A Look Under The Hood | The Importance of Finding a Proactive Accountant | Ep 5

Audio Transcription

11.18.17 – I Already Have an Accountant, Why Change?

Show Description – Is your accountant proactive or reactive? Are you being proactive about your personal and business financial planning or are you being reactive? During today’s broadcast of a Look Under the Hood, Paul Hood (CPA) and Clay Clark (business coach) break down the importance of finding a proactive accountant to help you to become proactive about both your business and personal financial planning.

Definition – Proactive – Creating or controlling a situation by causing something to happen rather than responding to it after it has happened.

Definition – Reactive – Acting in response to a situation rather than creating or controlling it.

NOTABLE QUOTABLE – “A person’s success in life can usually be measured by the number of uncomfortable conversations he or she is willing to have.” – Tim Ferriss (The best-selling author of The Four Work Week (He has written a number of self-help books on the “4-hour” theme, some of which have appeared on the New York Times, Wall Street Journal, and USA Today bestseller lists, starting with The 4-Hour Workweek. Ferriss is also an angel investor and an advisor to Facebook, Twitter, Evernote, and Uber, among other companies. He’s a man who gets things done.)

NOTABLE QUOTABLE – “Only I can change my life. No one can do it for me.” – Carol Burnett (An American actress, comedian, singer and writer, whose career spans six decades of television. She is best known for her long-running TV variety show, The Carol Burnett Show, originally aired on CBS. She has achieved success on stage, television and film in varying genres including dramatic and comedy roles. She has also appeared on various talk shows and as a panelist on game shows.)

Welcome to the Thrive time show business coach studios in the box that rocks it is Tulsa’s number one CPA in every way, it’s time to take a look under your financials with Paul hood good morning good morning, Northeast Oklahoma. If your listing to the show today boy do we have a great show for you were talking today about you getting this scenario, we already have an accountant and a business coach. So why would you even change? I mean 8 yard yard you’re paying taxes. You already have a great relationship with the new guy that you meet every year in the Walmart who sets up the day. The temporary cubicle right there in the front of Walmart he’s got he’s, got a crack Squad at a team of elite Geniuses to help him do your tax preparation. He’S got he’s got the ladies dressed up like a Statue of Liberty. You know it’s his right hand. Go to a lady, there he’s got Uncle Sam himself. I got dressed up like Uncle Sam on stilts out there in front of the building waving at you. He’S got the whole team he’s got the statue Liberty he’s got Uncle Sam he’s got the cubicle. It’S going down and you go out there to Walmart. You show up, he puts in some stuff, bada bing bada boom.

You get your taxes, you get your refund, damn I’m living the high life. I don’t need an accountant. I don’t need to have a proactive financial planner, because I got the guy at Walmart. business coach client, Paul Hood explain to me the difference between what you do and Hood CPAs and what that guy at the mall does well. You know I’m sure, they’re great people and we’re not playing you know good morning to you and it is an awesome morning we’re not out trying to rape and pillage and take everybody’s business. We just we just think if you’re going to see if you can get paid to do something, do it and also do it and give that value-added service be proactive, look forward. It’S here’s an example for you. So that’s a clay. You know you wake up. One morning you got this thing on your arm and it’s kind of ugly and nasty and it’s a cut or I don’t bite or what is it’s? Probably a recluse. You know you go to the doctor and you go. This doctor needs not in this. So proactive doctor in the doctor looks at it. He makes that face that you’re making right now and he only does that looks nasty is gross, so you can pay your bill on the way out the door. So that’s you know that’s kind of like what. Unfortunately, what a lot of accounts do as it’s there looking backwards, are not providing any solutions, any any issues and looking for hidden problems, you know, and so we would be that doctor says: let’s do this. Let’S do this, this be proactive as that’s you know, whatever the straw blood in this, let’s try to solve your problem. You know I’ll, take the challenge. I just want to understand the rules of the game. I want I don’t mind you know: do you have a dual meeting with you and seeing if you can outwit my current account, I don’t mind this business coach game muscle schedule. Appointment for the rules are the rules? Are they stated free, one-hour consultation with the hood CPA, Tulsa CPA, in my humble opinion, and you get a free copy of Warren Buffett’s book snowball. Now Paul people don’t listen to this, show Regular. They don’t know they just finding this incredible Audio Excellence. For the first time this laser show of accounting knowledge, you don’t get in college. What wouldn’t want to get Warren Buffett’s book, snowball, look around and everybody you know, and and how are they done financially everybody struggling in some? Sometimes you got to get a different perspective. You got to you got to check the fruit on the tree. You got to look outside of your realm of influence and Warren Buffett.

