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

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:

About Erik Garcia

Hi there, I'm Erik. How you manage your money and other resources impacts practically every aspect of your life. I help individuals and families invest plan for a more secure and predictable financial future. Thanks for taking time on my site!

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