Accounting Taxes & More (The Ugly Side of Entrepreneurship)

0:00 Thank y 'all for tuning in for the second season of The Ugly Side of Entrepreneurship. Now, a lot of these interviews I did with the business owners was conducted over a year ago. So if you happen to hear dates and stories that seem a little dated, that's the reason why. But the actual subject matter is still relevant though. They're still doing their thing. and they still went through these trials and tribulations and had this ugly experience with entrepreneurship. Without further to do, here's this particular episode. I've been going through a lot of different places and intentionally meeting new people bringing out new stories and showing you what it took for them to get to the level of success that they are but also the things you know I'm saying that happens leading up to that I don't think we get to talk about that a lot so that's what we're gonna dive in today I have to my left to y 'all's right Miss Ashley Lawson who is the proprietor CEO founder of It's resourceful solutions.

1:23 Okay, I was making sure I was gonna get that right. Resourceful solutions, which I think in essence is more of a taxes, accounting services, financial information. You do payroll as well? I do. I offer full service accounting. Okay, so full service accounting. Okay. And I help people start their businesses regardless of what industry it is. The solutions part is I really want to be a solution for you. I want to be resourceful. So even if I don't know the information, I'll let you know, hey, give me a couple of days. I'll get back with you. Okay, so you're just full -scale then. Yes, the thing is... Starting in, helping because... I don't need to cut you off, but I know that dealing with the accounting aspect, dealing with the bookkeeping side of business, I don't even think that's talked about enough. The back end administration stuff that we have to do as business owners in order to make proper decisions because we're looking at the information, we're looking at the numbers, and our decisions need to be data driven. Yes, they do. And you see a difference when you have a bookkeeper involved in your business, because on the day to day, we just look at our bank account and say, hey, I got this much money. I could spend or I could pay for that. But can you really pay for that? Do you really think about your bills? Do you really think about what's coming up? Talk about cash flow. Exactly. Whether it's positive or negative. Exactly. And in the green, cash flow positive or cash flow negative is just the red. And that's what we don't want, because too many red months in a row, you got a business.

2:53 Exactly. So let's dive into, you know, what started this? Cause I was looking at, you've been in the industry and employed, I guess, within your own business for at least what, 10 years now? Actually seven. Seven, okay. But I've been in multiple industries from Geico, food service, that's actually where I started out at. I've got 15 years experience with that. Okay. In this industry for seven and... Retail, I've done that. I've worked for non -profits. So a wealth of information and knowledge. Yes When did you decide to really like apply that and want to build something of yourself? When I was working at Geico, my oldest son had a lot of behavior issues to the point I was called almost every day, every week, so that I lost a lot of time, and eventually they had to let me go. So at that point, being that he had a couple of disabilities, I was like, okay, I need to find something where I can support my children, be a mom, but still make an income, because, you know, I got to do something. So to be honest... My children is what pushed me to start my own business. And I was in college working on my associate's degree at the time as well. I went to Independence University and completed my associate's degree in business management in the county. Okay. When that happened, it was actually tax season. So I started working for, who was my first tax company? I want to say, I think it was 360. They got me trained and everything.

4:26 Finished that, then I went on to Jackson Hewitt. I did an interview with him. You did? Awesome. The founder. Wow. Yeah. I haven't released it yet, but it's coming. That's amazing. Yeah. It's like, I'm sorry, it's a side note. First of all, he sent me his book. He sent me three copies of his book. I complete. And we were talking about how he started the business and how he had to compete with H &R Block and all that. So it was a fantastic interview. I loved it. And then, you know, of course he went on and sold it and all that stuff. And now he's working with, what is it, loyalty brands, which is more than just taxes. He's dived into other industries as well. But to hear, like, you know what I'm saying, the franchise and model and that he only started, I think, with four or six locations at a time and then built it up from there. Yes.

