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  • David Richter on Getting the Best Results

How to Work with Your CPA to Get the Best Results From Them

June 5, 2026

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Show Notes

In this solo episode, David Richter breaks down why so many real estate investors and business owners feel like their CPA isn't delivering, and why the problem usually starts long before tax season. The real issue isn't your accountant — it's the quality of the books, the communication process, and whether you have anyone connecting the dots between your bookkeeper, your CPA, and your actual financial goals. If you're tired of surprise tax bills, slow response times, and feeling like you're always paying backwards, this episode gives you the framework to fix all three.

Timeline Highlights

[0:26] The real reason most people are frustrated with their CPA — and why the first question to ask is whether you actually gave them what they needed

[0:46] The three financial statements your CPA needs to do their job well: a clean profit and loss, balance sheet, and cash flow statement

[1:08] Why communication process matters just as much as clean books — and what to establish with your accountant before tax season hits

[1:46] Three ways to know your books are actually accurate: self-education, hiring a fractional CFO to oversee your bookkeeper, or having your CPA periodically review the books throughout the year

[2:45] How a CPA uses your books inside professional tax software to find every legitimate deduction and minimize what you owe

[3:16] Why keeping books current throughout the year allows your CPA to give you forward-looking tax estimates instead of just reacting to last year's numbers

[3:39] How Profit First's dedicated tax bank account lets you pay quarterly tax estimates without touching operating expenses or owner pay

[4:16] What to clarify upfront with your CPA: turnaround times on emails, how many calls are included, and what it costs to get more access

[4:51] How a fractional CFO acts as the connective tissue between your bookkeeper and your CPA — managing both relationships and helping you actually implement tax strategy

[5:14] Closing call to action: visit profitrei.com to schedule a free discovery call

If this episode gave you a clearer picture of what it actually takes to get the most out of your CPA relationship, pass it along to a fellow investor who's still blaming their accountant for a problem that starts with the books. Subscribe to the Profit First for Real Estate Investors podcast so you never miss a solo episode, and if you're ready to put a real system around your finances, visit profitrei.com to schedule a free financial clarity call.

If this episode gave you clarity, make sure to like, subscribe, and comment below. And if you're ready to get real guidance on your finances, visit profitrei.com to schedule a free financial clarity call.

Key Takeaways

1. Clean books are the foundation of everything. Your CPA can only minimize your tax liability with accurate numbers. If the profit and loss, balance sheet, and cash flow statement aren't in order, no amount of tax strategy will close the gap.

2. Don't wait until April to talk to your accountant. When books are maintained throughout the year, your CPA can give you real-time tax estimates so you're paying quarterly and planning ahead — not scrambling when the bill arrives.

3. Establish your communication expectations upfront. How fast do they respond to emails? How many calls are included? What does it cost to get more access? Knowing this before you need it saves a lot of frustration later.

4. A Profit First tax account removes the guesswork from quarterly payments. Setting aside tax money throughout the year from a dedicated account means you're never raiding operations or owner pay to cover a surprise bill.

5. A fractional CFO is the missing layer between your bookkeeper and your CPA. They keep the books clean, manage the CPA relationship, and make sure the tax strategy your accountant recommends actually gets implemented in your business.

6. Most CPA frustrations are a systems problem, not a people problem. When the right infrastructure — accurate bookkeeping, clear communication, and financial leadership — is in place, your CPA can do their best work.

Transcript

00;00;05;21 - 00;00;26;01

Unknown

You're listening to the Profit First for Real Estate Investors podcast. This show is all about helping real estate investors and entrepreneurs bring clarity and structure to the financial side of their business. In these sole episodes, we focus on practical financial strategies that real estate investors and business owners can actually implement, whether it's profit, cash flow, forecasting or mindset.


00;00;26;02 - 00;00;46;17

Unknown

The goal is simple to help you run your business with more confidence and less financial stress. Enjoy the episode. Your CPA is only as good as the numbers you give them. A lot of people don't. They beat up their CPAs. They beat up the people, the tax accountants because they're like, hey, I'm paying too much in taxes, or you never respond to me or all this stuff.


00;00;46;17 - 00;01;08;01

Unknown

And the first check we do with an owner is, did you get the CPA everything that they needed. Number one, they need a clean set of books. They need to know that your profit and loss, your balance sheet and your cash flow statement are accurate. Did the bookkeepers put everything in the proper place to be able to give them a great snapshot of where your business really was this last year?


00;01;08;02 - 00;01;31;11

Unknown

That's number one. Number two, what is your communication process with that account? And a lot of accountants get very, very busy during tax time. So what's that established process. Do they meet with you once a quarter. Do they have some sort of standing meeting with you. Do you have to grab a calendar spot? You being able to give them what they need and then knowing what their flow of communication is, is half the battle.


