Managing Tax and Finances with Ken Green
Ken Green is CPA in Toronto, Canada. He used to work with PricewaterhouseCoopers, a big accounting firm in the area, but left to begin his practice. He runs a firm together with his business partner that provides services to assist businesses to succeed. Ken is also an author and has written a book by the title, The Tax-efficient Wealth. Tune in and listen to Ken give us an insight into managing finances, taxes, and where to begin if you are thinking of a startup. Accounting Basics Ken informs us on the traditional duties of an accountant, which are: Bookkeeping Perform accounts File taxes What makes his firm standout is that besides providing the traditional services, they advise you on how you can manage your tax How the Firm Operates According to Ken, the most important key to business growth is keeping an eye on your financials and taxes. They take a close look at your cash flows. Another essential aspect is your marketing, a big weakness for most businesses because they don’t know how to grow even from the existing clients. So Ken and his team look at these aspects and charge more for the value you are providing. They also look at your key cost drivers and ensure that you are getting employees to be more productive to accomplish a lot. How to Manage Finances Ken says that businesses miss one big thing: they don’t take time to analyze and monitor their spending. One thing that Ken’s team does is ensure that there is value for every amount of money you spend and that they are contributing towards business growth. Ken Green’s Book: Tax-Efficient Wealth His book is written in straightforward language and is all about helping individuals and businesses manage their wealth in a tax-efficient manner. The book provides a blueprint on how people can use tools in the Canadian tax system to achieve these significant goals: How do you contribute and save money tax-free? How do you get a lot of money to grow tax-free? How do you withdraw your money tax-free? Superpower Ken’s superpower is staying focused on the long-term goal. Timestamps [01:45] The work of accountants, traditionally [04:15] What businesses need to do in managing finances. [07:56] Seeking business advice [09:59] The book [11:25] Business vision [13:19] How to start a business [18:16] Tax-related advice to people and businesses [20:18] What are the consultation charges? Notable quotes There is value in building something for the long term. Connect with Ken Website - https://kengreen.ca/ LinkedIn - https://www.linkedin.com/in/kengreen22/