Never Be Too Busy to Mind Your Money Honey or end up like FAT JOE.
An Accountant’s job is to help you build a money system that monitors your income, spending, assets, liabilities and tax bills. Most people limit their thinking around accounting and the accounting relationship because they believe that an Accountant’s job is simply to:
1. Prepare Taxes
2. Pay Your Bills
3. Send documents to banks
These are deliverables of an Accountant’s work. What work is your Accountant doing? or Have you even hired your Accountant to help you Count Your Money or Build You a Money System to help you Monitor and Count Your Money, if you have someone else like an Assistant or Manager who handles your money.
Accounting is a 4 year degree, because there are levels to counting money, managing money, growing money, and showing money. Don’t get confused by what a tax or accounting softwares can do and fall for the fantasy that you have an Accountant managing your money or your Accounting is being taken care of by Software. Bookkeeping is an act of accounting, it is NOT accounting. Accountant Management is an act that you perform with your Accountant and Wealth Team. Your Accountant is trained to work with you and think with you through your financial matters, but this too is a service. You must engage your Accountant to provide advice to you and set up your money system, much like you would reach out to your lawyer for advice and to represent you in court. The act of setting up a money system, speaking to the bank, and calling for advice is not free or automatic service for your Accountant. Accountant’s must get with the program and require retainers for certain services or monthly coaching fees.
Accountants are often avoided.
Let’s be real. No one wants to pay their accountant to tell them that they have a tax bill. If you’re an Accountant and you are doing this, put yourself in your client’s shoes. At our firm, eXFinancial CPA, I stress to my team of Accountants to have conversations with our clients. Send them the information they want first like how much is the tax bill, how much I owe, and segway to how tax life can be easier for them. My goal is to help our clients understand financial matters and help them stay in shape around financial factors that get them the results they desire.
a. Lower Tax Bills
b. Banks that Love to Work with Them
c. Working Capital thermometer
d. Estimated Tax Thermometer
e. Identification of Financial Waste
f. Money systems that help them Mind their own Money with their Accountants and Management Team
You can’t be in Business or Make Money in America and turn a blind eye to taxes and money. Fat Joe said, “I was busy making money”, but I say you’re never too busy to Mind Your Money Honey. I get it, I am in the same lane as Fat Joe, booked and busy, but I have focused on building a money system that helps me mind my money and cashflow. If you don’t pay attention to money it won’t pay attention to you.
Build a money system that will deliver regular reports to you. Reviewing these reports is a Wealthy Habit. Look at the Bridgertons Netflix series. Throughout the series, you see the wealthy heads of family reviewing their books. I loved to see it. Put yourself on a schedule to review your books, so you can be, stay or become a Have and Not a Have Not.
Join me for my next Pocket More Profit Bootcamp, the Money System Challenge to learn what financial reports to request and how to read them to lower your taxes and mind your money better. If you don’t have an Accountant or a Money System in place and reports to review weekly, we would love to work with you. Get Free Accountant Advice and Work with us at www.AccountantThisWay.com and share us with your friends so you won’t grow wealthier alone.
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eXFinancialCPA CEO: Youtube.com/SpicedaJackson