How Much Money I Made In 2023 As A Third Year CPA Firm Owner
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- čas přidán 25. 06. 2024
- I give a breakdown of how much I made as a third-year CPA firm owner in 2023.
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• How Much Money I Made ...
• How Much Money I Made ...
0:00 - Intro
0:47 - What's New
2:35 - Hours
6:22 - The Numbers
6:54 - Income
9:18 - Tax Returns
10:04 - Expenses
12:25 - Take Home Pay
13:08 - 2024
13:24 - Reflection - Zábava
This is amazing. I am in the process of acquiring a firm. I’m not an accountant. I’m a financial advisor. This whole thing is terrifying and I found this so helpful. I’m sure it’s not easy for you to be this transparent but I appreciate it so much.
I liked how relaxed you are about not chasing money, being ok with it and grateful to God.
I'm thankful to be in this situation and understand how money doesn't always make you happy.
Dude thanks for sharing this!! Best channel covering the power of accounting!! Never stop!!
Great video and appreciate your transparency!
Great video! This is so helpful for me! I am looking forward to your new community for firm owners!
Thank you Logan!! This is so helpful!!!
Just finished the 1st, 2nd, and 3rd year video. As a second year accounting student I am thoroughly enjoying your videos.
I was cheering for you in each video. So excited for you and your family. God bless!
Thank you so much. That means a lot!
I'm glad you enjoyed them!
Love watching this annually now. Can’t wait to see the journey continue.
God bless you Logan! Great work!
Soooo happy for you and I love the part around having enough, and just having fun at this point and creating content. As always, excited to see what you do in the future!
Thank you, Tailor! It's definitely a new era for my firm!
Really nice! Keep it going!
Congrats, Logan!
Love the video
Nice video Logan!
Wow amazing. Congratulations! :)
Keep going , you are doing great , creating amazing and knowledge full content
Thats amazing Logan, great numbers. Mine are similar but I worked 24/7 like a dog - most of it was increasing business/new clients. i agree systems and spending more time ON the business vs IN the business is key.
Being a US Tax Preparer, I like your journey and learn a lot from your videos
Jason is saving a lot of money - I don’t think was onboarded LOL. Great video I will check out the rize software for my firm
Wow! Seeing the potential that running your our firm has through your experience is definitely so motivating!! I started my own firm last year and this is goals! Congrats 👏🏼
Congratulations on starting your own firm!
Thanks!
Return of the king 👑
Thank you for acknowledging that you owe it all to God. Stay humble and Blessed 🙏
These "How Much Money I made..." videos are really helpful for me. I am looking to get my EA this year and start a Tax/Bookkeeping/Personal Financial Advising firm. I like that you laid out your firm practice areas in a onscreen list. I do not want to duplicate what your do, but it merely helped me keep everything organized in my head as you went through the revenue streams. I want to start part-time first to get the kinks worked out as I am pivoting from engineering type work. Plus I have my CPA who could be a mentor and financial advising mentors available as well. I have done VITA here and there and know that I like tax work. I also attended some meeting with my state EA association. Thanks Logan for putting some number behind all this for planning out pricing, revenue, expenses, and capacity (individual) planning!
😊
So no need for CPA ? Bookeeping cert and enrolled agent is all thats needed ? How much can u make ?
@@onetime3137 That's a great base.
You can make as much money as you want.
Thanks for sharing Logan. Could you make a video about which software you use?
It definitely inspired me
The software costs keep rising, however, it’s also directly correlated to success (assuming you have an effective bundle for your needs). So we must continue to pay up 😊
>Logan drops his yearly income video
>the accountant 2 announced
>Gari getting his EA
Accounting is SAVED 🚀🚀🚀
I'm ready to ride off into the sunset in my mustang
LFG can’t wait for the Accountant 2 .. ben affleck saving our reputation 😅
Congrats! That's big growth! Aim for $500,000 gross revenue for 2024. A good rule of thumb is $200,000-$250,000 top line per full-timer (counting yourself at least at this stage)! It's definitely doable since your employee will free up so much of your time to invest in marketing efforts.
😱 If I make $500k, it better be from CZcams content lol
Honest question - you’re getting $250k of revenue from staffers?
