“I thought I didn’t want to be an accountant, but as time went on I kept an open mind and after learning more about it, I realized that that is exactly what I wanted to be.”
Taxfyle: Where are you talking to us from?
Dustin: Here in my office in Birmingham, Alabama
T: Where are you from originally?
D: I was born in Knoxville and moved to Florence, Alabama when I was 7 and followed my career to Birmingham after school at Auburn.
T: How did you get interested in accounting and more specifically in becoming a CPA?
D: It’s actually a funny story because I knew I wanted to do business, but I thought I knew I didn’t want to be an accountant. As a freshman in college, I had a class once a week for an hour in which representatives from different majors would come and talk to us. When the lady from the accounting department came, I was hooked. I walked right out of that auditorium and into the business office and declared my major and never looked back. Once I knew I wanted to be an accountant, I knew I would be taking it all the way and getting my CPA.
T: How do you build and maintain effective relationships with your clients?
D: Excellent question. Building relationships is the most important aspect of my job. Every client is different so there is no one answer. It takes getting to know my clients and understanding them. I would certainly not treat a tech savvy young client I connected with on Taxfyle the same as I would treat an elderly couple I work with that likes to meet face to face each year. But in all cases, it is important to be open, honest, and approachable. People like to do business with people they like. So I try not to hide the fact that, despite being a “boring accountant”, I’m a fun and likeable guy.
T: What do you think are some of the biggest issues facing sole proprietors?
D: Sole proprietors face many of the same issues many other businesses do. To name a few, understanding the regulatory and tax environment they are operating in, managing all the back office work such as bookkeeping and payroll, and finding a healthy work life balance. In addition to these, a sole proprietor will also have to deal with unlimited liability. That means that any legal issues the company faces will also involve the personal assets of the owner. For very small businesses the risks involved in being a sole proprietor may be outweighed by the costs of forming an LLC or corporation. But as your company grows, or even if you just plan on growing, you should really consider discussing your options with a CPA or business attorney.
T: What advice would you give to small businesses that are just starting off?
D: I would say know yourself, your strengths, and your weaknesses. Use that knowledge to guide you in determining where you are most valuable. So many people start out trying to save a buck by wearing every hat. They then spend all their time trying to learn how to keep the books, trying to learn how to create marketing material, trying to figure out how to write contracts, etc. While they are trying to do all this, who is growing the business?!? Develop a core team of professionals to do what they are good at so you can concentrate on what you are good at. Don’t save a penny at the expense of a dollar!
Also, understand what a business is. A successful business is not one person killing himself or herself day and night to squeeze out a living. A business is a system made up of many processes that all work together to earn money. Marketing processes to drive growth, fulfillment processes to serve your customers, back office processes to keep up with it all, and on and on. It is your job to create, monitor, and continually refine these processes. Always think, “Am I working ON my business or working IN my business”. You can always find people to work IN it… you have to be the one working ON it.
T: You’ve worked with both startups and multi million dollar companies, what are some key differences and similarities?
D: Large companies and startups are actually very different. I prefer working with the smaller to mid-sized companies, which is why I have ultimately decided to specialize and work exclusively with them. As a company grows, it must become less and less nimble. What can be a very quick and responsive decision in a smaller to mid-sized company, may take months of red tape and meetings to accomplish at a large company. And when at a large company, almost no one gets to see the full picture. Everyone is often silo-ed and just work on their small piece of the puzzle. I like working with clients that we can work together on the whole picture.
T: What do you like to do in your free time?
D: Since my job often keeps me inside, I like to use my free time to get out and enjoy life. I love spending time with my family, going to ball games, running/exercising, and spending time with friends.
T: Is there anything else you would like to add?
D: Keep an open mind and take opportunities that come your way. I have held several different positions with different companies before striking out on my own. While each of these may not have been fun at the time, they all added to the depth and breadth of my experience and are a key part of what I can offer my clients, now.
Also, never say never to anything. As mentioned above, I thought I didn’t want to be an accountant, but as time went on I kept an open mind and after learning more about it, I realized that that is exactly what I wanted to be. Had I held fast to what I thought I knew, I may have missed out on the rewarding career I have now.
Dustin McNutt CPA, Family Man, Outdoors-ey!
