Demystify Accounting for Solopreneur Startups With Luke Frye (344)

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By Life Skills That Matter and Stephen Warley | Solopreneur Business Coach. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.

Luke-FryeLuke Frye is going to help demystify accounting for solopreneur startups.

He s a CPA for entrepreneurs and the co-founder of TimberTax.co. He s also part of our 30-Day Accelerator team of experts, answering all of our members’ questions about accounting, taxes and finance.

Lot of great lessons in our conversations including:

  1. How he started his own CPA practice.
  2. What he learned from being an intrapreneur as part of the startup at the bookkeeping software bench.co.
  3. Why he turned down clients even as he was looking for clients to start his current business.
  4. The basics of setting up your accounting system to demystify accounting as you get started.
  5. How to pay your quarterly estimated taxes.

Life Skills That Matter In This Episode

  • Build community
  • Self-directed learning
  • Plan your actions

How Luke Works and Thinks

  • Wake up time: No set time
  • Core work activities + habits: 1) Client calls. 2) Internal team coordination. 3) Systems optimization.
  • Ideal work environment: A fairly private space for calls, but also with the ability to be around people at times. In general, it just needs to be clean, fairly quiet, somewhat private, and access to a view.
  • Definition of success: Building the company a bit bigger to allow for wearing fewer hats and being able to focus and specialize more.
  • 90-day goal: Getting through the upcoming tax deadlines, adding on their new tax preparer, evaluating how their new systems work through the tax season.

Inspirational Quotes

“It’s such a huge, emotional endeavor to deal with your money.”

“We’re dealing with humans, I just happen to do it through spreadsheets and tax returns.”

“I mean, I’m a CPA, but I sell. I know I’m working in sales, I know I’m doing marketing, I know I’m doing operations management, and so much more.”

“I see what everyone else is doing, but I see what other people don’t and I want to make that a reality.”

“We really wanted to see, okay, what kind of work do we enjoy, who do we enjoy doing it for, and how do we find them?”

Resources + Bonus Materials

Bench

The Greater Seattle Business Association

Zoho Books

Tax Deadlines from Timber Tax

Related Episodes

Change Your Relationship With Money With Lynne Somerman (285)

Making A Career Switch Between Two Completely Different Paths With Craig Cody (135)

Connect With Luke

Website

LinkedIn

Instagram

Facebook

Twitter

Thanks for listening! Enjoy this episode?

The post Demystify Accounting for Solopreneur Startups With Luke Frye (344) appeared first on Life Skills That Matter.

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