That is big revenue per person. For staff accountant billing out at 150 an hour, they would need over 2,000 billable hours assuming a 80% collection rate. 250000÷150÷0.8 that's before factoring in admins that are not making any revenue.
That said, I do know firms that make those figures but it often comes with the partner working a lot of overtime
Ur videos are encouraging me
Currently I am pursuing CPA
Love from India❤
Can you give me some suggestion about the syllabus why is it easy or very hard ?
Should post a how to price video! Would be great.
Good idea!
Congratulations Logan!! You continue to inspire! :)
Not sure if I missed it in your video, how much did you pay your offshore tax prep team? I think you had them prep 50 returns? Also how did you share the data/files with them? Did they remote in?
Appreciate the transparency!
It was all paid for in 2022. The service that I used was seamless where I didn't have to do any of what you described. It was also pricey. About $200/return.
Thats super cool would love to know what service you used!@@taxtelegraf
New sub here. Such an insightful video, thanks! We saw cameos of the Agent and Gary but not your Dad! Curious, how does your Dad help you?
He was my first admin!
Thanks for sub'ing!
First off congrats!🎉 and it’s hilarious to see you in a button shirt, tie and slick hair😂. But it was a little confusing who you were supposed to be, maybe label “him” next time.
Thank you!
It's for my og fans that have been following me over the last couple of years :)
Hi Logan great video! One point of feedback, i think most of us watch these on our phones and I’m not sure if it’s possible to open a QR code that is displaying on your screen, I’d recommend including the link somewhere as well. Just my 2 cents!
Thank you. I didn't provide a link on purpose because 1. It drives more engagement when people ask or suggest for one.
2. I like people who can solve problems.
Gotta love those software expenses! I was over 100k in only 9 months of business in 23 😬🤯
10:30 Shots at state auditors i see i see
This is fascinating. 150 returns generates $200k net !?! That's crazy. Itching to go out on my own someday especially with so many old dudes retiring and not many young guys filling the gap. But im nowhere near being ready yet.
Have you thought about doing compilations? I know it opens up a new bag of worms with peer review but once you have a system in place theyre fairly straightforward. Also no cash flows which are my kryptonite.
It's all about pricing!
No comps because I don't want to do peer reviews.
Hey Logan, great video! I'm currently a junior in college and my ultimate career goal is to start my own tax practice one day. Is there any advice you would give to work towards starting my own practice?
Thank you for watching!
Step 1: Get tax experience :)
Hey Logan, I love your videos because there are not a lot of CPA firm owners who post content like this.
I am an accounting student in Canada, but I want to do the US CPA after graduation. I wanted help to understand if I could still do the US CPA as the REG exam would be totally different.
Would there be any challenges doing a bachelors in Canada instead of USA? Please give me some advice
Thank you for watching and your question!
I can't give any advice on CPA exam differences, sorry! I don't have experience with that.
I am surprised that CPAs have not done this long ago.
Congrats, Logan. What was the offshore tax prep firm and what did you have to report to your clients?
Normal consent disclosure 7216. I'm not going to disclose the firm 😀
Nice work Logan!!! I'm aiming for $500K this year so I can afford a Trip to the Salt Lick BBQ
What types of tax software do you use? I use UltraTax and have the whole CS professional suite, just curious what software you are using at that price point. Thanks. Good job on a successful year
I'll do a tech stack video one of these days
@@taxtelegrafI’d love that. As a new firm owner as well I’m feeling a bit overwhelmed at all the options of tools.
what software are you using?
Congrats! I have an opportunity to become partner in 2 years and start the buy in process at local small firm. Would you recommend the lifestyle of an owner of a firm based on my similar situation? Keep up the great work!! Thank you.
What's your situation?
@@taxtelegraf basically it would be come on and work as a manager at the firm, and then in 2 years start the buy in process into being a partner. What’s your experience been like being a partner? Is my situation, sounds like something based on what you have went through worth to explorer? I know comes a different schedule. Was hoping you could provide any insights! Thanks you!
@@JORDANBULLS10 I love running my own business but it's just me. If you're going to be co-owning you're going to want to make sure you work well with the other partner(s).
