{"id":548,"date":"2022-08-17T20:28:40","date_gmt":"2022-08-17T20:28:40","guid":{"rendered":"https:\/\/realequityip.com\/?p=548"},"modified":"2022-09-22T02:43:32","modified_gmt":"2022-09-22T02:43:32","slug":"time-to-talk-to-your-business-team","status":"publish","type":"post","link":"https:\/\/realequityip.com\/time-to-talk-to-your-business-team","title":{"rendered":"Time To Talk To Your Business Team"},"content":{"rendered":"\n

Robin here, sending my greetings to everyone in the REIP<\/a><\/strong> Family.<\/p>\n\n\n\n

We are two thirds of the way through the year about to launch into the last quarter.<\/p>\n\n\n\n

Last month, I talked about taking the time to assess your life across the \u201c8 forms of capital\u201d<\/strong> through the framework of a Resiliency Audit<\/a><\/strong>.<\/p>\n\n\n\n

Today, I want to share some thoughts relative to what Brett and I are doing personally for our financial capital & health.<\/strong><\/p>\n\n\n\n

Have You Had Your Financial Check-Up?<\/strong><\/p>\n\n\n\n

We are two thirds of the way through the year and about to launch into the last quarter.<\/strong><\/p>\n\n\n\n

In preparation to wrap up the year, I just scheduled a meeting<\/strong> with our Certified Public Accountant (CPA) <\/strong>to discuss what we can anticipate over the next three to four months.<\/p>\n\n\n\n

Just like how you would go to your primary physician for an annual physical or check-up, it\u2019s important to set meetings with your team and get updates on your overall financial health.<\/strong><\/p>\n\n\n\n

\"image\"\/<\/figure><\/div>\n\n\n\n

During this session, we are going to be looking at where we currently are<\/strong> with our investments, current cash flow<\/strong>, and the income from these investments.<\/p>\n\n\n\n

Then we\u2019re going to look into the types of strategies<\/strong> we need to have over the next couple of months as well as perform a \u201cscrub\u201d on our finances.<\/p>\n\n\n\n

According to Wall Street Prep, the act of \u201cscrubb<\/a>i<\/a>ng<\/a>\u201d refers to adjusting financial data for non-recurring items to ensure the company\u2019s cash flows and metrics are normalized to depict its\u00a0actual ongoing operating performance<\/strong>.<\/p>\n\n\n\n

Doing this with the guidance of our CPA helps us get a clearer picture then we\u2019re able to make strategic decisions based on the data of our current financial standing.<\/p>\n\n\n\n

Which brings me to my next point\u2026<\/p>\n\n\n\n

Who You Need On Your Business Team<\/strong><\/h2>\n\n\n\n

In the latest episode of my social media video series,\u00a0Weekend Wealth<\/a>, I discussed the different people you\u2019ll need on your business team and the importance of having a great\u00a0Certified Public Accountant (CPA)<\/strong>.<\/p>\n\n\n\n

If you have investments in\u00a0syndicated real estate<\/a>, then it\u2019s crucial that your CPA also has lots of experience within this same realm. We all file our taxes but it is a\u00a0very different experience<\/strong>\u00a0when you work with an expert who is involved in real estate transactions.<\/p>\n\n\n\n

\"image\"\/<\/figure><\/div>\n\n\n\n

You also need a great attorney <\/strong>and someone that works cohesively with your CPA. This will prove to be helpful as your asset mapping <\/strong>is being created. There’s a cohesive synergy that’s happening between your accountant, your attorney, and yourself.<\/p>\n\n\n\n

You also need to ensure that you’ve got an insurance agent<\/strong> that you work very closely with your team as well. In addition to these crucial team members, you want to be working with a couple of different brokerage groups.<\/strong><\/p>\n\n\n\n

If you don’t have any of that, then the first thing you need to do is get the right accountant! It’s really the key to the foundation of your business.<\/strong><\/p>\n\n\n\n

Preparing for 2023<\/strong><\/h2>\n\n\n\n

So how should we be communicating with our business team? Start by meeting with your accountant and begin preparing for the last quarter of the year. This will help you set and achieve goals that you have for the beginning of 2023.<\/p>\n\n\n\n

