Today With Peter Lang:
Today on A Well-Designed Business I am joined by Peter Lang of The Designer CPA, the only CPA firm in the country specializing in the business of Interior Design. Peter is a repeat guest on the show and the co-author of A Well Designed Business – The Power Talk Friday Experts.
Peter has spent the last several years compiling all of his numbers and all of his knowledge into a beautiful industry-standard report. If you’ve ever wondered what profits look like for an interior design business your size, or how much the average owner pays themselves annually, or what standard monthly overhead costs add up to, then this is for you. This guidebook has every benchmark number along with thorough video explanations to help you make better decisions and have more success in your interior design business.
Pick It Apart
[5:13] Peter explains the differences when choosing between cash basis and an accrual basis on your tax forms.
[13:54] Peter and LuAnn discuss how different software targets different methods and offers different features, mentioning Pete’s online assessment that can help designers decide what project management software might work best in their business.
[18:11] Peter helps LuAnn understand what interior designers need to look for in a good bookkeeper.
[26:00] Pete and LuAnn dig into Peter’s new online course, an interior design guidebook full of industry standards based on Peter’s accounting data.
[31:46] Peter breaks down what is in the payroll section of his new report and how business owners can use this data.
[42:49] Peter explains how designers and business owners can use these numbers to their advantage.
LuAnn Nigara and Peter Lang's Ah-Ha Moments
“When your profitability is monitored, then your own paycheck can go up.” – LuAnn Nigara
“The numbers and the data don't lie.” – LuAnn Nigara
“I want you to use this information to make better decisions for your business, so that bottom line number—that profitability number, the amount that you want to pay yourself—it's easier to succeed in those goals that you have.” – Peter Lang
More About Peter Lang:
Peter Lang is a Certified Public Accountant licensed in Rhode Island and Massachusetts. He is the founder of The Designer CPA, a CPA firm that works exclusively with business owners in the design industry. He has worked in public accounting since graduating from Providence College in 2002. After working for several larger-size firms in Boston and Rhode Island, Peter realized his true passion was to start a firm that specifically focused on designers.
Connect with Peter Lang
Industry Standard Data 2019 to 2022
Other Shows Mentioned:
AWDB #174: Power Talk Friday- Fred Berns- Own Your “Only” Word & Tips to Discover Yours
AWDB #349: Power Talk Friday: Peter Lang: The Designer CPA
AWDB #464: Power Talk Friday: Peter Lang: Understanding Your Finances #FreeTheDesigner
AWDB #466: Power Talk Friday: Nicole Heymer: You’ve Defined Your Brand…Now What?
AWDB #522: Power Talk Friday: Peter Lang, CPA: Taxes and the Coronavirus Relief Package Explained
AWDB #719: Peter Lang, Kimberly Merlitti, and Michele Williams: Financial Prep for Year-End- The Must Do’s
A Big Thank You to Today's Sponsor:
Today's show was sponsored by The Designer CPA.