In this episode, Alay and Jayden discuss:
- The number one mistake law firms make with regard to taxes.
- How often your CPA should be meeting with you while your firm is growing
- Reasonable compensation and how it varies from types of entities.
- Leading and growing your team as a professional service provider.
- True tax planning accounts for the owner’s desires to understand the profit, not just the tax liabilities.
- Buying your office space may reduce your tax obligation, though it will vary from firm to firm.
- Low-cost employee benefits help you to stand out from the competition, and also reduce your taxes.
- As a leader, you need to invest time in making sure you are the best leader you can be.
“Tax planning is a year-round process. True tax planning is relational.” — Jayden Doye
“I’ve had to really, really, really get deep into my project management system, and set budgets for the different aspects of every matter.” — Jayden Doye
“Investing your efforts into becoming a better leader s going to result directly in higher profits for your firm because you’re going to retain your team longer, attract people easier, and they’re going to be more productive.” — Alay Yajnik
“You need to understand how profitable you are on every matter, on every project that you’re working on.” — Alay Yajnik
About Jayden Doye:
During the first two years of building his own CPA firm, Prestige Accounting Solutions, Jayden discovered his niche-law firm owners. He realized that many sought after the lifestyle he lives which includes living debt free, a monthly mandatory vacation & delegate/elevating a team to operate a profitable business that does not require the owner’s full attention. During his second year of business, Jayden became a Certified Profit First Professional & now he teaches the Profit First method to professional service providers which guarantees that their business generate profits.
As a CPA, Jayden’s goal is to help entrepreneurs like himself, gain independence, eliminate debt, and create a unique action plan to bring more to their bottom line while paying less in taxes.
Connect with Jayden Doye:
Text: Text “CPA” to 21000 to get Jayden’s digital business card!
Connect with Alay Yajnik:
One Page Strategic Plan: LawFirmSuccessGroup.com