The Financial Gravity Podcast

Dania Buchanan is the Senior Vice President of Growth and Marketing at SmartVault, an online platform that deals with document storage, secure file sharing, and optimization of workflow processes. John and Dania discuss the key differences between SmartVault and other similar platforms that allow them to fulfill key business needs in industries that deal with sensitive and confidential client information, as well as some of the problems that it solves. They also discuss the forthcoming changes in the industry and how different clients benefit from SmartVault, so be sure to tune in!

Key Takeaways:

[:20] John introduces his guest for this episode — Dania Buchanan

[1:19] What is SmartVault?

[3:20] John shares how SmartVault has helped Financial Gravity.

[5:46] Dania highlights the key difference between SmartVault and other document sharing/storing platforms.

[9:54] John and Dania discuss the need for different approaches to changing times/technologies, and how that changes workflows in different industries.

[13:43] SmartVault is not an accounting firm, but rather provides tools for accounting firms to use in their businesses.

[16:05] John dives into some of the problems Financial Gravity encountered before switching to SmartVault, and how SmartVault solved them.

[21:06] How do different SmartVault clients use this technology to automate their workflows?

[28:08] SmartVault allows firms to customize the platform according to their needs to optimize their workflows.

[31:26] Dania and John discuss some of the challenges the system faces and their hopes and projections for the future.

[37:19] Dania brings up some of her observations about the industry and the changes that are forthcoming.

[46:02] John summarizes the benefits of SmartVault.

Dania Buchanan

SmartVault

Financial Gravity Podcast Episode 91: "Special Report — The Changes in Financial Gravity"

Financial Gravity Podcast Episode: "Special Report — What Went Wrong For Us This Tax Season"

Dropbox

Box

SmartSheet

Salesforce

The Everything Store: Jeff Bezos and the Age of Amazon, by Brad Stone

FileCloud

Intuit

Microsoft Dynamics

Amazon Web Services

This special report is an update on the previous Special Report. Dan Sundby, Chief Sales Officer, joins John once again to provide a state of the union for Financial Gravity and where things are going. John and Dan take a look at Financial Gravity's leadership model, the changes made to the systems, processes, and people to keep in touch with the company's vision, and what how things will change moving forward. Tune in to find out more about the changes afoot in Financial Gravity.

Key Takeaways:

[:46] John introduces his guest for this episode — Dan Sundby, Chief Sales Officer.

[1:01] What makes a great company? The first and most obvious one is leadership. What is Financial Gravity's leadership model, and how does that drive decision-making from a leadership standpoint?

[7:33] Process is the second thing that makes a great company. What are some processes that have been put into place since the last special report to aim toward doing the hard stuff well?

[11:41] John discusses some of the issues that came up in terms of products and people with regards to outsourcing.

[20:40] John shares how and why demonstrating value to prospects by identifying and solving problems for them is so powerful.

[26:25] Building a company is like baking a cake — you can't just have the right ingredients, they have to be in the right proportions. How, as CEOs, can you get the different parts of the company all working together in the right proportions?

[36:20] How has Financial Gravity managed communications their different customers — external end customers such as small business owner clients and internal customers such as partners, financial advisers and other people who work with the company?

[40:03] Dan sheds light on the remarkable results of the ETS study.

[46:43] John explains their situation with a football analogy, and they discuss how the changes made in the last 90 days have contributed to their current strong standing.

[51:00] John and Dan discuss why it's important for business owners to organize themselves in a way that better serves them.

[57:26] John is excited about the changes that have been made to the systems and to see how they will hold up in times to come.

[1:02:27] All the things John learns, whether from reading or studying other businesses, are applied to his business!

