Leveraging Technology and Advisory Services in Accounting

Jul 3, 2024

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"My entrepreneurial spirit sort of got unleashed in my public accounting days. So as soon as I became, as I graduated, became a public accountant, I helped other entrepreneurs get started. And that was just a fabulous learning experience."

Welcome back to Empowering Entrepreneurs! In today's episode, hosts Glenn Harper and Julie Smith are joined by the dynamic Jim Buffington. They get into Jim's remarkable journey from his humble beginnings at a Texas agricultural land grant school to becoming a significant force in the world of public accounting and technology.

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They talk with him about his transition from public accounting to leading a dotcom and eventually integrating technology into tax and accounting, making compliance more efficient and enabling richer client conversations. Throughout the episode, Jim emphasizes the importance of experimenting, embracing failure, and prioritizing customer empathy.

The Real Reason New Businesses Fail: "And we know that about half of those, new businesses are gonna fail in the 1st 5 years oftentimes because they're not paying payroll taxes or sales taxes or things that need to be done."— Jim Buffington

Empowering Takeaways

Jim's journey from public accounting to founding a dotcom and incorporating technology into tax and accounting illustrates the dynamic career paths available within and outside traditional accounting roles.

The need for tax professionals to improve communication with clients about the value they provide, transcending beyond compliance work to emphasize planning and advisory services.

The significance of experimenting and learning from failures, encouraging entrepreneurs and accountants alike to be bold, share ideas freely, and continually practice new offerings.

Highlighting the role of automation in accounting to handle compliance work, enabling deeper, more valuable client engagements and advisory services.

Emphasizing the importance of client empathy, understanding their unique business needs, goals, and challenges, and engaging them in the planning process for more tailored advice.

Empowering Moments

00:00 Introducing Jim Buffington, advisory service leader at Intuit.

07:53 Public accounting days unleashed entrepreneurial spirit, helping entrepreneurs.

12:21 Worked with farmers and ranchers, then oil.

17:13 Accountants become emotionally invested in clients' success.

22:07 Improve compliance through client-driven workflow changes.

24:10 Entrepreneurs struggle with planning, need accountant's guidance.

31:06 Supporting unique needs and strengths of businesses.

34:20 Value client needs, diverse skills, problem-solving expertise.

36:00 Communicate client benefits, focus on delivering ROI.

39:44 Business success hinges on essential financial tasks.

43:55 My superpower is deep customer empathy.

Running a business doesn’t have to run your life.

Without a business partner who holds you accountable, it’s easy to be so busy ‘doing’ business that you don’t have the right strategy to grow your business.

Stop letting your business run you. At Harper & Co CPA Plus, we know that you want to be empowered to build the lifestyle you envision. In order to do that you need a clear path to follow for success

Our clients enjoy a proactive partnership with us. Schedule a consultation with us today.

Download our free guide - Entrepreneurial Success Formula: How to Avoid Managing Your Business From Your Bank Account.

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