Concierge CPA's online newsletter for October 2018
October 2018
8221 Brecksville Rd, STE 205 Brecksville, OH 44141
Borbala@ConciergeCPAs.com
(440) 340-1030
ConciergeCPAs.com
Hold on to Your Wheels … Imagine driving home during a frustrating afternoon traffic hour. Tomake your drive more enjoyable, you listen to a thought-provoking podcast. The show is about how wonderful the future will be when technology evolves to a point when all menial tasks are done by robots and self- driving cars take you to your destination. This belief that we have access to a bookkeeping“autopilot”has created a major epidemic of horribly bad financial information among small-business owners. It is hard At Least for Now
enough to understand accurate reports, but when the underlying data is junk, business owners revert back to not even looking at their numbers. Cynics have toldme that I won’t have a job soon because accounting will be done by computers, but in reality, my workload has increased in recent years. It is harder —and of course more expensive— to correct mistakes than to do it correctly in the first place.
Just because self-driving cars are the future, would you just sit back and let go of the steering wheel right now? Would you give up control before some kind of AI is ready to take over?
Unfortunately, there are people who do just that, both literally and figuratively…
First, let me start with the literal example. This happened about 20 years ago in Eastern Europe, at a time when Western technology had just started trickling in. Automatic transmission was a novelty, and, at the time, I didn’t even know cruise control existed. So this guy imported a car from Germany that had cruise control. Due to translation issues, he believed cruise control meant“autopilot,”and of course he wanted to test this great new feature! He turned“autopilot”on, sat back, lit up a cigarette, and wanted to enjoy the ride. You can imagine what happened next …He wasn’t enjoying the results much. Confusing cruise control with autopilot seems like such a silly mistake that surely wouldn’t happen these days, when we are somuchmore informed, right? Unfortunately, it does happen! Not with cars, but with financial and bookkeeping software. Deceptive advertising is partly to blame, but I’ve met people who believe that buying a subscription to an online bookkeeping software and“connecting”some bank accounts to it means that bookkeeping gets done automatically.
Financial statements and various reports do not have intrinsic value. The value comes from the insight the numbers give us. After all, the purpose of accounting is to give us information that can be used tomake better business decisions and find the sources of the problems. Too often I hear,“I’mworking all the time, the entire office is busy, yet when I look at my bank account I don’t see the results.”Well, there could be multiple issues— your pricingmight be wrong, staff could be inefficient, overheadmight be too high, BUT the real problem is that, without having access to accurate and detailed financial information, we are just guessing andwasting time and money on the wrong solutions. Yes, technology made our lives much easier. We don’t have to enter transactions into ledger books by hand, but making sense of the information and using it to make informed decisions is still up to you andme.
One day, perhaps sooner than expected, most of our jobs will be done by some kind of AI. Robots will fulfill our wishes, andwe’ll live happily ever after.
In the meantime, though, if you have questions about how to run your business profitably, or have accounting or tax issues, give us a call at (440) 340-1030.
–Laszlo Szilagyi, CPA
1 (440) 340-1030
BORBALA’S SCHEDULE
SEMINARS AND EVENTS Oct. 3: Panelist at the Edward Jones Women’s Symposium Oct. 4: Breast Cancer Innovation Foundation Fundraiser Oct. 8: Board Meeting at The Treehouse Oct. 11: Entrepreneur Organization Accelerator Luncheon Oct. 13: New Hope Conductive Learning Center Fundraiser
Weekly Live Roundtable Calls
Register at BeyondTheNumbers.Club Thursdays at 2 p.m. EDT: • Oct. 12 • Oct. 19 • Oct. 26 Client Advising and Coaching Days • Oct. 3 • Oct. 10 • Oct. 17 • Oct. 24 •
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Nov. 2
Oct. 31
Oct. 15: EOA Accountability Group Meeting Oct. 16: Dan Crick’s Marketing Mastermind
Schedule at Borbala.AcuityScheduling.com Prospective client inquiries: Borbala@ConciergeCPAs.com
FROM PRE-MED TO GOURMET GIRL
This month, it’s our pleasure to introduce you to a smart and talented young entrepreneur with a“sweet”business! Q: Who is the“Gourmet Girl”? A: My name is Adenike Mosley-Brown. I am the Cake Architect and owner of Gourmet Girl CustomCakes, serving Northeast Ohio. Self- taught with 16 years of experience, I believe that a cake should not only be a culinary experience, but it should also be a true reflection of the person(s) being celebrated. Gourmet Girl CustomCakes specializes in mixing gorgeous with gourmet to create artisanal wedding and special- occasion cakes for the sweetest of memories! Q: How did you get into this business? A: Gourmet Girl CustomCakes came to be as the result of switching career paths. I graduated summa cum laude with a Bachelor’s of Science in Biology, with every intention of attendingmedical school. However, after the unfortunate death of my mother, I began Gourmet Girl CustomCakes to cope withmy grief and also to feel connected to fondmemories of baking withmy mother growing up.
A: One challenge that I have faced as an entrepreneur is recognizing that being totally self-sufficient and attempting to do everything for my business alone does not necessarily equate tomy desired outcome of success. I am learning that there is beauty in reaching out for help and that a strong support
system and teamnot only lends to working hard, but working smart as well. Q: What are your aspirations for the future?
A: I look forward to opening a brick-and-mortar bakery in the near future, but I am also preparing for any opportunity to compete, showcasingmy skill level and cake design aesthetic on a national level. I consider cake to be my art medium, and I would love to share my art with a wider audience. Q: What made you to reach out to Concierge CPAs? A: I felt I needed clarity about scalingmy business so that it can support me full time. Borbala helpedme realize what it takes to get where I want to be and shared withme tools and best practices that will get me there. Q: How can we reach you? A: If you are interested in learningmore about Gourmet Girl Custom Cakes as well as viewingmy gorgeously gourmet creations, please feel free to check out my website and social media accounts:
Baking calmedme, allowed me an escape, and afforded me a way to channel my energy. I’ve found a true enjoyment in the creation process that has led to the production of such positive, visually pleasing, and delicious products.
