The conversation revolved around streamlining business operations, achieving excellence through outsourcing and virtual CFO services, and the importance of tax compliance and accounting for small businesses. Daryl Urbanski and Froilan Joie Barila also discussed the challenges of managing finances in a business, the integration of AI in accounting and bookkeeping, and the cultural differences in work ethic and tax systems in various countries. Additionally, they emphasized the importance of paid advertising, customer service, and employee development in building successful businesses.
Resources
- You may connect Froilan Joie Barila on LinkedIn | Facebook
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Episode Highlights
Entrepreneurship journey from freelancing to outsourcing with Froilan Joie Barila
- Froilan Joie Barila's family is not in the business industry, they are government employees.
- Froilan started as a freelancer, then switched to outsourcing and founded an agency.
- Froilan Joie Barila's experience in accounting and outsourcing helped them grow their business.
Tax laws and work culture differences between US, Canada, and Middle East countries
- Froilan discusses differences in work ethic and accounting laws between Saudi Arabia and other countries, highlighting the importance of understanding Sharia law for compliance.
- Froilan Joie Barila explains that tax basis in Saudi Arabia is based on a combination of cash, retained earnings, and other items, rather than solely on income.
- Froilan suggests investing in Middle Eastern countries like Saudi Arabia and Dubai due to favorable tax policies.
- Work culture in the US is complicated compared to other countries, with many forms and deadlines to navigate.
Work cultures in Canada, Saudi Arabia, New Zealand, and the Philippines
- Froilan describes US work culture as professional and hardworking, with strict login and logout times and a focus on work-life balance in Canada.
- Filipino work culture emphasizes delivering work tasks on time, regardless of personal circumstances.
- Froilan Joie Barila describes manual tax system in the Philippines, with forms and in-person payments.
Tax preparation, accounting, and financial management for businesses
- Businesses should hire an accountant for tax compliance to avoid problems with the IRS.
- A good tax advisor pays for themselves, so don't do your own taxes, especially during tax season.
- Accountant suggests hiring on a quarterly basis for updated taxes and bookkeeping.
- Froilan Joie Barila discusses the challenges of accounting for a business, including managing expenses and projecting future financial performance.
- Froilan Joie Barila notes that it's harder to do accounting for one's own business due to the need to manage personal expenses and unexpected costs.
Marketing strategies for e-commerce businesses
- Daryl Urbanski and Froilan Joie Barila agree that financial decision-making cannot be fully delegated.
- Froilan Joie Barila's clients prioritize online sales, with 1000s spent on Facebook ads and email marketing, and plans for physical stores in Canada and US.
- Daryl Urbanski highlights the importance of profitable paid advertising for business growth.
- Less than 20% of paid advertising is profitable, but it's crucial for scaling a business.
AI's impact on outsourcing, finance, and accounting
- Successful clients have developed habits such as regular meetings or networking to grow their business.
- HR directors prioritize understanding people's feelings towards policies and decisions to ensure their business succeeds.
- Daryl Urbanski emphasizes the importance of growing talent within companies, rather than just hiring external talent.
- Daryl Urbanski believes that technology, geopolitical changes, and economic instability will shape the future in 5-10 years.
- Froilan Joie Barila explains how AI is being used in outsourcing and finance, including bookkeeping and predicting financials.
AI adoption in accounting, customer service importance
- Froilan Joie Barila highlights the importance of human intervention in AI-driven financial modeling and decision-making.
- Daryl Urbanski emphasizes the need for accountability and human oversight in AI use, citing limitations of machine responsibility.
- Froilan Joie Barila emphasizes importance of customer service skills for outsourcing agency workers.
- Daryl Urbanski recommends reaching out to Froilan Joie Barila on LinkedIn or through his website beyond metrics.ph for more information.