In the latest episode of "Top Three", Marcia O'Connor introduces Mike Jamgochian, a CPA with his own firm specializing in proactive accounting and consulting. Mike shares his journey from working at a large national firm to starting his own practice. He discusses the importance of proactive accounting, emphasizing the need for entrepreneurs to stay ahead of financial matters rather than reacting to them.
Mike's firm focuses on more than just tax returns; they provide comprehensive financial planning and analysis (FP&A). He stresses the importance of keeping financial records up-to-date in real time, allowing for better strategic planning. Mike highlights the need for entrepreneurs to have a deep understanding of their business's financial health, especially when it comes to profitability in different areas of their operations.
Mike encourages business owners to demand more from their financial professionals, emphasizing the value of hiring experts who can save them money and help them grow. In a practical example, Mike discusses how his firm helped an HVAC company undergoing a transition. They revamped the business's accounting systems and analyzed profitability in different areas, leading to a complete overhaul of the company's pricing strategy. He underscores the significance of strategic financial analysis for business growth and profitability.
As entrepreneurship continues to thrive, Mike advises aspiring entrepreneurs to seek professional assistance early on to navigate the complexities of taxes and financial planning. He emphasizes that understanding and managing your financial situation is crucial for the success of any business, and he invites entrepreneurs to reach out to him for guidance and support.
