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It’s 2018 and most CPAs are still operating their businesses in the same way they always have…when the profession came about in 1494. Well…maybe they are not dipping quills in inkpots and scribbling in columns on parchment, but to an astonishingly large degree, many CPA firms are one-sided, assessing only tax advantages when consulting with their clients.
But the world has changed massively. A majority of businesses now rely on an online presence only. Those who still occupy brick and mortar lots have a digital store to go with their physical shop. It’s not a matter of if a company will show up on the interwebs, but when. And any business that doesn’t follow suit will be left behind.
The same can be said of antiquated CPA practices. If your CPA has not honed their modern accounting skills, your business is not running effectively. This is not an assertion; it’s a fact.
Micah Fraim, a Certified Public Account, who identified these long-overdue, absent digital services gave his firm a makeover and he encourages other CPAs to wake up and do the same. At the very least, small business owners should insist upon new business and tax processes come tax time even if they have to leave their trusted accountant of many years. With such significant savings at stake, a relevant company simply cannot afford to stay with the same old, same old.
Enter CPA Innovation
Micah’s start at a Fortune 500 company in the marketing department exposed him to clients’ problems that were not being addressed. As one of only four financial professionals and the sole accountant on the team. He was charged with integrating conflicting goals to make the best business decisions.
It makes sense for today’s CPAs to take an aggregate picture of a client’s business. Then apply holistic formulas to help them achieve both lean operations as well as a savvy tax strategy. There are too many moving parts to disinclude the influence of one consideration over another. Micah just happened to hop on that money train sooner than most.
His signature approach has resulted in tremendous growth and the notoriety of becoming THE tax expert for online businesses. As advertising, publishing, banking and a multitude of other industries have been digitally revamped, updating the field of certified public accountants is a next logical and needed step.
Micah notes: “In speaking to the people most accountants don’t seem to understand the online business space in general, the businesses themselves, what struggles they face, etc. And without an understanding of the business itself, there’s no way you can advise properly.”
Micah’s breadth of knowledge has resulted in a bestselling book: The Little Big Small Business Book, multiple mentions in major media publications, such as Forbes, TIME, and Reader’s Digest as well as a litany of others. The second volume of his bestseller, an e-book The Little Big Small Business Book Vol. 2: Not Everything Is As It Seems is currently available for free on Amazon and is chock full of business and tax tips to help you run the leanest ship in the business slip. Speaking non-partially, cracking the code to save and grow your wealth is valuable information. And not often gratis without strings attached. Micah truly has a passion for what he does. This is why he leaves his tips all over the web like a virtual geocache we can’t help but pursue.
His infographic in Yahoo! Finance Is not only comprehensive and colorful, but Micah breaks down the often muddled world of business finance recommendations and tax best practices (with illustrations…for those of us who might be better suited to the hustle or grind than ledger accountability).
Thankfully, many small business owners will be able to use this chart time after time. To ensure that when it comes time to pay the piper (and as a business owner, you pay a whopping 50% more in taxes than employees). They have checked all the boxes to feel confident that their taxes will be commensurate with the smartest tax tactics. And their businesses can continue to hum along in the green. Or, if they have been in the red, they can even turn that reality around.
A little-known fact that had this writer running to examine her prior returns. You can deduct auto expenses instead of mileage! Who knew? In two words: Micah did and that is exactly why his methodologies are catching the attention of the press as well as spurring high-profile clients like Adam Linkenauger, Rocky Ullah, Justin Willman, And Sarah Beth Yoga to pound on his door. Tai Lopez even recommends the first volume of his book on Tai’s Top Book Recommendations.
With Micah’s new-fangled approach of assessing the ever-changing business world and the tax terrain. He has been pivotal in revolutionizing the CPA field to better accommodate the proliferating needs of every kind of client.
Now, if you’ll excuse me, I have some auditing to do.