The 3 Financial Experts You Must Have In Your Corner To Help You Level Up Your Business
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I’ll just come out and say it: If you’re not being proactive with the financial health of your business, that should be your #1 priority. Because running a business can sometimes feel like it’s all about making money, but that’s really only part of the puzzle.
Spending tons of time, energy, and money on generating revenue isn’t going to be very helpful if you don’t know how to manage the money you’ve worked so hard to bring in. I know so many people (some turned into clients) who made a bunch of money but have nothing prepared when it comes time to pay taxes!
But that’s not going to be you, because you’re here right now, reading this blog that’s going to explain exactly who you need to have in your corner to help you manage your money like a badass. Keep in mind that having the RIGHT people on your side means that you can be involved with the money aspect of your business as little or as much as you want — that’s the beauty of hiring experts!
In this blog, we’re covering:
The 3 people you MUST have on your financial support team
When it’s appropriate to hire each type of advisor
The benefits of having each person supporting your business
As a bookkeeper, consultant and former tax pro, this is something I’m SO passionate about, so let’s get into it!
The 3 Must-Have People on Your Advisory Team
Making a bunch of money is super fun AND comes with a lot of headaches. Like when tax season rolls around and you have to cross your fingers that you have enough cash saved up to pay your liability (aka how much you’ll have to pay Uncle Sam). For some people, paying taxes can totally crush their dreams and make them feel confused and ripped off. And I get that!
Quick story: When I decided I wanted to start the process of buying a house, I was shocked to learn everything that went into it. But then I got pre-approved (yay!) and the same exact day I was told that my tax bill was projected to be about $50k MORE than what I was expecting. (And that’s AFTER my financial team helped me bring it down from what it would have been without any strategy.) Which definitely put a twist in my plans to buy a house, but it also prepared me for what’s to come! This wouldn’t have happened if I wasn’t being diligent about money management.
The ONE thing that can save you from being scared of your money and shift you to feeling empowered is having the right team of experts by your side.
#1 A Bookkeeper
You need a bookkeeper. If you own a business that makes $10 a year or $1M a year, you need a bookkeeper to help you stay organized and compliant with all the IRS’ rules. If you don’t feel ready to hire a bookkeeper for monthly support, that’s totally okay! Most will offer quarterly support or at least a free diagnostic review of your current bookkeeping (we do all of the above btw).
Bookkeeping is so much more than maintaining records, when it’s done correctly. Some bookkeepers will also be able to consult with you and help you analyze what your numbers are telling you. Bonus points if you find a bookkeeper who specializes in your niche or has other clients in the same industry as you so they can give extra support based on past experience.
We specialize in course creators, coaches, and creatives because that’s the industry we know inside and out. And we get to consult with our clients based on their financial reports and the trends that we’ve seen in the online business world!
#2 A Financial Advisor
I used to think that a financial advisor was only for someone who wanted to invest their money and needed help navigating that. But what I learned when I hired Blake Morlet of Invicta Financial Group was that I can lean on him to help me fill the gaps of all the financial things beyond what goes on inside my business. Yes, even “numbers people” need numbers people!
My suggestion is to hold off on a financial advisor until you’re hitting consistent $10k months, because you’ll need to have enough money to move around as needed. I meet with Blake quarterly to chat about both personal and business matters and I’m SO GLAD I have someone that knows how to help me reach my goals!
#3 A Tax Strategist
You won’t need to work with a tax strategist until you’re at a higher income level (your financial planner can help you decide when it’s time). But this is going to be someone who specializes in getting you the MOST tax deductions at the end of the year. Mine is a CPA who helps me plan proactively and find ways to save me money.
Before you really need full tax strategy, you’ll at least need to work with a tax preparer, CPA, or accountant to help you file your tax returns. When your business becomes more complex, you can start having those conversations about how to save or where to spend your money.
Don’t ignore your money and scramble to get everything together at the last minute. You have absolutely NOTHING to gain from pretending like taxes aren’t a thing until you have no choice but to face them.
Even though I was surprised by my projected tax bill, I also felt so EMPOWERED by knowing what to expect. There’s no guarantee that the actual amount will be as high as the projection, but at least I can do what I need to between now and then to make sure the money’s in my account. That means I know when I need to have a launch and how much I need to do in sales to hit my goal.
Yes, it’s complicated. And yes, it can be overwhelming to deal with all of this financial stuff. But leaning on professionals is the biggest favor you can do for your business. It doesn’t matter if you have a team or it’s just you — getting the right support is always going to be a good idea!
Did you ignore your books this year and want to get them cleaned up? We’ve got you. If you’re ready to get started with a bookkeeper or you want to know what it looks like to have one in your corner, schedule a consultation with us — we’d love to meet you!
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