Felipe Wityk-Sánchez: "To grow your business you must have your accounting in order"
Presenting on how to achieve a successful loan, Felipe Wityk-Sánchez (CEO WealthSpring Financial Services) opened the first version of the Latino Restaurant Conferences, held in Astoria (Queens) on August 9. On occasion, the expert gave attendees valuable advice on all accounting and financial information that a business owner must have for a bank, government, or investor to be interested in making a loan. This presentation is part of a long financial education process that Felipe and his team regularly deliver to New York entrepreneurs, teaching accounting, finance, and QuickBox through other organizations such as NYC Business Solutions or different New York chambers of commerce. In Felipe's opinion, "Many Hispanic businesses are not prepared to obtain loans because they do not have orderly accounting and also do not declare everything they earn", factors that, according to the expert, affect the failure to obtain financing to grow your projects. Among the documents that business owners must have, there is, for example, a business plan, "It should not be fifty pages, with only two well-explained pages and with clear numbers, it is enough." Other key information is to have a good Cash Flow Statement with all the company's financial operations for the last three years. Working on a good personal credit score is also important. Felipe has helped many of his clients achieve successful loans since the financial education process that WealthSpring carries out for its clients is constant. "If they grow, so do we," he clarifies.
Wealth Spring is one of the few accounting offices that Among its objectives is to teach and educate its clients financially. For this, it has a training agenda that you can see in the 2023 Calendar (all completely free)
Felipe Wityk-Sánchez's presentation ended with a round of questions from the more than one hundred attendees at the event, restaurant owners from Brooklyn, Queens, the Bronx, and Manhattan, “many of them do not see accounting as a tool that allows them to grow, but rather as a simple procedure to calculate the taxes to be paid at the end of the year. We do these talks for them to help them become aware that their business finances are key to growth."