I’m trying to do right now..
Thankyou :( I am currently in school for Accounting and decide to get a Assistant position to get experience while in school. I just quit this morning after working 6 weeks. Just working under somebody to help them make crazy money while they pay me only change was super insane and unfair to me! I'm gonna look into making my own bookeeping business while in school
Thanks for the awesome video! I’m a CFP and passed all 3 EA exams (waiting for the IRS to approve my application). I have some questions about starting a tax practice. Do you provide free consultations? If so, please share a link. Thank you!
Would you recommend seeking out a partner who knows taxes before starting a business? Or start the business first with offering bookkeeping and payroll services and then bringing on a tax guy later? My tax game is not very good at the moment but I'm great at the other two services
In my opinion, the tax game is dying. you can downplay the tax return and just learn how to fill out turbo tax or something like that. The value is NOT really in the completion of the taxes. I'd argue that if you can do that other 2, you'll be BEYOND capable to quickly learn how to guide along in tax returns. www.feedbackwrench.com/post/how-to-prepare-taxes-professionally-requirements-for-a-tax-preparation-business. There are a handful of cheap trainings in this blog post I'd recommend.
Even charging all of them 750 which is a little low for some companies that's still 180k a year for you. That's with 20 clients I might clarify as well. Like that's actually insane. You can easily build and build and build and get more and then become the best in the nation.
This is excellent. I just wrote my CFE here in Ontario, Canada. I hope to become a CPA in the next couple of months and this helped me believe I can start my own firm. Thank you!
The weather commentary was frightening (time 4:17), "It's 50 below zero, it's been snowing for 4 weeks" Good gawd. I know people live in those climates. I know that Canada is even more weather-extreme. But I'm not sure how people do it. I lived in the SF Bay Area for a while. In the winter it would stay in the 50s, every once in a great while getting to 60 or 61 degrees. I couldn't handle it. Living in the tropics now. 70 degrees, I put on a sweater. We need 80. 50 below zero. Wowza.
Nope - just pay attention to this article - HOW TO PREPARE TAXES PROFESSIONALLY: www.feedbackwrench.com/post/how-to-prepare-taxes-professionally-requirements-for-a-tax-preparation-business
Wow these are some legit nuggets sir. I already have the business, but want to change more to this type model. WIll be looking at more of yrou vids sir, thanks for the information.
I’ve watched this like 50 times. But I specialize in real estate tax and I don’t think I could convince a RE investor to spend 500/month on bookkeeping, etc unless they were huge. How are you supposed to lock in pricing? Also, what about clients who just want taxes? Do you just turn those clients away or take them too? So many questions haha.
This is fucking brilliant. I've wanted to be a business owner sense I was a kid I finally found out that I wanted to do accounting I am in college allready ownmy first rental from the hustle. When I get out I will deffinatly be doing some sort of thing like this or deffinatly incorporating it into my business
Alright, you got me thinking about how I need to produce some content to explain this. What I would do, is make sure that you understand accounting fully. Whatever it takes for you to truly understand that is most important. From there, I would work to become an enrolled agent so that you fully understand the tax code. And enrolled agent is a phenomenal way to become a great tax person. From there, I would become a certified QuickBooks advisor, and study how to do QuickBooks online really well. After that, I would simply read everything that Sandy Boykin, Mark Kilber, Tom Wheelwright (rich dad poor dad) and then the NOLO business tax reduction books and small business payroll book. Enrolled agent - tax training. Certified QuickBooks pro advisor - bookkeeping. Koehler, Boykin, Wheelwright - tax planning. NOLO - Small Business taxes, payroll, accounting books for logistics on how to process payroll.
@@FeedbackWrench Rob, after reading your great outline above, would you have time to write out a similar version, but for "how to become a great independent digital marketer and website maker for SMBs?" (I've already started down the path of digital marketer/webmaker as a side hustle--in addition to my day job in legacy COBOL computer programming--but would love a similar outline to make sure I'm on track. Hmm, you might already have a video about this, I'll have to check! :D )
What advice would you give a junior/senior accounting student to do right now? Try to intern for small local businesses instead of big 4? Do the tax preparer course on the IRS site? No teacher ive had is giving any useful advice on this.
elreytriton I just started writing out 4 different times and I’m thinking this might be a good video instead of typing. You need to dream - possibilities, then probabilities, and then practicalities. You could build your own firm and make big time money, but you need to be an entrepreneur ... which means you need sales and more than counting beans. So, start out with dreaming about what you would legit like your life to look like 5, 10, 20 years... I would do the ultra practical stuff that I talked about, IRS, intuit pro advisor, learning payroll and bookkeeping WHILE developing yourself. Personally, if you go work for a mid sized regional CPA or tax firm, you might get the best mix of practical experience AND rigorous professional skill development. That being said, if you reached out to a local successful firm and asked for 18-26/hour and made tax season a dream, you would get lots out of it and be able to run your own firm after a year or two.