Hi Logan,
I was wondering as to why accounting firm owners go for marketing methods like Google ads instead of cold emailing? With cold emails, you can reach out to 30,000 prospects all automated.
Is that something you already implement?
I don't use either so I'm not sure!
What does your software consist of?
Mostly tax software
What tax software do you use?!
UltraTax + SurePrep related software
Woahhhhh! Slava Bogu!
How does that conversation go to establish the higher minimum on tax prep?
It's an email of "your minimum will be ___"
@@taxtelegraf nothing else? Just a one liner lol? I’m thinking of doing the same and curious if it was a conversation or just a one liner email
@1aberson sub here and follow me on Twitter, and LinkedIn, DM me and I will send you the template.
How many of your clients required in person meetings? Is it possible to have a virtual CPA business
The trick is to not offer in person meetings and require them to be virtual or over the phone.
My dad is retiring soon and I could take over his CPA practice if I wanted. But the main problems I have are I live in FL and all his clients live in IL and he thinks I can lose half the clients by going virtual. The other issue is I only have maybe 3 busy seasons of experience. I don’t think I could do some of the returns he does. Should I just get as much experience at a firm as I can until he retires and then go for it?
@@sswany_ I'd pass on that opportunity.
Question : I am an Accounting Analyst and have been for the last two years. In pursuit of finishing my BA in ACC. Will my work experience w/ my BA qualify me to test for the CPA Exam ?
Where do you live and how many college credit hours do you have?
I believe the rule is still if you have 24 hours of Accounting Credits, 150 total credits, and two years working for a CPA you can get a CPA license after passing the exam.
What state are you working in? Just wondering if you live in a high cost of living locality? Your prices are alot higher than my area.
Central Texas. I'm actually cheaper than a CPA firm down the road!
These are the same prices at the firm I remote work for down in So Cal. Excellent video man!
I’m in a small town in Ohio, and they’re pretty close to our prices. People are often afraid to value their work. And I think competing for low cost returns creates more churn for price-shoppers instead of loyal customers who have the ability and need to pay more and value the service.
$42k for software!!! Which do you use?
All of them, it seems like
Wait is there a discord I dont know about?
You don't know about the discord???
@@taxtelegraf nope!
@@jeremiahjasso8591 reach out to twitter.com/WTFoote for an invite.
I'd rethink not addressing the title while the viewer has no idea how many sponsors you have to mix into the video - I'm into accounting, most of us know what the software options out there are, and by time 6:49 in the video, it was unclear if/when the actual title of the video would be addressed - the youtube viewer showed the video as 14:33 long, and it was not clear waiting possibly 8 minutes of more sponsored products would lead to the actual title of the video being addressed. I bailed at 6:49; it will be challenging to get repeat viewers. I'd re-think the structure of the video. Right now it feels like "tease + watch some number - an unknown number - of sponsors being described" -- this will not endear to viewers. Sorry for being forthright, trying to help.
Can you make this comment shorter? I bailed after the first sentence. (I'm messing with you btw)
@@taxtelegraf Constructive feedback is helpful if you can be a bit humble. A channel I watch because of its macroeconomics secondary message grew from zero to 230,000 subscribers after he joined in August 2022. My intention was not to bring you down - just to suggest an alternative. His channel's main theme is the status of the used car market, of all things, but its macroecon message has some value. It's "Car Questions Answered". There are other channels. Hormozi has it right, "give, give, give, don't ask to receive, and when you're producing valuable content, you will know because the audience will ask to get involved" Good luck to you
Thanks, Greg. What's your experience with content creation?
I will be forever grateful to you, you changed my whole life and I will continue to preach on your behalf for the whole world to hear that you saved me from huge financial debt with just a small Investment, thank you Ava Maria Turner you're such a life saver.
The video would be way more interesting if he included his expenses not taxes.. but no one would go that deeply but that is where the real value ...not just revenues.. lf you made a $1but spent $5 you are in the hole..doesnt matter how much you made.. Accounting knowledge
I literally included all of my expenses in the video
Being a CPA sucks. Being staff, Senior staff, or a manager in an accounting firm stinks! If you want to work your tail off, all the time, and hate your job and the people you work with, then ACCOUNTING IS FOR YOU!
I don’t see no point of becoming an accountant but not a CPA
Why's that?
