Author: Salt Creek Consulting

Accounting is everywhere.

What do we mean by that? Let us back up to where this thought originated from, and we’ll take you on one of the crazy journeys that goes on in our heads.

“Business” is no longer a man-in-the-60s-in-suit-and-tie going into the office from 8-5 (think Madmen here). Business doesn’t need a degree in Marketing, Management, Finance or Accounting. Business does not even need a degree. As we meet more small business owners and hear their stories, it becomes clear that most people that keep our society running have no formal background in business. Instead, they have a lot of background in the industry they work in and they found some internal desire to be their own boss.

Now, we may be a little bias, but we believe that Accounting is the foundation of business. That is why Accounting is everywhere. We also fully believe that not everyone can or should fully understand accounting – and that’s OKAY.

As an Arkansas CPA firm, we look at other businesses and could not tell you the first thing in decorating a cake, repairing an air filter in a car, or installing a roof. That is why if we need those services we call my local bakery, automotive repair shop, and roofing company. You need a team in life. That team should include a CPA – to help you understand the numbers to make the best decisions for you.

You will hear us say that Salt Creek Consulting & CPA is not your typical accounting firm. Let us tell you why – it will not be hard for you to find someone to fill in the blanks on your tax return. It is hard to find a CPA that is thinking about today (and not last year’s numbers) to offer you real time consulting.

Let us join your team. Together we can make accounting the foundation of your business and you too will understand how accounting is everywhere.

It’s that time of year that people start to think about tax planning – and if you aren’t then you should be! Once that clock ticks midnight on 12/31, there’s not much you can do about your tax liability. Here are a few simple ways to reduce your tax liability and pay the IRS less.

• Contribute to a retirement plan
  • This may be our favorite way to reduce your tax liability because it helps you now and in the future. If your employer offers a 401(k) and you aren’t in it, then drop what you are doing and SIGN UP RIGHT NOW. Retirement plans are usually based on pre-tax earnings, which means the more you contribute the more you lower your taxable income. The biggest perk here Most employers offer a match for any money that you contribute, so if you are not in your job’s retirement plan you are missing out on free money. Recent studies have found that Americans should be saving 15% of their pre-tax earnings each year.
• Sign up for a flexible spending account (FSA)
• Use business deductions
• Have a CPA do your taxes (& talk with them throughout the year)

There are also some ways that we hear every year from clients that simply do not work for the majority of tax payers.

• Gifts to Charity
  • While these are taxable deductions, the tax benefit is probably not as great as you think. In the COVID years, there was a direct benefit for tax payers for up to $600 MFJ for cash contributions, but as of today, that deduction has not been extended. This means that you have to have total deductions of over $12,950 single or $25,900 married filing joint for these to count. So if you want to give out of the goodness of your heart, please do so (and keep those receipts for state filings!), but it probably will not give much benefit to your federal taxes.
• Unreimbursed employee expenses
• Deducting mileage and actual vehicle expenses

You’ve undoubtedly seen a new company enter an old industry and say “we are different…“, “we take a different approach…“, “give us a try…“.

When companies give those lines as they enter the market, a lot of speculation is built. Will they really be different? How do I find out what “different” means?

Some consumers dive head first and give the new, shiny toy a try. Others sit back and watch. They decide to wait.

At Salt Creek Consulting & CPA, you will hear those phrases. We will utilize them on our website. We will market around them.

We will also deliver upon those statements…because for us, they are more than just a statement to get attention. These statements are not for you. They are for us.

These statements are there to hold ourselves accountable to truly being different in the accounting services space. That is our promise to those that put their trust in us.

Salt Creek Consulting & CPA offers standard accounting services: individual and business tax preparation, bookkeeping services for businesses, etc. But our primary role with our clients, individuals and businesses, is to be their trusted consultant.

Accounting services are largely automated today. Programs such as Quickbooks are so easy, my non-accounting minded husband can utilize it for his small business. The value in working with Salt Creek Consulting & CPA is our ability to take raw data, create financial statements, and translate those statements to allow our clients to make informed decisions to improve their financial outlook.

No one comes to a consultant because they wish to remain the same. Salt Creek Consulting & CPA is dedicated to making sure you do not remain the same.

One of the top questions we are asked is “Where is your office?” The answer is always the same. “I work out of my home office.” The first several times I was asked this I felt a since of shame for not having a physical location open to the public, I’d follow it up with “I’m just starting out” or “trying to keep overhead down”, when in reality, Salt Creek Consulting & CPA will likely never have a true office space.

When creating our firm and our brand, we reflected on the accounting industry that has been around for decades, and how it was broken. CPAs are expected to work grueling hours putting the firm first. They do that because of the importance of keeping clients happy, thus making money. I’ve worked under CPAs that will only meet a client face to face because they believe that is what the client desires. And I think at one point, that is what was expected.

COVID may be the single most influential thing to occur in my career thus far. A little back ground – I was working at a top 3 firm in the state in the middle of March 2020 when the Pandemic hit the US – that meant 60+ hour weeks, going in early & staying up late. All of a sudden the world stopped turning and we were sent home. Suddenly our goal went from 60 hours to 45… then quickly down to 40. The firm realized (thankfully very quickly) that employees were going to experience burnout and mental health issues if they were pushed to work those hours from home while in the middle of a global pandemic. Being the Millenial I proudly am, I embraced this decrease in work load. I’ll never forget April 10, 2020 – my husband and I slipped away from work early and enjoyed the afternoon on the lake. That had never happened before. Leaving at 3 on a Friday the week before 4/15? While I had all of my tasks done, that would normally be a cause for extreme self guilt. I felt free. But I knew that feeling would not last long as 2021 busy season approached. Although something had shifted – zoom meetings had become the norm and clients did not feel like we had to be in their office or have a sit down meeting to feel they were getting value. This was a major shift in the accounting world. One the older generations may not understand, but to me, it made perfect sense.

All this to say – Salt Creek Consulting is a virtual accounting firm for a reason. Our managment style is we do not care when you do the work, as long as the work gets done. We don’t have insane billable hour goals. We care more about being efficient at our work and effective serving our clients. Our clients know that we care for their business as if it were our own. They know they can reach us when they need us. By utilizing remote work and home offices, we are able to blend client needs and our personal needs in a way that works for each individual employee. And isn’t that what we all want anyway – work/life balance? This is only one of the ways that we are not your typical accounting firm. And for that, I now proudly say, “I work from home.”