I got my bachelors in accounting years ago, and I loved my experience at a public firm; however, I do wish I had thought of doing something like this for a specific goal instead of just having a career. No matter what you decide, I do think it.is best to avoid the big 4. I have heard the experience is very impersonal.
Good video, I have a small accounting/tax firm and I have desktop payroll that I do payroll for 30-40 clients. What do you suggest for online payroll because when I do the math it seems that if I use their payroll online it makes it hard to be profitable because when I upcharge the client which make me much less competitive . Thank you .
I'm 22 and about to graduate with an accounting degree but I went the doing 500 tax return route last year lmao. The problem is that I never worked for a firm so I have no idea what the bookkeeping process is and how to use quickbooks. I can't provide payroll and bookkeeping services if I have no clue what business process to put in place and how to actually use the software. I was thinking I should work for a firm for a few years and then take their systems and apply it to my own little accounting firm. I also don't think any firm would hire me if they knew that I would leave after a few years to continue my own Accounting business lol. Any advice??
Patrick sign up to be a quickbooks online pro advisor. There is training on there as well and you become certified if you take and pass their exam. You can also become tsheets certified as well (payroll). You actually get to use there software for free to run your own firm.
I am a mom of 2 little kids. I do simple personal taxes for family members as hobby. I want to change my career from Admin to bookkeeping and Payroll and do personal taxes on the side. I want to work as self employed as I want to work around me schedule. I am looking at different bookkeeping certificate programs colleges. I am not sure where to start. I live in BC. Any recommendations for a beginner like me re what level of education to b gin with? Would only a basic bookkeeping certificate be sufficient to begin with in order to get my foot in?
Awesome. Please guide me that my son is about to complete ACCA. Two papers remaining. He is presently Finanace Trainee in big Utility company. What should he do.
New subscriber here! I love your content. A little concern about your safety here. Driving in the snow with no seatbelt on, and doing a video. I’m assuming you have kids since there’s a car seat on the back seat. Stay safe so we can enjoy your content a little longer. Thanks for sharing your knowledge, and experience with us.
I am going into my first undergrad year in accounting and I am wondering, by doing this, is there a specific amount of hours required to work with a client or do you just have to get it done by the end of the month every month for example, like working with 20 clients each on 1000$ bucks thats 20k monthly, but I would have to get their reports, payroll and taxes done by the end of the month right?
I use ProSeries Professional for personal and Drake for 1120s,1065. For me it is a perfect combination. ProSeries - my time saver - but expensive for corps; Drake - grate value for business returns.
Hello I am French I had to open an LLC because I would like to do wholesale in the United States, to buy from American wholesalers I had to open an LLC and now I would like to resell on Amazon US and Walmart, accounting in France is very complicated but I thought I understood That accounting in France at least for a small business is very simple?
I really like this. Im gonna try it. But wouldnt the clients also need to acquire the same cloud based accounting software ( eg. quickbooks online) that I use? Which may be expensive for them. How else would I be able to update their records? Thnx.
Amazing video! I’m not a licensed CPA, but I want to start my own firm from home. Would you recommend just starting off with bookkeeping and payroll for now? I have 6-7 years in mortgage industry, so I’ve worked with reviewing personal/business taxes, but not sure im ready to take on filing small business taxes for clients especially without having CPA license yet. Starting with just bookkeeping and payroll would be a good start? Hope you have time to reply to this. Thank you
What would you recommend the range of revenue for each client in order to maintain a reasonable work/life balance? Obviously it would be difficult managing 20 clients with tons of revenue
You’ll have to develop the skill for developing a scope of work and feel during the discovery/analysis process so you can develop a price that properly reflects the difficulty of the client. Therefore, you use your discovery and pricing to make sure that you don’t overwork yourself.
I went straight to work in industry accounting. Do you think I could use my knowledge learned here and apply it to clients. My worry would be taxes, bookkeeping I don’t have experience with this. Love your videos
Hi, I really liked the content. Could you please tell me how you organize all the tasks and monthly, quarterly to do‘s for many customers when the business grows?
It's not difficult to get business. I have business owners calling me finding me from google but the problem is, I only have knowledge about taxes so far. Graduating with an accounting degree soon but I've never actually used the bookeeping software or learned the entire business process.
Patrick, this is super encouraging. Here's what I would do: 1- Focus on TAX PLANNING now..... you can read Sandy Botkin's Tax books, Mark Kohler, and the "Tax Free Wealth" books and "Tax Loopholes of Real Estate from the Kiyosaki collection. Help them with tax planning, wealth tax planning, etc. FROM THERE - Learning QUickbooks is SIMPLE. Each week, or every other week, get all your clients quickbooks online reconciled. THe other hting you could do is tap into Intuit's own bookkeeping service, and even their payroll service, and have intuit's people do it while you serve more as the tax CFO. THe main thing is to start adding substantial value.....
