46 How to Know When It’s Time to Hire a CPA with Crystalynn Shelton

Episode Description:

When growing a business, the almighty dollar is top of mind, and as you generate more, questions start to arise. What can be deducted for tax purposes? How can cash flow be managed better to ensure all business obligations are met on time? Where is all the money in sales going? These are just a few Crystalynn hears from her clients daily. She discusses why starting a small business should always include hiring an accountant. She also gives real talk about the success rate of businesses who partner with a CPA, processes and systems that can help manage the books properly, why budgeting an accountants service to your professionals fees is a must, and why it’s important to screen candidates and how to do it.

Guest Bio:

Crystalynn Shelton is a licensed CPA and QuickBooks Top 100 ProAdvisor helping startups, small businesses, and million-dollar companies alike take control of their finances through accounting software training and consulting. Crystalynn’s number-crunching interest was sparked after taking a high-school bookkeeping course, and on completing the course, she was determined to become a CPA. For the last 20 years she has done just that, leading accounting departments for Fortune 500 companies like Intuit, Texaco and Paramount Pictures. In 2010, Crystalynn went on to found her own consulting business. Since then, she has gone on to publish Mastering QuickBooks, a three-time Amazon Bestseller now in its fourth edition, coached more than 100 clients, all the while serving as an Adjunct Instructor at the University of California, Los Angeles (UCLA) for the last 13 years teaching bookkeeping and QuickBooks courses. Along with her fulfilling consulting business, Crystalynn enjoys trying new restaurants with her husband and watching her beloved Dallas Cowboys play.

Guest Socials:

https://www.linkedin.com/in/crystalynnshelton/

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Summary:

In episode 46 of The Suzanne Show, host Suzanne Proksa interviews Crystalynn Shelton, a licensed CPA and QuickBooks top 100 pro adviser. They discuss the importance of knowing when it's time to hire a CPA for your business. Crystalynn emphasizes that it's crucial to partner with an accountant from the start, as most business owners don't have an accounting background. A CPA can help choose the right accounting software, set it up, and provide training on how to manage finances effectively. Crystalynn also addresses the common concern of affordability, suggesting that business owners can consider using user-friendly software like QuickBooks or hiring an experienced bookkeeper. Additionally, she recommends her book, "Mastering QuickBooks 2023," as a resource for those who want to handle their bookkeeping independently.

When it comes to finding a qualified accountant or bookkeeper, Crystalynn suggests using the "Find a ProAdvisor" directory by Intuit, the company behind QuickBooks. This online directory allows business owners to search for certified professionals in their area, review their certifications, specialties, and client feedback. Crystalynn also offers her services to clients all over the United States through virtual consultations. Hiring a CPA provides several benefits, including access to reports that give insights into the overall health of the business. A CPA can also review and ensure that financial records are accurately maintained, eliminating the last-minute rush during tax time.

Long-term effects of hiring a CPA include the ability to apply for a line of credit, a loan, or small business grants. These programs often require updated financial statements, which a CPA can provide. By partnering with a CPA throughout the year, businesses can stay on top of their financial records and be better prepared for tax time. It also allows for informed decision-making based on the reports provided by the CPA. Hiring a CPA is a valuable investment for any business, as it provides expert guidance and support in managing finances effectively.

Overall, this episode highlights the importance of recognizing when it's time to hire a CPA for your business. Crystalynn Shelton emphasizes the benefits of working with a CPA from the start, provides affordable alternatives for those who can't hire one immediately, and offers insights into finding qualified professionals. The long-term effects of hiring a CPA include improved financial management, access to financial resources, and reduced stress during tax season. This episode provides valuable information for business owners who want to take control of their finances and make informed decisions for their businesses.