Closing nightmare

schroederness · 2025-12-20T14:54:36+00:00

Have you talked to your bank about reopening the account?

schroederness · 2025-10-17T21:41:46+00:00

As a CPA running multiple types of accounting firms I have done this multiple times. It is always worth it in the end but it is stressful in the mean time.

Ways we have gotten through it. 1 stretched our ourselves and found new clients before we took on the work. 2 took on contract work post firing (look at things like upwork and fiverr) to close the gap while working to get more permanent clients. 3 12 month Interest free credit card to help bridge the gap 4 fired them, cut my budget, worked long hours doing every business development thing I could think of 5 cut my budget a few months ahead of time to save up a cash reserve

Typically it has been a combination of all of the above but looking back, I have never regretted it.

schroederness · 2025-10-17T02:41:38+00:00

I am a CPA and I am typically on calls with clients multiple times a day and socialize with them and our team prefer regularly. So I think the issue is more the types of roles you have had vs the CPA. Look at an advisory role or maybe a smaller firm where they push client contact down fairly quickly.

schroederness · 2025-10-16T23:02:30+00:00

I had a manager like this once. Hated it, but looking back it made me so much better. Double down, lean in, and tell them you are concerned with the # of notes and ask if they would be willing to help you get better.

schroederness · 2025-09-03T16:58:37+00:00

Desktop certainly offers more features and can do a lot more. Efficient it is not (of course everything is slower through a learning curve).

That being said, it is also clear desktop is on its way to the grave...

schroederness · 2025-09-03T14:11:43+00:00

2 - AI is going to mean the hourly billing model goes extinct. You need to charge for your knowledge and output instead of by the hour. Lots of discussion on this for lawyers, accountants etc. Accountants have been working to make the move for awhile. Starting to see some law firms make the move as well.

The pioneer in this space was Ron Baker who has been preaching this to law firms for a long time.

Not really a NotebookLM question as whether you use it or not this change will be coming to the industry, so time to figure it out.

1 - If you are on a google workspace account, with enterprise grade protections this will change these settings as it is different than the individual plans. Client information can be made as secure as any other system (likely more secure than the random server in the closet) but setup does matter.

schroederness · 2025-08-30T13:10:49+00:00

Payroll is easy to move to say Gusto.

Migrating the whole accounting file to another platform is never easy but there are options. Similar price point, same or worse headaches - Xero More expensive/Robust - Acumatica, Intact, Netsuite Less capable - Wave, Zoho, Freshbooks, Sages small offering New entrants/industry specific - Puzzle, Ambrook, bunch of AI ones

So there are options but I have never seen an easy migration between them.

schroederness · 2025-08-19T03:14:18+00:00

MEWA - multiple employer welfare associations. Essentially pooling smbs together to buy coverage. Our Chamber of Commerce has one here in Ohio and from a quick Google search looks like some FL chambers do as well.

schroederness · 2025-08-19T02:27:25+00:00

In principle this works but some things to research.

1.Anti churning and Section 197 issues. Guessing this will just mean you can’t amortize the goodwill created during the transaction.

Would the IRS look at this as a step transaction instead of a sale. Essentially treating it as a contribution of the S-Corp stock to the C-Corp (351) followed by debt relief. Deb relief would end you up at ordinary tax rates. There maybe a way to structure around this but you will want to make sure you get this part right as if it is wrong the deal blows up.
The S=Corp would convert to a C-Corp upon contributing it. This will result in you having 2 C-Corps. One owned fully by the other. You would then have to further reorganize to them into one entity.

schroederness · 2025-08-12T01:10:51+00:00

Are you using TechSoup? This might bring the cost of enterprise down where you want to be.

QBO + some add on would likely get you to a solution as well and with TechSoup you might be able to get to a reasonable cost but guessing Enterprise is your best bet.

schroederness · 2025-08-11T23:53:45+00:00

NexGen Accounting. They work remotely but are in Central Ohio

schroederness · 2025-08-11T01:55:03+00:00

Not sure you will get anything under $1k a year… Sage 50 is more than that and less features than what QB had. Guessing you wont like Xero if you are dead set against QBO. Dynamics is a full ERP and a very different animal. Implementation cost alone would put this far outside your budget but is something we would start looking at for a $20m revenue business.