@@FeedbackWrench Thanks. I do need to learn the software or work for a firm for a few years and also get an EA license. Would quickbooks give me a cut of their fees if I outsourced clients to them for payroll + bookeeping while I dealt with tax planning and preparation?
This is what I wanted to do myself. Mine each would be us expats. Digital Nomads that's trying to take advantage of the FEIE and the foreign tax credit. Is there a software besides QuickBooks that I can use to help potential clients with this? I also want to make sure they filled out the proper forms for foreign accounts and foreign investments
What are your thoughts on "first month free" or something for businesses. Also, thoughts on implementation fees? Onboarding costs for a new client (waiving it). Etc
You really gotta focus on the overall value you’re delivering and their problems getting solved. If anything you need to from load with a startup fee most of the time. Be frank about where they are for messing around and setup. You CAN make it easier or harder to signup based on your intuitions and their complexity.
If you hustle, and have good salesmanship and analysis process... fast. There’s more that needs to go into it - How to Get B2B Clients FAST Bookkeeping Business, SEO, Web Design etc. th-cam.com/video/rOl5jp_RGqI/w-d-xo.html
Hello. I just need a little advice. I just turned 34. I also just started my Business Administration Accounting Associate's degree studies. I have worked over 15 jobs since I was 18 but am exceptional with numbers and always wanted to be an entrepreneur. I want to start my own firm in about 8 years. Is it too late for me? Should I be leary with organizations like the big 4 already out there? Is it realistic for me to attempt to have my own All Service Accounting Firm? Thanks in advance. Pernell Banks
Hello brother, I am Brazilian and an accounting student. I have been very concerned about the future of accounting, as new technologies are further automating accounting processes. And with that, it is necessary to always update yourself in order not to be left behind in this market. I would like to kindly ask for your help in what I should do, if you have any advice to give me, I really like the area and I want to have a good income. If you were 18 and studying accounting, what would you do in this situation? Thanks for listening! Your channel is very good! thanks!
I have a couple more recent videos about adding value I’d recommend watching. I think my advice is to continue to understand accounting, and start identifying super complicated bureaucracy that needs navigating. Whether it’s taxation, complex industries, or sectors with required oversight, those are the more complex problems that need to be solved. I hate it, but you could just follow big money and big bureaucracy in order to identify the highest income potential for accounting
I would add that you are probably correct in thinking that accounting is going to help many of its tasks taking over by technology, but there’s always the need to help people navigate complex decisions and opportunities. You need to specialize in delivering amazing value by solving hard problems, saving companies money, helping them run more efficiently, and increase their bottom line.
@@FeedbackWrench Truth! Thank you very much for your words, it helped me a lot. I'm sure I can be a great accounting professional, even more following your videos !!
Hello Sir! I am based out of India & would like to start my own accounting firm for catering US clients. I plan on to start with bookkeeping services first & then move to other services. Would it to extremely difficult for me to onboard clients virtually? And also is it even a sustainable business plan to start an accounting firm from outside US and succeed? Really looking forward to your reply Sir!
![3 Bookkeeping Business Fails You Gotta Stop! [Starting a Bookkeeping Business & Accounting Firm]](http://i.ytimg.com/vi/xjkOSj8ldR8/mqdefault.jpg)
Here's a great article on how to prepare taxes professionally www.feedbackwrench.com/post/how-to-prepare-taxes-professionally-requirements-for-a-tax-preparation-business
I feel dirty, like I’m stealing this knowledge. Thank you so much.
Great knowledge 👏. I bit the bullet and started my Non-CPA firm.
Good one bro! I agree all the points you mentioned, i had similar experience as yours from my previous employer (as an employee). I worked full time with a CPA for 6 years (literally all 7 days/ 90 hrs a week throughout the year), now i quit my job, pursuing my 2nd Masters in Accounting and CPA. I am an 30 year old Enrolled Agent now with 11 years of Accounting, payroll, Book keeping, and US Taxation. Myself with few of my friends formed a corporation to provide Accounting service, to start with Book keeping and Sales Tax filing. YOur video gave me little boost to confidence. Thanks bro! All the best bro!
Awesome. What are your main things you've learned or would pass along to someone considering their own practice?
Am pursuing Ca and cs (india) and how can I enroll for CPA and how to enroll as an agent and I have 6.5 years experience on the same field.. let me know the same soon
BALA CAN YOU SHARE YOUR EMAIL ID
Can I be part of your corporation? I am also a Chartered Accountant with 5+ years of experience.
5:00_ create a system, and use cloud technology. Focus on business clients not individuals. Keep relationships with clients.
Keep a good balance of clients, like 20 clients.
can I do bookkeeping online our I need an office?
@@vanguard7361 you can ! There are so many actually out there, mainly now with covid issues and restrictions...
3:19 _ 3 benefits: 1. help pay only fair share of taxes. 2. Save time doing admin. 3. Stay compliant with authorities. So its money, time, and peace of mind.
You're doing great helping people start bookkeeping business. Keep it up. God bless you all.
