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Main Street Business

#557 The Accounting Industry Was Broken... Here's How I Fixed It

Main Street Business

Mark J Kohler and Mat Sorensen

Tax Reform, Entrepreneurship, Business, Irs Updates, Tax Tips, Legal Compliance, Business Structure, Tax Prep, Accounting, Tax Strategies, Management, Financial Reporting, Estate Planning

2.4584 Ratings

🗓️ 7 January 2025

⏱️ 9 minutes

🧾️ Download transcript

Summary

In this episode of the Main Street Business Podcast, Mark J. Kohler tackles the top challenges facing accountants today, from the disconnect with business owners to the need to shift from compliance to advisory roles. Learn actionable strategies to elevate your practice and thrive in the evolving tax industry. Here are some of the highlights: Mark begins by acknowledging the frustration of business owners and practitioners in the accounting industry.The disconnect between business owners and ...

Transcript

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0:00.0

Welcome to the Main Street Business Podcast with your distinguished hosts, Mark J. Kohler and Matt Sorensen.

0:05.5

Both are best-selling authors and have over 25 years of industry experience with 10,000 client consultations,

0:12.3

making them the leading tax and legal experts in the nation.

0:16.1

Together, they'll unpack the most complex tax, legal, and financial strategies,

0:20.6

crucial for saving more,

0:22.1

stressing less, and building generational wealth. Today, they're your personal advisors.

0:28.1

Ready to break it down for you and make the tax and legal game easier than ever. Here is Mark and Matt.

0:34.6

Yes, the tax industry is broken. And you may be a business owner watching this to say, yeah, I knew it. I want to just know why. Or you might be a practitioner in the accounting industry, say, Mark, please give me a solution. Now, I'm a CPA, an attorney, bestselling author, and I've been in this industry. And I was a part of the problem for many years, because I didn't know how to crack the code myself and my own practices but I'm here now and I'm here now and I was a part of the problem for many years because I didn't know how to crack the code myself

0:55.5

and my own practices, but I'm here now and I have figured it out and I want to tell you what's

1:00.5

wrong with the system, what your pain points are because I've shared them before and a solution

1:05.0

that's real for you business owners and for you advisors. Why is it broken? Why are baby boomer accountants walking away from

1:12.8

practices almost giving away? Why is accounting school enrollment down across the board at all

1:18.1

universities? Because of the disconnect. Business owners are frustrated because they want to have a

1:23.7

sit down with real practical strategies and accountants want to be an advisor but don't know

1:28.7

how to get there. It's like two ships in the night passing past each other. They want to meet,

1:34.0

they want to wave to each other and pull over and talk on the side of some beautiful island,

1:38.5

but they pass by each other every day. And both groups are so frustrated and they're just apathetic accountants are

1:46.3

quitting and business owners are going to turbotax but my friends there is a solution now part of

1:51.8

that solution is the accountant has to take the lead the accountant has to become the advisor

1:58.0

hold them out an advisor and reach out to their client and go,

2:02.2

I'm ready to meet. I want to meet and save you taxes. And if you want to be part of my

2:07.2

advisory program, great. If you don't, go find someone else that wants to look into the rear

...

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