LuAnn is very happy to introduce you to Jody Padar, her guest for today’s episode of Power Talk Friday. Jody is a CPA who also has a podcast called ‘Let’s Get Radical’, so she goes by the name ‘The Radical CPA’. Her real and regular day job is that she is the CEO and the Principal of New Vision CPA Group, a Public Accounting firm based in the Chicago area. Jody joined her father’s firm more than ten years ago and so today, we talk a little with her about what happened when she first joined, what it was like and what transpired from that. Listen in to find out more about Jody’s radical approach to accounting and how it can really be of benefit to you, in your business.
LuAnn points out that sometimes, we have to hear the same thing a number times, before the light bulb actually goes on in our heads. The way that Jody, as The Radical CPA, goes about helping business owners and small businesses to navigate their way around the accounting side of their businesses and stay on track, is very different to the old and staid model of accounting. This is why LuAnn has invited her on the show today, to put the bug in your ear again (if you haven’t yet put your big girl panties on) and to remind you that it’s time to grow up and do things right in your business. So, listen in now, to get some insights from Jody, about how accounting technology can really work for you, in your business.
- Jody talks about what it was like when she joined her father’s firm and what happened there, once she joined.
- The realization that Jody had about her business ten years ago, as a result of working with all the new technology and software that became available to her through the internet.
- How Jody banded together with other young CPA’s seven years ago and they became coined as a movement of doing things in a different way- or Radical CPA’s.
- The value and insight that a CPA should be bringing to a business, should be in in the forward looking and the cash flow projections and helping to build the business.
- In the past, CPA’s were so busy doing things, that they didn’t have the time to step back and work in an advisory capacity. Now however, they can work in that capacity, because the technology is doing all the work that they used to have to do.
- What you, as small business owners or Interior Designers, need to know, in order to ask an Accountant or CPA the right questions.
- If you’re still living in a paper world, the first thing is that you have to automate, because the power is in the data.
- Working with Cloud Based Accounting. You can put the information in and the technology (the software program) does 85% of the work.
- Jody suggests using Quick Books Online, or Zero. These will allow both you and your Accountant to log in to your data.
- Working with your Accountant, in order to realize your goals– It’s important to think about where you want to go, in your business, because the way that your Accountant is going to work with you, will be based on your values.
- Why Jody thinks that CPA’s stand in the best position, as Business Coaches.
- Accounting is the language of business, so you need to be open to the advice of your Accountant, to face the facts and grow your business.
- It’s very important to find the right Accountant- the one that you can really relate to.
- New school Accountants are building advisory into their practices.
- It’s best to work with an Accountant who is working in a timely manner, in real time.
- You want to be talking to your Accountant four times a year, at minimum.
- Most Radical CPA’s work in a fixed fee model, charging a subscription based monthly fee. This is to encourage communication.
- Your choice of entity is your number one tax saving factor.
- Sales tax is a huge issue, so you, as Designers really need to talk to a professional about this.
- Avalara.com is a great place to go to check out the Sales Tax Laws.
- You need to keep trying until you find the Accountant who is exactly the right fit for you and your business.