Meeting with Your CPA Regularly: Why It’s Great for Your Business

Key Takeaways:

1. Keep Track of Everything, Every Month
   Just like you’d check your grades or allowance, businesses need to look at their money each month—and review bigger things every few months to plan for taxes.
2. Save Up and Spread Out
   Businesses should keep at least six months’ worth of money ready for bills and emergencies. Also, don’t depend on just one customer—having many keeps your business safer and more appealing to future buyers.
3. Make It Work Without You
   If a business can only run when one person (like the owner) is there, it’s harder to sell. The more your business runs on systems and a team, the more valuable it becomes.
4. Plan Ahead to Avoid Surprises
   If you look at your money and taxes often, you won’t get hit with big surprises. You can make better decisions about what to spend, save, or invest in.
5. Structure It Smart
   Setting up your business the right way (with help from a lawyer) can protect what you own and make selling the business easier down the road.
   
   

Chapters:

Timestamp Summary

0:00 The Importance of Regular Financial Record Keeping for Businesses

2:08 Financial Planning and Tax Strategies for Business Stability

4:48 Preparing Your Business for Sale and Ensuring Its Longevity

7:29 Preparing for Business Success with Idiot-Proof Strategies

 

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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.