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"The Four Pillars of Tax Advice: A Comprehensive Solution for Business Owners"
Manage episode 364494321 series 3461414
المحتوى المقدم من Purdeep Sangha. يتم تحميل جميع محتويات البودكاست بما في ذلك الحلقات والرسومات وأوصاف البودكاست وتقديمها مباشرة بواسطة Purdeep Sangha أو شريك منصة البودكاست الخاص بهم. إذا كنت تعتقد أن شخصًا ما يستخدم عملك المحمي بحقوق الطبع والنشر دون إذنك، فيمكنك اتباع العملية الموضحة هنا https://ar.player.fm/legal.
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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