Concierge CPA's online newsletter for August 2018
August 2018
8221 Brecksville Rd, STE 205 Brecksville, OH 44141
Borbala@ConciergeCPAs.com
(440) 340-1030
ConciergeCPAs.com
Defying the Stereotype!
There are plenty of jokes about how boring accountants are, but what happens when 100 CPAs gather in a conference room? The answer might surprise you! Every year, Borbala and I attend a business development conference for accountants. I am always excited to go because this event is the polar opposite of what you would expect a CPA conference to be. The attendees are full of energy, the speakers are interesting and fun, and there is no talk about debits and credits at all. entrepreneurs first and foremost, and they just happen to be in the accounting industry. Being surrounded by people who share this mindset changes the conversation from boring accounting topics to interesting and practical ideas that can be implemented in the real world. The presenters come fromdiverse backgrounds. Over the years, I’ve met dentists, writers, comedians, andmath experts. All of themhave one thing in common: They all share an entrepreneurial attitude that motivates them to use their own specific skills tomake other people’s lives better. There aremanyways to success… The best part of meeting other business owners is learning their stories of how they built their businesses. I’m always amazed by how different people create success in unique ways. Even within a relatively narrow field like accounting, I’ve met people who built very different but equally profitable businesses. Some focus on complex but rare tax issues, some prepare simpler tax returns and do payroll, and others provide business consulting. This summer I met a couple who make toys for pet rabbits. I had no idea that there was a market for such products, but apparently people who have pet rabbits are willing to spend money on handmade toys specifically designed for them. What makes this event unique? It all starts with the attendees. These people are
If you have a superior work product and create value for your clients, there are infinite ways to create success.
There aremanyways to success, but look out for the pitfalls along theway! According to a 2010 study conducted at Bristol University, we learn the most from the failure of others, because watching a competitor fail activates both our reward and learning circuits simultaneously. This study confirms the age-old saying that“the wise learn from the mistakes of others.”
What I like most about this conference is that the attendees are not afraid to share their mistakes. Some of these candid conversations savedme thousands of dollars over the years. For example, one night over dinner, I had a conversation with a CPA from Boston who had spent a considerable amount of money with a social media company. I was thinking about hiring this company in the future, so I asked him about his experience. He described the details of what worked for him, but he also talked about what went wrong and what should I avoid doing. This short conversation savedme fromwastingmy time andmoney. How to avoid the pitfalls… To develop your own unique success, be proactive and avoid the mistakes others have already made. Because we believe in overdelivering when it comes to value, we offer monthly or quarterly CFO coaching/advising sessions for our top clients. Our existing clients who attend these powerful sessions tell us that they get so much clarity from themwhen it comes to their businesses. Together, we“look behind the numbers”to understand the story those numbers tell us about your business. We look at your key performance indicators, metrics, pricing, ROI on marketing expenditure, efficiency of employees, your overall goals with the business, and how to reach the profitability that you seek. Take action! For the first time ever, we’d like to invite you to our quarterly, in-person, full-day learning days that we host with a group of our top clients in the CFO coaching group. The next one takes place on Friday, Sept. 14. For details, email Borbala@ConciergeCPAs.com .
You’ll love spending the daywith fellowbusiness owners whose goals are to build their ideal business andmake an impact.
–Laszlo Szilagyi, CPA
1 (440) 340-1030
BORBALA’S SCHEDULE
Register at BeyondTheNumbers.Club Thursdays at 2 p.m. EDT: • August 23 • August 30 Client Advising and Coaching Days • August 8 • August 14 • August 22 • August 29 Schedule at Borbala.AcuityScheduling.com Weekly Live Roundtable Calls • August 9 • August 16
Q: Any hobbies and interests outside of work? A: I love classical music very much, so I played piano for more than 10 years. I love to swim and used to be part of a swim team for three years when I was in primary school. Also, I love cooking. In fact, the Chinese food in the U.S. is not authentic Chinese food. Last week, I cooked some real Chinese food for my coworkers, and they loved it somuch! Q: Howdo you like working at Concierge CPAs andwhat have you learned so far? A: Even though I just start working at Concierge CPAs, I love working here very much. My boss, Borbala, gives me flexibility and a lot of responsibilities, which I like. Also, all my coworkers are very nice and willing to help with whatever I need, so they are already like family members tome. Since I am just startingmy career, I’m learning a lot every day. I’ve realized that there is a big difference between books and the real accounting world. As the famous saying goes,“Stay Hungry. Stay Foolish.” SEMINARS AND EVENTS August 2: Rubber Ducks baseball game with the EOA group August 4: Hungarian Gulyas Cook-Off in Hiram, Ohio August 7: QuickBooks boot camp day for private clients August 9: EOA learning day, Independence, OH August 11: The Treehouse, strategic retreat for board members August 14: GKIC Cleveland/Akron Elite Mastermind with Dan Cricks August 15: EOA accountability group meeting August 21: Presentation at WBC’s Think Tank Tuesday, Cleveland, OH August 23: Private coaching call with Jon Vroman, president of the Front Row Foundation
Prospective client inquiries: Borbala@ConciergeCPAs.com
AMY XIONG
PERSON OF THE MONTH:
This month, we have the privilege of introducing Amy Xiong. She is a CPA candidate and the most recent addition to our staff, and so far she has done a wonderful job of assisting our clients. Q: Amy, tell us a little bit about your background. A: I am an international student from China. My hometown is Changde, which is located in Hunan Province in South Central China. I have been living in Ohio for seven years. I love living in Ohio, except the winter here is too long. In my hometown, the snow days are just one week or a couple of days long. However, winter in Ohio often lasts several months and sometimes even half a year. Q: Where did you go to school and why did you choose accounting and taxes as your major? A: First, I went to Hiram College in Ohio and got my bachelor’s degree in accounting and financial management. After graduation, I worked as an auditor and tax accountant for different companies. Then I decided to go back to school to get my master’s degree. This May, I graduated from the University of Akron with my master’s degree in taxation. The reason I chose accounting and taxes is that I love math and I like to work with numbers. Also, I love to talk and work with people and try to be helpful. I really feel happy when I can help someone with my technical skills.
