In this episode we interview Paul Nelson, a small business owner and CPA. He shares his journey to entrepreneurship, launching his own accounting firm, and bookkeeping and accounting guidance for small business owners.
Paul S. Nelson is the president and founder of Nelson & Company, P.C. The company began doing business in 1991 and has grown to serve more than 1700 clients. Paul obtained his undergraduate education from the University of Northern Colorado, graduating in 1982 with a degree in Small Business Management. In 1986 he finished his accounting curriculum at Regis University, passed the Uniform C.P.A. examination in 1987, and in December of 1988 he received his C.P.A. certificate.
From 1986 to 1991 Paul worked for F.R. Reynolds and Company P.C. as a staff accountant.
From 1991 to present, Paul has helped build one of the most ethical C.P.A. firms in the region with an emphasis on helping clients achieve their life goals. Paul’s passion is to help small businesses succeed and because of that passion, the company serves over 600 small business owners annually.
- Paul shares his story of working for a large accounting firm, and then transitioning to starting his own CPA practice.
- His father was an entrepreneur and early influence on his life.
- Paul has two of his daughters, who are also CPA, working with him at his firm. He shares the benefits and challenges of being in business with family members.
- Paul shares some guidance on the type of legal entity that may be best for your new small business.
- He also shares some tips & advice for effective bookkeeping.
- If you decide to bring the bookkeeping or accounting function in-house, how do you hire the right person?
- Separation of responsibilities: The person who generates the checks, should not be the same person who reconciles the bank account. Paul offers other tips on how to avoid fraud and embezzlement within your small business.
- How to prepare for tax return preparation.
- What are some of the considerations when deciding to sell your small business?