Your videos are very useful and provide lots of information. I have received lots of help after watching this post, please continue to share this kind of information. Thank you.
I’m currently in school for accounting and this has given me the fire under my butt that I needed. Awesome concept. I’d love to be my own boss.
You can do it! Keep learning and getting to the point where you can perform the work well and then get excellent training and perspective!
Keep financially wise so you can actually have the freedom when you need it.
@@FeedbackWrench
What do you mean financially wise? Could you give more advices about this ?
This is me too
Now this video is what I call a TON OF VALUE!!! Thanks so much.
this is one of the best videos i've ever watched on youtube lol...
Kevin Schart 🤣😂🤓
very educational, well done! check our video th-cam.com/video/8SqU7rck7IY/w-d-xo.html
Very informative
For real, this is soooo value added, this is one of the best entrepreneurial videos I've seen.
I am in initial process to start my own book keeping, payroll and acctng firm.. This is useful content Sir!! Watching this from Africa
Bro, you just gave away about 6,000 to 10,000 dollars worth of FREE business consulting GOLD! That's how much I charge start-ups for business consulting. This is how I knew you're legit! I subscribed.
Awww shucks - thanks!
Thank you so much for inspiring me. I am a CPA with an MBA degree, currently enrolled on my PhD. I am an employee and my Accounting expertise is being put aside for nothing and I don't get my job satisfaction at all. However it will take a leap of faith for me to get out of my comfort zone which is employment.
I am part of Andrew's program which has been great overall but MAN i wish i found you earlier haha. getting ready to binge watch your channel.
Thanks. I am not from US, but watching this stuff helped me understand few making business things with your fast thinking explaining
This is honestly the video on accounting that has resonated the most with me in months. It sounds like what you're doing is the USA version of my business here in Canada. Basically starting a one man accounting firm and living and dying by what that means to you. Good vid.
Thanks man. Appreciate ir
@@FeedbackWrench Np, I'm even going to retune my website and market it more as an "oputsourced accountancy firm", good idea. And business owners in my experience don't like the black box lack of transparency in pricing for accounting services, having right ont he site "$400-1500" gives a range based on size and volume, while still offering prices out in the open.
Cody Payant hey Im from canada too, in your firm do you hire others to work for you and he or she works with a bunch of new clients to make more profit for you?
Well I’m not a young person just getting out of college anymore lol. I’m a 29 year old stay at home mom, and I used to be an insurance underwriter, but I know once my kids are in school I want to get back into the workforce. I plan to get my MS in Accounting since my undergraduate degree is in Anthropology. In addition to that, I know I want to be a business owner, so this video is extremely helpful in getting me to understand how lay the groundwork before I even get there. I’m a planner, so this is some great content. Thank you 😊
Check out this too. www.feedbackwrench.com/post/how-to-prepare-taxes-professionally-requirements-for-a-tax-preparation-business
This is indeed the best and realistic video I have ever seen on TH-cam. I am also planning to start my own bookkeeping business but don't know where to start. I recently finished my bachelors in Accounting and working as a bookkeeper but I have always wanted to be an entrepreneur and start my own business. Can you please provide some tips on how to start and land your clients.
Many Thanks
🤓 I will definitely start talking about this more.
FeedbackWrench
Thanks @Feedback Wrench
I would like you to talk about it more ;)
@@amnaanis4931 If you are still looking I would check out Ben Robinson's course. He shows you how to get clients with no experience sk293.isrefer.com/go/LTBBHP/KG43/
I love your heart, I love Jesus, I love your advise, and now I’m subscribed!
This is the Keanu of tax and accounting! LOL
I have since opened my own Company to be my own Boss. Thanks for this Inspiration
DUDE! That's really encouraging.! GOOD LUCK!
@@FeedbackWrench Thanks Much
Amazing content and great answers to above questions and what to read up on. 🙏🏽
Is there a book I can read up on to self learn more about this ? Where can I start learning more about the business ?
I have 5 years of experience processing payroll, paying payroll taxes, file quarterly returns, w2, garnishments etc.. I am very passionate with payroll stuff. I really want to start my own company but I am lucking of self confident. I appreciate this video.
I would recommend connecting with a sales oriented insurance sales or financial planner, or someone who is great at sales to help you as a partner. Find a business partner!
You should always seek complimentary gifted partnerships
FeedbackWrench I used to have one but unfortunately did not workout. Thank you for the advise! :D
Thank you for the video!!! We learn a lot with you! Thank you!
Watching as an HR expert-I can translate a lot of these concepts to a potential HR business. Pure gold ❤ do you know anyone in the HR outsourcing space I can learn from?
I’m a CPA with 3-4 years of experience. My hesitation is that corporate returns require so much knowledge and even though I’ve prepared them for 4 years I’m worried I don’t know everything like if they sell, etc.
