061 When To Start Your Own Accounting Firm
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- Опубликовано: 27 сен 2024
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I love Old Timey Tuesday. 😂. And prayers for your Dad that his remission continues!
Thank you Brenda!
Jason how’d you get yourself in my brain?… this awesome and I know a lot of others are looking to hear this, thank you Jason. These questions are awesome.
This is a fantastic video. It's clear and easy to understand your explanations. Thank you for providing this information.
I have found with my years of working (in general not just in accounting), I do not enjoy working in corporations or big businesses. Therefore I think I'm going to do contracting work. If I dont like a business Im working with I can finish a project and not work with them again. Or if I enjoy the business I can discuss future projects. It also allows room for growth and learning different stuff as well. Not sure if there is a lot of money in it though!
I want to second the joy of running a solo firm (baby firm?) and the lack of learning to run a firm while at a Big 4. While I did the cannonball into firm running after many years in the B4 world, it was not the easiest, and I was lucky as it's serving the government, and I already had an extensive network in that world. Overall, I love being able to own my schedule and being able to take time to spend more time with my small kids (no annual bonus can compare to starting a Friday doughnut with Dad and afternoon swim tradition with my daughter)
Kid traditions are the absolute best
I have fort night with the boys every Tuesday night while my daughter's at gymnastics. We take the living room apart and build cool stuff but the naming does cause confusion.
Loved this episode. Just stumbled upon your channel searching how to study for the CPA. I am currently in school for my second bachelors in accounting and goal is to graduate this summer and apply to take my CPA exams before starting work at a firm. Loved the part where you said “finding the intersection of what I’m good at, what I enjoy, what is sustainable” as this is the practice of Ikigai (your reason for living. I am not interested at all in climbing the corporate ladder and have learned the beauty of owning your own time and schedule. I recently became work from home and it has been amazing to spend more time with daughter. My goal is to open a firm that does tax prep and bookkeeping for small business owners and content creators. Any advice for the CPA exam? Thanks so much!
Ah nice! Re: advice on the CPA exam, you can run an incredible bookkeeping & tax firm without a CPA, so don't put too much pressure on yourself. Being able to pass the exam has zero connection to if you're going to be a great firm runner (have even more time to spend with your daughter)
Thanks so much Jason I appreciate the advice!!
19:38, what benefit is there at all for a staff willing to admit they want to leave one day? All it does is put a target on their back.
If you're the firm-runner, create a space where people are comfortable sharing this
Everybody on your team has goals, some you're blind to some they're willing to share
As a firm runner I'd rather have complete information than be surprised when they bounce one day
If someone on my team wants to run their own firm down the road, I'm happy to help them develop the skills that'll enable that future
@JasonCPADaily I agree that it's ideal but idk how you can get new employees to believe it's genuine when all the other advice is the complete opposite. I do hope we can create more environments where this is the norm.
Hi Jason. I have a question. How do you deal with clients who doesn’t give you accurate numbers for example, year-end inventory or sales tax filing. How do you estimate?
Yeah great Q! Accompanying any deliverable ought to be any assumptions that you couldn't get them to provide explicit answers for
As annoying as it is sometimes info with some assumptions baked in is better than delivering no info at all. Just be sure to call out those assumptions to cover your own heiney
Hi Jason! I recently passed the CPA in the Philippines and wanted to start my own firm, but I have zero experience in the field. Do you think it is necessary to gain experience from employment first or should I just jump without experience? Thanks in advance! And thank you so much for this great vid!
I'd steer you to toward getting experience in different types of accounting work to learn what you enjoy
I started in tax but eventually learned I enjoyed CAS more because it let me get into tech integrations
Then depending on the type of work you land on, it's probably worth spending a bit of time with a firm to pick up some tricks, then make the decision if you want to do your own thing!
@JasonCPADaily. Hi Jason. I am working on my CPA license. Half way there. I have 8 years tax experience in a large firm particularly real estate. I am looking forward to start my own firm this year hopefully after I get my license in the summer. Do you think I need to join smaller firm before I start my own business? Your help is appreciated.
Let me pull this into the Q&A pod that goes out this Friday!
Do you need a ACCA practising certificate or qualifications
I’m a 1st year tax associate. I want to start a fractional CFO/CAS firm mostly, but will adjust to what the market tells me.
My plan is to finish CPA and leave after a full year or 2 and then start my firm. I’d pivot to an industry accounting job (sr accountant or controller) while I build the firm to save time and build operational skills.
Does this seem reasonable? Am I not spending enough time in public? I really thrive on business development and want to get out of the grunt work ASAP. But I wanna do it right. If you read this thank you!!
The biggest thing I didn't know at this stage was *who* I wanted to work with
Everything got so much easier as the number of successful business owners that were my age increased
I'd say do everything you can to align what you're doing now with what you ultimately want to do, for example you can absolute do biz dev for someone else's firm
Then you've eliminated as many unknowns as possible when you do make the jump 💪
Hi @JasonCPADaily - Do you think it's worth it to purse the CPA license in 2023 for those over 35, and wanting to have the option to work for themselves. Context: Already met the 150 credit hr requirement and purchased a review course, not interested in working in public accounting, prefer working in a corp finance function instead.
I don't think you can be too old to become a CPA. Your personal experience with it will depend on what you want and what your background is. Ask yourself is the juice worth the squeeze.
In the Corp Finance world, being a CPA won't hurt and might help when interacting with accounting and auditors as you could have a better understanding of where they are coming from. Also, it might give you more options in your future career as you can have some flexibility should you try to get into a more accounting-heavy role. I am a CPA though so I might be biased as I belive it gives me options.
It may matter more going in to corporate than it would running your own firm
Unfortunately it's still on the list for many job requirements, but as you know won't ultimately be a big driver of success relative to other factors
So the right answer may depend on whether the level of corporate finance you go into could mandate it, or whether future promotions could be gated by having the license
Great episode today! Re working for a manager who will support and encourage your goals to do something different, I found those managers hard to find. I would hear that I was always well placed for my position (“ie, I am stuck in my current role”). So frustrating and I always ended up moving on to somewhere else. I like the anti goal idea/boundaries idea.
Yeah for managers, hard to get out of the mindset of purely managing through self-interest
But ultimately it comes back to bite you
Great discussion, Jason, from all angles. The story about your Dad literally gave me chills. Doesn't get much clearer than that on recalibrating your perspective on "tomorrow" thinking!
Yes!
I love this so much. I decided to leave my full time job and taken my accounting practice full time starting in January this year. I was excited to spend more time with my mom and be able to help take care of her more. She died 2 weeks before my last day.
Don't wait ... It's better to start when you're not ready than it is to start too late
Oh my goodness - so true
Sorry for your loss. Thank you for the advice
How is it going now? Sorry about ur mum
@@RobertLeversyt dang I had forgotten about this comment. 1.5 years into this as a full time thing and things are growing. Fast. Like having trouble keeping up with the growth fast. It's an awesome problem to have but man I'm whiplashed. I'm about to implement some systemization a la Jason's latest videos to help get this thing right.
I can tell you having a good team helps a ton. I have a contract VA that saves my butt multiple times per day (usually from myself). And I had a contract bookkeeper/tax preparer over the last year helping with the workload. He'll be going full time with me in the next couple of months, so I'm excited about that.
I wish he was a product manager. Spoke from that pov. Verse professional services.
He must have stellar ppl working. Imagine giving equity to those folks