@@taxtelegraf Based on my own journey-5 years deep in the accounting trenches, armed with a bachelor’s degree in accounting, and plugging away in the field-I’ve got to say, being just an accountant can be a total drag. Day in, day out, it’s the same old drill: punch in some numbers, shuffle a few debits and credits, and then get lumped with whatever admin work comes down the pipeline, like fielding calls and managing the calendar. There’s hardly anyone around to show me the ropes on the cool stuff-think big-picture strategic planning, deep-dive financial analysis, or the kind of consulting that really shakes things up.
It feels like having a bachelor’s degree slaps an “assistant” label on your forehead, and you’re just there to make the big shots’ lives easier. And don’t even get me started on the paycheck-it’s not exactly what you’d call generous, especially when you factor in the crazy hours.
Hence my reasoning for leveling up. I’m on my way to snagging those extra 30 credits so I can take a crack at the CPA exam. Because, honestly, this isn’t what I signed up for as a bright-eyed freshman. I’m chasing that sense of achievement and the kind of work that really lights a fire in your belly.
@@taxtelegraf Based on my own journey-5 years deep in the accounting trenches, armed with a bachelor’s degree in accounting, and plugging away in the field-I’ve got to say, being just an accountant can be a total drag. Day in, day out, it’s the same old drill: punch in some numbers, shuffle a few debits and credits, and then get lumped with whatever admin work comes down the pipeline, like fielding calls and managing the calendar. There’s hardly anyone around to show me the ropes on the cool stuff-think big-picture strategic planning, deep-dive financial analysis, or the kind of consulting that really shakes things up.
It feels like having a bachelor’s degree slaps an “assistant” label on your forehead, and you’re just there to make the big shots’ lives easier. And don’t even get me started on the paycheck-it’s not exactly what you’d call generous, especially when you factor in the crazy hours.
So, enough is enough-I’m leveling up. I’m on my way to snagging those extra 30 credits so I can take a crack at the CPA exam. Because, honestly, this isn’t what I signed up for as a bright-eyed freshman. I’m chasing that sense of achievement and the kind of work that really lights a fire in your belly.
Based on my own journey-5 years deep in the accounting trenches, armed with a bachelor’s degree in accounting, and plugging away in the field-I’ve got to say, being just an accountant can be a total drag. Day in, day out, it’s the same old drill: punch in some numbers, shuffle a few debits and credits, and then get lumped with whatever admin work comes down the pipeline, like fielding calls and managing the calendar. There’s hardly anyone around to show me the ropes on the cool stuff-think big-picture strategic planning, deep-dive financial analysis, or the kind of consulting that really shakes things up.
It feels like having a bachelor’s degree slaps an “assistant” label on your forehead, and you’re just there to make the big shots’ lives easier. And don’t even get me started on the paycheck-it’s not exactly what you’d call generous, especially when you factor in the crazy hours.
So, enough is enough-I’m leveling up. I’m on my way to snagging those extra 30 credits so I can take a crack at the CPA exam. Because, honestly, this isn’t what I signed up for as a bright-eyed freshman. I’m chasing that sense of achievement and the kind of work that really lights a fire in your belly.
@@taxtelegraf Based on my own journey-5 years deep in the accounting trenches, armed with a bachelor’s degree in accounting, and plugging away in the field-I’ve got to say, being just an accountant can be a total drag. Day in, day out, it’s the same old drill: punch in some numbers, shuffle a few debits and credits, and then get lumped with whatever admin work comes down the pipeline, like fielding calls and managing the calendar. There’s hardly anyone around to show me the ropes on the cool stuff-think big-picture strategic planning, deep-dive financial analysis, or the kind of consulting that really shakes things up.
It feels like having a bachelor’s degree slaps an “assistant” label on your forehead, and you’re just there to make the big shots’ lives easier. And don’t even get me started on the paycheck-it’s not exactly what you’d call generous, especially when you factor in the crazy hours.
I’m leveling up. I’m on my way to snagging those extra 30 credits so I can take a crack at the CPA exam. Because, honestly, this isn’t what I signed up for as a bright-eyed freshman. I’m chasing that sense of achievement and fulfillment!
All glory to God!