How to Shift from Tax to Advisory with Sean M. Duncan, CPA, and Dawn W. Brolin, CPA

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In this podcast, join host Dawn Brolin and guest Eric from Corpay One as they delve into the world of fraud protection and the importance of safeguarding cash in businesses. As a Certified Fraud Examiner and CPA, Dawn shares insights on the fraud triangle and the three crucial elements that contribute to fraudulent activities: pressure, rationalization, and opportunity. Through engaging anecdotes and real-life examples, they shed light on the challenges faced by small business owners and the potential risks they encounter. From subcontractors misusing credit card information to friends betraying trust, the podcast explores how trusted advisors can help mitigate these risks and protect businesses from financial fraud. Gain valuable knowledge and strategies to minimize the opportunity for embezzlement and fraud in this eye-opening episode.

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In this episode, Dawn and Eric from Corpay One discuss the concept of app advisory as a service and its role in subscription pricing. They highlight the importance of technology in client conversations and how implementing the right solutions can bring additional revenue to accounting firms while making everyone's life easier. They also explore the challenges of pricing models and the need to cover costs for app implementation and ongoing support. The conversation emphasizes the value of app advisory in minimizing risk, enhancing security, and maximizing the benefits of technology for both accountants and clients. The episode concludes with a reflection on the significance of app advisory alongside tax and business advisory services, showcasing the evolving landscape of accounting practices.

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This episode is sponsored by Smartvault - https://www.smartvault.com/dawn-brolin/

Join host Dawn Brolin and guest Paul Hamann of RC Reports in this episode of DM Disruption as they delve into the world of accounting. They discuss the importance of reasonable compensation and its impact on tax planning and preparation. Discover how incorporating reasonable compensation can transform your approach to advising clients and improve their companies' direction. They also explore the exciting tool, ESP (Entity Selection Planning), which helps calculate the financial benefits of transitioning from a Schedule C to an S Corp. Gain valuable insights and practical strategies to enhance your accounting practices and empower your clients.

Check out RC Reports new ESP Tool: https://go.rcreports.com/dawn-brolin-demo

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This episode is sponsored by Bookkeep. Learn more at https://www.bookkeep.com/

Matthew Cohen, Founder of Nine Toe Five, joins Dawn! In this episode, Matthew shares his difficult beginnings as an entrepreneur, how he built his sock business to inspire others, and how he plans to use this success to build a platform that motivates his community.

Listen now to learn how Matthew plans to grow his business, and what advice he would give to prospective entrepreneurs!

Matthew's Beginnings

Matthew starts his conversation with Dawn by sharing how he got his start in business. Matt says that he began in college as an engineering major, but quickly learned it wasn’t for him. He graduated in 2017 with a business degree, and knew he wanted to start his own business, but wasn’t quite sure how to start. Having started a few businesses prior, Matt knew the basics of what he needed to get started but wanted to create something that would inspire people and help them achieve things they thought were impossible.

How Matthew Got His Start

Matthew talks about a few of his other businesses and how he worked in software engineering and real estate before he started Nine Toe Five. He says he began to read books that helped influence his career path and started to make a change in his life after reading the Four Hour Work Week by Tim Ferris. He was fascinated by the idea of being able to work from anywhere, and he said he did not want to follow the traditional 40-hour workweek.

What’s in Store for Nine Toe Five

Matthew says that all of the designs for the socks are drawn by his friend from junior high school. Matthew says that they plan on scaling the retail side of their business, but also shares that he wants to take his business in a different direction. He would like also to become a motivational speaker to help people achieve their dreams. He also would like to develop a community where people can connect and receive help from one another.

Matthew also shared that he would like to expand his business to offer custom jackets, t-shirts, and more additional apparel.

How Matthew Finds His Motivation

Matthew shares that he has an amazing group of friends and family who encourage and support him. He says he does not find motivation in one person, but rather in everyone around him. He also highlights how his wife, Sara, is a huge supporter of his business and has helped him achieve great success.

Matthew also adds that new business owners should seek out a mentor. This can be a tremendous help to your business and can save you from making small mistakes that could cost you time and money in the long run.

Check out Nine Toe Five Socks!

https://ninetoefive.com/

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This episode is sponsored by Canopy. Learn more at https://www.getcanopy.com/

Paul Hamann, the founder of RC Reports, joins Dawn to talk in-depth about reasonable compensation and how his business can help firms present accurate reasonable compensation figures to their clients.

