“Building Sound Accounting Principles Into Your Life and Business” with Nissa Savage
“The first step to properly setup a business is ensuring that you are legally compliant in your state, and then also finding a CPA that you can trust to ask about taxes.” - Nissa Savage
In today’s episode, we welcome Nissa Savage to the podcast. Nissa is a CPA Mom's franchise owner, and an accountant serving law firms and business owners remotely from Alaska.
Nissa talks to us about her business, the CPA moms franchise, and what entrepreneurs should focus on to ensure that their businesses run smoothly.
- I arrived in Alaska 10 years ago as a mariner working on the Alaskan ferries.
- I have an undergraduate degree in economics, and so transitioning that to a Master's of Science in Accounting was fairly straightforward.
- I have worked in the field of accounting in various capacities starting off as a bookkeeper, and now I'm a CPA and I own my own firm.
- I have wanted to stick with accounting because it's so phenomenal to see the power of information and how it allows business people to overcome the challenges that they face.
- I own a firm and I get support from a whole team of people from the CPA mom's franchise, which is a great community of CPAs who are moms.
- Due to the demands of raising a family, owning my own firm gave me the freedom that I needed, and the franchise helps me actually build out my services to my clients who are also entrepreneurs.
- The first step to properly setup a business is ensuring that you are legally compliant in your state, and then also finding a CPA that you can trust and ask about taxes.
- Beyond that, money flow and understanding credit is important, as well as embracing and understanding your bookkeeping system.
- I find so often that entrepreneurs do their own books, but they do not realize what the books are telling them.
- It is important to have meaningful reports that are correct as per the monthly reconciliations.
- Have a business plan extending over a five-year period, with every year mapped out with details on KPIs.
- Your business plan should be something you can show your CPA, who can collaborate with you on how to read the indicators from your bookkeeping.
- Entrepreneurs can embrace user-friendly tools such as Live Pan and bill.com, to plan in their businesses.