Welcome to the Evolvepreneur (After Hours) Show
I am your Special Host Richard Wray
Join me today where we dig deep with our guests and get you the best concepts and strategies to fast-track your business.
My very special guest today is Lawrence Petruzzelli ...
Lawrence Petruzzelli is a leading tax and business advisor in Australia who aims to educate his clients on tax concepts and strategies. He emphasizes the importance of long-term planning and working closely with clients to understand their goals. Lawrence highlights common mistakes entrepreneurs make when trying to handle taxes on their own, such as using automated software incorrectly or failing to properly register for tax obligations. He advises new business owners to start as a sole trader, open a separate business bank account, and utilize free online resources before seeking professional advice. Lawrence shares a success story of helping a young ecommerce entrepreneur significantly improve profitability and position the business for a multimillion dollar sale.
Key Moments:
- Lawrence Petruzzelli is a tax and business advisor in Australia who aims to provide educational and advisory services to his clients.
- Proper business and tax structure is crucial, especially when transitioning from a sole trader to a company structure.
- Accountants need to take a long-term, holistic view of their clients' goals and strategies, not just focus on short-term tax planning.
- Continued professional development and staying up-to-date with the latest tax laws and regulations is essential for accountants.
- Trying to do taxes and accounting on your own, even with automated software, can lead to major issues and overpayments to the tax office.
- When starting a new business, the key initial steps are to register for an ABN, set up a separate business bank account, and avoid unnecessary bank fees.
- Accountants can provide significant value by identifying expense leaks and optimizing business operations, leading to major profit increases.
- Finding an accountant you can develop a good relationship with, who has experience in your industry, is important for getting the right advice.
- AI and tools like ChatGPT can be useful for data analytics and generating questions, but should not be used for tax advice or compliance.
- The core fundamentals of good bookkeeping and working with qualified professionals have not changed, despite the rise of new technologies.
About The Show
Evolvepreneur (After Hours) Show features guest stories about entrepreneurs and their journeys from startup, growth to success.
If you're looking to succeed with quick start concepts for online entrepreneurs, this brand new show reveals how startup entrepreneurs or someone looking to start, grow or reboot their online business can understand how to create specific strategies to build their list, make offers and connect with their best buyers.
We want to help entrepreneurs make a real difference and navigate the messy world of startup or re-launch.
Also, visit https://evolvepreneur.app/podcast/show to grab your free copy of #1 International Best Selling Book "Evolvepreneur Secrets for Entrepreneurs".
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Want to be a guest on the show?
Apply here: https://evolvepreneur.app/page/guestapplication
Sponsored by Evolvepreneur.app—"Your All In One Business System".