Dan Sundby

Financial Gravity Podcast Episode: "Special Report — What Went Wrong For Us This Tax Season"

Entrepreneurial Operating System

"The Financial Gravity Podcast Episode 18: Mark C. Winters — Visionaries and Integrators in Entrepreneurial Leadership"

"The Paradox of Employee Turnover," by John Pollock

Smartsheet

Strategic Coach

Financial Gravity Podcast "Episode 90: Rob Nixon — The Perfect Firm"

Financial Gravity Podcast "Episode 89: Nick Sinclair — The Offshore Accountant"

"Robots, Elves and the White-Collar Factory Workers: Why Outsource/ Offshore in an America First Economy?" by John Pollock

SmartVault

Dropbox

Box

OneDrive

What Got You Here Won't Get You There: How Successful People Become Even More Successful, by Marshall Goldsmith with Mark Reiter

Advice that Sticks:  How to Give Financial Advice that People will Follow, by Moira Somers, Ph.D.

Rob Nixon is a disruptor in his industry who has coached over 400 accounting firms to help them get almost $1billion in new profit. He is the author of The Perfect Firm, and bestsellers Remaining Relevant and Accounting Practices Don't Add Up. He has spoken in front of over 175,000 accounts and been in the industry for 24 years. On this episode, he joins John to discuss what's broken in the accounting industry, and how he teaches accountants to run their businesses better. Tune in to find out more about how to run your business by design, and not by default.

Key Takeaways:

[:19] John introduces his guest for this episode — Rob Nixon.

[1:40] How did Rob get into accounting and how has that developed to where he is now?

[4:14] John uses a football analogy to illustrate Rob's role in the industry.

[5:10] What does Rob do to teach accountants to run their businesses better?

[8:56] Rob explains why accounts should be running better businesses.

[12:48] How can accountants be providing better advice to their clients, specifically numbers-based advice?

[15:28] John and Rob discuss how accounting is like manufacturing, and how the same principles can be applied (and how the same problems can occur).

[19:29] John gives an anecdote of what happened with Financial Gravity over tax season that illustrates this problem.

[21:58] Rob stresses the importance of preparation in meeting deadlines in a timely manner.

[25:42] Most accountants tend to run their businesses by default, rather than by design. Rob highlights why this leads to messiness, and how they can redesign their businesses.

[33:14] John is using the book The Perfect Firm to redesign his company. How did Rob come up with the idea for this book?

[37:35] Learn more about Rob and his work through his website and his LinkedIn profile.

Rob Nixon

Rob Nixon on LinkedIn

The Perfect Firm: Your Playbook For Building A Perfect Accounting Business, by Rob Nixon

Books by Rob Nixon

Financial Gravity Podcast Episode 89: Nick Sinclair — The Offshore Accountant

"In Defense of Accountants — What Financial Gravity Learned This Tax Season," by John Pollock

Financial Gravity Podcast Episode: "Special Report — What Went Wrong for Us This Tax Season"

Articles by Rob Nixon on LinkedIn

"The Perfect Accounting Firm," by Rob Nixon on LinkedIn

Email Rob Nixon

Nick Sinclair is the Chairman and CEO of The Outsourced Accountant, a global provider of staff to accounting firms around the world. He has been in business for five years, with over 800 people on staff and doubling every year, and the interesting thing about his firm is that it is based in the Philippines. Nick and John go into the differences between outsourcing and offshoring, Nick's model for his business and how it benefits both Western employers and Philippine employees, and the future of cloud technology in the accounting industry. Tune in to find out more!

Key Takeaways:

[:21] John introduces his guest for this episode — Nick Sinclair.

[2:30] Who is Nick and what does his company do?

[4:56] What is the difference between outsourcing and offshoring?

[6:04] Why did Nick choose the Philippines to base his business?

[9:22] How does Nick deal with the security issue of sending data from his clients over to the Philippines?

[13:36] John and Nick discuss some reasons for resistance to outsourcing and offshoring.

[16:58] John highlights the need for a shift in the industry to allow accountants to review data to look for opportunities to help clients.

[20:37] What is Nick's model for pricing?

[25:12] Nick explains how his model works for larger offshore teams and the physical aspect of his business.

[26:54] What are the benefits of having a large staff of purely accountants working for different companies?

[29:27] How do the cultural values of each firm get communicated across to the offshore employees?

[32:47] Nick brings up the difference between the Philippine family structure and the Western family structure.

[35:08] Some of the really good technology around accounting is coming out of Australia. What's the reason for that?

[41:16] The industry is shifting toward cloud technology for accounting.

