Overview: Profit, Then What? w/ Manos Cito
Your Host: Roger Knecht, president of Universal Accounting Center
Our Guest: Manos Cito
As accounting professionals, we are fortunate to see the success of our clients. They individually see their wealth increase but what can we do to help them manage that success. Now that the business owner is profitable what should they be doing with those monies?
Listen in as Manos and Roger discuss various options that we can introduce to help them legally limit their tax liabilities, plan for tomorrow, and invest in the business, themselves as well as their key employees.
This is the side of business success we need to be more familiar with and be prepared to point them in the right direction. It’s being able to offer additional services beyond accounting to the clients.
Manos and Roger consider ways to go beyond accounting to meet the additional needs the clients have.
It’s about becoming your client’s Trusted Strategic Advisor with holistic strategic services to legally minimize their tax liabilities.
Some topics that came up in the conversation are:
Key Man Insurance and how it relates to buy-sell agreements.
- Keyman, or key person, insuranceis designed to cover critical individuals within a business organization who make significant contributions to its revenue.
Deferred Compensation Plans
- A deferred compensation plan withholds a portion of an employee’s pay until a specified date, usually retirement. The lump-sum owed to an employee in this type of plan is paid out on that date. Examples of deferred compensation plans include pensions, 401(k) retirement plans, and employee stock options.
They also discuss trusts, charity contributions, investments, donations, and more. It’s all related to Tax Mitigation Strategies.
One thing that Manos points out that you’ll want to listen to is why we need to avoid running the business as a hobby.
Roger will also bring up with Manos golf and how it applies to business. He shares how it is there he sees the personalities that come out which relate to how people then act in business. You’ll want to hear this as well.
About Our Guest: Manos G. Cito
Manos G. Cito, is the founder, owner, and lead advisor, of BACK9 Advanced Tax Planning Solutions. Manos has over 25 years of diversified financial markets experience. Manos and BACK9 ATPS work with CPAs that are frustrated with their work/life balance, concerned about fee compression, and are worried about the future of their practice.
Manos founded BACK9 Advanced Tax Planning Solutions after seeing so many tax professionals struggle to fight the grind of high-volume tax preparation and compliance services for their current clients. Through his affiliation with Elite Resources Team Virtual Family Office, Manos provides access to a national network of partners with industry-leading expertise to provide more proactive, advanced and holistic services/solutions to their clients. This allows the tax professional to increase and diversify revenues, increase revenue per client, reduce the reliance of volume tax preparation and improve work/life balance without prospecting for new clients.
Manos graduated from Seton Hall University and began his career as an institutional securities and foreign currency trader. He later moved into sales, brokering, and senior management for several global financial services firms before transitioning into wealth management and financial planning in 2007. Manos is also active in giving back to the community. He is a supporter of the Make-A-Wish Foundation,
Society for the prevention of teenage suicide, Seton Hall University, and the Meridian Health Care Affiliated Foundations. He is a past member of the Seton Hall’s Alumni Association Board of Directors, Trading Room Advisory Board, President’s Council on Athletics, and Pirate Blue Athletic Fund.
- Helping accounting professionals confidently and competently offer quality accounting services to get paid what they are worth.
Manos mentioned this team of professionals is available to help complement the accounting services we offer. Find out more about how you can network with other financial experts to help your clients, being for them their trusted strategic advisors. Go to www.BACK9ATPS.com and get your Free Q&A session / initial discovery call.
They also discussed Time Management; an essential element we dare say we all struggle with. See what you can do to apply time-proven strategies to manage your day and work more effectively.
- Time Management Tools: https://www.uacourses.com/courses/time-management-tools
Roger also offered a FREE copy of this book all accounting professionals should use to work on their business and become profitable. This is a must-have addition to every accountant’s library to provide to have the premier accounting business today:
For Additional FREE Resources for accounting professionals check out this collection HERE!
Be sure to join us for GrowCon, the LIVE event for accounting professionals to work ON their business. This is a conference you don’t want to miss.
Remember this, Accounting Success IS Universal.
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For more information on how you can apply these principles in your business please visit us at www.universalaccountingschool.com or call us at 801.265.3777