Absolutely I don’t care if your tummy he has. He has a comment on everything in there everything from should. We have more control. He has issues on, should you buy a house, he has informed, you know it just his it’s not that you have to agree with everything, but he’s it’s somebody who’s been successful. What are they think? How do they think and so yeah go to our website with CPS. Come fill out the form, and I will send you that, but I can in it while you’re there look around see if you don’t see anything yet kind of tweaked your interest or actually sign Up or or give us a call and we’ll give you a free hour just to sit and talk. Now I did. We have Steve Currington in the box of rocks. He is Tulsa’s, never One Mortgage man over there at total lending Concepts. Now it’s Steve, have you ever had an accountant that wasn’t proactive and then they call you up on the phone to phone? You should I email you a letter. You should two letter is mailed not emailed. You get the letter, the email from the accountant DVD, not proactive, accounting, firm and they’ll, say yo, like ,000 income tax and need to make sure you pay that tomorrow. You know, sir, there’s no fees unless she wants to file an extension and went in which case we might go to get down for 2. Maybe thirty thousand, if you, if you don’t agree, passing extra Behavior, had that situation where you got the last minute: email or mail, Steve Currington from the accounting service? Yes – and I don’t know, if there’s anybody else out there – that loves paying taxes, but I’d slept paint a call yeah man I get to do.

This is great to patriotism. Hey January ish, ish site man, you’re going to know about 60 Grand a 60 G. What I thought we were taking enough out and I wrote these checks and then we’re going to work on it. You know we’re going to work on it and then it around April 12th. You know right when you’re I was having prepared, but hey man. We ended up getting a 10,000 back. What how did you go for mowing how much to get in 10 grand back – I don’t know, but then I get there ,000 bill along with it. I mean it. I’M excited now that I’m really later on, like no. This particular this particular firm that I’m not going to mention, but I want you to know. I know people who have worked at the firm that we are discussing, who have told me specifically, their entire game, is to make sure you have a eye-popping mind-blowing massive number of estimated taxes that you they think you owe, and they want to give it to you. Last minute, Everett, this is their plan. This is not. This is actually their marketing strategy. This is removed, upsell, they give it to you and it’s a huge number and they say, but we could probably reduce it for you and then every year, what they do is you go get absolutely I don’t to pay that much in taxes every year they always Get it down to her now you that you get a little bit of return, but you get a huge bill from them Steve year after year, in the bill keeps going up every year. Jackass of your income goes up, so I think – and I literally have had this conversation like look – I’m not a knucklehead I’ve kind of figured out that the amount of my bill is directly related to the amount of savings that you got me every time. That’S what it is it’s like, oh wow, yeah. You now save me asking. Therefore I have a bigger bill because of I have never had this not happen with an exception of two accounting firms. I’Ve used this happens every time. It’S always last minute. Here’S an estimated bill. That’S why my wife does the accounting, because all the companies that we worked with they were just not proactive, and so either somebody listen to show right now who you have not met with a given. That was Paul. You haven’t gone to hoodcpas.com and schedule the meeting, because you have no loyalty, dysfunction, change. Cuz, your father-in-law handle the taxes. You know your your cousin-in-law, your your cousin twice removed some guy named Bernie.

