Episode Details

Many insurance agency owners struggle with the financial side of their business - Am I paying too much in taxes? Are my finances in order? Am I making a profit? These questions can be daunting, especially for those who don't have a strong background in accounting and bookkeeping.

In this episode, Erik Garcia (CFP®, BFA™, ChFC®) and Xavier Angel (CFP®, ChFC®, CLTC®) sit down with Jeremiah Bradley, an expert in providing bookkeeping and payroll services to insurance agencies and independent agents. Jeremiah shares insights on the benefits of having a dedicated bookkeeper, the impact of not having one, common myths about bookkeeping, and how to build trust with your financial professional. They also discuss some of the crazier tax write-offs Jeremiah has encountered working with his insurance clients.

Episode Highlights:

• Jeremiah shares a lesson about saving money from his youth and its long-term impact. (06:33)
• Jeremiah explains his journey to specializing in bookkeeping for insurance agencies. (10:12)
• Jeremiah discusses the significance of understanding and managing cash flow in business. (17:46)
• Jeremiah explains the importance of accurate bookkeeping for business decisions. (19:04)
• Erik discusses the necessity of having a good relationship with your CPA and bookkeeper. (25:20)
• Jeremiah mentions that it is important to ensure that your financial advisors, including accountants and CFOs, have a deep understanding of your specific industry. (33:55)
• Erik discusses the importance of managing business expenses with an eye toward potentially selling the business in the future. (40:20)
• Jeremiah believes that it is important for agency owners to continuously question the quality and comprehension of their financials, especially regarding specific practices like agency billing. (44:00)

Key Quotes:

• “Bookkeeping is so important because if you don't know, it's a path, right? It's a path of, Hey, how am I doing? The month-to-month, but also it helps you look back and say, Hey, where did I come from? What have I been doing?" - Jeremiah Bradley
• “Your bank account statement doesn't tell stories. Your profit and loss statements tell stories. You can't get an accurate profit and loss statement unless you're tracking expenses and income on a regular basis.” - Erik Garcia, CFP®, BFA

Resources Mentioned:

• Jeremiah Bradley
• Bradley Books and Balancing - Virtual Bookkeeping Services
• Erik Garcia, CFP®, BFA
• Xavier Angel, CFP®, ChFC, CLTC
• Plan Wisely Wealth Advisors