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"The Four Pillars of Tax Advice: A Comprehensive Solution for Business Owners"
Manage episode 364494321 series 3461414
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Here are the topics covered in this episode along with bullets:
1. Problems with Traditional Accounting Firms
- Accountants are often seen as technicians having an entrepreneurial seizure
- Billing by the hour and compliance focus
- Business owners not receiving the service they deserved from their CPA firm
2. Introducing the Account Success Formula
- Subscription-based model with unlimited access to the accountant
- Four Planning Pillars to understand clients' business plan, wealth plan, retirement plan, and estate plan
- Tax advice designed based on client's Four Planning Pillars
- Both clients and accountants love the new model
3. Collaboration and Creating Value for Clients
- Collaboration and communication between professionals is crucial
- Focus on creating value for the client instead of billing hourly
- Shift towards creating value for clients
- Recognizing the value that others can bring to clients
- Focusing on all four pillars adds value to clients
- Collaboration is misunderstood as simply passing referrals back and forth
4. Advice and Strategic Planning
- Getting advice from the wrong people can negatively impact business decisions
- Many accountants have tunnel vision and may not be equipped to give effective business advice
- Providing value is the goal rather than simply offering typical advice
- Clients want a trusted advisor who can help with important business ventures and expansions
- The tax advice that most business owners receive is incomplete
5. Speaker's Journey and the Future of MBA Chartered Professional Accountants
- The speaker worked in a traditional accounting practice for 18 years and was eventually made partner
- Partnership collapsed and the speaker started their own accounting practice
- Sold their own practice and wrote a book to help other accountants
- The speaker emphasizes the importance of passion, purpose, and profit in a new venture
- Joined MBA Chartered Professional Accountants as a strategic advisor, became a principal, and now owns a third of the company
- MBA wants to create a national firm across Canada and impact 15,000 business owners
- The speaker is not trying to bash accountants, but highlight the problem with the business model.
1. Problems with Traditional Accounting Firms
- Accountants are often seen as technicians having an entrepreneurial seizure
- Billing by the hour and compliance focus
- Business owners not receiving the service they deserved from their CPA firm
2. Introducing the Account Success Formula
- Subscription-based model with unlimited access to the accountant
- Four Planning Pillars to understand clients' business plan, wealth plan, retirement plan, and estate plan
- Tax advice designed based on client's Four Planning Pillars
- Both clients and accountants love the new model
3. Collaboration and Creating Value for Clients
- Collaboration and communication between professionals is crucial
- Focus on creating value for the client instead of billing hourly
- Shift towards creating value for clients
- Recognizing the value that others can bring to clients
- Focusing on all four pillars adds value to clients
- Collaboration is misunderstood as simply passing referrals back and forth
4. Advice and Strategic Planning
- Getting advice from the wrong people can negatively impact business decisions
- Many accountants have tunnel vision and may not be equipped to give effective business advice
- Providing value is the goal rather than simply offering typical advice
- Clients want a trusted advisor who can help with important business ventures and expansions
- The tax advice that most business owners receive is incomplete
5. Speaker's Journey and the Future of MBA Chartered Professional Accountants
- The speaker worked in a traditional accounting practice for 18 years and was eventually made partner
- Partnership collapsed and the speaker started their own accounting practice
- Sold their own practice and wrote a book to help other accountants
- The speaker emphasizes the importance of passion, purpose, and profit in a new venture
- Joined MBA Chartered Professional Accountants as a strategic advisor, became a principal, and now owns a third of the company
- MBA wants to create a national firm across Canada and impact 15,000 business owners
- The speaker is not trying to bash accountants, but highlight the problem with the business model.
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