He went to HighSchool with you know, he’s he’s doing he’s doing your extension this year. You know where you’re at your CPA as well Bryce, if you ever said it, was a business coach client and a real human and save them thousands of dollars. Absolutely we did it just here recently do tell do tell we had a guy he’d worked with somebody for years ago we got a guy nights, but he’d been working with the same person for years he was loyal. He came to us within the first 20 to 30 minutes. We did some entity planning, we structure does payroll. We did some retirement planning. What is entity planning that would be something similar to what we were talking about earlier with loc stuff. That would be how you get that bill from the last place. They can, they called Consulting and when you do the math that comes out to like an hour, that’s a lot of money. That’S that’s pretty much. The way your business is structured is taxed differently with the IRS, so you could be a sole proprietor. You could be an S corp, you could be a partnership and so through some of the planning that we can do with that. We are able to save this guy anywhere from 1518 Grand a year within the first 30 minutes. Are you serious, dead, serious, and so does that happen? A lot Paula, Deen Paul you been doing even accounting for 30 plus years I mean your son. Is a young whippersnapper, you know he’s been a CPA, but how old it? How old is that guy over there is, he looks like he’s. He leaves disproportionally healthy. You can’t be more than 40 holiday 4742. You 30, you know. How old are you? How old are you right now, Bryce, Going on 30 come out to be almost grown up again. Do this for 30 years, your son’s almost 30! How common is this for you to sit down with some of that one-on-one consultations able to save them? Thousands well I’ll. Tell you I’ll be honest with you. I actually hope when I meet with somebody that we can’t, because it’s a challenge and learning and the reason I say that is because that means that there’s another proactive account I end up going to. Let me tell you this and I’ll just straight-up: that’s illegal. We are prohibited specifically prohibited from taking a percent of charging a fee based on a percentage of what we save you, what they would call Consulting cuz they’re like well. We talked about 8:30. We talked about this and try to cancel, and you know it is what it is. It’S how you hire a plumber in the plumber says: okay, we got this bill and – and I know you – you paid us to hook up all five of your toilets, but only three are working. Now, it’s listening right now. It is time for you to make a change if Michael Jackson, where he said you got to go, look at the world to this funk. I love not knowing. If I’m I’m, I love just not really. I don’t want to have it in a couple conversation really.

I just don’t: I don’t want to have an uncomfortable conversation. Will Tim Ferriss, the best-selling author and if the famous investor and quasi business coach he says, a person’s success in life can usually be measured by the number of uncomfortable conversations he or she is willing to have so comfortable and book. Your one-on-one consultation today book your 101 consultation today so go to hood CPAs., Calm and schedule that one-on-one consultation right now you can do it. You have the mental capacity. You have the tenacity. I don’t have carpal tunnel it’s hard for me to type when you got to go to hood cbs.com and book that one-on-one consultations today, when you schedule that consultation you’re going to get a free copy of Warren Buffett’s book snowball, it is a game changer and I Promise you, you will absolutely not regret it’s about a one-hour consultation and they’re going to take a proactive look under the hood. I’Ve worked with so many accountants. A lot of clients have reached out to me to help him Coach. Their businesses grow their brand and many accounts of asked me to help him over the years, but there has been only one accountant in all my career as a business coach. I’Ve worked with who grasps the profundity in the concept of helping you plan financial. You owe it to yourself to take a look under the hood and to figure out where you are at financially Paul. If somebody owns a business and they have yet to meet with a proactive account, I could they be losing millions of dollars nearest seen this before Persimmons losing Millions. Yes, I had one client that literally they went to their accountant and their business was growing like crazy and accountants. Advice was getting ready to write an ,000 check two and a half Lamborghinis. That’S not a good thing right now. I encourage him to stay tuned because we come back we’re going to get even more in-depth and to why you need to take a look at Park and look at your accounting and really look at maybe switching accounting firms he’s already have an account. The question maybe his will already have one. So why change we need to change cuz, you don’t know what you’re missing out on a good show with Paul huh. Have you ever found yourself running out of money before the end of the month? Are you saving enough for retirement? Are you getting ahead financially Tulsa? If you need to look under your financial Hood, you’ve come to the right place. It’S a look under the hood with tonsils. Never once each and every way to look into the hood with Tulsa they’re going to counting to mr. Paul Hood.

