Folasade Ayegbusi is an Enrolled Agent, Accountant, Speaker, and Small Business Growth Strategist. She has helped entrepreneurs and small business owners save over $25 million in lost revenue, tax assessments, penalties, and interest. Holding a Bachelor’s Degree in Business Administration in Accounting from the University of District of Columbia and a Master of Science degree in Accounting and Finance Management from the University of Maryland, Folasade has a powerful financial technique that helps grow businesses and increase their profitability. As a child growing up in an impoverished area of Washington, D.C., Folasade knew there was a way to be more financially stable and there was a better way to live life. With a laser-like focus on creating awareness for financial freedom and more diverse methods for entrepreneurial success, she strives to ensure that generational wealth is created. Today, she owns and operates Suncrest Financials. Suncrest offers small business financial services, payroll, insurance, bookkeeping, tax preparation, and personal coaching for business leaders. Folasade is equipping businesses with the expertise they need to save money and expand guaranteed. She is launching a new initiative called She Knows Her Money to encourage women to know their numbers to become financially secure and to create generational wealth.
We Empower Magazine got an exclusive interview with Folasade.
What inspired you to become an accountant?
So what inspired me to become an accountant. So, what really inspired me to become an accountant was I hated it initially started interning, and doing summer jobs with my dad, and he used to do taxes and things like that. But I really didn’t get encouraged to become an accountant, until he said that accountants rule the world and they are the CEOs and CFOs and the government looked to accountants and economists look to accountants to help them make decision-makers, decision making, and the IRS also work closely with the council, he basically gave me examples of how accountants, basically rule the world and dominate.
Were there any other professions you thought of entering? If so, what was it?
I used to attend Duke Ellington the School of the Arts, and I used to do technical set development, so you know how on Broadway, the people are developing the sets. That’s what I used to do at Gallatin. So my initial goal was to go to Hollywood and, you know, become a screen set director or developer lighting engineer or something of that sort, being an accountant wasn’t on the forefront but due to my family’s financial state. I had to withdraw myself from Duke Ellington, and I went on ahead and changed schools, and started to kind of adjust my career at that point.
What can you share with us about becoming Audit Proof?
The first thing is that no deduction, tax credit, or business expense is safe. If you don’t audit-proof. See the IRS doesn’t require a business to do bookkeeping, but the IRS does require businesses to have proper record keeping and proper record keeping is what I consider audit proofing your business so you want to audit-proof, so you can substantiate and be able to back up all of the things that you placed on your tax return. So the beauty of things is that the IRS says Okay, you guys have to file a return but whatever you put on there it’s up to you. Now, anybody can claim any credit, any deduction, or any expense. But guess what, you have to be able to prove it. So audit-proof and allows you to be able to back up everything that you put in your tax return. So you can now protect your tax liability and your wealth from the IRS.
We often hear the importance of Building Generational Wealth, for you, why is it vital?
Building generational wealth is very vital to me because I came from nothing. When my mom passed away, I and my sister had, I think $2,000 to split between the two of us, and before that, we didn’t have anything. I was 23 years old, and I had to figure out life, I had to figure out where I was going to live how was I going to survive. How was I going to move things and if you if I was to die at a young age my kids wouldn’t be put in that predicament so want to protect the innocent, and the future goals of my children are one reason while I want to build generational wealth.
The next thing is for freedom, you know when a person is financially stable, they don’t have to sacrifice end to end, and take certain things and to succumb to society’s norm. Their lifestyle is basically their choosing, and I want to give my children as many options as possible so really generational wealth is to for me per se is to allow my kids and my grandkids and their children to be able to have options and freedom.
Why is accountability important for financial success?
Oh, this is a good question! There’s no success without accountability because we have to hold ourselves accountable to the goals that we want to achieve that will allow us to feel successful. So your lack of accountability may disrupt you from being able to really achieve those goals is because that accountability is what allows you to get up every day to persevere to look yourself in the mirror and be honest with yourself. So, to me, accountability is the epitome of discipline, consistency, perseverance, and just and having an unwavering mindset that you want to be successful.
What do you enjoy most about the work that you do?
I enjoy being an accountant because I can see an immediate impact on my clients face and on their mindset when I give them tips and strategies and I help them pay less money on their taxes I get so many rewards. When a client tells me that they were able to keep more money in their household and they pay fewer taxes because ultimately taxes is what can make or break a household, and most individuals lower-income individuals are paying taxes and disrupting their household finances because they haven’t gotten advice from a professional like myself, so I pride myself on really changing the financial trajectory of our community. But most importantly, allowing businesses to be able to build generational wealth, and you know hand their businesses over to their families.
What do you want your legacy to look like?
So, my legacy might look a little bit differently than everybody else’s at one point in time. I wanted the big house at one point in time I wanted all of that but then I had to really ask myself, if I died tomorrow, when my family will be able to sustain $100,000 a year household expense. Even if I’m all of my houses are paid off, they still have to be able to maintain those expenses so honestly, my legacy looks like.
We have multiple rental properties, a modest main home. We travel the world, often, and we’re just basically free my kids don’t have to live in Maryland if they don’t want to, they can live in Nigeria, they can live in London, they can just do and be whoever they want to be. So that’s what my legacy looks like and I’m hoping honestly, my daughter will take over my business, and we can be one of the biggest financial accounting firms for decades to come.
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Multimedia Creative and Personality Tammy Reese is an award-winning Writer and Journalist. Writing and Directing short films on social issues to spread awareness through the arts gained Tammy the Makers: Women Who Make America Award honor on International Women's Day 2019. Tammy currently serves on the Communications Committee for New York Women In Film and Television. She is also the Founder and Owner of Visionary Minds Public Relations and Media.