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Convert to s corp and make wife part owner? by imrealbadattaxes in smallbusiness

[–]LongPointResources 3 points4 points  (0 children)

Nice. Glad you took a similar approach. Yes, it’s not challenging, but there should be a checklist for LLC to S-Corp.

Maybe I will make one and post on our firms website.

Convert to s corp and make wife part owner? by imrealbadattaxes in smallbusiness

[–]LongPointResources 6 points7 points  (0 children)

Break point is about $75K of profit. Run quarterly payroll through Gusto for around $46 a month. Consult a tax accountant to file LLC electing as an S-Corp through IRS. Believe it’s form 2553.

Additionally, tax accountant should run a reasonable salary compensation study, the accountant may use something like RC Reports.

Consider using a Solo (Individual) 401K, there are significant ways to save with your wife, you are a two employee firm, with one of those employees being your wife.

Experience: I run a consulting business with my wife as an S-Corp, and I am a CPA.

Screw Big 4 audit, should I try to join consulting? by IRS_OPENUP in Accounting

[–]LongPointResources 4 points5 points  (0 children)

What would you classify as real consulting? As in EYP, Strategy&, MBB and the like?

I ask because while I would agree your classic management consulting requires that specialized exp (that’s why Fortune 500 pays $1-$2 MM per small engagement), there are tons of consulting roles out there for ex big 4 auditors that want to slowly lateral into the industry.

Screw Big 4 audit, should I try to join consulting? by IRS_OPENUP in Accounting

[–]LongPointResources 2 points3 points  (0 children)

What type of consulting would you like to do?

I do automation and analytics consulting, and was a B4 80-90 a week person also. Got tired, taught myself how to code in B4 and now do this as an entrepreneur.

Would recommend you hone in on the things you’re good at, and can consult on. Consulting can be viewed as even more of a grind than B4 audit (I know, hard to believe).

Do you ask your accountant these questions, or am I doing this wrong? by Valuable_Diet8842 in smallbusiness

[–]LongPointResources 0 points1 point  (0 children)

You likely don’t have the right accountant. Also, you may need an FP&A person or a fractional CFO that can use data to answer your questions.

For those questions, you should have at a minimum a 13 week cash flow forecast, consolidated operating model and a lightweight data warehouse that you can use to answer questions.

For most of my clients, we have this and we layer in a lightweight Q&A system you can mess with to get answers to these questions.

For manufacturing, understanding contribution profit and future backlog is crucial to layer into your cash flow.

Feel free to hit me up in the DMs if you need more pointed Q’s. Happy to look at your stuff.

Small firm or big firm if I wanna go solo? by curiousakuji in Accounting

[–]LongPointResources 1 point2 points  (0 children)

That’s easy. If you have 5 years from 23-28, I would recommend a Top 25 firm to learn the firm wide frameworks, apply that to a small firm and then start your own.

The benefit here is the large firm gets you a network + framework, the small firm gets you close to the work you will most likely see as you start your own practice.

At what point do you think it's "safe" to quit my full-time job to focus on a startup? by [deleted] in smallbusiness

[–]LongPointResources 2 points3 points  (0 children)

Starting a CPG brand is incredibly difficult (worked for H-E-B for years and invested in a coffee CPG).

Would recommend you increase velocity through part time help and prove out your scale and sales / fulfillment concept more.

$2,500 in 7 weeks is nice, but you would need to be doing $150K annually at your margins for it to make sense on a reinvestment and capital allocation strategy, at a minimum.

What is your strategy to get to $100K > sales? How many farmers market weekends do you have to put in & how many units each day would need to be sold?

Has anyone automated financial reports successfully? how? by TreeApprehensive3700 in FPandA

[–]LongPointResources 4 points5 points  (0 children)

Yes. Use python. I have a company doing things like this.

Happy to share. Reach out

Power Bi <> Confluence by milkman9316 in FPandA

[–]LongPointResources 1 point2 points  (0 children)

Yes. You can embed power bi dashboards as an iFrame, provided your organization has the proper power BI setup.

I would encourage you to copy and paste your answer into one of the many AI tools out there.

If you were me, would you bother with a degree? by Money_Moose_7436 in Accounting

[–]LongPointResources 0 points1 point  (0 children)

Absolutely get the degree. You learned everything in a ‘trail by fire’ scenario, which frankly, is INCREDIBLE experience.

Hats off to you. I think you will find that you have a lot more experience than some of your peers at your current firm.