Now, if you are listening to the business coach show, but the first time, you’re saying what what poor Life Choices have I made to end up listening to a show in the morning about accounting, I’m going back to bed. Will this show it during the day show we are going to help every single listener save ,000 and give you a free book to give you a free book. A free book of Warren Buffett’s only authorized biography everybody’s going to get one copy of Warren Buffett’s authorized biography. The only one a book called snowball and we’re going to save you, ,000 minimum every single listener. We’Re going to save you a thousand bucks. I don’t like money, I hate money. Well, that’s the wrong show for you. Go back to bed, get out of nail gun and well just have fun with a nail gun, but the point is: even if you don’t like money, what’s wrong, what’s going on? What’S your deal, I mean who doesn’t like money walk me through? If I’m a business owner, how can you save me ,000? Tell me make a claim back. It was some facts. Get me motivated well because the tax code in people, especially people, if you noticed or not, but some people still do their own tax return, but yeah and I know a couple of them. But anyway, you know that my tax program cost me ,000 a year and the reason it does and it’s complex is because people don’t realize this. When you do your taxes and there’s actually, three parallel calculations are going on at the same time, and sometimes it’s not the tax savings for the tax deductions on one of them. It’S on the other two, but they all affect each other. And so what we do is we go. We go in and we have this high-powered software. We have our knowledge base and we look for bait in a. We have 3000 clients it just in this area, and so we’ve seen things that that you that you as an individual and maybe have never seen but we’ve we’ve got twenty other people there. In the same, in a specific with you right now – and I am a self-employed person with 10 employees or less, how can you save me money? So we can save you money initially going to look at what type of entity you are because you may be paying too much of Social Security taxes on your own earnings. We’Re going to look at retirement planning we’re going to look at what do you put away for the future? You put money away in savings? If you are, can we make that taxi doctor we’re going to look at what you’re spending money on personally and and can any of those be related to your production of income will take tax deductions for their home office? Where you driving, you know those kind of things, what are you wearing? Is it a uniform? Can we call the uniform, so we just get really really deep into where your money is going already? We virtually never recommend people spend money to save taxes unless it’s investing into a retirement plan, but 99.9 % of time we can look and we can save them a minimum of ,000. A daisy give me a bedtime story. People need to go to sleep. I need a, I need a good morning story to wake up. I need a good give me a story of a client that you worked with.

That was self-employed and you help them save not just ,000, but thousand see you changed their life. Give me give me, give me a: I got you, okay. So before the break we talked about a business coach guy that that his accountants advice was get ready to write an ,000 check. So we brought him in writing a check to the IRS wire, the money or something you think. That’S the biggest one. We’Ve had a client right and it would have been three times as large was about two and a half million City Hood. So they came over and we looked at timing moving income board expenses back, we looked at how they were structures and Steve looked at and how they were paying them in and in this case, against retirement planning, and they were able to put ,000 a year for Themselves in a retirement plan and it was almost reduction so yeah they still, they still wrote – checks r 800200. The government 600 went to themselves as, if you’re listening to the show right now – and you said, I’m excited that I want to you – know: I’m excited about paying taxes and I’m going to write a check, for you know 2.3 million dollars. This is actually sad. 2.3. That’S correct: it takes for million dollars to buy one Tomahawk missile. So if you wanted to, let me think about that you all year after result of all your efforts, you actually could buy one and seven tenths of a Tomahawk missile and the good news is we just fired off the 59 tomahawk missiles into Syria. You could have been a part of supporting 159th of that effort that most people don’t know happened right. Think about how exciting that is great Sunday morning story, I love it. I was staying up all night in a row, you’re so excited. I actually bought 1 1.7 tomahawk missiles of which we just shot 59 in the Syrian I feel like I was part of the team – did the most damage.

