Do you ever pay for business goods and services before you use them? If so, these types of purchases require special attention in your books. You need to create a prepaid expenses journal entry. So, do you know how to record prepaid expenses? Don’t panic if you don’t. Instead, follow this simple guide to recording […]
#FASuccess Ep 164: Making The Hard Transition From Financial Advisor To Business Owner Of Your Advisory Firm, With Julia Carlson
Executive Summary Welcome back to the 164th episode of Financial Advisor Success Podcast! My guest on today’s podcast is Julia Carlson. Julia is the founder and CEO of Financial Freedom Wealth Management Group, a hybrid RIA based in Newport, Oregon, that oversees nearly $300 million of assets under management for almost 1,000 client households. What’s unique […]
OECD director: Agreement on digital services tax underway
The Organisation for Economic Co-operation and Development (OECD) is hopeful that member states will come to a consensus on a cross border tax system reflective of the “digitisation of the economy”, according to Pascal Saint-Amans, the organisation’s director of the centre for tax policy and administration. “There is broad recognition that reaching a multilateral solution […]
Partner Pages 2020: Trying change on for size
By Niranjan Deshpande and Rajesh Rajpal, Directors at LPA Partners, Victoria and Nick Grieve, Director of Cloud Solutions at Perks, South Australia When your practice faces major change, the size of your team can influence your business decisions – and outcomes. Small firms can pivot faster, but larger enterprises have more resources to direct at the […]
How Advisory Firms Can Leverage EOS To Systematically Manage And Grow Their Firms
Executive Summary As the RIA industry’s continued growth has catapulted more and more firms across the $100M (or even the once-unthinkable $1 billion) AUM threshold and transformed many practices into true businesses, many advisors are finding themselves as “accidental business owners” as their firms have grown beyond themselves as the original founders and into professionally […]
Tips and tricks to get the most out of Xero Projects in 2020
Tracking time and costs spent on a job is a challenge for many trade, consulting and service-based businesses. But you can now power up your project tracking with our time saving tips to help create a thriving business. Pull project time into Xero Payroll Xero Projects integrates with Xero Payroll so it’s easy to pay […]
Weekend Reading for Financial Planners (Feb 15-16)
Executive Summary Enjoy the current installment of “weekend reading for financial planners” – this week’s edition kicks off with the ongoing industry drama of the prospective “Schwabitrade” merger, with a new public “Pledge” from Schwab that it will accept all RIAs regardless of AUM and without any custody fees, buzz that Fidelity will soon require […]
Xero Global Release Update: February 2020
Check out the latest updates for small businesses and advisors, plus a peek at what’s coming soon. Xero changes and release updates can be found in Xero Central or keep an eye on the feature timeline for a summary of some of our bigger releases. Recently released Attach a file to a spend money – […]
Which Financial Statement Is Prepared First?
Your business’s financial statements give you a snapshot of the financial health of your company. Without them, you wouldn’t be able to monitor your revenue, project your future finances, or keep your business on track for success. Now, you can’t go off creating your different financial statements all willy nilly. Like many things in business, […]
Kitces & Carl Ep 27: Handling The ‘Required Minimum’ Conversation Without Being Awkward
Executive Summary Many financial advisors have asset minimums to ensure that they generate enough revenue from each client to be compensated appropriately for the value they provide (and the business cost to deliver it). But when it comes to having conversations about net worth with prospective clients to find out if they qualify for those […]