Close search field

Video

Help for Tax Firms: Making Payroll

You know, right now you’re thinking about it, right? You think about that line of credit. Thinking about credit cards, thinking about savings accounts, thinking about borrowing, thinking about how to make that next expense, right? Be it payroll, be it marketing, be it opening another office, getting another location, buying a firm, always thinking about it in every other resource that you have except growing that top line. 

When it comes to help for tax firms, there are really three ways to get money. There’s some creative step now like crowdfunding and whatnot. But in the traditional sense, if you’re a small business owner in America, you can use your savings, you can borrow money, borrow debt, a line of credit, or you can get revenue, get money from new customers, get it from clients. 

I had a client that did the same thing. Her name was Cindy, and she sent us a really awesome email today, When I met with this woman, it was over the summer and she was doing probably 1.2 or 1.3 million a year in sales that she was on track to do, but the way she had organized her tax firm, it was not in a good place. In fact, she couldn’t even make payroll. She said, Andrew, I can’t join up with you because my tax firm can’t make payroll. And I said, “if your business is doing that much in sales and you’re pulling from your line of credit to make payroll, there’s a problem.”

There’s not many moments where I sit down and I force people to work with me. But this is one of them. Like I’m not going to let you leave this call without going forward and working with me because I can tell you right now the reason that you’re having trouble making payroll is because of a lack of courage. Yes, you don’t know the tactics of how to charge people, how to charge separately for tax planning, for prep, how to increase the fees on people that have been sucking the juice off this business. But even on the call that I had had with her, I already had showed her some of the tricks of that and she already knew, She’s like, “If I do this, I won’t be able to make payroll.”

And I said, “Yes, you will.” I said, “Don’t think about the line of credit for payroll anymore. Don’t think about savings for payroll anymore. If you need to make payroll, you need to get it from brand new clients and going back to existing clients and charging them more.” And it’s a change in mindset. Sometimes people come with the mindset of I don’t have the money to do it.

I don’t have the money to work with you, Andrew. Like, isn’t that the exact reason why you’re watching this video? Isn’t that the exact reason why you would sign up for an application with me? Why you would sign up to work with our team? Because if you already had the money and you already knew how to do it, then you probably wouldn’t need our help. I’ve been there. I remember I used to have $55,000 in student loans.

I remember I had my last $1,500 in my checking account, was three months after my wife and I got married. I looked at my account, I thought I used to have money in this, but I paid for the wedding. I paid for the trip out there and I had nothing in it. At that point I had no job. So at my last $1,500 with, $60,000 in debt, no job. And in that moment I realized I started to get crazy and scared. I said, I can’t keep doing this. And I was so scared of reaching out to clients, reaching out to customers, but I made a commitment at that point that I was going to figure out a way to do it. I’m gonna figure out a way to generate it and if you’re sitting here right now, we’re getting close to the end of the year here and you’re thinking about paying things with credit cards or debt and you’re worried about money.

I want to give help for tax firms, and it comes down to the fact you’re spending so much time worrying about every line item on the P&L except for the most important one, the top line, the number of appointments that you have with potential clients, the number of appointments that you have with existing clients, the kind of pricing, the way that you help them. There is more to gain in this life than there is to lose. If you keep thinking about debt, you keep thinking about savings and you’re not thinking about generating new deals, new opportunity. You’ve got to completely change that mentality and you can see, I’ll show you this right here. She says, “Just reached my goal of 2 million. So excited. My life changed forever. Right now we have $30,000 in the bank. I never set a goal before. Thank you sir.

You have people leave your business, you have people leave your company and you know they’ll take from you right there. There’ll be people coming against you. Family will be against you. Kids will be against you. Team members will be against you. Competitors will be against you. Clients will be against you. There’s only one thing that shuts everybody up and it’s generating new deals, new cash sales on the tape. And when you can do that, you can call your own shots, right? You’ve seen it. You know, if any of you guys have worked at some of these accounting firms, I remember I worked at accounting firms back in the day. Some of these partners, they wouldn’t do the traditional things that everybody else was supposed to do, but they were the rainmakers. They kind of set their own rules because they did their own process. 

So, help for tax firms… if you’re looking to change the tables, and you’re not liking how many appointments you have this week… I mean, I’m talking right now, it’s Christmas week, I’m here in my office doing it right? How many appointments do you have this month, how many appointments did you have last month?  If you’re not having appointments, prospects, existing clients, giving them an offer, giving them a price, walking through exactly how you can help them, making them an offer and you’re not spending a commensurate amount of your time on that…

One last thing I’ll say and I’m going to give you guys an opportunity. If I were to take your calendar for the last month and I were to look at it and then I want to go to your P&L and take your chart of accounts…I will take every line item on your chart of accounts. I want you to look at your calendar, okay? This hour we worked on software. This is hour we worked on cost of sales. This hour we worked on employees. This hour we worked on revenue. How many hours in a month have you allocated towards revenue? 

So if you take your P&L, apply every chart of account, every single hour there, how many hours you spent on revenue? It’s not enough. You need to get it together. If you’re doing a hundred thousand in sales and you want to do a million, you spend 90% of your time, or it needs to feel like you’re spending 90% of your time on revenue. You need to make it a priority and then you will have the money to be able to hire people to do the work for you and with you.

So if you’re interested, if this is ringing true with you, there’s an application below this video and I would love to work with you.  Now I will tell you that these applications with my team and I, we were taking about 50% of these applications that come through. We don’t even call. So we typically like to work with people that are just getting started in their business or already have a business. If you’re doing 50 or  250,000 to a million a year in sales, we’d love to work with you. If you’re just getting started, you’re going to have to sell us on it. Because typically when somebody’s just getting started, we used to work with everybody just getting started. But what we found is people when they’re just getting started, you have to put in a lot more work.

There’s a lot more things that you have to learn. You have to get all the psychological components. If your tax firm needs help, if you haven’t done your first 50k, you haven’t done your first hundred thousand in sales. It’s mostly right here. People, if you’ve already done 50, a hundred thousand, 250,000, a million, I know a lot of it is tactics. There’s some mindset too, but a lot of it is tactics that we can drill down on the taxes. First 72 hours, we’re going to set up a system to get appointments for you. Start getting appointments coming in. I’m going to try to sell on a deck presentation, go through and show the value and everything in a visual way with clients. Close the deal, new pricing, new packaging, tax planning, CFO, wealth management. Fill out the application below and I will see you guys on the other side.

See How You Can Optimize
Your Tax and Accounting Firm
with Corvee

Want to Learn More?

Please fill out the form below.

  • This field is for validation purposes and should be left unchanged.

Interested in Partnering?

Fill out the form below, and we’ll be in touch.

Want to Learn More?

Please fill out the form below.

Want to Learn More?

Please fill out the form below.

  • This field is for validation purposes and should be left unchanged.

Want to Learn More?

Please fill out the form below.

  • This field is for validation purposes and should be left unchanged.

Want to Learn More?

Please fill out the form below.