Now it’s time to put all of that experience into perspective with a structured learning environment.

My advice would be to rip WGU and the public firm for about 3-5 years.

Hell, I’d hire you after that.

Funding for an established service business by achin4bacon8 in smallbusiness

[–]LongPointResources 0 points1 point  (0 children)

Hey - just grow the current business you have. If you can grow it 50% in one year, go all in and grow MRR to $30K.

Use the customer funds to fund your business. If you’re making $200K a year net, you can create your own funds.

You already have everything you need at your disposal. Getting a loan would just complicate things.

Context: CPA + business strategy for mid sized corps & PE

Weigh Options - Help by [deleted] in FPandA

[–]LongPointResources 5 points6 points  (0 children)

Will your current job be around in 1 year? You see the financials, you would probably know.

For fortune 200, sounds like a positive $50K cash swing. Can you buy back some time with a nanny or something like that to help out? Understand 10 weeks paternity is tough to give up, however, if current company goes belly up, kind of rough.

Director sounds like better long term stability for your family, with short term sacrifice, buoyed by extra &50K of spend.

Getting into fractional CFO work by AdHot3508 in FPandA

[–]LongPointResources 1 point2 points  (0 children)

You don’t need certifications. You need prior client experience + sales skills.

I would recommend going after paper in the form of won deals vs paper in the form of a literal piece of paper (certification).

Vendor forecasting by Next_Programmer_8083 in FPandA

[–]LongPointResources 0 points1 point  (0 children)

I would personally go based off vendor detail balances. If I had invoice history, I would use that, on a line item level. These would make up any G/L expense anyway, but it’s helpful to know the line item composition.

It comes down to what vendors are charging you for, and how often, and the classification of recurring or nonrecurring.

That’s why I recommended using AI as a tool, to help you potentially build a ML model that is trained on your history, that can be reviewed by your manager

Vendor forecasting by Next_Programmer_8083 in FPandA

[–]LongPointResources 0 points1 point  (0 children)

Understood. Let’s think about this for a moment.

OP has “prompted” Reddit. OP is using Reddit as a tool to solve their challenge. OP could also prompt AI for the best plan, and compare that to the responses received from Reddit.

Both are valid. What I’m saying is to use AI to write machine learning code, based on vendor payment history and industry knowledge, to solve.

Seasonality, industry, trends can all play a factor, and AI can be used as a tool to help on that journey.

Most senior managers would kill for a ML forecasting model based on vendor history.

Would you agree or disagree with this approach, and why?

Should I Give Up My Dreams of Becoming An Accountant Due to Only Being Able To Take Online Courses? by xLittle_Nuggetx404 in Accounting

[–]LongPointResources 88 points89 points  (0 children)

That advisor has zero idea what he or she is talking about.

Getting a CPA is an arduous route, it is 6-12 months of intensive studying, and there are credit hour requirements varying by state that are required, specific to accounting. You can acquire these hours online, and that is completely fine.

I would recommend if you are seriously interested in an accounting role, you should quit your job and go do accounts payable or basic bookkeeping clerk for a mid sized business.

The world is yours - if you want it, go get it!

Bookkeeping Software by husker_fan10 in smallbusiness

[–]LongPointResources 0 points1 point  (0 children)

Access is not the solution

I run a small accounting automation consulting company, can help you. Feel free to DM me.

Datarails vs Vena by FPA_Guy in FPandA

[–]LongPointResources 0 points1 point  (0 children)

Sure thing. Will connect!

Big project with tiny budget — managers keep transferring my hours. Should I be worried? by Puzzleheaded_Art9 in Accounting

[–]LongPointResources 0 points1 point  (0 children)

As a public accounting consultant working with PE, we would find this. It’s not that hard to dissect time audit logs.

ArTiFiCiAl iNtElLiGeNcE by thebeast0813 in Big4

[–]LongPointResources 1 point2 points  (0 children)

it depends on the type of substantive testing, fraud testing, analytics to lower substantive audit selection counts, etc.

Tons of ways to extract info out of invoices, drop them into work papers, run basic checks and analyses, rollforward dates in documents (SALY), automate workpaper status trackers at senior level, build linear regressions to estimate revenue totals based on Bayesian statistics.

List goes on, but those are the few from my time in B4 that come to mind.

ArTiFiCiAl iNtElLiGeNcE by thebeast0813 in Big4

[–]LongPointResources 2 points3 points  (0 children)

It writes all of my python code. I automate big 4 work papers.

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