5:11 Yeah. Yes. That is amazing. I started out with them and then being and learning stuff and seeing stuff that It's like when you're working for jobs, you realize when people try to keep you in one place I've always been that person. Okay, if I got into this point, what's gonna take me to get to the next level? Yeah, so that's when I did the research and got credentials with the IRS to start my own tax company Okay, so now I'm their competitor. I'm still small but exactly but I get it and so was that a natural thing for you to jump out there because I've been a full -time entrepreneur since 2013, December 2013. I've been an entrepreneur since 2005. So, you know, a lot of, you know, years experience and stuff. But I do know that, you know, when you first take that plunge to jump out there and you know that what you're doing needs to bring in revenue so you can pay your bills and stuff, it can be a little scary of a process and fear. So did you have that initially doing that and did you have a support system? I did, I was very scared. I guess for me, it was one of those things like, I've always worked two or three jobs. Okay. So it was like, okay, I don't want to take away time for my kids anymore.

6:34 So if I start my own business, I control my own hours. I control my revenue. I control everything. Well, I don't have to be in that position again. It's very scary. And I would say starting out, I did have very minimum support because everybody, even your closest friends or family, don't believe in you. That's to be honest. And they will never be your first customers. Your first customer will always be a stranger that see potential in you, opposed to people that's known you all your life. Hey everybody, it's Andreas Bank, that radio show. And I have some deals for y 'all. There are some companies that I've been going, researching, looking at the different products and services that I want to turn you on to. So go to my deals page, check them out.

7:16 Any one of them that you want to interact with, want to do some business with, you'll get a promo discount as well when you try their product. Banked out, B -A -N -K -E -D -O -U -T -T. Slide over to that page, check out what I have to offer, and let me know. Despite what you are going through, despite what you accomplish, it was a stranger. And who you are as a person goes a lot further in life. And I tell people, even new clients, I spent... thousands of dollars in marketing. And I did it myself because I didn't know. I didn't have a professional like you to call and be like, hey, what's the direction to go? I didn't know. Yeah. And I didn't see any return on that.

7:58 Yeah. My business grew through word of mouth. Yeah, definitely. And I think that's like, okay, so your story is, you know, going out there and this is what I've gotten so far. um learning everything as you go and like it's like you know driving a car and building it at the same time or flying a plane and building it as you're flying it um so at one point did you know things started to like you know hit a new stratosphere for you was it like you know year one year two year three i would say year three i've seen most of my hard work kind of pay off okay i i think most of us lowball ourselves we do Because we don't believe okay. I'll start this business, but can I really be to that next level? Can I really be the next H &R block? Can I really be you know? The next blockbuster and then a lot of times we give up on ourselves too quickly and we'd be like, okay Let me purchase your franchise and I could say that because I was actually looking into buying a Liberty Tech franchise Instead of just pushing my own company. Yeah, I want to give up but I did the interview, they never even called me back. So I was like, okay, well, let me sit with what I got. And just keep pushing and praying.

9:16 And that's the biggest thing. I didn't pray enough for myself, I didn't pray enough for my business. And I just tried to make sure I treat people right. Whatever I do, if there's a mix up or disagreement, I make it right. Regardless who wrong or right. My biggest thing is I want my people to be happy because they won bad review. Don't tell 10, 20 other folks and that would destroy me. Yeah, and that's the thing. So I have these... I can do a lot of different stuff to you. I'm just thinking in my head. I have these different platforms that I'm doing things with, right? Well, not platforms, but producing six different shows right now currently, right?

9:58 And another show I'm producing is called Honest Conversations. And in that we have honest conversations. And I say all the time and I post on social media that, you know, it's okay for people to post things on social media about a business, but make sure that, you know, you're doing it from the standpoint of, you know, you're going through the processes and all that. Because like you said, one bad review to a small business can destroy that business and opportunity loss is a real financial thing. Just like how when I've seen businesses post hours, but not be there at those hours. Right. And I've walked right past them and I'm like, I was going to shop and put some bread in there, you know what I'm saying?

10:41 Business and get whatever I'm paying for, but you're not there. So I have to go and find someone else. I think that we think about things like that. And I want people to realize the power in the consumer is very high, especially when it comes to small businesses. So to be mindful of what you post. Because there's nothing wrong with expressing how you interacted with a business. But make sure you're not holding them to the highest standard possible if they don't have the highest resources possible, right? That's true. You can't sit there and go in and be like, well, you know, and think that they're going to be like an H &R Black because you don't have all the resources an H &R Black has. And I think, you know, that's what I've been battling with here recently in trying to get people to understand.

