How I save $50K/yr as a solopreneur

@itshannahzhang

53.2K followers · usually 4.4K views a post

Views

91.0K

Likes

61

Comments

0

Shares

3

SoundTikTok sound · original sound - itshannahzhang

Promoted product

Xeroxero.com

Online accounting software made for your small business. Log in anytime, anywhere and explore easy invoicing, bookkeeping and more.

13 videos9 creators

Why it worked

The video provides actionable financial advice for solopreneurs, using a clear, numbered list format and relatable personal experience. The promotion of Xero is integrated seamlessly as a tool that enables these savings, with a clear call to action and special offer.

Summary

The creator explains how she saves $50,000 per year as a solopreneur by using Xero for bookkeeping, hiring an accountant to optimize tax deductions, and investing in a Solo 401K. She highlights Xero's ability to provide her accountant with direct access to her finances, simplifying tax season.

Structure

1Introduction: Saving $50K/yr as a solopreneur
2Tip 1: Automate accounting with Xero
3Tip 2: Hire an accountant to lower tax bills

Original caption

paid partnership with @Xero #ad I save over $50k a year as a 5-9 entrepreneur with three things. 1. I use xero for my bookkeeping instead of paying a firm $1k a month to do it. 2. I put that savings toward an accountant whose whole job is lowering my tax bill. 3. I max out a solo 401(k). Xero keeps my numbers clean so my accountant catches every deduction. This is just my setup and ballpark numbers, check with your own accountant before you copy it. Special Xero offer: Visit the link in my bio for a special offer. Terms & Conditions apply. #ad #xero #xeropartner #solopreneur

More from @itshannahzhang

Product placement

Xero (ACTS - its interface is operated to manage finances and bookkeeping, and its use is demonstrated; removing it would change what happens in the video).

Call to action

Visit the link for a special offer.

On-screen text

#1 Automate accounting xero $12,000/yr #2 Small business expert Business structures Write offs $20,000/yr #3 Solo 401K Retirement plan contributions $20,000/yr Visit the link for a special offer. Terms & Conditions apply.

Transcript

I save over $50,000 a year as a 5-9 entrepreneur by doing these three things. When you start a business, everyone tells you how hard it is to make money. But what they don't tell you is that it is even harder to keep the money once you make it. The first thing I do is use Xero for bookkeeping. I have been quoted over $1,000 a month by accounting firms to do bookkeeping, so this easily saves me $12,000 a year. Second, I use the money that I save on bookkeeping to pay an accountant who specializes in small businesses, and his whole job is to lower my tax bill, legally of course. And he does that by recommending things like different business structures, write-offs, that easily save me $20,000 a year. And the best part of using Xero is that I can give him direct access to my account, so he has full visibility into my finances year-round. It's easier for both of us come tax season. And lastly, I invest in a Solo 401K, which saves me $20,000 a year instead of it going to taxes. Obviously, this is just my own setup and ballpark numbers. If you want an easy first step to keeping more of the money you make in your business, try Xero with a special offer down below.