007: Accounting for Profit in Every Stage of Business and Life with Kristy Lott

Kristy Lott is an entrepreneur and CPA specializing in working with creatives. She initially went to college for psychology and has always enjoyed helping people. However, after beginning her studies she learned psychology wasn’t for her but wanted to continue her passion for helping people and realized she could do that as an accountant. Watching clients grow and helping them understand the basics of their financials is what makes her tick. Kristy has over 10 years of public accounting experience with a goal to make taxes as simple as possible for her clients.

Topics Mentioned:

• Peace
• Pivoting
• Growth
• Understanding

Thoughts from Kristy:

• Accounting is personal and it’s driven by providing peace and understanding in others lives.
• It’s important to ask the question, ‘What do I need to be able to do to sustain so I can do what I am passionate about?’
• There is always time to step back even after you started and make corrections to move forward.
• Budgeting shows how much you’ve grown and what has been achieved and what is possible to achieve moving forward.
• Managing time is important and it helps to familiarize yourself with what boundaries work well in regards to balancing family and business.
• The Qualified Business Income Deduction is a huge benefit for small business owners.
• As small business owners, we should check in with our accountants at least 3 times a year.
• A few important questions to ask when working with accountants: How do you work with your clients and what does this look like? Ask what their passions are outside of the office so this partnership can be personal and conversations can be more open. What are their favorite ways to help small businesses save money with taxes?

Links and Resources: 

• Understanding Your Financials course by Michele Williams
• Passion for Profit course by Michele Williams

Books:

• Profit First by Mike Michalowicz
• E-Myth Revisited by Michael Gerber

Socials:

• Email- [email protected]
• Website- www.kmlottcpa.com