At the same time, do recognize that during the months of November and December, your CPA is traditionally preparing their year-end accounting\u2014 it\u2019s not quite the time to begin strategizing.<\/p>\n\n\n\n

\"image\"\/<\/figure><\/div>\n\n\n\n

Year-end accounting<\/a><\/strong> is a set of procedures performed at the end of a company’s financial year.<\/p>\n\n\n\n

End-of-year accounting is used to find and correct errors from the previous year and run financial statements and is crucial for preparing for tax time. Tax season is their busiest time!<\/p>\n\n\n\n

We\u2019re trying to wrap up as early as the middle of August. So we are fully-prepared for the last part of the year. That\u2019s one of the things that I’m personally doing, what we’re doing with our family business, at REIP.<\/p>\n\n\n\n

\"image\"\/<\/figure><\/div>\n\n\n\n

Looking Forward to 2023<\/strong><\/h2>\n\n\n\n

So set that meeting with your CPA and get ready to wrap up 2022\u2014 we\u2019ve all got big goals for 2023! How can we help you reach some of the financial goals that you\u2019ve set for yourself?<\/p>\n\n\n\n

If you\u2019d like to talk about anything I discussed, let’s schedule a call<\/a><\/strong>!<\/p>\n","protected":false},"excerpt":{"rendered":"

Robin here, sending my greetings to everyone in the REIP Family.We are two thirds of the way through the year about to launch …<\/p>\n","protected":false},"author":5,"featured_media":555,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"categories":[59,24,80,30],"tags":[67,66,46,40,63,60,51,62,64,26,25,61,65,49],"author_meta":{"display_name":"Robin Binkley","author_link":"https:\/\/realequityip.com\/author\/robin"},"featured_img":"https:\/\/realequityip.com\/wp-content\/uploads\/2022\/08\/Time-To-Talk-To-Your-Business-Team-300x169.png","coauthors":[],"tax_additional":{"categories":{"linked":["Mindset<\/a>","Investing<\/a>","Newsletter<\/a>","Strategies<\/a>"],"unlinked":["Mindset<\/span>","Investing<\/span>","Newsletter<\/span>","Strategies<\/span>"]},"tags":{"linked":["accounting<\/a>","asset mapping<\/a>","capital<\/a>","cash flow<\/a>","Certified Public Accountant<\/a>","entrepreneur<\/a>","financial capital<\/a>","Financial Check-Up<\/a>","financial health<\/a>","investor<\/a>","real estate investing<\/a>","Resiliency Audit<\/a>","syndicated real estate<\/a>","wealth<\/a>"],"unlinked":["accounting<\/span>","asset mapping<\/span>","capital<\/span>","cash flow<\/span>","Certified Public Accountant<\/span>","entrepreneur<\/span>","financial capital<\/span>","Financial Check-Up<\/span>","financial health<\/span>","investor<\/span>","real estate investing<\/span>","Resiliency Audit<\/span>","syndicated real estate<\/span>","wealth<\/span>"]}},"comment_count":"0","relative_dates":{"created":"Posted 2 years ago","modified":"Updated 2 years ago"},"absolute_dates":{"created":"Posted on August 17, 2022","modified":"Updated on September 22, 2022"},"absolute_dates_time":{"created":"Posted on August 17, 2022 8:28 pm","modified":"Updated on September 22, 2022 2:43 am"},"featured_img_caption":"","series_order":"","_links":{"self":[{"href":"https:\/\/realequityip.com\/wp-json\/wp\/v2\/posts\/548"}],"collection":[{"href":"https:\/\/realequityip.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/realequityip.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/realequityip.com\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/realequityip.com\/wp-json\/wp\/v2\/comments?post=548"}],"version-history":[{"count":4,"href":"https:\/\/realequityip.com\/wp-json\/wp\/v2\/posts\/548\/revisions"}],"predecessor-version":[{"id":556,"href":"https:\/\/realequityip.com\/wp-json\/wp\/v2\/posts\/548\/revisions\/556"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/realequityip.com\/wp-json\/wp\/v2\/media\/555"}],"wp:attachment":[{"href":"https:\/\/realequityip.com\/wp-json\/wp\/v2\/media?parent=548"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/realequityip.com\/wp-json\/wp\/v2\/categories?post=548"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/realequityip.com\/wp-json\/wp\/v2\/tags?post=548"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}