11:32 Small businesses are small for a reason. They have limited resources. And they can't provide all the convenience and comfortability that a big box retailer can or a big chain or whatever the case may be can. Now they can, if you keep supporting them, they can get to that level. But we can't go in with the same mindset. Now basic things like, you know, customer service you can control regardless of resources. Deliverance of, you know what I'm saying, the service you can control, all that. But there's other factors that you can't control because you don't necessarily have the resources or the manpower to be able to handle those things. Right. Right. So what were some of your initial challenges then? Because the longer you stay in business, the more challenges you have, right? Of course. So what are your challenges that you're hitting at year three, four, you know, and what do you have to go through to get to those other levels? Because I'm like, it's multi -leveled. Yes, the biggest challenge for me I would say marketing was my number one challenge. Because there's so much you have to learn. There's really a whole nother set of education.

12:38 It is. I got a whole degree in it. That's what I'm saying. Like, I didn't have nobody. I did. I get it though. So it took a lot because... With social media, especially to what it is today, you have to have the right word, the right look. Everything has to catch the eye. And if you don't know, you don't know what the right thing is, you will mess yourself up. And then it comes to the time where I'm posting multiple ads or different types of content to see what's gonna hit. And you know what? I'ma share this with you. Say y 'all I don't came up with this strategy.

13:21 I got finesse social media. This is what you mean I said if I post my business a I don't get that many hits On my personal page, but if I post a picture of me Nothing business related or my family. Oh, I get all kind of lights and stuff and then everything else to start flowing through I was like don't make no sense. I'll tell you why it does make sense though, right? so We touched this a little bit off camera, but marketing has changed and what marketing is, is the connection. Taking your message, and this is me paraphrasing it to the simplest thing. It's way more complex than what I'm saying, but it's basically having that connection. Hitting the right consumer at the right time, through the right form and medium. And it's that connection.

14:14 And it's not the same as if you build it, they will come type mentality anymore. That's gone out the window. That's been dead for 30 something years. Yes. Plus more. So now with small businesses, it's about how can I relate to this person? And by relating to this person, I'm going to support. And the way I'm supporting is by going to their person's business. So now it's a transference of connection. And if you can connect with your audience. They'll support. People like who they like. And people will support who they support based off of who they like. And that's all that is. And if you can do that in a successful manner, then you get to build. And when you get to a certain threshold, you can pull it back away.

15:02 You don't have to do it anymore because now you're at the level of where you're looking at nationwide campaigns and stuff like that and appealing to them, but you've gotten all that data. from all those other people before that, you know, we do fit inside of certain boxes or whatever. I'm not saying that we fit in all the boxes together, but there's certain things that we do as consumers that other consumers like us do the same things. So that's when the whole targeting of the marketing aspect comes in and being able to drill in and find those homogeneous groups of people from a marketing standpoint because we all fit in the same demographics. Right. So, yeah. You're so right. You know, that's why I've been trying to get people to understand and you know, like you say, spend thousands of dollars or whatever, which is fine spending thousands of dollars, but spend them in the right way. Exactly. And I've been working with like, you know, a few clients now where they're starting, they're getting those results and they're loving it. Now it took like four or five months for them to understand the process. Yes. And I tell them like, look.

16:02 When I work with people from a marketing standpoint, especially small businesses, especially mine is even more niche, I love working with our community. Because well, we don't necessarily think about marketing when we start a business. And we're already behind the wheel of the industry, the behind the eight ball. So in order for us to really compete at that level to where you're taking a let's say 40, 50, $60 ,000 job that you had and now you're having to replace that. Well, you got to think about how many clients is there because of what price point are they paying you? Exactly. Uh -huh. So even if, let's just say... And you're dead on it because for years, I'm still working a W -2 job because it's hard. It is. You still have to support the business.

