In this episode of The Faces of Business, Susan Bryant, CPA, CTP, Founder & CEO of Unboxed Advisors, shares her unique insights into how solid accounting can drive business success and stability.

Damon relates the discussion to the expanded options for accounting services, including outsourcing and fractional accounting, enabled by tools like QuickBooks Online.

Susan, herself a CFO, thinks it is important to bridge the gap between the outsourced accountant and the business owner. She stresses that effective communication and regular supervision are essential components of successful outsourcing arrangements.

Damon shares a key control drilled into him during his career: ensuring that someone other than the bookkeeper signs checks and maintains proper records, even if the owner isn’t always present to do so. He supports a system where one person specifies payments while another approves them.

Discussing the same, Susan recounts some of the ugliest accounting scenarios she’s encountered, including a fraud case involving embezzlement by controllers and an incident where payroll discrepancies led to a negative bank balance on the balance sheet. Despite these challenges, she finds satisfaction in cleaning up accounting records and witnessing the transformation to accurate and meaningful financials.

Likewise, Susan advises caution when selecting accounting talent and encourages business owners to choose individuals who are proactive in identifying and addressing financial issues.

Finding Susan’s response great, Damon shares another anecdote of a business owner who discovered discrepancies when transitioning to new CPAs.

Susan encourages business owners to consider the best options for their business rather than sticking with familiar practices, even if it requires exploring new avenues and engaging with different types of advisors.

As the show reaches its conclusion, Susan discusses the critical role of forecasting, especially for business owners who want to sell their business and exit. She explains how creating a convincing narrative about a business’s potential requires a cohesive forecast that aligns with the vision of growth and expansion. After all, accounting is not just about recording numbers. Besides, it’s about shaping the future of the business.

The conversation ends with Damon thanking Susan for her time.

Our Guest
Susan Bryant, CPA, CTP

Susan is the Founder & CEO of Unboxed Advisors. As a seasoned Certified Public Accountant and Certified Tax Planner, she is a vanguard in revolutionizing accounting practices to foster entrepreneurial wealth and business growth.

With over two decades of expertise, Susan has transformed the financial landscapes of numerous businesses, guiding owners through optimized tax strategies and profitability enhancement. At Unboxed Advisors, she challenges the traditional accounting firm model with innovative solutions that cater to dynamic business needs.

Susan did BBA in Accounting from the University of Texas at Austin.

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As a business owner, it can be easy to get caught up in the daily operations and growth of your company. However, one aspect that should never be overlooked or pushed to the side is accounting. Accounting is essential for the success and longevity of any business, no matter the size or industry.

Here are a few reasons why accounting should be a top priority for business owners:

1. Financial Health: One of the main reasons accounting should be a priority is the financial health of your business. By keeping accurate and up-to-date financial records, you can track your profits, losses, and cash flow. This information is crucial for making informed decisions about the future of your company and ensuring its financial stability.

2. Compliance: As a business owner, you are responsible for complying with various financial regulations and reporting requirements. Failing to keep proper accounting records can result in fines, penalties, and even legal action. By prioritizing accounting, you can rest assured that your business is operating within the law and avoiding any potential issues with the IRS or other regulatory bodies.

3. Planning and Forecasting: Accounting is not just about looking at past financial data, but also about using that information to plan for the future. By analyzing your financial statements and reports, you can make better strategic decisions and develop accurate forecasts for your business. This can help you identify potential risks and opportunities and adjust your business strategies accordingly.

4. Monitoring Performance: Accounting provides valuable insights into the performance of your business. By tracking key performance indicators and financial metrics, you can identify areas that are performing well and areas that may need improvement. This information can help you focus your efforts on the most important aspects of your business and make adjustments as needed.

5. Tax Planning: Proper accounting can also help you minimize your tax liability and take advantage of potential tax savings opportunities. By keeping accurate records and understanding the tax implications of various business decisions, you can ensure that you are paying the right amount of taxes and avoiding any unnecessary tax burdens.

In conclusion, accounting should be a top priority for business owners for a variety of reasons. From maintaining financial health and compliance to planning for the future and monitoring performance, accounting plays a critical role in the success of any business. By investing time and resources into accounting, you can ensure that your business is on a solid financial foundation and positioned for long-term success.