4 financial tips for entrepreneurs

Shutterstock_1499312708It’s National Entrepreneurs’ Day! Take a moment to celebrate your success or the great plans you’ve developed.

Maybe you’ve got a fantastic idea for a business and your confident it’s going to be successful. Or perhaps your company is already up and running, but you constantly wonder whether you’re doing everything you can to ensure your business’ financial success and security — and your own. No matter what stage you’re at in the entrepreneurial journey, you can follow these four steps to make the most of the business you’ve built and the future you’re hoping it will have.

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The productivity method more effective than time management

Shutterstock_1208383510What have you done to manage your time and make it stretch as much as possible? Many of us spend extra time at the office, take work home and scramble to keep up with our never-ending to-do lists. But how do you know when you’ve gone from stressed out to burned out?

It can be hard to know, since burnout can sneak up on you. If you’re showing signs of burnout, though, you can recalibrate and focus on managing your energy rather than your time. 

Recognize burnout

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Why did you become an accountant?

Shutterstock_1467409505Today is International Accounting Day, a day started to honor Luca Pacioli — the Father of Accounting and Bookkeeping. On this day, we honor the hard work of accounting and finance professionals around the world. To celebrate, we asked CPAs why they chose the accounting profession. Here’s what they said.

“I went to college knowing one thing — I was going to college. I didn’t know what my major would be, so I started taking classes that I thought sounded interesting. A year and a half in, I signed up for my first accounting class. I jokingly tell people that on day one in my intro to accounting class, I could hear a chorus of angels singing. Suddenly, I’d found my calling — debits and credits were the most genius thing ever. It clicked, it made sense and I loved it! Accounting is the language of business and financial literacy — a valuable life skill. The opportunities I’ve had because I’m a CPA are more than I could have imagined, and I’m very thankful I signed up for that intro to accounting class.”

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Helping your tax clients manage risk

Shutterstock_401845456After another successful busy season, it’s time to take a broader look at your clients’ needs. While tax is one important component of your clients’ financial picture, they need help in other important areas.

They may not be aware that managing risk affects their financial picture. There’s a significant relationship between your clients’ financial well-being and risk management.

Here’s one great example: The greatest potential economic loss for most clients is income loss, either through death or disability. Insurance often best addresses that risk because of the potential magnitude of the loss. If a client dies, beneficiaries inherit the death benefit free of any federal and state income tax, which can be tremendously helpful to those who were depending on the decedent’s income stream. If the policy has a cash value feature such as a universal life insurance policy, the cash value accumulates on a tax-deferred basis. It may be accessed through loans and taxed on a first-in, first-out basis, meaning that any premiums paid on the policy are taken out first and would be tax-free.

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Creating the next generation of CPA leaders

2019 AICPA Leadership Academy group photo (1)There is little doubt that the accounting profession is undergoing major change. New technologies, like blockchain, data analytics and artificial intelligence, are altering how services are provided and redefining the types of services clients need. 

To meet these new demands of capital markets, CPA firms must make sure their employees possess or learn the necessary technology skills. They also need to attract leaders capable of navigating the changing profession, and these leaders will ideally bring fresh talent along with them. That’s where the AICPA’s Leadership Academy comes in.

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