3 Bookkeeping Business Fails You Gotta Stop! [Starting a Bookkeeping Business & Accounting Firm]

[@delubiod1970]

Starting my career change at 54, coming from IT and learning the in and outs of Bookkeeping.... I love this video it tells a ton on how to approach business people and earn their trust..... Wow, thank you!!!!

[@eggsackley9435]

I clicked for the title, I stayed for the shirt.

[@FeedbackWrench]

Free to choose baby.

[@ShawnaeScott]

Haha 😂😂😂

[@voodoochild863]

Love it.

[@voodoochild863]

Rothbard and Roth conversions.

[@alhfgsp]

Based.

[@rickelleastland]

This is so true. Market yourself as a business analyst with experience in accounting. Otherwise they won't see value. Great video and awesome advice❤

[@elliesnotes]

I’m not sure lying is the best way to start 😅

[@niajeannine]

@@elliesnotesactually that is smart. accounting is very broad. small biz dont want bk svcs even tho they need it. The want help managing the financial (tax) side if their biz...if they even decide to pay taxes...so they need to be able to ask questions (as close to free as possible) and go on about their biz. I have two folks who generate good money but refuse to pay for a bookkeeper and they have yet to file their taxes! 😮 😅 annd they owe! 😂

[@mdanisurrahman6594]

I love your energetic contribution to all new Bookkeeping freelancers.

[@FeedbackWrench]

I really appreciate that

[@Paul-in-Viet-Nam]

Thank you, this video is awesome! So is your Milton Friedman shirt, I've never seen one before. You've inspired my subscription.

[@michaelmccall8847]

This is gold right here, thank you so much!

[@Zluke5750]

Wow, awesome video! Way to break it all down, damn near spot on! You rock man

[@dapoayorinde7389]

Thanks for this. This video could easily be called ' Good Customer Service Tips', Customers centric. Customer is king. Adding value, beyond what other Bookkeeps can offer. Putting the yourself in your Customers' shoes, being empathetic.

[@AF_1892]

I'm a solo Doc. I don't accept insurance. But the value I offer has kept many loyal patients on foodshare and medicaid. Basically any clinic that takes insurance you get treated like trash. It feels nice to spend an hour connecting all the dots with people who have been only seen a non-physician. I can already feel though, that they are making processes like writing a prescription more robotic. You have to know all the hoops to jump through to get insurance to pay for their medications. It's gotten especially bad the past few months, they are throwing up so much paperwork and roadblocks patients are just paying out-of-pocket and hoping that the pharmacy doesn't know they have insurance. How pitiful. They want more mid-level people not drs because they dont know enough to treat something without running a bunch of tests. Then they never really fix the underlying problem. The insurance lobbies and big pharma, nursing lobbies are too blame for this. People in rural areas have the most glaring missed diagnosises. They dont have to worry about being sued, BC they will go after the "supervising" Dr instead. Sadly, a lot of people just die and didn't know they had a missed diagnosis till they suddenly got sick. Heart failure and packmaker issues are complex to understand or explain. So we know what happens. Im not trying to self promote, but I will say find a dr that doesn't process insurance. There are even surgical facilities and imaging places who work for cash only pricing. Having a plan that only covers expensive things is good to have. So far in 24, I had ppl on medicaid, start buying 'marketplace' insurance. My gosh do not waste your money on it. They make it impossible to get any of your prescriptions Medical Care Etc covered. They require prior authorization and tons of paperwork come on only frustrating everybody. They generally give up and just use GoodRx and don't use their insurance . We will see if any new sickness happens but unfortunately the scene people in other states ends on New Year's Eve of 24 as of currently. I only have a handful of people in other states but I've grown to know them the past 4 years and it makes me sad.

[@A.24.000]

thank you! I saved your video so I can rewatch when putting together my discovery questions...so valuable! Can you recommend any tax mitigation resources for beginners? appreciate you!

[@3LakesBookkeeping]

How does a bookkeeper make time for all that mining? KZbin videos, calls, messages, and networking events is practically a full work load on its own…..how does one manage this while also having a handful of bookkeeping clients as is?

[@delubiod1970]

That's a good question. Maybe hire someone to help you do the mining??

[@JenniferTenney-x3r]

Thanks Rob! So glad I saw this!

[@catrealw682]

Rob! We appreciate you, I appreciate you. This was so so good. Thank you

[@FeedbackWrench]

Oh Catreal, God uses your encouragement in big ways. Thank you

[@xjyoyo]

Thank you for the great content! It’s so helpful. Golden nuggets.

[@FeedbackWrench]

Happy to help!

[@lunamorris2091]

I extremely like the video, man. Very helpful and informative. Thank you very much. It is presented so well too. Great, positive work.

