Ed Lyon is the Chief Tax Strategist for Financial Gravity who has been working with CPAs and EAs for 15 years. On this episode, he joins John to discuss some of the critical problems in the accounting industry and how technology is disrupting it and bringing about changes that both accountants and small business owners need to be prepared for. Ed sheds light on what accountants need to do to keep up with the changes, how they can adapt their businesses to stay ahead of the curve and how these changes will ultimately benefit them. Tune in to find out more.
[:18] John introduces his guest for this episode — Ed Lyon.
[2:02] What are some of the global problems in the accounting industry?
[5:16] John shares an analogy of how technology has disrupted the transportation industry, and how that relates to the accounting industry.
[10:53] John and Ed discuss some of the problems that arise as a result of small business owners doing their own accounting.
[14:21] Ed explains more about the problem that Financial Gravity solves for small business owners and the opportunity that the Tax Master Network creates for accountants.
[17:55] What are some of the challenges in the accounting industry?
[26:58] What can accountants do that clients want, now that technology is eliminating or simplifying many parts of an accountant’s job?
[29:11] How can accountants make the shift from providing basic “numbers-in-boxes” services to value-added planning services? Ed explains with a pick-up truck analogy.
[34:32] Businesses do not stay the same over time. How can accountants help business owners adapt to these changes?
[40:56] John predicts that manual tax filing will be phased out in the next few years.
[44:00] John shares more about his special ability to stay ahead of the curve and live in the future.
[47:22] How will small business owners and accountants benefit from the changes in the system that are happening?
[52:14] Ed explains how the Tax Operating System helps accountants serve their clients better by providing a road map for managing the different processes in play.
[1:00:45] Accountants and small business owners should be leveraging the laws in place to save as much as they can on taxes.
[1:05:45] If you’re an accountant, get on board with Financial Gravity to help save your clients money on taxes.
[1:10:55] For CPAs interested in offering the Tax Blueprints, join the Tax Master Network to find out more.
Mentioned in This Episode:
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