Listen now to learn why Paul started RC Reports, the consequences of incorrect reporting, and how RC Reports can be an educational resource for you and your firm!

Episode Notes

RC Reports and their “Entity Planner”

Paul Hamann is the founder of RC Reports, a service that allows firms to give their clients reasonable compensation figures. Paul shares that he developed RC Reports because he struggled to find an efficient and accurate way to determine reasonable compensation, and wanted to solve the pain point for himself. Paul then sought to develop a solution for this problem and launched RC Reports in 2012

Dawn and Paul talk about RC Reports and their “entity planner”; a tool that practitioners can use to offer trusted advisor services. Dawn shares that she recently used this tool to discern whether or not one of her clients should classify their business as an S-Corp.

Consequences for Ignoring Reasonable Compensation

Paul also shares that when businesses get audited, they may be asked to prove how they achieved their reasonable compensation figures, especially if the IRS has flagged the amount you reported as above or below average. Paul also shared that the IRS just introduced the Compliance Initiative Project, which was formed specifically to check S-Corps and their reasonable compensation. 

It’s also important for the practitioners to remain compliant, and Paul talks about the penalties firms can receive if they don’t. Paul shares a frightening story about a practitioner who was fined $130,000 in paid preparer penalties due to reasonable compensation errors. 

Paul reiterates how important it is to properly determine reasonable compensation, and if your number was pulled out of thin air, it makes it much more difficult to prove and fight for.

Education Offerings from RC Reports

Paul also shares that RC Reports offers a wide range of education to help firms and practitioners understand reasonable compensation better. He shares that their core class is a two-hour deep dive into the basics of reasonable compensation, and helps to resolve many of the main points practitioners are struggling with. 

He also shares that they dive into fact vs myth, and that many practitioners believe incorrect information that could be hurting them and their clients. 

What Next Steps Should Firms Take?

Paul says that reasonable compensation should be revisited once a year. If an audit comes your way, you will be able to give the IRS a recent and accurate report of how you determined reasonable compensation for your client. 

Learn more about RC Reports!

Visit their website: https://rcreports.com/

Check out their classes: https://rcreports.com/classes/

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This episode is sponsored by Liscio. Learn more at https://liscio.me/

Liscio joins the DM Disruption! Join Dawn as she chats with Chris Farrell, the CEO of Liscio, and Alison Ball, the Director of Marketing and Influencer Strategy at Liscio. 

In this episode, you’ll learn the importance of maintaining proper cyber security in your firm, how Liscio can be the sole communication hub for your clients, and what new features are being released soon!

Listen now to learn why Dawn uses Liscio in her firm, and how their software can save both you and your client time! 

Why Security Needs to be Automatic

Chris, Alison, and Dawn start their conversation by noting how important it is to keep your firm’s data secure. Alison notes that many cyber attacks are now hitting smaller firms and that it’s crucial that everyone practices proper security measures. 

Chris notes that many firms leave clients’ EIN or Social Security numbers in their inboxes, and that can lead to a leak of your client’s data. Alison adds that implementing security measures needs to be automatic; if it’s too hard to put into practice or too inconvenient people will not do it.

How Liscio Keeps Communication Clear

Dawn expresses her admiration for Lisicio and says she loves how all of your client’s data can be found in one place. Not only that, but in case she is out of the office, her team members can easily access each client's string of data without needing her to forward any emails or text messages. Dawn even shares a story about how much time she saved by adding all of her clients to the Liscio app. 

Chris joins in and says he wanted to create Liscio for every sized firm. They don’t charge by the client, they are fairly priced, and they are easily accessible for clients and firm owners.

Why You Should Separate Your CRM from Your Project Management Software

Alison also notes that having all your clients on a separate CRM platform can be very beneficial. It can take a long time to get all your clients to start using certain software, and having to switch them to a new application can take even more time. If you utilize Liscio, you can change your project management software as often as you like without disrupting your client's relationship.

How Liscio Can Save You Time

Chris talks about how Liscio can save you time, especially while you are on vacation. Many practitioners find it difficult to turn their email off during vacation because they need to forward certain clients' information to their team members. With Liscio, all of your team members have access to each client's data, which allows them to access any information they need without emailing for support.

Dawn says she appreciates how Liscio functions like "texting" but she doesn't have to give her clients her personal phone number. She appreciates the ability to be able to close the app when she is out of the office, and it saves her time from answering "quick questions" when she takes time off.

