( ENSPIRE She Did That ) Accountant and Entrepreneur Committed to Helping African-Americans Build Generational Wealth Saved Small Businesses $25 Million
ENSPIRE Contributors: Spencer Hatcher, Anastasia Hanna
Folasade Ayegbusi is an enrolled agent, accountant, spokeswoman, and small business development consultant. She has helped entrepreneurs and small business owners save over $25 million in lost revenue, tax assessments, fines, and interest. Holding a Business Administration in Accounting degree from the University of the 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 campaign called She Knows Her Money to empower women to boost their financial literacy to become economically secure and create generational wealth. To know more about Folasade Ayegbusi, check out her website, and follow her on Facebook, Twitter, and Instagram.
What motivated you to create your company, Suncrest Financials?
Before starting my company, Suncrest Financial Services LLC, I was a so-called partner in my dad’s accounting firm. I thought we were going to dominate the Washington Metro Area accounting industry. Well, that didn’t pan out. While I was pregnant with my daughter, I asked my father to create an actual partnership agreement between him and myself, and he declined my offer. I was left with being newly married, pregnant, and no solid income or direction. I prayed for months and God told me to start my own company, and the rest is history.
What does your initiative, She Knows Her Money, consist of, and what do you want people to learn from it?
I created She Knows Her Money to provide a safe space for women to learn about money management, business development, and entrepreneurship. She Knows Her Money is a community of women who are leaders in their household and businesses and need a space to learn how to handle everyday life’s challenges surrounding business and family.
Why is it important to you to teach women about financial literacy and generational wealth?
As more and more women become business owners and the breadwinners in their homes, it’s vital that women become financially literate and knowledgeable about investing and building generational wealth for their family.
Since the pandemic began, how has your company been affected? Have you faced any challenges?
Since the pandemic, our company has grown. We are not exactly hitting our goals, but we have reached major milestones. This pandemic forced me to evaluate the stability of our company and the overall quality of work. I stopped accepting clients to perfect our process. Yes, we have faced challenges. We have faced challenges due to many businesses closing their doors and reducing overhead. We have noticed that most businesses that were lagging prior to the pandemic have either closed by now or are staggering to stay afloat.
What do you feel is most important for people of color to know about financial literacy and saving, budgeting, etc.?
African Americans who struggle with the overall concept of financial literacy. However, some of our major needs are taxes, budgeting, and saving. It’s important for African Americans to learn those three money management concepts because they’re the basis of money.