May 2017 - Page 2 of 2 - AccountingX

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6 Hacks to Becoming Financially Independent

6 Hacks to Becoming Financially Independent

While most people dream of becoming financially independent, only a few live to actualize this dream. To reach the level of independence that many seek, you will most likely need monetary discipline and sound advice. If you own your own business, the feat of becoming financially independent can be much easier when you engage a leading accounting firm to get your books in order. As one of the premier Los Angeles bookkeeping services, we understand what it takes to plan for the future. Here are our top 6 hacks to get you on the road to financial freedom:


Create a Plan

One reason why many people never reach their financial goals is the lack of a clear plan on how to get there. Businesses are 36% more likely to succeed when they have a plan in place. With clear goals, it becomes easy to determine what you need to accomplish. Hiring a business coach to help you develop such a plan is a good start.


Develop a Budget

Never be tempted to spend more than you earn. Such behavior will put you into debt, and it is extremely difficult to recover from. Have a clear and itemized budget for both your business and your personal life, where you spend less than you earn to increase savings and investments. If you engage with a Los Angeles bookkeeping services corp than they will work with you to develop this critical plan.


Invest and Stay Invested

Making extra income is one of the primary ways to become financially stable quickly. Invest your savings in assets that will generate good income, and stay invested. Do not get frustrated by the market dynamics, but adjust if necessary to keep your investments safe. Do not make the mistake of selling your assets during a recession as this will result in losses.



Perhaps your lifestyle is ridden with unnecessary costs? Downsizing your cost of living will boost your savings and also the volume of investments. Cutting your cost of living will bring your dream of becoming independent closer.


Diversify Your Investments

One mistake that can cause you to fail financially is investing in just one area. Such investments can crash and if you have all your eggs in one basket, so you must be a smart investor. Make sure that your investments are spread among several categories to the minimize downside effects of particular market segments.


Always Know Your Numbers

You must always know where you stand. Not understanding what your numbers are telling you can be a critical mistake. Having Los Angeles bookkeeping services to help you know your numbers and make a plan for the future can alleviate much of this undue stress.  This will help you make the right decisions for your business, savings, planning, and investing. It will also give you an idea of whether you are making progress towards reaching your goals or not.


These are the main hacks on how to become financially independent. A lot of work is required to achieve the desired outcome. A lot of diligence, discipline, patience, and sacrifice are also required – so don’t give up!


For more information on how you can engage with a Los Angeles bookkeeping services company, contact us today for your free consultation today.

Eliminating the Fear Factor, Lessons for Startup Entrepreneurs

Los Angeles Controller is Eliminating the Fear Factor, Lessons for Startup Entrepreneurs


Most startup entrepreneurs are confronted with common questions like, what should my marketing budget be? When do I need a CFO or should I partner with an outsourced accounting firm? If based in LA where do I find the best Los Angeles controller to manage financials? Is my product ready for market? How long until I turn a profit?


Fear cannot co-exist with focus. The founder, owner, and CEO of private equity firm Timber Creek Capital, LP ascribes his unending success in business to lack of fear. Now, this might sound easy and far fetched, but it actually is Marc Sparks’ first rule. A serial entrepreneur with no formal training ventured into uncharted waters by building top products and income-generating companies from scratch. He has experienced both failure and success. For instance, Marc lost an insurance holding company which may not have failed had he engaged a Los Angeles controller to manage the finances properly and identify risks before it was too late.


Creating a business model and culture, assembling the right team and availing with the right working tools is what propels a company’s success. The thought of having a full-time controller during the beginning stages of a startup may seem premature, but considering the cost that would be involved with failure, it is a low cost investment. Fortunately, with today’s technological advances you don’t need to incur the costs of employing a full time employee. Engaging with a virtual controller saves all the overhead of employment taxes as well as benefits, and often times for a startup 40 hours a week is not necessary.


AccountingX specializes in turning the dreams of startup entrepreneurs into reality with it’s virtual controller services. As a Los Angeles controller, AccountingX molds financial management services to help companies focus on being revenue generators. Knowing exactly where you stand each month with financials and keeping all of your books up to date alleviates stress as well as helps with funding.


To learn how to eliminate the fear factor like Marc Sparks’ did, you can begin by getting out of your comfort zone and push the boundaries you thought you would never be possible. It is time to start thinking out of the box and don’t repeat other business owners mistakes.  With the right financial team, anything is possible. It is time to eliminate the fear factor like Marc Sparks did long ago.


For more information on how you can work with the best Los Angeles Controller and achieve your business goals contact us today for your free consultation.


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