[@leebstill]

I NEED A LIST OF THOSE QUESTIONS TO ASK LOL. IM COMING FOR MY WEBSITE & MARKETING

[@dr_corrupt1014]

I can make you a website up and running for $1500

[@carolynniemann6934]

Thank you for the video and your time. Good stuff. 😎🤟

[@jadearanas8441]

Golden. A lot of insights here. Thanks for making this vid

[@candyluna2929]

So definitely go to become an EA along with bookkeeping

[@NotreallyAcitygirl]

Hello, the algo offered your video to me. Thank you for your content. The one question that I have is, are you suggesting that the bookkeeper prepares the tax returns of a business and or preparing and filing their returns? I ask this because albeit helpful for the client, it is way out of the scope of a Bookkeeper. Im not saying that its unheard of that BK's do indeed offer the service, I just feel that a CPA or tax expert is better fit to handle that task. I'm considering opening up a BK buisness and can offer some tax suggestions, but I am no expert, so I was just wondering to what extent were you advising a new BK buisness to endulge in tax business... Thank you, if you've read through all this.

[@theguire]

Dude. This is some really great $h!t. I've been watching/taking copios notes on your 34 min vlog for almost two hours. I was going to some tax prep along with the bookkeeping, but you opened my eyes to the true value I could be delivering. My degree is Mathematics (software engineer - over 30 years, retired) wanting a second career. Tired of the development grind. Opened my eyes, my friend. I need to get some groceries but I'll be back.

[@n.o.s2525]

A beautiful presentation and high level of insight on how to not just create the ideal business strategy but also amazing work lifestyle.

[@iwantcheesypuffs]

Pricing at a "higher" and I mean real price point for services is the only RIGHT way to start this or any other service based business. It automatically prequalifies your clients. They value you more, respect you more, are better to work with, and most likely have better references.

[@michaelbaez1081]

Amazing Information 🙌🏼

[@rosierollin]

Thankyou! Just Subscribed! Thinking of starting new career path! Blessings to all!

[@gina86]

Thank you! This is valuable.

[@FeedbackWrench]

Awww, thank you so much

[@terrencec5197]

Can we record the conversation?

[@RobertSatrom]

Sure

[@Paul-in-Viet-Nam]

One party consent is all that's necessary to record a conversation. If you're a party in the conversation and you agree, you can legally record it without their knowledge or permission.

[@Mimi-hn6iv]

​@@Paul-in-Viet-Nam There are quite a few states that require two party consent. California, Delaware, Florida, Illinois, Maryland, Massachusetts, Montana, Nevada, New Hampshire, Pennsylvania, and Washington.

[@siddarthkrishnan7778]

This was superb. Thank you

[@susanelias816]

Good info But I’m afraid I’m not up to snuff from Boom? Eeks!!

[@ShoaibRahman00]

Very good discussion ❤❤

[@markskidz8114]

How do you tell people you do taxes without being an accountant. I can do books cause I did books for my business for years.

[@FeedbackWrench]

I encourage them to find ways to add lots of value so they can charge more. Learning to do taxes is something many people undergo after hearing this advice, and their customers benefit.

[@markskidz8114]

​@@FeedbackWrench How do I learn to do taxes? Do I have to go to school for that to become an accountant? I live overseas I am trying to put my bookkeeping. Business together while I am not living in America.

[@MLG88726]

You are great. I’d love to connect.

[@FeedbackWrench]

I'd love to connect. Heres my calendar: www.feedbackwrench.com/calendar

[@rasraster]

Honestly, do you really get business owners to open up to you all those highly proprietary and sensitive details about their business?

[@FeedbackWrench]

If you’re authentic, worthy of trust, curious and help their organization - a huge percentage of your small business clients will share soooo much. You see, there’s a common bond between entrepreneurs and business owners, almost like people who play the same college or pro sport…. You share the same troubles, struggles and similar goals. You should nurture a curiosity about their lives and be genuinely interested, rooted in a love for others, and it almost always grows into a pretty deep relationship. But not all people are like that, and it’s not always apprpriate. But if you don’t know the future goals and past stories of your customers, you literally cannot be a good accountant or bookkeeper.

[@DFHart-rw5bp]

Much easier to land $1k+ per month client when you are already either a CPA or certified tax preparer, IMO. For those of us who aren't, it's more difficult to accomplish.

[@DFHart-rw5bp]

Re: pricing. Lot easier to land a $1k + per month if you are already a CPA or certfied tax preparer, so....

[@UTubePhoenix]

Beginning of video @0:25s “I’m going to move very quickly here” Then I look up and see the video’s 36 mins long… 😯

[@UTubePhoenix]

… 36 mins later - good stuff Rob!

[@FeedbackWrench]

Lol

[@stetsonsmith9067]

Do you feel like technology will eliminate this business model?

[@FeedbackWrench]

You know, lawyers can't suit software. Businesses will still need someone to take responsibility and ensure it's right. I really think the need is for a more complete solution - bookkeeping, with tax planning, with CFO style guidance, with sales/crm/project management. The key is to provide a highly integrated, highly valuable service.

[@madvillainy6845]

With all the marketing you mentioned, gone oerson can not do all of it alone.

[@ericcarson342]

Loving the Milton Friedman shirt.

[@Virtual-realityISold]

Imagine telling your bookkeeper what’s going on. And I’m not the one who made his job difficult

[@tajminurrahman9434]

Thanks for valuable suggestions.