I mean this with all love and encouragement - YOU SOUND LIKE A TYPICAL CPA, and that's alright. Go buy freaking NOLO books and DIY books. Head to the IRS annaul training, H&R block, or Jackson Hewitt annual traning..... Seriously. It's a freaking return.... YOU GOT THIS. you're hard-wired to feel that way Greg - it's how God hard wired your CPA brain. You can learn this - and be just fine.
It’s snowing…dude pulls down the shoulder belt…cruising down the slippery highway while steering with his knees…I love the Midwest.
I understand the credit and the debit and banking and own business but the question is how do u get your own client when you first start . Because im just finished school this year deciding if i want to do accounting.
Excellent video. This fellow knows what he is talking about.
Yes, he does--that's why I love watching his videos! The real deal.
Im 19, accounting major, student athlete. This info was GOLD. how do I build my resume in college? I'm a sophomore right now.
Get a PT job at a local tax firm. H&R, anything. Learn how to actually process intuit quickbooks, ADP payroll, Intuitively payroll, and tax returns. I have a video called “7 classes better than college, check it out!
This is exactly what I am doing! The Hustle Don't Stop!
That’s awesome, any great take away sir lessons you’d share about it?
Hey Daveeda can you assist me?
@@jmikestoud8480 please email me jeaneane.brown@gmail.com
Daveeda Jane Brown how did you start
Eldrid Palmer by taking courses and practice my skills
Wow, Rob, you are SO down my lane on a lot of this stuff you're talking about! I'm not looking at it from the view of starting my own bookkeeping business, yet I like all the things you're saying around that, like entrepreneurship helping other business owners be better people, your concept of sales, how to get started as a small business, etc.! :D Love your passion. You pack so much good value into this one video!
You mentioned Xendoo. They seem to be providing this same or similar outsourced accounting model to businesses for between $200 and $1,000 per month. So the $500 to $1,500 price range seems high. How worried should someone who is trying to start their own outsourced tax and accounting practice be about large, higher volume competitors like xendoo?
Great question - I believe that the true value of an outsourced accountant is both the A: Stack of valuable services and B: the Wisdom of the Guide. Seriously, if you don't have someone coming to you with ideas as your business fluctuates, you're screwed. Also, there's more than enough business to go around.
It's usually all about the trust, making it easy and simple, and handling EVERYTHING together because guess what, - BUSINESS OWNERS DON'T CARE about the how, they just care where you're bringing them or getting done for them.
I'm emphasizing that because while it's easy to list out some services and a price, it's hard to pull them together in a coherent, helpful and trustworthy manner that actually moves the needle for the business owner.
I'm not worried in the least at the moment, if anything, i see it as confirmation of your value and you should be bullish about your pricing.
this video is actually brilliant. can't lie
🙏
this is what i really need to hear. these are really good points! thank you :)
Good luck in all you do
Awesome video, great advice. I’m working in audit for a B4 firm and plan on continuing this path for a few more years to learn, but I’ve been thinking about going out on my own eventually and this may have finally convinced me.
Yeah Sean, I'm telling you, it's meaningful work, less intensive than the rat-race, and you can keep your complexity down too. Good Luck and I appreciate your comment.
Hi can we work together
I have been doing bookkeeping without really thinking about it. Since most people do not sort their receipts and statements.
Thank you so much!!!! Just started my own accounting business during COVID and this soooo helpful!!!
Great video..I’m actually my 2nd year.. and I think I’m going to make $100,000 a month in the next 6 months.. this video is exactly what I’m trying to do right now..
Thankyou :( I am currently in school for Accounting and decide to get a Assistant position to get experience while in school. I just quit this morning after working 6 weeks. Just working under somebody to help them make crazy money while they pay me only change was super insane and unfair to me! I'm gonna look into making my own bookeeping business while in school
Thanks for the awesome video! I’m a CFP and passed all 3 EA exams (waiting for the IRS to approve my application). I have some questions about starting a tax practice. Do you provide free consultations? If so, please share a link.
Thank you!
Yes! www.feedbackwrench.com/contact-us
Cool guy ... I appreciate you telling me the sexy way of doing it
Thanks for the information, this gave me the push that i need to start my own company:)
Would you recommend seeking out a partner who knows taxes before starting a business? Or start the business first with offering bookkeeping and payroll services and then bringing on a tax guy later? My tax game is not very good at the moment but I'm great at the other two services
In my opinion, the tax game is dying. you can downplay the tax return and just learn how to fill out turbo tax or something like that. The value is NOT really in the completion of the taxes. I'd argue that if you can do that other 2, you'll be BEYOND capable to quickly learn how to guide along in tax returns. www.feedbackwrench.com/post/how-to-prepare-taxes-professionally-requirements-for-a-tax-preparation-business. There are a handful of cheap trainings in this blog post I'd recommend.
@@FeedbackWrench Thanks brother I appreciate the advice!!
Can you do all of this without being a cpa?
Go Seattle!!! Great video btw. Amazing info.
This is such a great video. Thank you so much for your tips.