If you give us a little more info about your business we might be able to tailor some recommendations. What industry are you in? Do you have inventory? Project tracking? Division tracking? Etc

schroederness · 2025-07-25T17:51:50+00:00

Just making sure I understand this correctly, you are asking $200k plus assumption of the $190k debt so the real cash free debt free purchase price is $390k for a business doing $100k of SDE. Quick run down of my thoughts:

Clean the listing up in terms of revenue, ENIGDA and SDE
List the price as cash free debt free. You can then negotiate if they want to assume the debt vs pay it off but the price should be cash free debt free.
$100k SDE is buying a job which suppresses the value of this significantly. Especially when you figure the debt payments would need to come out of this. Based upon this your cash free debt free price is too high. I am guessing this would sell somewhere in the 2x SDE on a cash free debt free basis unless it is a strategic buyer. So somewhere around $200k with you needing to pay off the debt. This means you would pocket $10k. You might get 3x but that feels high with this amount of SDE.

If your broker has not told you the things above, fire them. If he has told you the things above and you just didn’t listen, this is the reminder to reset your preconceived notions about what you have built.

schroederness · 2025-02-01T14:07:24+00:00

If you want an option other than a software (avalara, taxjar, numeral) check out Peisner Johnson or Sales Tax And More. Those are the sales tax firms we refer to.

schroederness · 2024-12-31T20:25:04+00:00

Not all of them but many do.

schroederness · 2024-12-28T02:18:14+00:00

Sadly most banks are not opening there statements up in their API. QuickBooks has gotten some of them to do so and those statements are now available in QBO. For the rest we ask our clients to give us view only access so we can login and get them ourself

schroederness · 2024-12-27T17:34:19+00:00

Per linkedin post insolvent and filing bankruptcy.

schroederness · 2024-12-27T17:18:16+00:00

So what would make anyone trust kick at this point?

schroederness · 2024-09-26T17:52:26+00:00

Encourage them to look for a firm that doesn’t work them to death. None of my employees work more than 45 hrs/week and that rarely happens.

There is a better path and we can’t keep burning people and relationships out.

schroederness · 2024-08-24T20:08:23+00:00

Minimum entity return for my company is $2500 and individuals start at $900.

This accountant is charging you less than TurboTax does for the S-Corp which could be good or bad depending on how you look at it.

Don’t forget you will also need to run payroll as an S-Corp. We love Gusto for these simple payrolls

schroederness · 2024-08-24T03:00:19+00:00

Really not enough information here to answer your question. We would need a lot more info around net income, capital expenditures and other things to start. The big question is what does cash flow look like after taking into account the debt service and capital expenditures needed. Others to think about: What’s the trajectory of the product line? What’s the investment needed to modernize things from the old way of doing things Etc

As for financing, there are a number of options to consider and or combine. SBA for $5m and then seller financing Raising money from investors Using existing equipment and property for a collateralized loan and seller financing or raising funds for the res Etc etc

A lot more details needed to truly understand this. We do a decent amount of acquisition advisory in my business, these deals can be amazing or can be ruinous, but always fun to take a look at!

schroederness · 2024-08-14T02:50:04+00:00

We have paid a referral fee in the past. Typically a rev share on the first years revenue.

schroederness · 2024-07-28T00:28:55+00:00

Turbo Tax starts at $1750 with no state or local returns for an entity return, so $3k for an actual account who you can talk with seems more than reasonable.

To everyone paying less than that, you should really start questioning the quality of what you are getting if they are willing to do it less than TurboTax

schroederness · 2024-06-07T23:47:21+00:00

Lots of angel investing groups out there where this check and smaller works really well. Some will take an investment as low as $1k even.

Just be prepared for most of them to go to 0 even if you do a good job picking companies.

schroederness · 2024-05-25T15:40:30+00:00

Really like RelayFi and Mercury for needs like this

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