16:47 You have to support your personal. And with the tax industry, a lot of people, you know, take the fees out the refund. Well, guess what? I don't get paid, so you get paid. So in the meantime, I have to work even harder just to keep stuff afloat. But it's okay. I mean, it's part of the life. It's something we have to do. And there are a lot of business owners that work W -2 jobs. They don't mean their business not successful. It's nothing less. It's just people don't understand the full grasp of the sacrifices. Exactly. And I've seen it now because I'm working with a tax professional and I see the back end because I'm there so much. And I get to see how, like you said, you're taking the fees out or whatever. So you're basically floating. the business through other means to be able to stay there to come by all these people come through and you and first of all if y 'all don't first of all i just want to say this people when y 'all file taxes the tax preparer does a lot of work on their back end that y 'all not even seeing and i'm actually uh going to like put that information out there in a video format so y 'all can see A return can take four, five, six hours, depending on how complicated it is, and they're trying to maximize your refund, and they're needing all this information from you. So, individuals, y 'all gotta get y 'all a record trade. Y 'all gotta make it easier so they can just go through that process, because... Let's say an average return takes four hours. I'm going through that now because a lot of businesses, I've had like three businesses come to me, they don't have a regular bookkeeping plan and I always recommend it because I tell them, I said, look, if you

18:17 have your bookkeeping plan for me throughout the year, you don't have to pay anything for taxes. That's a win -win. Because I have your records already organized. So the only thing you have to give me is like a W -2 or 1098 if you got your additional documents. Because I have to take time to analyze your bank statements and see what's the write -off? What is what? Explain this transaction. Because if you get an audit, I got to cover both of us to make sure we're both in compliance. We're both legit. I did do the due diligence to make sure that what you're telling me adds up. So, and I'm sure you face this too, right? You sound very ethical with your business, right? Yes. There's a lot of non -ethical people in the tax preparing space.

19:04 And that fuel tax credit that they were doing last year, it didn't even apply to them. It applied to, what is it, off -vehicle, off -road vehicles. Yes. So farmers and tractor -trailers and stuff like that or whatever. and there are so many people now that are red flagged and they're on the IRS system and they don't even understand you get on up there you're not coming off yeah i'm saying for a good little minute it might take you 10 years to get off that list so you make it out of every year uh -huh and then y 'all get dinged for every uh piece of uh uh correspondence that's not in the file um it's like 50 dollar fines and stuff for every single document that's missing i'm like man that stuff can add up so yes I'm sure you experienced that in your day, so does that make the industry harder for you?

19:57 Because other people will be like, well, we can get you back, you know, $12 ,000, $15 ,000, $20 ,000, which is what you're not supposed to be getting back. It does. And I actually had a couple of calls even from fellow other tax companies because we, I mean, yeah, we're competitors, but we still have a relationship. And they asked me, it's like, how you doing this tax season? I said, probably the same way you doing, a lot of pop -up tax companies coming up. But people, they're always gonna chase the dollar. Greed is always gonna win. And I have seen so many tax ads from people showing themselves half naked, just to get attention. I've seen people guaranteeing refunds if you actually took a tax course or actually know - You can't even guarantee a refund.

20:43 You cannot. You cannot. You're not allowed to. You cannot. That's false advertising. Yes. And then that's where you get into the marketing. I tell people there's marketing laws too. There's federal regulations where you can only do certain things with marketing and you can't false represent because you can be sued. um because you're uh pulling you know i'm saying the wool over the people's eyes and stuff like that and presenting something that's not actually there so yeah yeah you cannot guarantee a refund whatsoever yes and i tell people not speaking on other not trying to speak negatively but you have to be careful when you're going to places like h and i block freedom tax or liberty it's the reason why you see different people every season they're hiring new unexperienced, prepared, and all they're teaching them is the current tax law for that year. They don't know how to write off a schedule, see what you can write off. They don't know how to put your rental income on a different schedule versus, you know, they don't know all of that because they're not seasoned, they're not educated, they just get the basic knowledge. So you have to be careful in everything that you do. And another thing we are bad at, reading the documentation.

22:00 I haven't personally experienced, but I tell people, they be like, my taxpayer charged me this and then the bank took, did you read the contract? No, they just told me to sign. That's not okay. Because when it comes down to the IRS, you signed your paper on that line. It's saying that I read it, I agree to it, and that's it. And another thing I experienced last year, a lady came to me and... she wanted an amendment done. I don't mind doing an amendment, but I looked at her tax preparation papers, and when I seen Free Tax USA, I already knew then. I said, okay. I said, the person that you went to, how long you been there? I've been going there for years. I said, you pay up front? She said, yeah.

