𝗪𝗵𝗮𝘁 𝗮𝗿𝗲 𝘀𝗼𝗺𝗲 𝗶𝗻𝗻𝗼𝘃𝗮𝘁𝗶𝘃𝗲 𝘄𝗮𝘆𝘀 𝗮𝗰𝗰𝗼𝘂𝗻𝘁𝗶𝗻𝗴 𝗳𝗶𝗿𝗺𝘀 𝗮𝗿𝗲 𝘂𝘀𝗶𝗻𝗴 𝘁𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝘆 𝘁𝗼 𝗶𝗺𝗽𝗿𝗼𝘃𝗲 𝗲𝗳𝗳𝗶𝗰𝗶𝗲𝗻𝗰𝘆 𝗮𝗻𝗱 𝗽𝗿𝗼𝘃𝗶𝗱𝗲 𝗯𝗲𝘁𝘁𝗲𝗿 𝘀𝗲𝗿𝘃𝗶𝗰𝗲 𝘁𝗼 𝘁𝗵𝗲𝗶𝗿 𝗰𝗹𝗶𝗲𝗻𝘁𝘀?
During this episode of North Georgia Business Radio special guest Nick Bruner, Partner at Rushton & Co speaks with Phil Bonelli about:
- Why quality accounting is crucial for business success
- How AI and Automation are transforming the accounting industry
- Smart tax strategies for business growth
- Why having the right CPA is about more than just tax returns
- How proper financial planning and accounting can help scale your business
The accounting industry is undergoing significant transformations, driven by technological advancements. While some may worry that artificial intelligence will replace accountants, the reality is quite different. Nick points out that what we’re seeing is more “augmented intelligence” and “remote process automation” rather than true AI.
These technological changes are not about replacing accountants but rather enhancing their capabilities and streamlining repetitive tasks. This shift allows accounting professionals to focus on higher-value activities like analysis, strategy, and client consultation.
One area where many businesses fall short is in financial projections. Nick emphasized the importance of estimating and forecasting.
This lack of formal projections can lead to significant issues, especially when it comes to tax planning and cash flow management. As your business grows, it becomes increasingly crucial to have a clear picture of your financial future.
Why Projections Matter:
- Tax Planning: Accurate projections help you estimate your tax burden and plan accordingly.
- Cash Flow Management: Understanding your future cash needs is essential for sustainable growth.
- Strategic Decision-Making: Projections provide a foundation for making informed business decisions.
Beyond Tax Preparation: Maximizing Your Accounting Relationship
Many business owners view their accountant solely as a tax preparer. However, a good accounting relationship can offer so much more. Nick suggests looking for an accountant who can provide:
- Business Consulting: Guidance on financial strategies and business growth.
- Cash Flow Analysis: Help in understanding and optimizing your cash flow.
- Technology Integration: Assistance in implementing financial software and automation tools.
Smart Tax Strategies for Business Owners
While minimizing tax burden is important, it shouldn’t come at the expense of your business’s financial health. Nick shared some interesting strategies:
- The Augusta Rule: This allows you to rent out your personal residence for a limited time without paying taxes on the income.
- Employing Minor Children: You can pay wages to your minor children (up to a certain amount) without incurring taxes.
- Exploring Tax Credits: Look into state-specific credits, such as those for public schools or rural hospitals.
The Value of a Strategic Accounting Partner
As your business grows, the complexity of your financial needs increases. Having a strategic accounting partner who understands your industry and can provide tailored advice becomes invaluable. They can help you navigate challenges, identify opportunities, and make data-driven decisions.
Remember, running your business by the numbers isn’t just about tracking expenses and revenue. It’s about leveraging financial insights to drive growth, manage risks, and achieve your long-term goals. By partnering with the right accounting professional and embracing technological advancements, you can position your business for sustainable success.