Even charging all of them 750 which is a little low for some companies that's still 180k a year for you. That's with 20 clients I might clarify as well. Like that's actually insane. You can easily build and build and build and get more and then become the best in the nation.
This is excellent. I just wrote my CFE here in Ontario, Canada. I hope to become a CPA in the next couple of months and this helped me believe I can start my own firm. Thank you!
All the best. You can do it!
I'm a mom of 2 boys homeschooling and want to do learn about bookkeeping to work from home.
The weather commentary was frightening (time 4:17), "It's 50 below zero, it's been snowing for 4 weeks"
Good gawd. I know people live in those climates. I know that Canada is even more weather-extreme.
But I'm not sure how people do it. I lived in the SF Bay Area for a while. In the winter it would stay in the 50s, every once in a great while getting to 60 or 61 degrees.
I couldn't handle it. Living in the tropics now. 70 degrees, I put on a sweater. We need 80.
50 below zero. Wowza.
Hi? This information is wonderful. Am in Bloomington, almost launching my bookkeeping business.
Thanks for all your knowledge!!! To do the taxes do you need to be authorized by IRS, right ?
Nope - just pay attention to this article - HOW TO PREPARE TAXES PROFESSIONALLY: www.feedbackwrench.com/post/how-to-prepare-taxes-professionally-requirements-for-a-tax-preparation-business
Thank you for sharing your passion. I love the hedgehog concept that you mentioned.
Jim Collins book good to great
Wow these are some legit nuggets sir. I already have the business, but want to change more to this type model. WIll be looking at more of yrou vids sir, thanks for the information.
I’ve watched this like 50 times. But I specialize in real estate tax and I don’t think I could convince a RE investor to spend 500/month on bookkeeping, etc unless they were huge. How are you supposed to lock in pricing? Also, what about clients who just want taxes? Do you just turn those clients away or take them too? So many questions haha.
Wow, thank you so much! You've given me so inspiration.
This was extremely helpful thank you for making this video
This is right on time. Thank you!
Greetings.
Im a sales manager at a tax and accounting firm. I need a few ideas to get started in sales and marketing . What did you do ?
I need help! Idk how to start
This is fucking brilliant. I've wanted to be a business owner sense I was a kid I finally found out that I wanted to do accounting I am in college allready ownmy first rental from the hustle. When I get out I will deffinatly be doing some sort of thing like this or deffinatly incorporating it into my business
That’s awesome man. What part of the country are you in?
I'm in the midwest
How do you think the automation of accounting?
Do you think it will be a threat to the business you mentioned in the video?
What qualifications do I need? Im on track for a Bachelors in Accounting, but do I need to go that far in schooling?
Wait, do I? Would an associates be sufficient?
Alright, you got me thinking about how I need to produce some content to explain this. What I would do, is make sure that you understand accounting fully. Whatever it takes for you to truly understand that is most important. From there, I would work to become an enrolled agent so that you fully understand the tax code. And enrolled agent is a phenomenal way to become a great tax person. From there, I would become a certified QuickBooks advisor, and study how to do QuickBooks online really well. After that, I would simply read everything that Sandy Boykin, Mark Kilber, Tom Wheelwright (rich dad poor dad) and then the NOLO business tax reduction books and small business payroll book.
Enrolled agent - tax training.
Certified QuickBooks pro advisor - bookkeeping.
Koehler, Boykin, Wheelwright - tax planning.
NOLO - Small Business taxes, payroll, accounting books for logistics on how to process payroll.
Thanks man! I appreciate it👍
@@FeedbackWrench awesome answer man, keep up the great work!
@@FeedbackWrench Rob, after reading your great outline above, would you have time to write out a similar version, but for "how to become a great independent digital marketer and website maker for SMBs?" (I've already started down the path of digital marketer/webmaker as a side hustle--in addition to my day job in legacy COBOL computer programming--but would love a similar outline to make sure I'm on track. Hmm, you might already have a video about this, I'll have to check! :D )
What advice would you give a junior/senior accounting student to do right now? Try to intern for small local businesses instead of big 4? Do the tax preparer course on the IRS site? No teacher ive had is giving any useful advice on this.
elreytriton I just started writing out 4 different times and I’m thinking this might be a good video instead of typing.
You need to dream - possibilities, then probabilities, and then practicalities.
You could build your own firm and make big time money, but you need to be an entrepreneur ... which means you need sales and more than counting beans.
So, start out with dreaming about what you would legit like your life to look like 5, 10, 20 years...
I would do the ultra practical stuff that I talked about, IRS, intuit pro advisor, learning payroll and bookkeeping WHILE developing yourself.
Personally, if you go work for a mid sized regional CPA or tax firm, you might get the best mix of practical experience AND rigorous professional skill development.
That being said, if you reached out to a local successful firm and asked for 18-26/hour and made tax season a dream, you would get lots out of it and be able to run your own firm after a year or two.
I got my bachelors in accounting years ago, and I loved my experience at a public firm; however, I do wish I had thought of doing something like this for a specific goal instead of just having a career. No matter what you decide, I do think it.is best to avoid the big 4. I have heard the experience is very impersonal.
