We’re excited to have XYPN teammate, Dan Keslin, on the show today. Dan is the Director of XY Bean Counters and he joins us today to shine light on the responsibilities of an RIA owner when it comes to keeping books and financial records accurate and updated—a task many advisors underestimate when starting out.
Dan talks about how having a deep understanding of your accounting allows you to make strategic decisions about your firm, compare yourself to benchmarks, seek credit, and even know when it’s the right time to hire. He walks through best practices for reconciling books and creating a chart of accounts, and breaks down what XYBC can offer advisors—and what to consider when outsourcing certain aspects of your business.
If you’re interested in what it may be like to balance your own books, or outsource it to the pros, then this episode is for you.
Listen to the Full Interview:
What You'll Learn from This Episode:
- Dan’s journey to XY Bean Counters and an overview of how XYBC helps advisors (00:02:52)
- The bookkeeping responsibilities that come with running a firm (00:09:40)
- The relationship between compliance and bookkeeping (00:13:25)
- The value of good bookkeeping for advisors (00:19:24)
- What advisors should expect if they choose not to outsource (00:26:31)
- How XYBC offers services based on an advisor’s business phase (00:31:45)
- What to expect from XYBC if you’re being audited (00:35:26)
- When to outsource different aspects of your business (00:37:29)
- Tips about outsourcing and leveraging what XYPN has to offer (00:39:29)
Featured on the Show:
- Dan Keslin: XY Bean Counters | Bean Blog | Linkedin
- CERTIFIED FINANCIAL PLANNER™
- Intuit Quickbooks
- Intuit Turbotax
- How To Create Bank Rules in QuickBooks Online
- XY Tax Solutions
- Events For Financial Planners
This Episode is Sponsored By:
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