Connect with Nick and the Rushton Team:
https://www.facebook.com/rushtonandcompany/
https://www.linkedin.com/company/rushton-&-company-llc/
https://www.instagram.com/rushtoncpa/
Connect with Phil Bonelli:
https://www.facebook.com/Hopewell-Farms-GA-105614501707618/
https://www.instagram.com/hopewellfarmsga/
https://www.hopewellfarmsga.com/
Connect with Beau Henderson:
https://www.facebook.com/RichLifeAdvisors
https://www.facebook.com/NorthGARadioX
This Segment Is Brought To You By Our Amazing Sponsors
Hopewell Farms GA
Roundtable Advisors
RichLife Advisors
Regions Bank
Highlights of the Show:
00:31 – The Importance of Accounting in Business
- Phil Bonelli discusses how businesses need to “run by the numbers” and highlights Nick Bruner, a partner at Rushton & Co., as an expert in corporate consulting and audits.
01:51 – Overview of Rushton & Co.
- Nick Bruner shares that Rushton & Co. has been in business since 1981, based in Gainesville, GA, with an Alpharetta office.
- Services include tax audits, outsourced accounting, business consulting, and wealth management.
03:35 – The Value of Coordinated Financial Strategy
- Discussion on how Rushton’s integrated approach to accounting, tax planning, and wealth management benefits clients.
04:08 – Nick’s Background in Consulting & Auditing
- Nick Bruner started in city and county audits, later transitioned to corporate consulting.
- Mentored by Perry Barnett, who specialized in business finance and consulting.
06:10 – Understanding Key Financial Metrics (KPIs)
- Many business owners lack financial knowledge, despite running successful businesses.
- Importance of cash flow management, profitability ratios, and financial projections.
07:59 – Business Owners Often Focus Only on Cash in the Bank
- Phil & Nick discuss why business owners should focus beyond just available cash and track deeper financial metrics.
09:35 – Growing Businesses Can Face Cash Flow Issues
- Expanding businesses risk running out of cash despite profitability.
- Working capital management is crucial—many businesses lack a cash flow forecast.
11:01 – The Impact of AI & Automation in Accounting
- AI is augmenting rather than replacing accountants.
- Bots & automation streamline repetitive tasks like downloading financial statements and data entry.
- Accounting software (Power BI, Power Automate, Excel AI tools) is evolving.
13:10 – AI in Accounting: Strengths & Limitations
- AI is useful for automation but still requires human oversight.
- Machine learning still needs human interpretation to ensure accuracy.
16:47 – CPA Industry Changes & Advocacy
- CPA Day at the Georgia Capitol – Nick discusses advocating for accountants.
- Dress code evolution: Suits & ties are becoming less common.
18:14 – The Rise of Outsourced Accounting Services (CAS)
- Client Accounting Services (CAS) is a growing trend—businesses are fully outsourcing their accounting departments.
20:29 – The Accountant Shortage & Recruiting Challenges
- Enrollment in accounting programs is declining.
- Rushton & Co. recruits from UNG & UGA, offering internships & leadership academies.
22:51 – What Young Accountants Want in a Workplace
- Flexibility (hybrid work) and structured training are top priorities.
- Rushton & Co. developed “Rushton U”, an online learning platform for accountants.
27:43 – Business Development Strategy for CPA Firms
- Rushton & Co. has a dedicated sales pipeline, CRM, and client selection process.
- “Addition by subtraction” – selective client acquisition for better service quality.
32:18 – Businesses Often Struggle with Financial Projections
- Many fail to estimate their tax liabilities and cash flow needs.
- Lack of financial projections leads to tax surprises and cash shortages.
35:50 – Balancing Tax Strategy & Business Growth
- Some businesses try to avoid taxes at all costs, but this can hurt growth.
- If you show low profitability for tax reasons, it can hurt loan approvals or business valuations for a future sale.
36:59 – Smart Tax Strategies
- Augusta Rule – Homeowners can rent their homes for up to 14 days tax-free (e.g., Masters Tournament).
- Hiring Minor Children – Businesses can pay children up to $14,000 tax-free and contribute to their IRAs.
- Georgia Tax Credits – Business owners can donate to public & private schools for tax credits.
39:32 – Closing Thoughts
- Importance of having a quality accountant beyond tax prep.
- Phil encourages businesses to seek strategic financial advice rather than just focusing on tax savings.