Good video, I have a small accounting/tax firm and I have desktop payroll that I do payroll for 30-40 clients. What do you suggest for online payroll because when I do the math it seems that if I use their payroll online it makes it hard to be profitable because when I upcharge the client which make me much less competitive . Thank you .
@Janet Dwyer could you Pl share your Mail Id - we are also in Payroll Process
I'm 22 and about to graduate with an accounting degree but I went the doing 500 tax return route last year lmao.
The problem is that I never worked for a firm so I have no idea what the bookkeeping process is and how to use quickbooks. I can't provide payroll and bookkeeping services if I have no clue what business process to put in place and how to actually use the software.
I was thinking I should work for a firm for a few years and then take their systems and apply it to my own little accounting firm. I also don't think any firm would hire me if they knew that I would leave after a few years to continue my own Accounting business lol.
Any advice??
Patrick sign up to be a quickbooks online pro advisor. There is training on there as well and you become certified if you take and pass their exam. You can also become tsheets certified as well (payroll). You actually get to use there software for free to run your own firm.
I am a mom of 2 little kids. I do simple personal taxes for family members as hobby. I want to change my career from Admin to bookkeeping and Payroll and do personal taxes on the side. I want to work as self employed as I want to work around me schedule. I am looking at different bookkeeping certificate programs colleges. I am not sure where to start. I live in BC. Any recommendations for a beginner like me re what level of education to b gin with? Would only a basic bookkeeping certificate be sufficient to begin with in order to get my foot in?
Awesome. Please guide me that my son is about to complete ACCA. Two papers remaining. He is presently Finanace Trainee in big Utility company. What should he do.
New subscriber here! I love your content. A little concern about your safety here. Driving in the snow with no seatbelt on, and doing a video. I’m assuming you have kids since there’s a car seat on the back seat. Stay safe so we can enjoy your content a little longer. Thanks for sharing your knowledge, and experience with us.
My seatbelt was on, it was just tucked behind - appreciate the care and I’ve since worked hard to keep the belt in front!
I am going into my first undergrad year in accounting and I am wondering, by doing this, is there a specific amount of hours required to work with a client or do you just have to get it done by the end of the month every month for example, like working with 20 clients each on 1000$ bucks thats 20k monthly, but I would have to get their reports, payroll and taxes done by the end of the month right?
Love your energy. Thank you.
Do I have to have an office initially? Is an home office acceptable?
He suggested that at the very least get one of those mailboxes from a place that will give you a physical address.
Do you also use Quickbooks/Xero for doing taxes? If not which software do you recommend?
QuickBooks wholesale as a pro advisor is good
Read this more carefully, we used Drake for taxes. And smartvault for client files etc
I use ProSeries Professional for personal and Drake for 1120s,1065. For me it is a perfect combination. ProSeries - my time saver - but expensive for corps; Drake - grate value for business returns.
Hello I am French I had to open an LLC because I would like to do wholesale in the United States, to buy from American wholesalers I had to open an LLC and now I would like to resell on Amazon US and Walmart, accounting in France is very complicated but I thought I understood That accounting in France at least for a small business is very simple?
Ayoo you are very passionate on being an accountant
Wow, THANK YOU.
I really like this. Im gonna try it. But wouldnt the clients also need to acquire the same cloud based accounting software ( eg. quickbooks online) that I use? Which may be expensive for them. How else would I be able to update their records? Thnx.
You could include the software fee in the retainer fee
What’s the best way to gain clients
Amazing video! I’m not a licensed CPA, but I want to start my own firm from home. Would you recommend just starting off with bookkeeping and payroll for now?
I have 6-7 years in mortgage industry, so I’ve worked with reviewing personal/business taxes, but not sure im ready to take on filing small business taxes for clients especially without having CPA license yet.
Starting with just bookkeeping and payroll would be a good start? Hope you have time to reply to this. Thank you
Rob, thanks for the video! When do you think it's necessary to get a CPA license? Can you do all that you mentioned without a CPA license?
Oh yes
Why not pursue a CPA and be legit?
So helpful thank you!
What would you recommend the range of revenue for each client in order to maintain a reasonable work/life balance? Obviously it would be difficult managing 20 clients with tons of revenue
You’ll have to develop the skill for developing a scope of work and feel during the discovery/analysis process so you can develop a price that properly reflects the difficulty of the client.
Therefore, you use your discovery and pricing to make sure that you don’t overwork yourself.
Aka - price it right
@@FeedbackWrench thanks so much!
This is really helpful man! Love this!
I went straight to work in industry accounting. Do you think I could use my knowledge learned here and apply it to clients. My worry would be taxes, bookkeeping I don’t have experience with this. Love your videos
Hi, I really liked the content. Could you please tell me how you organize all the tasks and monthly, quarterly to do‘s for many customers when the business grows?
Where should go to learn Bookkeeping?
