Exploring Life & Business with Wilby M. Boada of W. Boada Accounting & Consulting

Today we’d like to introduce you to Wilby M. Boada.

Alright, so thank you so much for sharing your story and insight with our readers. To kick things off, can you tell us a bit about how you got started?
I am an Accounting, Finance, and Project Manager professional with over 20 years of experience in the corporate world, successfully helping multibillion-dollar companies to achieve their financial stability and economic growth. It has been an amazing journey but in 2018, I realized that it was time for me to pursue a bigger and more fulfilling purpose.

According to data from the U.S. Bureau of Labor Statistics, about 20% of U.S. small businesses fail within the first year. By the end of their fifth year, roughly 50% have faltered. After 10 years, only around a third of businesses have survived. The most common reasons for small businesses’ failure include a cash flow out of control, poor decision making, a faulty business model, and unsuccessful marketing initiatives.

So, I asked myself: “Why not use all my knowledge and expertise to help small business owners to defy the odds and achieve economic success? Why not become that business partner who educates small business owners on best practices and business accountability? Why not help small business owners to design financial and tax strategies that go way beyond bookkeeping and filing tax returns once a year?”

In W. Boada Accounting & Consulting we are committed to increasing entrepreneurs’ chances of business success by developing strategic accounting and tax plans and by becoming that business accountability partner they can rely on, all of these following the highest levels of integrity and dedication to them and their business.

I am originally from Venezuela and as a Hispanic, I have experienced the challenges that the community faces when looking for Spanish speakers service providers in the Raleigh area, As the Hispanic community keeps growing (Based on the 2018 US Census Bureau, it has grown 25% in the last 10 years!), new businesses are being established as well, helping with the overall growth and economic development of North Carolina.

It is also part of our purpose to serve with integrity to the business owners in the Hispanic community of NC so they can increase their chances of success.

We all face challenges, but looking back would you describe it as a relatively smooth road?
I guess the biggest challenge for every business is to build its reputation and increase its presence in the market.

As an added challenge, the Accountant – Business Owner relationship is a very strong one, built through years of proven quality, loyalty, and commitment to the business, so being able to add established business into my portfolio has not been easy.

That’s why most of my clients are new business owners with whom We will have the opportunity to build that type of relationship.

We’ve been impressed with W. Boada Accounting & Consulting, but for folks who might not be as familiar, what can you share with them about what you do and what sets you apart from others?
Our purpose is to ” become the trusted and reliable business partner that will accompany you and your business all the way until achieving sustainable financial and operational success”.

We are not just bookkeepers and tax preparers… We design and support the implementation of financial and tax strategies to ensure the company’s success and, at the same time, help owners to understand better their businesses and their potential. Our holistic approach combines strict adherence to Accepted Accounting and Tax Regulations, and also the nurture of a Business Development mindset in the business owner… that is the key for sustainable business success.

How W. Boada Accounting & Consulting becomes “the trusted and reliable business partner that will accompany you and your business all the way until achieving sustainable financial and operational success” of your company? The answer is simple: Offering a variety of services that can be customized to the specific needs and goals of your business.

Our portfolio of services includes:

Dedicated bookkeeping: Our in-house accounting and financial tool provide the flexibility that your business needs in order to record all your business transactions and automatically generate databases to support timely reporting and decision making.

Tax preparation and planning: We believe that there are steps that businesses should take between now and year’s end to improve their tax position. By proactively defining the appropriate measures, it is possible to maximize the benefits and minimize the burdens of the tax season. In addition to preparing the annual Federal and State tax returns of your business, we also assist to comply with other recurrent tax obligations like quarterly estimated tax payments, etc.

Preparation of Financial Statements: Financial statements show the financial status of your business. Continuous monitoring of the financial health of your company can make the difference between failure and success. These statements will be aligned with current tax categories to better understand Income and Expenses and their impact on tax returns

Payroll Services: We partner with ADP Small Business Services to handle everything related to employment taxes and employees’ payroll payments. As a small business owner, you should rest assured knowing that all your tax obligations are being met in compliance with IRS and State regulations and also knowing that your employees are being paid timely and with transparency.

Business Analytics and trends: By understanding the past of your business, we attempt to predict its future. These analyses are critical in order to achieve the sustainable financial and operational success of the business. This also helps business owners to understand how some behaviors can impact, positively or negatively, the business performance.

Business Consulting Services: Starting a business is not easy… Business planning can be overwhelming for some entrepreneurs as it involves a wide variety of legal, financial, and tax aspects which, if poorly evaluated, can lead to ongoing problems once the business is operational.

As a trusted and reliable business accountability partner, it is our commitment to helping small business owners to achieve sustainable financial and operational success. The chances to achieve those and maximize revenue potential and profitability DOUBLE when proper business planning is done BEFORE starting your business.

Is because of this that W. Boada Accounting & Consulting also provides expert advice to entrepreneurs during the pre-launch phase of their business. This includes (but is not limited to)… Personal debt elimination and change bad money behaviors: How changing your personal money habits will make you win later as a business owner!

• Building a business plan.
• Select the business structure that fits your business the best.
• Business registration in Federal and State agencies.
• Requesting Federal and State IDs you need to operate your business.
• Employees’ onboarding and hiring process.
• Understanding Federal and State tax obligations, as well as Employment taxes.

What were you like growing up?
I was an outgoing kid, being comfortable interacting with older people… They usually had the best stories to tell.

I loved to be with my friends and dream about the future; playing basketball or whatever we came up with. I really enjoyed going to school and learning new things. My mother always said to me that to be an interesting person, I should be able to know a little bit of everything so I could have meaningful conversations with others… That has been my mindset even to this day.

I am a fan of Star Wars and this fandom started from an early age. I am very happy to be able to pass that love to my kids!

Contact Info:

• Email: [email protected]
• Website: www.wbaccountingnc.com
• Facebook: https://fb.me/wbaccountingnc