Client Corner: Matthew Weissman, CPA
Matthew Weissman, a Certified Public Accountant (CPA) in South Florida, has been a small business owner for nearly 20 years.
In the last few years his firm, Integrity Accounting Advisors, has experienced a lot of growth due to his dedication to his clients and out of the box thinking. The growth also inspired Weissman and his team to undergo a website/company rebranding. What makes Weissman’s journey as a small business owner unique is he owns a small business that caters to other small business owners.
Unlike other small business owners, Weissman never thought of himself as a small business owner or had plans to branch out on his own. He had the skill for helping others with their taxes and other financial tasks and became hooked on being an advisor. From there, the small business journey happened organically. His firm started with a strong tax focus but eventually grew to include more. Since everybody needs to file taxes, and it’s an area that people tend to struggle with, it made his small business journey easier.
Biggest Small Business Challenge
While Weissman overall loves being a small business owner, mainly due to the interactions he has with his clients, there is one area he struggles with: cash flow. For many small business owners, especially those who have seasonal small businesses, having enough cash on hand for business expenses can be challenging. With Weissman, on top of regular cash flow struggles, he faces an added layer of complexity when working with his small business clients. He understands that they may not have the funds always accessible to pay him, yet he needs that money to keep his own business running.
Weissman says that small business owners are more likely to run into cash flow problems when they don’t have an accountant or bookkeeper helping them out. An accountant or bookkeeper can advise small business owners on their expenses and help them manage their books. Additionally, outside help with expense management can be helpful as they can spot trends and help small business owners prepare for slow seasons.
Advice for Small Business Owners
Between his personal experiences, and helping other small business owners, Weissman is uniquely qualified to offer some solid advice for others looking to branch out on their own.
- Don’t let emotions get involved. When we chatted with Weissman, he stressed the importance of balancing emotions and keeping them separate from any business decisions. As an example, say you barbeque for a neighborhood party, and all of your neighbors start complimenting you. You’ll probably feel pretty good, and you should, but those compliments do not mean that you should go open a BBQ restaurant. Often small businesses begin because of comments like this and think only about the good times, instead of focusing on the larger small business picture.
- Have personal savings. When it comes to starting a small business, there will never be the perfect time to begin or the perfect financial situation. Weissman acknowledges that debt is always going to be a factor, but business owners need to have a handle on that before they can truly open their doors. He also says having personal savings is crucial, because there may be a day your business needs to run on that for a while. He has watched businesses close because the cash to sustain the business just wasn’t there. While the business idea may have been great, the funds weren’t there to sustain it long-term.
- Have a third-party support system. Weissman also stresses the importance of having somebody to talk finances with who do not have a financial stake in your business. Using himself as an example, while many of his clients are friends, he knows he can’t cross the line of talking about the financials of his business with them. When it comes to financial complications, a trusted advisor can be a great resource as they will be honest with their feedback and help you reach a solution.
How SurePayroll Has Helped
As a member of SurePayroll’s Reseller Program, Weissman has a slightly different experience using SurePayroll compared to other clients who have chatted with us. By partnering with SurePayroll in his accounting firm, Weissman has been able to grow his business because payroll is a service he can offer his clients. Since he’s not a fan of doing payroll himself, and it’s a task he’s never enjoyed, using SurePayroll has given him the flexibility to focus on other areas of his business and change how he builds his business and promotes his services. When we asked Weissman why he has continued to stay with SurePayroll instead of looking at other competitors, his answer came easily: “The customer service is the best in the industry. If I have an issue, I pick up the phone and generally have it resolved within 90 seconds.” Additionally, he has noticed the changes we are consistently making to our product and the options we offer, such as flexible payroll.
If you’re an accountant looking to learn more about SurePayroll’s Reseller Program, visit our accountant's page for more information.
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