It's not difficult to get business. I have business owners calling me finding me from google but the problem is, I only have knowledge about taxes so far.
Graduating with an accounting degree soon but I've never actually used the bookeeping software or learned the entire business process.
Patrick, this is super encouraging. Here's what I would do: 1- Focus on TAX PLANNING now..... you can read Sandy Botkin's Tax books, Mark Kohler, and the "Tax Free Wealth" books and "Tax Loopholes of Real Estate from the Kiyosaki collection. Help them with tax planning, wealth tax planning, etc. FROM THERE - Learning QUickbooks is SIMPLE. Each week, or every other week, get all your clients quickbooks online reconciled. THe other hting you could do is tap into Intuit's own bookkeeping service, and even their payroll service, and have intuit's people do it while you serve more as the tax CFO. THe main thing is to start adding substantial value.....
@@FeedbackWrench
Thanks. I do need to learn the software or work for a firm for a few years and also get an EA license.
Would quickbooks give me a cut of their fees if I outsourced clients to them for payroll + bookeeping while I dealt with tax planning and preparation?
This is what I wanted to do myself. Mine each would be us expats. Digital Nomads that's trying to take advantage of the FEIE and the foreign tax credit. Is there a software besides QuickBooks that I can use to help potential clients with this? I also want to make sure they filled out the proper forms for foreign accounts and foreign investments
Could I start my own accounting firm with only a bachelors in accountancy?
This is awesome, thank you! (But put on your seatbelt! Safety! Lol)
I know it’s not enough, but the belt was around my waist, not across my shoulder. So I was buckled up 1988 style ;)
@@FeedbackWrench better than nothing! Glad to hear it lol :)
What are your thoughts on "first month free" or something for businesses. Also, thoughts on implementation fees? Onboarding costs for a new client (waiving it). Etc
You really gotta focus on the overall value you’re delivering and their problems getting solved. If anything you need to from load with a startup fee most of the time.
Be frank about where they are for messing around and setup.
You CAN make it easier or harder to signup based on your intuitions and their complexity.
How many months to go from 0 clients to 15 clients? 2 months? 4 months? If I put all my time into this.
If you hustle, and have good salesmanship and analysis process... fast. There’s more that needs to go into it - How to Get B2B Clients FAST Bookkeeping Business, SEO, Web Design etc. th-cam.com/video/rOl5jp_RGqI/w-d-xo.html
@@FeedbackWrench How do you market your company? Like what marketing strategies?
@@mp-sv2cp I have a video called "how to get b2b clients:" which is the best start.... I'm like standing in front of . a tree outsidel
You got me pumped up dude!
That’s great! Good to hear I could be helpful
Thank you for your channel, advice, and great work! Don't forget your seatbelt next time ;)
best video...thanks for sharing
My dad started an accounting firm back in the 1990,he used to make 1k a day!!!
U sure?
@@slideroast5531 Easy!
Hello.
I just need a little advice. I just turned 34. I also just started my Business Administration Accounting Associate's degree studies. I have worked over 15 jobs since I was 18 but am exceptional with numbers and always wanted to be an entrepreneur. I want to start my own firm in about 8 years. Is it too late for me? Should I be leary with organizations like the big 4 already out there? Is it realistic for me to attempt to have my own All Service Accounting Firm?
Thanks in advance.
Pernell Banks
You are a boss dude, very inspiring
Hello brother, I am Brazilian and an accounting student. I have been very concerned about the future of accounting, as new technologies are further automating accounting processes. And with that, it is necessary to always update yourself in order not to be left behind in this market. I would like to kindly ask for your help in what I should do, if you have any advice to give me, I really like the area and I want to have a good income. If you were 18 and studying accounting, what would you do in this situation? Thanks for listening! Your channel is very good! thanks!
When you say area, do you mean accounting area or the brazillian area?
I have a couple more recent videos about adding value I’d recommend watching. I think my advice is to continue to understand accounting, and start identifying super complicated bureaucracy that needs navigating. Whether it’s taxation, complex industries, or sectors with required oversight, those are the more complex problems that need to be solved. I hate it, but you could just follow big money and big bureaucracy in order to identify the highest income potential for accounting
I would add that you are probably correct in thinking that accounting is going to help many of its tasks taking over by technology, but there’s always the need to help people navigate complex decisions and opportunities. You need to specialize in delivering amazing value by solving hard problems, saving companies money, helping them run more efficiently, and increase their bottom line.
@@FeedbackWrench
Truth! Thank you very much for your words, it helped me a lot. I'm sure I can be a great accounting professional, even more following your videos !!
Caio Soares well that’s kind of you! God bless!
Hello Sir!
I am based out of India & would like to start my own accounting firm for catering US clients. I plan on to start with bookkeeping services first & then move to other services. Would it to extremely difficult for me to onboard clients virtually?
And also is it even a sustainable business plan to start an accounting firm from outside US and succeed?
Really looking forward to your reply Sir!