June 18, 2024

Stuff About Money: Episode 66: Do I Need a Bookkeeper? with Jeremiah Bradley

48 minutes

Many insurance agency owners struggle with the financial side of their business - Am I paying too much in taxes? Are my finances in order? Am I making a profit? These questions can be daunting, especially for those who don't have a strong background in accounting and bookkeeping.

In this episode, Erik Garcia (CFP®, BFA™, ChFC®) and Xavier Angel (CFP®, ChFC®, CLTC®) sit down with Jeremiah Bradley, an expert in providing bookkeeping and payroll services to insurance agencies and independent agents. Jeremiah shares insights on the benefits of having a dedicated bookkeeper, the impact of not having one, common myths about bookkeeping, and how to build trust with your financial professional. They also discuss some of the crazier tax write-offs Jeremiah has encountered working with his insurance clients.

Episode Highlights:

Jeremiah shares a lesson about saving money from his youth and its long-term impact. (06:33)

Jeremiah explains his journey to specializing in bookkeeping for insurance agencies. (10:12)

Jeremiah discusses the significance of understanding and managing cash flow in business. (17:46)

Jeremiah explains the importance of accurate bookkeeping for business decisions. (19:04)

Erik discusses the necessity of having a good relationship with your CPA and bookkeeper. (25:20)

Jeremiah mentions that it is important to ensure that your financial advisors, including accountants and CFOs, have a deep understanding of your specific industry. (33:55)

Erik discusses the importance of managing business expenses with an eye toward potentially selling the business in the future. (40:20)

Jeremiah believes that it is important for agency owners to continuously question the quality and comprehension of their financials, especially regarding specific practices like agency billing. (44:00)

Key Quotes:

“Bookkeeping is so important because if you don't know, it's a path, right? It's a path of, Hey, how am I doing? The month-to-month, but also it helps you look back and say, Hey, where did I come from? What have I been doing?" - Jeremiah Bradley

“Your bank account statement doesn't tell stories. Your profit and loss statements tell stories. You can't get an accurate profit and loss statement unless you're tracking expenses and income on a regular basis.” - Erik Garcia, CFP®, BFA

Resources Mentioned:

Jeremiah Bradley

Bradley Books and Balancing - Virtual Bookkeeping Services

Erik Garcia, CFP®, BFA

Xavier Angel, CFP®, ChFC, CLTC

Plan Wisely Wealth Advisors

...more

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By Agency Intelligence

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