I never would have thought that I would take a path from biology to baking, doing something that allows me to use my creativity to bring others joy. In many ways, God and my business delivered me from a very low point in my life, and thus Gourmet Girl Custom Cakes was born. Q: What challenges have you had to overcome so far as an entrepreneur that surprised you?
Facebook: Gourmet Girl CustomCakes Instagram: @GourmetGirlCustomCakes Website: GourmetGirlCustomCakes.com
2 ConciergeCPAs.com
What Is a ‘Car Concierge’ and How Can They Help You?
I help busy professionals figure out what kind of car they want and the best way to obtain the funds needed to get it.
I come to your office or house and bring the car and the paperwork to you so you don’t have to spend your precious free time driving from dealership to dealership to find your next car. As your Car Concierge, I do the math for you and explain both the lease and purchase options and give examples about your future financial situation. Unlike most car salesmen, who are just interested in matching the payment to your budget and don’t consider the long-term implications of extended financing or high mileage, I look at every angle to make sure you get the best deal.
How can you qualify for manufacturer rebates, low-interest financing, and high residual value?
Is financing, leasing, or paying cash the best way to pay for your car?
What is the best way to go if you are a high-mileage driver who drives 20,000 miles a year?
If you’re in the market for another vehicle, I’d love to be your Car Concierge. Call me, Paul Qua, at (216) 544-7501 or email me at PQua@driveclassic.com. For the past 12 years, Paul Qua has been a Car Concierge at Classic Auto Group, helping consumers determine the best car for them and whether to buy or lease. He has sold over 4,000 cars and welcomes new customers as well as repeat and referral customers.
How can you avoid having negative equity on a three-year trade cycle?
I help you determine the down payment you can make, be realistic about the amount of mileage you drive per year, determine how long you typically keep a car, and what features you really need on your car.
Homemade Marshmallows
• • •
1 cup light corn syrup 1/4 teaspoon kosher salt 1 tablespoon pure vanilla extract Powdered sugar, to coat
INGREDIENTS •
3 packages unflavored gelatin
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1 1/2 cups granulated sugar
As we enter the height of s’mores season, consider upgrading those store-bought marshmallows to homemade ones. For a colorful treat, you can easily add food coloring to this recipe.
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DIRECTIONS 1. In a mixing bowl, combine gelatin and 1/2 cup cold water. Let sit while you make the syrup. 2. In a small saucepan over medium heat, combine sugar, syrup, salt, and 1/2 cup water until the sugar dissolves. 3. Raise heat to high and bring syrup up to 240 F, using a candy thermometer to check for temperature. 4. With an electric whisk on low speed, slowly whisk syrup into gelatin mixture. Switch speed to high and whip for 15 minutes, until very thick. Fold in vanilla after whipping. 5. Dust a nonmetal baking dish with powdered sugar and spoon mixture into dish. Smooth mixture, top with more powdered sugar, and let stand uncovered overnight. 6. Cut into squares, decorate, and serve.
Inspired by Food Network
3 (440) 340-1030
8221 Brecksville Rd, STE 205 Brecksville, OH 44141
PRST STD US POSTAGE PAID BOISE, ID PERMIT 411
(440) 340-1030
INSIDE Hold on to Your Wheels … At Least for Now Page 1 Borbala’s Schedule Page 2 From Pre-Med to Gourmet Girl Page 2 What Is a ‘Car Concierge’ and How Can They Help You? Page 3 Homemade Marshmallows Page 3 Discover ‘The Art of Learning’ Page 4
ConciergeCPAs.com
Borbala@ConciergeCPAs.com
A Child Prodigy Rethinks Success ‘THE ART OF LEARNING’
This is a book about a journey. It chronicles a life of international chess tournaments, high-stakes martial arts competitions, a boy who found too much success, and the man who had to relearn everything because of it. Yes,“The Art of Learning”reads like a gripping, emotional memoir, but make no mistake — JoshWaitzkin’s work doubles as an effective guide for business owners striving to attain perfection in their fields.
definition, prodigies are exceptional — exceptions who operate on a different playing field than most. But Waitzkin firmly positions his journey through the chess world as the antithesis of what he calls“the art of learning.” As the author states,“The moment we believe that success is determined by an ingrained level of ability as opposed to resilience and hard work, we will be brittle in the face of adversity.”Waitzkin was very gifted at chess, and he didn’t have to push himself early on, but by the time he did find challenging opponents, he found loss and adaptation impossible to handle. It wasn’t until he stepped out of the rigid grids of chess and into the flowing movements of tai chi that Waitzkin was able to formulate a guide to success. Appropriately subtitled“An Inner Journey to Optimal Performance,” Waitzkin’s story of grappling with childhood stardom and climbing the brackets of the tai chi chuan circuit is full of wisdom applicable to anyone looking to achieve mastery in their field. With compelling personal anecdotes and a unique perspective on what success really looks like,“The Art of Learning”is a fresh, vibrant addition to the personal development genre.
JoshWaitzkin’s name will be familiar to longtime chess fans and movie buffs alike. As a child prodigy, Waitzkin won his first national chess title at age 9, which quickly made him an international sensation. His father, FredWaitzkin, wrote the renowned book“Searching for Bobby Fischer,” chronicling his young son’s journey into the world of chess. This then inspired the movie of the same name. Now, one does not normally think of child prodigies as being great sources of insight into finding success. By 4 ConciergeCPAs.com
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