22:47 I said, okay. So she said, why you ask me that? I said, you see this? Free Tax USA, it's like another TurboTax. I said, you see this? It says self -prepared. That means you did it. Her credentials are not on there. Exactly. So when Iris, Ada said and Luke said, they're gonna come back to the actual individual. Yep, that's you. And she was like, she got a storefront in everything I said. She's storefront food you. I'm telling you, it's like so much stuff is going on in the industry that is crazy and it's hard for like, you know, people to... really cut through and then like you know like you said amendments and all that that's pay profile and you got to send those in with the evidence of the change exactly and you can't get paid out of back end for amendment you got to get paid upfront for that but then the person is mad or whatever because they have to fix the situation but it's going into like and i've had i've seen and heard horror stories of people not even getting their returns or they're getting a return to getting two pages no no no no no a return is way more than two pages it is it has every worksheet on there in this document of what that worksheet is and uh you know how it applies to your taxes and i'm like i'm like you think it's supposed to be 50 to 70 80 pages depending on how massive it is i'm like i think a general electric one time filed a text If they got two pages, all they gave them was the $10 .40. Exactly. And I'm like, general election file tax ended up being like 10 ,000 pages or

24:18 whatever. So I'm like, you know, you can just imagine, you know what I'm saying, that's a massive corporation. Yes. Even individuals, I'm like, it's a lot of work and a lot of due diligence. That's why you have to be very selective with who you use to prepare your taxes. You have to go with people who are experienced. I'm not saying that new people can't make a name for themselves, but... you can just tell and I've already heard with like other franchise corporations have been saying to people that you can't do this and you can't do that which is a lie because they're just not trained like you said and you're talking about schedule C I'm like they don't even know about the schedule K or the 1020s they don't know about any of that and another thing with a young lady this morning, because she asked me, she said, Ashley, you're a business loan broker and you do credit. I said, yeah. She said, why don't you post that? I said, because for one, to be honest, a lot of people that need those assistance do not have their business in full compliance. They don't have a business bank account. They'll have an LLC but no actual operational license for the city and time that they stay in. So you're supposed to have that too. Right.

25:35 You get a commercial space, you're supposed to have it. And a lot of people don't even put it on the taxes. I said, so I don't push it because a lot of people are not eligible for it. Because I don't have a proper documentation and it don't ever take much. I'm going to go to the city and plan it or whatever and you know what I'm saying, pay that fee or whatever and then go down to the county clerk's office or whatever, pay that fee. the rest of your business, and you know, pay it every year. And then when they come around and do that tax, I mean, the audit for the actual equipment and all that stuff, I hate that taxes. I'm sorry, so. Minds on the way, I ain't got it yet. I'm telling you, like, I don't know if you've had a business where, or been in a business where you had to run multiple locations, multiple municipalities, and had to pay all those fees and stuff in the beginning of the year from January to... March, we just, or technically April, whatever.

26:24 But we don't like any of that stuff. But it's a part of doing business. And I think that's stuff that people don't hear about, those are stories that people don't realize. There's a lot of back end to running the business. People see the front end stuff and see the success and the polished version of everything which I don't understand everything that goes into it. Yes So I know we've been you know harbored on a lot of the ugly side and things of that nature But I do want you to let people know what have been some positives and you know What have been some milestones you've been to accomplish? My biggest milestone is seeing the difference that I'm making people lives There are some people that are terrified terrified of situation they're going through.

27:09 So if I can help you and make your life easier, that makes me happy. It's not just about let me get rich and be the next multi -millionaire. I want to make an impact on somebody's life. And although this is finance, I do have a nonprofit. I don't even have time to put my hands on because I'm not able to walk away from this yet. But my long -term goal is to one, one of Robin's... don't have enough resources at all. As far as transportation, as far as homeless shelters, I actually wanna buy some land and if I could build many houses, I wanna do that. I wanna help the veterans outside of the street. People are getting arrested for being homeless because they're panhandling. Instead of us having a solution to help these people, they're being arrested.

