After Ashia Thompson realized she had knowledge that is constantly sought after, she took a leap of faith and bet on herself. Now, years later, the go-getter is living the life of her dreams.
In 2021, the Jamaican native founded Top Tier Accounting (TTA), a full-service accounting firm that helps its clients with strategic tax planning, tax resolution, bookkeeping and payroll services that align with their companies’ financial goals. Since launching, she’s scaled TTA to include clientele located in the United States and Dubai, whose businesses gross six-figures or more annually. TTA has been accredited by the Better Business Bureau with an A+ rating and featured on a billboard in Times Square. In this exclusive interview, Thompson chatted with REVOLT about how she created a successful business and provided tips for those who are working toward doing the same.
Growing up in poverty was what initially piqued the author’s interest in finance, as she wanted to understand why her family lacked certain necessities. When she had the opportunity to travel to North America from her homeland on a scholarship to study in the country, Thompson jumped at the chance to utilize education as her ticket to financial freedom.
“When you come from an impoverished background, I craved the desire to kind of learn more about managing my finances because I didn't understand why my mom never really had it. And growing up only having one pair of shoes, not having a variety of different things like clothing items to go out in, a laptop and different stuff at a young age... So, it's like growing up in an environment where lack exists, that kind of sparked that interest of, you know, I need to learn more about this money thing,” the entrepreneur said.
After graduating, Thompson began her career in corporate America, where she climbed the ladder quickly. Learning how much money was being made, the young powerhouse realized she was being underpaid for her work. Although entrepreneurship wasn’t on her radar, she decided to change her job title to founder and CEO.
“I realized that I was underpaid for my skill set because when I got promoted, I was working directly with partners, and I would review engagement letters, and I would realize that they're getting millions [and] billions from clients,” the 26-year-old explained. “My salary was not even a fraction of what they were receiving and, you know, the associates, the seniors, all the lower-tier staff are the ones who are really killing themselves to get the work done. I felt like well, I could start my own business and run with the knowledge [I have], and that's pretty much kind of when I decided that entrepreneurship may be the best route for me.”
Thompson shared that something she learned along the way was if a person wants to offer services to people in high tax brackets, they must be educated and well-versed in the specific area and have the necessary credentials because it makes clients feel secure and confident. Despite having to take the Certified Public Accountant exam more than 20 times due to an engulfing schedule, she passed it and things within her line of work began to soar thanks to word of mouth.
“I remember when I was not a CPA and I wanted to work with high-income earners. The first thing that doctors, lawyers, or any high-income earner, the first question they like to ask is, ‘Do you have a CPA?’ At the time, I [didn’t] and the moment I mentioned that they didn't want to work with me. I realized that having your credentials is important, so that's when I aggressively pursued trying to get my CPA. I must disclose that I took the CPA exam 21 times before I passed all four parts because I was in corporate America working 80-plus hours a week, trying to study and work at the same time,” she revealed. “It was a nightmare, but I was dedicated to getting it because I knew that the type of clientele I wanted to attract would not necessarily want to work with me unless I had the CPA under my belt.”
While working with her clients, something she often noticed with entrepreneurs was that the business structure chosen when they initially filed their paperwork -- usually a single-member LLC -- cost them more later down the line during tax season. She told REVOLT business owners need to check if that’s the best company model for them as their enterprise expands.
“Most clients in the beginning, they will form an LLC, just a single-member LLC, which is by default filed as a Schedule C,” Thompson explained. “Once they make high six figures or seven figures and they're still filing a Schedule C, they're paying the full 15.3 percent self-employment tax along with their ordinary income tax at federal and state level, depending on which bracket they're in or the state they’re in, that is subject to tax. They end up paying so much more in tax by being in just a single-member LLC structure that files a Schedule C.”
Bookkeeping is something else the public speaker observed people need to take more seriously, even if it’s just using a Microsoft Excel document. When people seek her company’s assistance, that’s something that can typically be a hurdle, which in turn can hurt their businesses since organization is important.
“If you don't know your numbers, a CPA or an accountant cannot help you because the bookkeeping is the most important part,” Thompson stated. “It gives us an initial roadmap of where you are. It shows us how much income you brought, how much expenses you have, and then once we know your numbers, we have your profit and loss, the balance sheet. We're able to come up with tax planning strategies to say, ‘Hey, this is what we can do to reduce your taxes because we should cut back on this or we need to improve in this area.’ But, if we don't necessarily have any bookkeeping in place, it's hard for an accountant to really help a business owner.”
As someone who prides herself on ensuring her clients understand what’s happening at each step of the strategizing process and in the aftermath, she wants others to beware of bad accountants because there are many.
“Most accountants that you know are… let's just say not necessarily reputable. They're pretty much not necessarily thorough, so if they're making a lot of errors as it pertains to even basic information -- like spelling your name wrong on your tax return -- and they're more so refund-driven versus actually helping you to tap in and understand what's going on… It's kind of like a red flag. Also, you have some accountants who will kind of inflate numbers or they will illegally include different credits on your tax returns that you're not eligible for,” the businesswoman revealed.
Thompson doesn’t have the perfect formula for balancing business and leisure, but she does get to enjoy the life she’s built for herself.
“I try to integrate some form of fun in anything that I do. And then I always say that I am a child of God before I am a businesswoman. I am a heavy believer in God… It helps to kind of bring me peace, balance, and just have peace of mind,” she said.
To learn more about Thompson's work and resources, click here.