[@rose6486]

9:00

[@vharris1480]

Bookkeeping is NOT an easy business

[@FeedbackWrench]

What are the most difficult parts of it from your perspective?

[@adamramroop4099]

One of the common challenges I face is getting clients to timely send requested documents needed to perform bookkeeping work.

[@mikejackson3619]

Finally, someone speaking the truth

[@basilisk5620]

So Socratic selling...... Sounds just like Bill

[@Lightnite12]

Another BK Guru...geez, where does it end?

[@L.11.11.]

❤

[@panama2468]

Imagine supporting an economist that relied on disingenuous and hypocritical concepts. Good bookkeeping info tho

[@FeedbackWrench]

Imagine thinking you can defend against any principle Friedman taught. Provide one example of a Friedman principle you can soundly dismantle.

[@kbro6618]

​​@@FeedbackWrench Oh, ok here are some the come to mind. 1.Friedman's support of deregulation and free markets has contributed to economic instability, as seen in the 2008 financial crisis. 2. His belief that the only social responsibility of business is to increase profits has been short-sighted and harmful to society. 3. His advocacy of school vouchers and privatization of education has undermined public education and exacerbating inequality. 4. His opposition to minimum wage laws has been contributing to low wages and poverty. 5. His advocacy of a flat tax has been disproportionately benefiting the wealthy and increasing inequality. 6. His views on exchange rate regimes and monetary policy have been contributing to currency crises and economic instability in developing countries. 7. His support of neoliberal policies has been contributing to the decline of labor unions, the erosion of social safety nets, and the increase in income inequality.

[@RobertSatrom]

2008 we got Dodd Frank and it was the “equitable” crowd lowering standards of lending while still sending them to Fannie and Freddie - literally opposite of what you claim and the results were from increased meddling. The 2008 crisis is 100% the fault of government socialists asking to lower the standards required for mortgages that they then sold as AAA rated bonds.

[@RobertSatrom]

@@kbro66182 - business cannot do any other social responsibility by FORCE. Long term viability and pursuit of profitability and continuation either drives toward moral and ethical business - or cronyism. It is your very “regulators” that create the opportunity for cronyism.

[@RobertSatrom]

@@kbro66183 - every aingle thing Friedman mentions about schools is shown as factual before our very eyes. We’ve never had higher spending on education, nor have we had such a terrible outcome. The assumption that when given a choice, all people would flee the public schools, shows what you actually believe in the all you can eat buffet nonsense of public schools. Also, wherever a charter school or choice is provided, the students, families and teachers line up - obviously this shows a hunger for choice. Last - schooling is so obviously not worth it, that our government funded “loans” are such terrible returns on investment, that students cannot pay them back. It is the policy of Friedman opponents that has lead us to this point and we are reaping the consequences. School choice is great for teachers and students and families why would you be so racist to force people into schools simply by the zip code they can afford (noting that costs per pupil in underperforming and challenged communities is dramatically higher than any elite education district. More money does not create better outcomes and the evidence is teeming around us

[@niajeannine]

so you sell to bookkeepers like everyone else but you dont do the biz of bookkeeper cause thats hard. again, you jumped out of the low paying biz (smmmart as hell) and became a content creator (brilllllant) 🎉

[@FeedbackWrench]

I don’t sell to bookkeepers because they’re a good niche, I do it because I built a special firm, have credibility in it and it’s a path of least resistance. Trust me, my remodelers, concrete contractors, home builders, and just about every other niche is 100% more efficient to sell to - I teach bookkeepers and offer the course and the services because it’s something we’re able to deliver on… Also, are you suggesting that Bookkeeping is harder than finding business clients, selling to them and landing them? That’s not what 90% of folks would suggest. I appreciate the engagement.

[@VisionClearly]

​@@FeedbackWrench, Truly appreciate your content to freelance bookkeepers and accountants! This has been worth every minute!

[@sriyanipremasiri6760]

I am Sri Lankan.Sri lanka is south Asian country.I have an idea to start virtual bookkeeping business .I am going to offer my services to the USA and canada.Is it realistic goal? Can i get clients becauase i live in foreign country.?

[@isabellathepinkpoodle639]

I think you will have a hard time selling your service from Sri Lanka

[@ImEli2215]

@@isabellathepinkpoodle639reasons?? Coz I’m also from Africa and will want to know if I will face a similar problem or not.

[@TheUltimegaMan]

It depends on what you can offer them and how you advertise. If you can differentiate yourself by being lower cost, or higher quality you might be able to get clients, but the problem is having a foreign person have all these details when they are in a very different time zone and potential language or cultural barriers. Also, you need to find a foot in the door for the US or Canada so that you can get them to recommend you, or have references.

[@cintiavpena]

@@ImEli2215 Bookeeper from Canada here! Unless you know how things work here or in the US (Tax code, sales taxes, etc) "bookkeeping" alone wont cut it. I will have to put some time in learning the tax code of the province/state you want to target. Good luck

[@ImEli2215]

@@cintiavpena Thanks for the response. i appreciate