Learn more about Liscio : https://liscio.me/

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This episode is sponsored by Bookkeep. Learn more at https://www.bookkeep.com/ 

Thomas Ruscitti & Emily Hedrick from Bookkeep join Dawn! Listen now to learn about Thomas and Emily, why Bookkeep is the go-to bookkeeping solution for accounting firms, and how automation is the future of this industry! 

Tom and Emily’s Beginnings

Tom begins the conversation by talking about his experience in accounting. He says that he received a call from an Inuit site leader in Tucson to teach them about point of sale—as  Quickbooks point of sale had just been released. Tom says this 10 day contracted position turned into a 10 year career at Intuit.

Emily also talks about how she started in accounting, and how it began with being hired as a project manager for Insightful Accountant. Emily then shares that she met Tom and the Bookkeep team at Scaling New Heights, and when she was looking for a new position, Tom reached out to her immediately.

Building Relationships Within the Accounting Community

Dawn brings up how everyone in the accounting industry is very supportive, and how there isn’t as much competition as you would expect. She highlights how important it is to be open to joining the accounting community and how it will lead to a better experience for both you and your business. 

Tom agrees and adds that it’s very important that everyone who chooses to join the accounting industry tbe passionate about what they do. He even goes on to share that the biggest influencers in the industry are people like Dawn, not the applications and products the industry uses.

Emily agrees and says that she recently spoke to someone new entering the accounting space, and they didn’t know how to approach “pitching themselves.” Emily says you can’t try to sell something to somebody; you have to build a relationship. You have to build trust with a client before they will be interested in your product.

How Bookkeep is “Selling Time”

Dawn brings up how automation is the future of the accounting industry, and she asks Tom about what Bookkeeping can do to help practitioners achieve this.

Tom brings up the point that at the end of the day, Bookkeep is ultimately “selling time.” He says that they are giving the community their time back. Tom says there is a shortage of Bookkeepers in the industry and they are using their application to solve that. Bookkeep allows practitioners to efficiently and effectively run their firms, which allows them time to focus on  what’s most important to them. 

How Great Customer Service is the Key to Client Retention

Tom and Dawn also talk about how important it is to maintain a good report between you and your client. Tom says that many other applications promise big things to practitioners, but often fail to deliver when it comes to customer service. 

Tom brings up how they have a chat support open Monday-Friday, but that their CEO, Jason Richelson is often answering questions that come in on the weekend. Tom and Emily both agree that having stellar customer service is the best way to support your clients, and they will support you in return.

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This episode is sponsored by SmartVault. Learn more at https://www.smartvault.com/

John Coleman, the owner of Commonwealth Business services, joins the DM Disruption! Listen now to learn how John uses SmartVault in his business, and how proper file management can save your firm time!

How John Found SmartVault

John begins his conversation with Dawn by talking about how he first saw Dawn in a CPE training course that discussed proper file management and storage. He said that he was looking for a new file storage system at the time, as their current program discontinued that service.

He discovered SmartVault through Dawn’s presentation, and was also intrigued by her teachings because of her admiration for softball. In the training, Dawn talked about how proper file management allowed her to leave the office early and attend softball practice. 

He learned that SmartVault seemed to have exactly what they needed, and he says it is a wonderful program. 

How John Uses SmartVault

Johns talks about the features of SmartVaults that he appreciates, and especially highlights SmarVaults drag-and-drop capability. He loves the feature of being able to seamlessly drag documents from emails directly into SmartVault.

John also talks about how you can print a client’s tax return directly to SmartVault to a specific client. This saved his admin a lot of time, and saved them from having to manually and separately send the forms.

John finishes by saying that they were able to complete more returns than they did in previous years, and they were able to save time when doing so.

Managing Work Life Balance

John shares with Dawn that he was able to attend every softball game and practice for his children while in the midst of tax season. Even though tax season can be a busy and stressful time for his firm, because of the software and technology they implement, they were able to complete more returns than they ever had that year.

John even shares that he was able to take a 5 day vacation after tax season, and he says that was the longest he’d been out of the office in years.

Importance of Succession Planning

John also talks about how one of his employees suddenly passed away, and how losing him was very hard on the firm. He said he was very integral to their business and it proved to be more of a hardship than they expected. 

He also said that this was one of things that encouraged him to seek out software and technology to assist with many of the tasks they need to get done. While no one is glad to see good co-workers leave, it’s important to have procedures in place to ensure the business can continue to operate smoothly.

Want to learn more about John and his business? 

Check him out here: https://www.teamcommonwealth.com/index.php 

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