In this episode, Hector Garcia and Kirk Bowman explore when and why an accountant should be financially independent. It should be an intentional decision by the advisor, rather than something that happens by default.
- Hector explains the traditional role of a Certified Public Accountant (CPA).
- Hector reviews the factors that determine whether a CPA is financially independent.
- Kirk summarizes the opportunity for accountants and bookkeepers to be an advisor (consultant).
- Hector explores the risk of being financially independent vs. being a business advisor.
- Hector answers the question, Are you financially independent if you prepare the customer’s tax return?
- Kirk summarizes the issue of being financially independent in three quick points.
- Hector asks Kirk, What type of relationship do you want with your accountant?
- Kirk and Hector explore whether being compliant is a valuable outcome or not.
- Hector explains the three levels of value in the customer-accountant relationship: compliance, partnership and growth.