That is a motivational tax thing. If you pay a million, you get your before. He paid 1.4 million, but you can put it on put your name on the missile readings from us, so you get a picture of it. You know like it in gold from Trump. You know I like Trump’s, like idea, gold. What is a gold at The Mistle-Tones because it’s a missile, so it has to be already made at your name into the gold. If you want to read more about this, just go to marketwatch.com and you can learn all about this issue that right. There is motivation enough to give me a story about somebody who was an employee, okay and she and he they bust their hearts. They work hard. There may be school teachers there. Firefighters are doing something for the community they’re, not horrible. Entrepreneurs, like me, focused on just dominating the market place they’re focused on the kids. You know I’m focused on making the money make it there better person than I am that save some money and we do tax returns from all the both sides. You know we would tax returns for two hundred bucks with tax forms, all its ,000. So you know the vast majority of the heart are hard-working people that that they just struggle, and then you got to try to find ways to get her money back or to help minimize our taxes and weave weave. Because of this parallel calculation. We we look at you, know a lot of people charitable and then the government gives you a standard deduction, so we’ll get in get in the game of okay. That’S a double up on one year are Charities and don’t do Charities. Remember you doing the December you doing both in December and nothing in January, so we stack deductions all in one year and take advantage of a of the standard deduction. The next year we look at. Are they do you know? What are they paying for health insurance? Are they doing a health savings account? Are they doing what they done for retirement? As a business coach, I can tell you that dad from my experience, usually eight or nine of the 10 clients do not have Proactiv account.

Listen to the business coach show today and ask yourself: how highly would you rate the proactivity of your account if a 10 is there just awesome there on that, you feel confident one? Is there really reactive? You really need to schedule an appointment with the folks at Hood CPAs when you schedule. The appointment I got to do is go to hood cps.com and book your appointment, they’re, going to give you a free copy of Warren Buffett’s only authorized biography. The book called snowball when you may be saying to yourself why I want to change, but you know it would be difficult in my third cousin twice removed. You need my account got. You also does some spackling work for me on Tuesday, so he didn’t want to spackle and he does a lot of tile work. You know grout work is. He also does the account, maybe it’s time to have an uncomfortable conversation with that person and maybe switch now Steve. You do mortgages and your Steve current with Tony Concepts. When I ask is quickly my friend to what percentage of clients come in and they can even qualify for a loan, you know they have good income because their accounting is so jacked up yeah, I mean a lot and what we see and Paul mention the people That are doing their their own taxes just doesn’t make a lot of sense, especially people that are at really high income levels, because there’s no way that, in addition to running your business, that you’ve been able to spend hours upon hours, learning the tax code, and so Are people bringing handwritten tax return still get this Paul? I appeal to bring a handwritten taxes that a CPA, Dead, Tired of CPA and the guy hand-wrote, like their corporate return, was handwritten a little personal return with type a literal. Pencil Pusher was that at the end of his nose and this giant calculator in the whole room, I went by there to get their taxes. The whole room was like that tape. That comes out of the business coach calculator.

Do they usually talk to you later, where you hold a handle that drinking in there, and I was like, are you in here and he’s like I’m at their hair that I might and I’m pulling back with this job and then my other areas? I need the taxes or showing Sony like pull them out of underneath like a thing, and they were written my hand was that price I would help, but I just can’t see it, I’m not going to pay since our names right now, but if you could just Tell me I would help you with that text is 514. I mean 17th. Bryce. Give us a compelling business coach argument. Why does everyone need to go to hood cbs.com and his scheduler 101 consultation? I know you’re in it to win it. Your partner in The Firm, come on. Give us a compelling argument: why should we switch to a different account? Wouldn’T you want to save ,000 money order, Turtles number to use that money and why not get a second look at what you’re already doing and see if there’s a better way to do it? All right, if you hate money, do not go to hood cps.com. I don’t want any more money. I love buying part of a Tomahawk missile II. I’M excited about that. The idea that a Tomahawk missile cost 1.4 million dollars of tax dollars are, then you don’t need to go to hood, see if you guys.. If you want to save some money today and schedule your free consultation with the man, the myth, the legend mr. Paul, I want to be a billionaire, so freaking bad by all of the things I know magazine.