[44:12] John and Nick delve into the curiosity of the accounting industry and forward-looking companies that create value for their clients.

[48:04] Capacity is one of the biggest problems that accountants have.

[50:25] Get in touch with The Outsourced Accountant if your business needs help with accounting and more from a professional offshore team.

The Outsourced Accountant

Nick Sinclair on LinkedIn

Financial Gravity Podcast Episode: Special Report - What Went Wrong For Us This Tax Season

Rob Nixon

Slack

Robots, Elves and the White-Collar Factory Workers: Why Outsource/ Offshore in an America First Economy?, by John Pollock

Xero

Intuit

Entrepreneurs' Organization

Infusionsoft

Memberium

After Meghan Markle married Prince Harry, becoming the Duchess of Sussex, she became a British Citizen. But will she leave her U.S. citizenship behind or pay the IRS double the taxes?

Key Takeaways:

[:20] Recently, Meghan Markle went from average woman to becoming Her Royal Highness Meghan, Duchess of Sussex.

[1:25] Have the IRS lost a taxpayer or gained a whole new source of revenue?

[2:21] Becoming a British citizen won't put anything in IRS pockets — but the real issue is whether or not she'll keep her U.S. citizenship which would subject her to U.S. tax.

[2:58] If she gives up her U.S. citizenship she has to pay a $2,350 expatriation fee to quit paying U.S. taxes.

[3:27] But there's a catch to all of this that leads to a seriously royal headache!

[4:03] If you're hoping to marry royalty, just remember to give us a call at Financial Gravity before you walk down the aisle!

Financial Gravity

The most Eligible Royals in a Post-Harry World

John Matheson has been a commercial real estate developer by trade for over 30 years and recently launched Commercial Loan Success, a company aimed at helping borrowers and lenders communicate in the same language. John Matheson and John discuss the importance of capital in growing a business, as well as how the recession has changed the rules of engagement. John Matheson's software aims to help clients open up the conversation with lenders and ease the process, by revolutionizing the industry. Tune in to find out more!

Key Takeaways:

[:21] John introduces his guest for this episode — John Matheson.

[1:57] What does John Matheson do and how did he get into his business?

[4:58] John and John Matheson discuss the necessity of capital in growing a business.

[9:48] The rules for successful capital raising and lender financing have changed since the recession.

[11:11] John Matheson deconstructs the industry into two types of lending — secured vs. unsecured — and how he helps his clients navigate these areas.

[19:51] John draws a parallel between entrepreneurs facing rejection about their product or service and rejection from a bank.

[20:32] John Matheson explains how his software gives his clients the power and language to communicate with banks to get what they want.

[25:50] How does John Matheson disrupt the industry for the good of all small business owners and real estate investors? He shares a personal anecdote that led him to disrupt the industry.

[33:16] John Matheson describes his partnership and how his software empowers his clients.

[37:04] Once the software determines that you're a 'Go,' what becomes critical is determining the right source of capital for your business.

[39:36] Does John Matheson focus on banks or the consumer as his client?

[42:57] John Matheson highlights other people who can leverage the software to help clients.

[43:27] Where does John Matheson get profit?

[46:53] John and John Matheson discuss some idiosyncrasies of the commercial lending space.

[49:00] What is the difference between a SPA504 and 7A?

[51:00] What are some apps John Matheson is using?

[55:23] Get in touch with John Matheson and check out his software via his website.

Commercial Loan Success.com

Free Giveaway: How to Prepare Yourself and Your Business for Commercial Financing

John Matheson on LinkedIn

Financial Gravity Podcast "Episode 86: Ty Crandall — The Business of Business Credit"

Financial Gravity Podcast "Episode 87: Mark Tapp — Avoiding Bad Loans"

Zoom

Join.Me

Skype

EasyCoach

MyRadar Pro

A fire ceased the production of Ford's most popular, best-selling F-150 pickup. Not only do the repercussions affect Ford and their employees — but it reaches the IRS as well.

Key Takeaways:

[:21] A fire forced the Meridian Magnesium Products of America plant to shut down production of Ford's best-selling F-150 pickup.

