How do you future-proof your business as a new decade approaches? Check out the show notes of this episode with Micah Fraim, founder and owner of an accounting firm servicing some of the biggest e-commerce businesses. He shares his insights on the difference between online and offline business accounting so that you can future-proof your company in this ever-changing digital landscape.
About Our Guest
Micah Fraim is the owner of Fraim, Cawley & Company, CPAs. Some of his clients are the biggest and most successful online businesses, including Adam Linkenauger from Authority Online, Rocky Ullah from I Love Basketball TV, and Justin Willman from Ultimate Baseball Training. He is also a thought leader on social media, with millions of subscribers on YouTube and Facebook. He has been featured in major publications such as Time, Forbes, and NASDAQ.
Micah’s Insights on Future-Proofing Your Business
Starting Out in the Industry
- His dad, a financial advisor, influenced his philosophy in handling money. He inspired him to get business as a course and accounting as a major.
- He looked for security after he saw his father’s trials during the 2008 economic crisis; hence, he got a corporate job as a financial analyst at a big firm.
- He decided to leave after 3 years to set up his own firm despite the risk of losing a big chunk of his income.
- He started out with small clients in his area until he stumbled on his first big clients.
- Word spread of his great work among the bigwigs.
- Understanding the core of his clients’ business operations and giving useful management advice were his edge.
Challenge of Online Businesses
- All e-commerce has seasonality dictated by the market or the nature of the business, resulting in difficult tax issues related to state policies.
How Accounting Helps Your Online Business Grow
- Invest in experts to solve your legal and tax issues to avoid catastrophic consequences.
- Delegate these matters to experts so that you, as the head of the company, can focus on crafting strategies that will efficiently generate sales, get new customers, and retain existing customers.
- Regardless of how big you are, get expert advice on your taxes once you’ve established a business model that you’re confident in.
- Don’t try to keep your own books. Set up consultations with an accountant to discuss your business needs and determine the right plans bespoke to your business.
- Get a bookkeeping program to make sure all things are logged.
- Learn to understand basic income statements, balance sheets, and cash flow statements. This will enable you to spot opportunities and to assess your performance.
Common Mistakes of Business Leaders
- It’s not about worrying over the smallest, day-to-day details. It’s about paying attention to reports and tracking your metrics and KPIs to reach sound business decisions and directives.
- Don’t worry too much about the numbers. A leader’s mindset should be serving the public with their services and products. This way, you can have a stable base of customers and a source of income that will keep your business afloat for a long time.
- It’s hard to face legal battles. Setting up preventative measures with the help of experts is critical to avoid your business losing too much from these battles.
For more insights, set a consultation with Micah through his company’s website https://fraimoba.com/.
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