00;01;31;12 - 00;01;46;18

Unknown

The other part of the battle is once that you actually get on a call with them to say, maybe get some tax strategy or planning to be able to implement what they give you, and going back and being able to lower your tax liability as much as possible. But it starts with giving them a clean set of books.


00;01;46;18 - 00;02;03;03

Unknown

So how do we give the CPA everything that they need in order to be as efficient as possible? Like I said, number one, it's that clean set of books you have to be working with a good bookkeeper who understands your industry, who keeps the books up to date. They're accurate, and you know that they're accurate. How do you know that they're accurate?


00;02;03;05 - 00;02;21;00

Unknown

Number one, you could get training and knowing how the books are accurate and going down. And like, what's this profit and loss? What should it look like. The balance sheet, the cash flow statement. You doing your own oddity. You could hire it out. You could hire it to a fractional CFO to come and oversee the bookkeeper and then translate the numbers to you, and then that should get you.


00;02;21;02 - 00;02;45;11

Unknown

That's like the turbocharge the secret sauce of like getting the most efficiency to the CPA. Or number three, you can see if the CPA will periodically throughout the year check on the actual the bookkeeping. So that way they know, hey, you know what? I'm doing the taxes. But I'm also doing the books. You know, I'm looking at the books throughout the year to make sure that when it comes time for me to take the books from you, that they are up to date.


00;02;45;11 - 00;03;16;25

Unknown

So those can help you get the books to the CPA, because they take that and they put it usually into a tax software, and usually it's a lot better than a TurboTax. And they're trying to make sure that they're putting everything in there to get you to pay as little as possible. And they're really putting it in to be like, okay, after you've reported everything and taking all the deductions and all everything that you can, here's what you oh, that's where if you can get that to them throughout the year, they can also give you your tax plan like okay, for 2020, whatever.


00;03;16;25 - 00;03;39;10

Unknown

If you're going out there and the next year, I want you to be able to know what's coming up this next year. How much will I have to be able to either pay into the IRS or like quarterly payments? That way you're prepared. You're prepared for the year that you're actually paying. So that way you're not always paying backwards and you're not always paying like, oh my gosh, like, I have no idea how I'm going to pay this tax bill that they just told me.


00;03;39;10 - 00;03;56;06

Unknown

Because if you're keeping up the books throughout the year, they should be able to give you those tax estimates and you're paying them throughout the year. If you have a system like Profit First where you have a tax bank account, then you can be paying those taxes throughout the year from the tax bank account and not touching your profitability or your operational expenses or paying yourself.


00;03;56;06 - 00;04;16;01

Unknown

So that way you have a system for the cash. But really being able to get the CPA, the numbers, the books that they really need consists of the bookkeeping being accurate and knowing that the numbers are accurate, where you might need some help, whether it's from the CPA or from a fractional CFO, then making sure that they turn them in on time and that they're keeping them up to date, and that you hand that to them in a timely fashion.


00;04;16;01 - 00;04;33;24

Unknown

And then you establish communication with the CPA of how are we going to communicate? Because it seems like all CPAs out there get super busy. I just want to know your communication process. What if I send an email? What's the turnaround time? If I ask for a call? What is reasonable? How many calls do I get with what I'm paying you and like?


00;04;33;26 - 00;04;51;17

Unknown

Is there a different option that you have? If I want more access to you, you being able to have those conversations up front, we'll save you a lot of hurt and heartache on the back end when it comes to managing the relationship with the CPA. If you add a fractional CFO in the mix, they're a financial leader. That can be the glue between bookkeeping and the CPA.


00;04;51;19 - 00;05;14;25

Unknown

So that way the CFO manages the bookkeeper. Make sure that they have everything up to date, but then also manages the CPA relationship of like, let's get on the call with the CPA. Here's what the CPA said here. Let me help you implement the stuff from the tax side to be able to get the most tax benefit. So then you can have like that cheat code there for business that fractional CFO to be that liaison and that point person between bookkeeper and CPA.


00;05;14;25 - 00;05;35;01

Unknown

And you to make sure you're getting the most benefit from your finances as possible and being most efficient with your CPA and getting them everything that they need. Thanks for spending time with me today. If this episode gave you clarity or a new perspective. Be sure to like, subscribe, and comment below if you're ready to apply what we talked about today with real guidance and accountability.


00;05;35;02 - 00;05;42;26

Unknown

Visit profitrei.com to schedule a free discovery. Call with us to create your path to financial clarity and freedom.

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