Today we’d like to introduce you to Erin Armstrong.
Erin, can you briefly walk us through your story – how you started and how you got to where you are today.
In my very early 20’s, I ran two different creative small businesses & quickly became frustrated when it came to the tax and financial side of the business. Like many, I started my small businesses focused on what I was offering & full of passion for what I was providing. Tax stuff? Profitability? Accounting? Those were afterthoughts.
Consecutively, I had experiences with three separate accountants that left me more confused than when I had sought their help. It was frustrating and baffling. Eventually, I said “enough” and decided to really figure out all the business financial stuff—I really just wanted answers and peace of mind for myself and business. So, in my spare time, I started reading tax law, court opinions and IRS publications (exciting stuff, lol), and quickly moved into reading everything I could get my hands on when it came to small business accounting. Clearly I have “nerd” tendencies, but what I found stunned me. It went against what I’d culturally picked up through osmosis—you know like “the IRS is out to get you,” or “when you’re a small business owner, all your profit goes back to paying taxes,” etc. What I was so excited to learn was that the US tax code really supports and uplifts small business owners. There are so many opportunities provided to us that aren’t available to employees—and that excited me!
I quickly started implementing what I was learning in my businesses and started seeing huge financial results. But what really surprised me was the level of confidence this gave me. That confidence reflected not just in my tax return & the financial decisions I made for my businesses, but in how I felt about increasing prices, in how I “showed up” in business, and really, how I carried myself in life.
At the time, I was based in Los Angeles, and for a few years, I just kept doing my thing & following the path of different financial certifications. (Over a decade ago, really everything about small business taxes or finances was written to and for accountants—so each time I embarked on figuring out something new, I ended up taking on another 2 or 3 books and/or certifications just to have the base accounting jargon & understanding for the original endeavor.) Friends noticed the shifts in me and organically, I started financially freelancing with other small businesses. By 2011, I officially opened a full-service accounting firm in Los Angeles.
What I’ve learned after working with hundreds of small business owners throughout the US, is that there’s a lot of fear and uncertainty when it comes to talking about, thinking about, or even looking at business finances and taxes. Women business owners, in particular, tend to have some common challenges when it comes to operating from a place of financial empowerment. Part of this stems from a lack of financial education & resources, part of it is cultural, and another big piece of it is fear. Fear that they might be shamed for asking the “wrong” questions, fear that they’ll be chided for not having made the “right” choices, fear the IRS or some bigger authority will “get” them, fear that any successes they’ve achieved might be negated if someone saw their financial behind-the-scenes picture. I definitely had those fears early on in business. And now, I’ve had the pleasure of helping many amazing women step into their financial power & confidence. Not only have I been able to witness how their newfound financial ownership positively impacts their financial situation, but I’ve also seen how that financial ownership radiates out and ends up affecting most aspects of their business and life.
In 2017, after moving back to my Texas roots, I pivoted my business to focus more on consulting and educating about all the small business financial and tax things. I work as a Virtual CFO for a few companies where I’m able to bring all my talents to the table (forecasting, increasing profitability, tax strategies & improving financial mindset), I speak publicly at conferences & workshops to help inform & empower females when it comes to their finances, and I take on smaller consulting projects to help people get insight into how they could improve the financial & tax side of their businesses.
Great, so let’s dig a little deeper into the story – has it been an easy path overall and if not, what were the challenges you’ve had to overcome?
I’m not the typical CFO, tax & financial consultant or licensed Enrolled Agent. I believe in an integrated, holistic approach to finances & money. I see all the financial pieces as intertwined with one another—taxes, profitability, pricing, mindset, etc. As such, I’m not the person you go to only at tax time—and that’s sometimes been confusing for the culture we have around accounting & taxes (the prevalent thought is you go for financial help only at tax time).
I pivoted my business model in 2017 to business financial and tax consulting because I know, firsthand, the power of financial education and proactiveness, and I want to help other female business owners step into their own financial power.
What do you do, what do you specialize in, what are you known for, etc. What are you most proud of? What sets you apart from others?
I take a very integrative & holistic approach to business finances. In my work, I tend to combine financial logistics with the emotional aspects of money. I also prioritize keeping my client’s goals at the forefront of everything we do—because it doesn’t matter what “smart” moves you make if they don’t align with what you want.
What moment in your career do you look back most fondly on?
It’s hard to narrow this down to one moment. I’ll admit, I definitely enjoy telling people I’ve been in this business since 2011—that in itself makes me feel proud. But, what consistently makes me feel the MOST proud is when I help female small business owners turn around their financial situation and really OWN their finances and lives.
Contact Info:
- Address: 3333 Welborn Street, Ste. 100
Dallas, TX 75219 - Website: www.erinarmstrong.com
- Phone: 469-431-3995
- Email: admin@erinarmstrong.com
- Instagram: https://www.instagram.com/armstrong.erind/
- Facebook: https://www.facebook.com/armstrong.erind/
- Yelp: https://www.yelp.com/biz/erin-armstrong-dallas-3
- Other: https://www.google.com/search?q=Erin+Armstrong+-+Business+Coach+%26+Virtual+CFO&ludocid=12835584723612594990&lsig=AB86z5UL6F-rWKOFK1vBSAm8nIP3#fpstate=lie
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