How to Find the Perfect Accountant
Mitchell Baldridge, CPA, CFP, talks to Matt about how to find the perfect accountant, something a growing business will have to do at some point.
Check out the Stupid Tax podcast, with Scott Hambrick and Mitchell Baldridge.
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How to Find the Perfect Account – First, Don’t
If you’re starting a business, you first need to find clients and jobs. Start making money.
When it comes to tracking and handling money, start a business bank account or use a different bank account than your personal. Simply, you need to clearly separate business expenses from personal expenses so at the point when you or someone else needs to prepare taxes, things are easy to delineate.
Early in the year (when this podcast airs) is a great time to start a business, because you have the rest of the year (and really until taxes are due) to get your money in order.
Right now, though, it’s just about not screwing up.
Another recommendation, which is unrelated to accounting but for business owners is to not expand your expenses to your new income.
If you make $80,000 at your full-time job and begin to make money from your company, at some point you’ll have to quit the full-time job and take a paycheck. Save that other money, pay off debt – but don’t increase your monthly expenses.
How to Find the Perfect Account – Use Your Network
The best way to find a accountant is similar to how you might find an electrician. Ask people you trust about who they use.
For example, Matt asked his trusted HVAC technician if he can recommend an electrician. He did, and the electrician provided great service.
Try to find business owners you can talk to and pick their brains with. It might be a group of people who are in the same industry, or not, who are all small business owners.
Similarly, you might reach out to someone who has done this before.
Mitchell, for example, reached out to Scott after hearing him talk about his experience with Diamond David Keesling on the Barbell Logic podcast.