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Now That’s ‘Shelter’ Classic rock fans celebrated a milestone birthday on July 26: Rolling Stones frontman and rock legend Mick Jagger turned 75! If that doesn’t make you feel old, try these on for size: Aerosmith’s Steven Tyler is old enough to collect maximum Social Security benefits. Cyndi Lauper still just wants to have fun, but now she’s on Medicare. And ‘80s icon Madonna can finally take money from her IRA without paying a 10 percent penalty on early withdrawals.
In 1969, Jagger and the Stones scored one of their biggest hits with “Gimme Shelter,” a bleak, brooding meditation on the war and violence that characterized the late ‘60s. But did you know that “Gimme Shelter” describes the band’s philosophy on taxes, too? The Stones’ troubles with taxes go back nearly as far as their troubles with the police. Starting in 1968, British authorities accused the bandmates of taking a certain laissez-faire attitude to controlled substances laws. Later, reports surfaced that they had taken a similarly lax approach to tax laws, too. As Jagger recalls, “So, after working for eight years, I discovered at the end that nobody had ever paid my taxes and I owed a fortune. So, then you have to leave the country. So, I said, ‘&@#& it,’ and left the country.” At that point, guitarist Keith Richards was paying $2,500/month for the 16-room belle époque-style Villa Nellcôte overlooking the Mediterranean on the French Côte D’Azur. There, the band hosted a summer of legendary debauchery. Somehow along the way, they also managed to record “Exile on Main Street” in a makeshift basement studio. Running from the law has a wonderful way of concentrating the mind, and the Stones vowed not to repeat their financial mistakes. Jagger put his London School of Economics education to work, and the band started jamming with some top-notch tax planners. They eventually set up a series of Dutch corporations and trusts, which Summer Grilled Halibut If you’re tired of grilling hamburgers at this point in the summer, try using your grill for something a little different. This easy halibut recipe is a great change of pace.
helped them pay just 1.6 percent in tax over the last 20-odd years. More recently, they established a pair of private Dutch foundations to avoid estate taxes at their deaths. “Mick would come and visit me occasionally in Switzerland and talk about ‘economic restructuring,’” Richards wrote in his 2010 autobiography, “Life.”“We’re sitting around half the time talking about tax lawyers! The intricacies of Dutch tax law vis-à-vis the English tax law and the French tax law. All of these tax thieves were snapping at our heels …Mick picked up the slack; I picked up the smack.” As for us, we may not be able to make beautiful music. But our tax planning rocks. And we think paying less beats fleeing the country. So, call us when you’re ready to pay less and see how much you’re wasting right now . We’re here for you, and your bandmates too!
-Borbala Banto, CPA
INGREDIENTS •
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1/2 cup hearts of palm, drained Basil leaves, for garnish Kosher salt and black pepper, to taste
4 boneless, skinless halibut fillets, about 5 ounces each 1/4 cup olive oil, plus extra for drizzling
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1 lemon
2 pounds mixed tomatoes, sliced
DIRECTIONS 1. Lightly oil grill grates and heat grill to medium. 2. Grate 1 teaspoon lemon zest onto halibut fillets. Drizzle with olive oil and season with salt and pepper. 3. Grill halibut, turning just once, for about 5 minutes on each side. 4. In a mixing bowl, combine tomatoes, hearts of palm, juice from lemon, and oil. Season with salt and pepper. 5. Garnish salad with basil. Spoon salad over grilled halibut. Serve.
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 Defying the Stereotype! Page 1 Borbala’s Schedule Page 2 Our Newest Addition to the Concierge CPAs Family Page 2 Now That’s ‘Shelter’ Page 3 Summer Grilled Halibut Page 3 It’s Time to Get a Grip Page 4
ConciergeCPAs.com
Borbala@ConciergeCPAs.com
Book Review: ‘Traction: Get a Grip on Your Business’ BREAK PAST THE FRUSTRATION WITH ‘TRACTION’
If your business is slipping through your fingers, it may be time to get a grip. It happens, even to the best business leaders and entrepreneurs. They lose their grip on their business and they start to feel frustrated and lost. Gino Wickman knows that feeling. A long-time entrepreneur himself, Wickman founded EOS Worldwide (EOS is short for Entrepreneurial Operating System), a company centered on helping other business owners become better leaders and develop better teams within their own companies. Following his many experiences and the development of EOS, Wickman wrote “Traction: Get a Grip on Your Business.” He recognized the challenges faced by business leaders across just about every industry and business type. These challenges include
things like conflict, decision-making, growth, and money, to name just a few.
Even better, everything Wickman shares is based in reality. His advice and tools have been implemented before. He knows what works and what doesn’t. With the approach Wickman brings to “Traction,” you can easily apply that know-how to your own business and get that grip.
We’ve all been there, and we’ve all had questions about these types of issues. “Traction” lays out a foundation for overcoming these challenges and more. It serves as a guide to help business owners strengthen their business so they can move it in the direction they really want to go (which, for many businesses, is toward healthy growth). Wickman’s advice is accessible and practical. It’s written for just about anyone, from entrepreneurs who are just starting out to seasoned vets who are looking for a little advice to get more out of their business. “Traction” is also a great book to share with your team; it makes for great discussion.
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