Things You Should Not Hire an Accountant to Do

Accountants are insanely valuable and versatile professionals. So much so, that it's actually really confusing what the hell an accountant's job is and what it isn't. It can feel like the accountant is the Swiss Army knife to any business solution, but that isn't always the case.

I want to clarify a couple of things, I have a pretty strong opinion about this. I believe that there are certain things accountants just should not be doing for business owners. We implement these boundaries in our practice, there are just some things we will not do for our client, no matter what they pay us, no matter how much we love them. I'm going to share what those things are and why we avoid them.

"No one will care as much about your money or your business as you do. So the level of attention to detail will be different than what it is with you."

In this episode, you will learn the following:

1. What forbidden tasks should accountants never do for their clients - and why?
2. What is the dangerous recipe for embezzlement that accountants must avoid?
3. What do business owners need to know about managing payroll, commissions and other payments?

What you'll hear in this episode:

• Accountants should be doing certain things for business owners and should not be doing certain other things.
• If we are the ones holding the checkbook, no one will care as much about your money or business as you do.
• Managing your cash concept.
• The Steve Harvey case and the recipe for a potential crime.
• The last thing that accountants should not get involved in if they’re hired as an external party.

Here are some brief snippets from this episode:

[00:00:50]
Accountants should be doing certain things for business owners and shouldn't be doing other things. There are just some things we will not do for a client, no matter what they pay us. These things that are deal breakers for us that we won't do are not for our best interests.

[00:02:27]
Accountants should not be if you're hiring an accountant externally, to do your taxes. They should also not be managing your business as cash. That is the ultimate recipe for embezzlement.

[00:08:18]
Michael King is hosting the CFO Accelerator live in Dallas, Texas, May 16 through 18th. Join other fractional CFOs to learn the seven step framework to grow to seven figures in revenue. Click on the link in the show notes to snag a ticket at a special price exclusively for keep what you earn listeners.

[00:09:21]
The last thing accountants should not really get involved in if they're hired as an external party is approve payroll. There has to be intervention from the business owner when it comes to approving payroll, commissions and other types of payments. Having some type of internal financial operations in addition to a high level external strategist is the recipe for greatness.

Related episodes:

The Most Undervalued Trait of an Accountant

Growing Your Side Hustle with Nick Loper

How Do I Break Up With My Accountant?

Resources:

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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.