How Much Money I Made In 2021 As A First Year CPA Firm Owner

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Thank You for sharing your numbers. I can only imagine the confidence and guidance that this video may provide to other CPAs that are dreaming of opening their own firm.

robmoffett

I’ve been trying to find a video like this for a year now. Awesome!

ntylesss

Logan, congratulations on your first year and I found that your statements regarding your "take home" now vs. as an employee should serve as a motivator to anyone thinking of opening a new firm. My experience was similar and I've never looked back.

ScottRFrick

Self employed CPA. I make a little less than $500K a year. My minimum annual fee is $15K per client. I have one client who pays me $60K, another $30K. I only do books for businesses making over $2 million a year in sales. I do not do personal tax returns unless they are the business owners of the companies I am the CPA. I am not unique. I developed a strategy of seeking higher paying clients and then letting go of lower paying clients as I go along. I work about 70 hrs a month. My success, and yours, is be based on recognizing who has the bucks, not businesses making less than $1 million and certainly not regular personal tax returns. My time is valuable. If I am not making between $400-$700 an hours, I am not interested. Now, you may not be able to start with that mindset, but it should be your goal. Remember: Don't do work for people who complain about money; always look to find wealthier clients and let go of the poorer clients as you go along to free up your time to service wealthier clients. It may take 5 years, but if you stick with that philosophy, you too can make almost $500K a year as a CPA. One last thing: I DO NOT charge per hour. I charge on a fix fee. You will find as you go along, the more you knew the client's books, the less time you take. Hence the fixed fee gives me more money per hour as I get faster on doing the client's books. And I always raise my fees 10% minimum each year on existing clients. If you build trust and your client feels they cannot live w/o you, you can raise your rates 10%+ per year. One client I charge an extra $1, 000 a month for every new store they open. Be creative with how you make money from your fees.

francismazanet

Commenting for the algorithm, I hope you do the 22 busy season breakdown. Subscribed w notifications

joshuadinero

Thank you si much for this video. I’m so glad to find someone that does a breakdown of how their business is going as it’s really helpful for reference. I’m an accounting student so this really gives me a little direction of future opportunities. I hope your business keeps growing

nicolecruz

Awesome video! Great to hear how other firms are operating and you had a great year!

hullstone

Lol.. when you said you dont track your time and paused, I really felt that lol... Hate tracking my time...

MrJfils

Can’t wait to see your 2022 video like this one. I want to open my own firm. Also can you do a office video of your gear specifically the sit stand desk which I am obsessed to get but not sure which brand

MoetheCPA

Love the quality of your videos and the value you're providing! Thank you very much for your hard work.

lunamorris

Great video! Glad your first year solo was a success. I'm a recent CPA and thinking this may be my goal after a few more years of experience.

caleb_crawdad

Really well done. Thanks for sharing Logan! Congrats on the fantastic year.

michaelmeihaus

Thank you so much for this video Logan! You did AMAZING your first year! I'd love to see more videos, especially the 2022 season, since now I'm curious how bonkers it was. :)

mara_alexander