Paul Totaro may be a CPA by trade, but he's a small business owner devotee at heart. Before getting his CPA license, he was a business broker because he specifically wanted to work with business owners. He went on to purchase his own firm, now Bargsley, Totaro, Andrews & Steinbach, CPAs, LLC, and while they support individuals with their tax preparation and planning, they also focus on entrepreneurs.
We had a lively conversation that included top actions entrepreneurs should take when setting up as well as scaling their businesses, how the topsy turvy programs and less than stellar guidance the government rolled out during COVID impacted their firm and clients, and…one of my favorite parts of the episode…his BIG struggle with answering our very last question.
Discussion highlights:
The Start
- Business broker turned CPA
- Bought his own firm
- Supports individuals and entrepreneurs, soft spot for business owners
The Shift
- Industry had gone high tech so easier COVID transition
- Everything went remote
- Tracking of tax returns and projects from card stock to digital
- Moving toward technology solution for team communication
- Auditing all processes for better solutions
The Strategy
- Shutdown right after Business returns were due (March 15)
- Other returns postponed to June/July
- New info with little guidance caused a few shaky months
- Inundated with calls and emails from clients asking about new government programs
- Like running a marathon and then tacking on 20 more miles at the end
The Action
- First thing for starting a business - identifying the right business entity
- Keep it simple! Plenty of time for your business to get complicated
- Hire a bookkeeper when you can
- Read the market & validate your business idea
- Easiest way to manage your business finances and expenses is…
- Learning the income flow and when you are taxed in that flow
The Mindset
- Take breaks and move around
- Can only sit at your desk for so long, give yourself a mental 5 minute break every now and then
The Future
- Keep working remote for the next several years
- Find a client portal to manage their growth and their adoption of technology
- Potentially buy another firm and form a merger
The Wrap-Up
If you could listen to only one music artist for the rest of your life, who would it be? Beatles
Where can people find you online?
