It is the boring part of the business that has to be done, and has to be done successfully, as it could destroy every other part of the business: bookkeeping.
In this episode of Strength in Numbers, Marcus Crigler explains why ignoring the “boring” side of your business can quietly destroy everything you’re building. He also walks us through a real client story where bad bookkeeping caused over seven figures of income to be reported incorrectly, leading to hundreds of thousands of dollars in unnecessary taxes and years of cleanup, amendments, and potential IRS scrutiny. This is a wake-up call for any business owner who thinks bookkeeping is easy or not worth investing in. Listen and enjoy!
You’ll Learn How To:
- Understand why bookkeeping is the foundation of a long-lasting business
- Spot the hidden risks of inaccurate financials
- Avoid bad books that lead directly to bad tax returns
- Avoid paying taxes on income you never made
What You’ll Learn in This Episode:
(02:26) What defines a “sophisticated” business with longevity
(03:04) Why bookkeeping should be consistent
(03:53) A real client story: millions in revenue, messy books
(04:41) Discovering inaccurate financials going back 18 months
(05:54) Cleanup work is expensive but avoidable
(06:35) Reporting over $1M in income that never existed and paying taxes on income the business never earned
(08:14) Why incorrect books always lead to incorrect tax returns
(09:53) Bookkeepers are the heartbeat of the business
(11:08) When to bring in higher-level accounting oversight
(12:00) The importance of multiple review points in accounting
Who This Episode Is For:
- Real estate entrepreneurs who want their business to last
- Owners relying on one bookkeeper or a low-cost solution
- Investors who feel like they are overpaying in taxes but don’t know why
Why You Should Listen:
If you think bookkeeping is something you can ignore or deal with later, this episode will change how you see your entire business.
Connect with Marcus Crigler:
- Website: https://beccfo.com/
- LinkedIn: https://www.linkedin.com/in/marcus-crigler-cpa-977a45b7
- Facebook: https://facebook.com/marcus.crigler
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