[1:56] The results of the fire have impacted workers — Ford has laid off over 7,500 employees.

[3:16] Not only are employees out of jobs — Ford is suffering damages as well.

[4:26] There's nothing unexpected or surprising about tax bills — you know the IRS wants a share of your production, so call us at Financial Gravity when you're ready to plan for that! And keep a fire extinguisher handy.

Financial Gravity

Mark Tapp is the founder of The Savings Guy, a company that helps businesses with loans, and a partner of Financial Gravity. Mark provides his clients an invaluable service by helping them get out of bad loans and into better situations financially by assessing their business situation from a holistic perspective. Mark shares his insights into the loans available to small business owners, the challenges they face with regards to loans, and how his business helps clients keep more of what they make. Tune in to find out more.

Key Takeaways:

[:20] John introduces his guest for this episode - Mark Tapp.

[2:05] How did Mark get into the commercial lending space and what does he do?

[4:55] Mark shares how taxes play into his business.

[7:00] What are some of the challenges in business owners face with regards to loans?

[11:57] Mark helps clients get out bad loans and into something a bit better. He explains how he does this for clients.

[17:24] Mark's business is centered around acting as a middleman and helping clients aggregate between different offerings in the commercial loans space. How does he perform this function?

[23:48] What are some things business owners can do in running their business to help Mark help them?

[26:58] John and Mark discuss how they help clients unpack problems to solve them in better ways, primarily by asking clients the question "What are you trying to accomplish?" instead of letting them self-diagnose their problems.

[32:20] John highlights the risk the accompanies loans, but also the fact that they're a major tool for building a business.

[35:50] Mark leaves us with the insight that all the different parts of the financial system are integral to a businesses success, but also that someone with a holistic perspective is crucial to help business owners connect the dots.

[38:37] Check out the other two podcast episodes with Ty Crandall and John Matheson for more information about the commercial lending space.

[39:56] What are some apps that Mark uses?

[42:30] Get in touch with Mark via his website for a free consultation, or give him a call!

Mark Tapp

Call Mark Tap: 800-590-5291

Financial Gravity Podcast Episode 86: Ty Crandall - The Business of Business Credit

Financial Gravity Podcast Episode 88: John Matheson - Revolutionizing the Commercial Loan Process

Paydex

Calendly

AppointmentCore

Ring Central

Life in the big city is pricey, so investment manager AllianceBernstein declared free agency to find a new hometown — tax savings and fat signing bonuses galore!

Key Takeaways:

[:24] If any teams are serious about winning the playoffs this year, it might be time to start looking at signing some free agents.

[:58] Corporations can pocket fat signing bonuses in the form of rich tax breaks by playing "free agent."

[1:17] AllianceBernstein is an investment manager supervising $550 billion in assets.

[1:57] AllianceBernstein declared free agency to find a new 'home.'

[2:24] Lower taxes was cited as one of the major reasons for their choice.

[3:40] Nashville's newest residents will love their new tax savings — no state income tax, property taxes lower than New York, and they're phasing out their investment tax.

[4:16] We're sure you'll love our recipe for tasty tax breaks — so call us if your mouth is watering for great savings at Financial Gravity!

Financial Gravity

AllianceBernstein

Michael Shvo, a showy real estate developer based in New York City, has mastered the artful tactics of selling showy condos to showy buyers. As it turns out though, his tax evasion may be even more artful.

Key Takeaways:

[:53] Michael Shvo is a real estate developer who sells showy condos to showy buyers, using theatrical tactics.

[1:30] Michael is also a noted art collector, paying millions for condos and houses, and stuffing them full of his art pieces and treasures.

[2:10] Even though Michael Svho likes buying 'shvo-y' stuff, he doesn't like to pay tax on it. In 2016, a district attorney indicted Shvo on 28 counts of criminal sales tax fraud.

[2:50] Michael Shvo dodged more than a million dollars in state and local taxes through several ornate ruses.

[4:00] The guilty plea calls for Svho to pay $3.5 million in taxes, penalties, and interest.

[4:30] You don't have to cheat to pay less, you just have to call us at Financial Gravity.

Financial Gravity