This month marks 10 years since I set out to create an accounting firm that offered accounting and tax services in a different way than other firms. iAccounting Solutions was born! It’s been a good ride and I have every bit of intention to keep growing and iAccounting Solutions into the firm of my vision–one that offers high-value advisory to its clients. While we’ve made it pretty far and have achieved many goals, there is more to do.

I know this will ring true with a lot small business owners when I say there have been Ok seasons and better seasons and I wouldn’t trade the journey in for anything!

From our humble beginnings on a desk in my apartment in Durham, NC I had a vision for this company. Back then, the technology for small businesses was just emerging into what we have today, which is a plethora of tools to help make the mundane tasks smoother and painless for most businesses. From bank feeds, paperless office solutions, real-time financial dashboards, and information at our fingertips we can finally deliver what we envisioned back in 2009. We’re now an office with 4 staff working across 3 different states and the main office in Redlands, CA.

Into the Future

The pace is picking up as we head into the future and we’re pretty excited to see how iAccounting Solutions can keep evolving and offer valuable services to businesses and their owners. We’ve already shifted from being a bookkeeping and tax only firm to offer more:

  • Tax Planning
  • Cash flow advisory
  • Budget advisory
  • Business planning
  • Entity choice planning
  • R & D Tax Credit Consulting

And of course, we’re still offering tax and accounting compliance services to our clients.

In addition to the new focus we’re taking, we’re also specializing in helping some very particular markets including:

  • Fitness and Health business
  • Professional service professionals
  • Non-profit and religious organizations
  • Cafe’s and small eateries

While we like pretty much everyone but we’re particularly expert in these industries.

Thank you!

From our team to yours, we want to say thank you for all of our clients and what they’ve helped us become. We wouldn’t be here without you! And, if you’re reading this and not a client, hopefully, you’ll become one day in the near future!

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Whether you’re just starting your journey in real estate or a seasoned veteran, you’ll want to continue reading for some valuable tips to help you control your money and not let your money control you!

Planning around commissions

Its feast or famine for a lot of agents starting out.  Or, if you’ve been around for awhile and have a steady pipeline of listings then your income may be more steady.  Either way, you need to plan and budget around your commissions.

One of the best ways we’ve helped agents do this is by following the 80/20 rule.  The rule is simple: take 20% right off the top of your commissions and use the rest for business expenses and to pay yourself.  If you save 20% of your income then you’ll have a decent chunk set aside for taxes and anything unexpected that comes up.  Just remember, taxes can be the #1 expense for the real estate professional so do some planning ahead of time.

Taxes can be the #1 expense for the real estate professional so do some planning ahead of time!

The next step in the process is to follow a 3-month rolling budget.  We know the commissions don’t happen every month when you’re first starting out.  And some months you may be “feasting” while others are a “famine”.  But over the course of 3 months, you should be able to have a good idea of what your income and expenses are.  Setting up a budget can be as simple as using a spreadsheet, or our preferred method is to use easy to use financial software like Xero.

Check out how easy it is to setup and use a budget in Xero:

Budgeting With Xero

 

Following Up and Being Held Accountable

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Got to your favorite coffee shop to plan your budget

Following a budget means nothing if you don’t ever review it!  If you’re going to be successful at controlling your money then you have to review and look at your actual and budgeted income and expenses.  We’ve seen professionals be the most successful at this when they have an outside person holding them accountable to their plan.  Or, if you don’t want someone else helping, you should calendar a time and place (preferable somewhere different from where you normally work!) and stick to your budget review appointment.  Remember, if you don’t treat it like a normal business meeting, it probably won’t happen!  We like to mix food and drink in this meeting–that seems to always make something that can be grueling a bit more exciting.

 

There’s no time like the present

Decide to take control now by following these simple steps:

  1. Gather your bank statements for the past 3 months so you can see how much you made and spent
  2. Tally up all your income, and then expenses into categories or “buckets” so you know where your money was spent
  3. Setup a spreadsheet or budget in finance software.  Set realistic goals in your budget so that you can acheive your budget goals.
  4. Record your business income and expenses from setting up your budget and see how you did for the past 3 months.
  5. Record your income and expenses often and review every 3 months.  Setup a calendar event and stick to your meeting.
  6. Adjust your budget as necessary for changing costs like advertising, staging, open houses, etc.

If you follow those steps then you’re well on your way to being in control of your finances.

 

We’ve worked with many real estate professionals so we know what works, and what doesn’t.  Feel free to reach out, we’re happy to answer simple questions and be a resource for you.  Here’s to your financial freedom and listing lots of properties!

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