Jacksonville CPA | Getting You A Clear Understanding
Hello and welcome to this podcast segment. This is branded Mcelroy, the president of Mineva, Jacksonville based tax accounting and consulting firm, or we help our clients achieve their goals. So today I want to talk about a new market segment that I am getting into. Um, to this point. Our firm has, uh, served a kind of a smorgasbord of clients ranging from $20,000,000 companies to just an individual with a w two. So we’re starting to try to segment and compartmentalize our businesses to try to help better understand the needs of the market, um, and better serve our customers. So if you have a Jacksonville CPA that you are not satisfied with, give us a call because I believe we can help you out. So we’re forming a new exciting, I can’t go into all the details right now, but we’re forming a new offering to small businesses and what we consider a micro business or a home based business or someone that is looking to transition that, that is in a small home based business.
So he tried to transition to maybe doing that full time. But um, and specifically as it relates to taxes and accounting and I’m making sure your finances are in order, church to achieve, excuse me, achieve your financial goals. So Jacksonville CPA that you’re working with is not giving you what you need to achieve your goals. And then come and come to an eva and we can help you out here. So first off, I just want to kind of give a brief highlight of five things that I think small business owners, specifically homebase, whether you’re a freelance journalist or a real estate agent. Ten 99, someone that is, I’m considered a subcontractor or maybe a subcontractor of a subcontractor. No, you’re, you don’t have an employer that is providing you benefits. So you don’t have an employer that is withholding social security and Medicare and matching that portion of the taxes.
If you’re not prepared for this and you do, you don’t have a clear understanding of how this works and you’re going to be in for big surprise when you file your tax return. So I don’t know if a Jacksonville CPA that has discovered that is discussing these issues the way we handled them at Mineva. So first off, number one is making sure that your personal and business finances are separate, okay? And you, you have to treat your business like a business. You can’t have one account. You’re paying for your personal bills, paying for your business bills.
Number two, know your numbers, okay? Bill Gates says, knowing your numbers as a fundamental prerequisite to breading a successful business, so know your numbers. What do I mean by that? Well, what it takes to operate your business every month, okay? If for some, it can be as simple as a cell phone and an Internet connection and a $5 a month email subscription, but know your numbers as well, especially for someone who is looking to transition from being an employee to a business owner. You need to know your numbers personally and for Your Business, okay? Because you need to know how much money you need to earn on a weekly, monthly, yearly basis to achieve your financial goals. If you’re Jacksonville CPA is not bringing these things to your attention, then you need to give us a call to know your numbers. Number three, manage your cash. Okay? Manage your cash. What does that mean? Okay, so human nature is a funny thing. We’re all subject to it. Um, and most people do what’s called a bank. Balanced accounting. You want to buy something, you look at your bank account online and you say, oh, goody, I have enough money in there. I think I’ll buy it without taking into consideration. You kind of have a tax bill due the end of this quarter
and you in that situation, you have not managed your cash well at all. So Jacksonville CPA what I would recommend, and this borrows from the profit first system, profit versus a book written by a caliber, and this is a system that I use myself and my own business, but you need to have, depending on your business and what your needs are, I recommend at the minimum you have three accounts, three bank accounts that is now if your bank is going to give you problems with opening up, I say problems. If they’re going to charge you a monthly fees for opening new accounts, get another bank, find another banker, you know, I work with a credit union in my city here in Jacksonville and you know, I have six or seven accounts and uh, they don’t charge me fees with the exception of if I go over my transaction limit of I think maybe I’ve been charged $20 in fees in the last year and a half. Um, so number one, keep your business and your personal record separate. Number two, know your numbers. Number three, manage your cash. Okay? Know how much for every dollar you earn, how much you should be dedicated, dedicated to taxes, okay? And on a regular rhythm, you need to start transferring these amounts into their accounts to their distinguished accounts. So for instance, at the, at a minimum, like I said, some people may need more of the minimum. You need three accounts, one for your income, your savings, and one for your taxes. Okay? So number four,
save. Okay? Get yourself on an automatic savings plan. There’s a great book out there called the automatic millionaire, highly recommended, the automatic millionaire. There’s so many people that have the potential to have financial freedom and time freedom, lifestyle freedom, but yet they, they’re wasting their resources without realizing it, and they were just a little bit more intentional. They could be very financially successful. Okay? And, um, I’ve personally in my family’s life, I’ve seen people struggle with this debt and fear, foreclosure and not being able to be there for family events because you’re working because if you don’t work, you can’t pay the mortgage. And um, it’s just, um, no, let’s be intentional. Safe, okay? Set yourself up on a monthly recurring savings plan. Make it automatic where you don’t have to think about it, okay? If you’re Jacksonville CPA is not giving you this information, then please give Mineva call.
And number one, keep your, uh, business and personal finances separate. Number two, I’m number two.
I forget what number two was. Number three,
manage your cash. Now, number two is know your numbers. Number three was manager your cash. Number four was safe,
number five is and fast in yourself, okay, spend the money on yourself if you have a Jacksonville CPA that it’s not helping you give them a name of a call, but, um, improve yourself, improve your skills, increase which you learned and increase what you earn.