27:53 That's the problem. So. Even though it's just me, that's my long -term goal. I want to get back to this community. I want to help people grow. I want to network with other entities so we can make a change. Because the city could be a better place, but if they don't have the resources to help them, or we don't have second chance programs for people that's getting out of prison, and we can't help them get free education, or just get them back on good standing, get them back on their feet, then what are we doing? No, I definitely agree with all that. um we do need better systems in place from the municipality and the private sector working in conjunction with one another um but you know when you get into politics and all that stuff yeah whatever i'm like it starts to get murky and people have their own agendas and all that stuff and i'm like i just hate all that red tape or whatever because I've seen other countries outside United States and They have better health care systems.

28:51 They have better educational systems and we have the most money as far as GDP Gross domestic product Than any other country and the only other country that even can hold a flicker to what we do is Japan They have the second and China's getting up there, too But we're 16 to 18 trillion. The next one is around 4 trillion. We're still four to five times bigger. But yet we have some of these sorriest systems here in the United States and in cities. So I definitely agree with that. And there should be push for that. And I'm glad that, you know what I'm saying, that's another objective and something that burns passionately within you that you want to go out and help.

29:39 and I do want to do what I can and punch in the right direction and collaborate or whatever the case I can do to help with those. As far as all the different services that you offer within your business, just run through them real quick and like you know whether you know I'm saying the primary benefits to the people. One of your benefits is definitely education and having the resources and making sure that you're in compliance on the federal and the state level. I don't play about that whatsoever because I can't be governing your company and then you're not following the law. I let companies know, hey, when you come here, we're going to do stuff by the book because the thing is you can go to any other tax company, any other accountant. But what you fail to realize, the responsibility is on the both of us. The IRS can knock on my door, hey, Ms. Lawson, I wanna see your files. I wanna see what's your notes that you're advising this client. I wanna see how you've been managing this client. How are you writing off their stuff? It's accountability on both parts and a lot of people don't think about that or they don't know that we can lose our credentials. I have to be fingerprinted by the federal. They could take it and once they take it away, you ain't gonna get it back You're not gonna get it back. So that's not something I'm trying to lose And I want to make sure that I do the best of my ability and I also keep notes Hey, I warned you about such and such, you know If you're not gonna be in compliance I have to release you as a client because that's not a

31:10 risk I'm willing to take especially if we are so stubborn or Just want to have stuff our own way that's not gonna work because when you really need it You're not gonna have it. Like I said when it comes to these banks when you want business loans, when you want grants. They do their homework. They're looking for a website. They're looking for your business registration. And especially government grants. They won't see your financials from a CPA, any type of accounting firm. They check all of that. So if you don't have all this stuff in line at first, what are you doing? I'm helping you in more than one way to make sure you stay in compliance. So when you want these opportunities and I know what they're looking for, you already got it. Exactly. And you're not creating an additional roadblock that you have to go through because it's already hard to compete. It's already hard to go out here and put energy and resources and money into stuff just to try to get something knowing that there's a chance of you not getting that. if you're bidding on jobs and things of that nature. So the bare minimum is the industry standard. Yes. And I also share education. I cross network. If I got a construction client, I got somebody that needs work, hey, contact this person. I know this person.

32:31 I work with them already. There you go. So I cross network people. And even for myself, I go out there and introduce myself. Hey, how you doing? We may be doing the same thing, but maybe we can help each other. We just never know. I just try to be as resourceful and impactful as I can. I love it. I love the words that you choose to resourceful and impactful because that means that tells me a lot about yourself as an individual and where you're going and where you sit compared to everybody else but let everybody know how can they reach out if they want to inquire they need some knowledge they want to use you for services things of nature where they need to go to. Good question. I got so much you can look me up on Google Ashley Lawson of Warner Robbins My company name is resources solutions. You may also see with resourceful investments, which was my first business name I'm also on Facebook as Ashley Lawson. I also have resources solutions on Facebook as well as Instagram and Ashley Lawson seven it tick -tock Thank you for your time.

33:38 Thank you for sharing your story because we need things like that out there and people need to understand that one, it takes a lot to get where you are. But if people pour into the correct ones, then you can be way more impactful and have the change that you wish to see within the community. So y 'all make sure y 'all go and y 'all support. Keep tuning in to the ugly side of entrepreneurship. If y 'all have any businesses y 'all want to highlight and then send them my way so I can sit down with them and talk to the business owners, email me bank .radioshow .gmail .com and stay abreast with all the different social media handles, bank .radioshow, across the board.