In this episode of Unbridled Mindset: Finance Without the Fluff, host Dionisio Roman sits down with Kristy Crockett, Managing Director of Accounting and Analytics at Unbridled Advisory. Together, they dive into the essential differences between financial and tax accounting, why both are crucial for business success, and how entrepreneurs can adopt proactive financial strategies. Kristy shares expert insights on cost accounting, avoiding common small business pitfalls, and when to bring in a financial accountant. Whether you're a startup or an established business, this episode offers practical advice to help you grow and thrive in today’s competitive landscape.

Resources
Connect with Kristy Crockett: https://www.linkedin.com/in/kristy-crockett/
Connect with Dionisio Roman: https://www.linkedin.com/in/dionisio-roman-iii-6a228590/
Check out our website: https://www.unbridledadvisory.com

The information provided in this podcast is for general informational purposes only and does not constitute financial, legal, or tax advice. Unbridled Advisory and its representatives make no guarantees about the completeness, reliability, or accuracy of the content discussed. Always consult with a qualified professional for advice specific to your financial or business situation. Listening to this podcast does not establish a client relationship with Unbridled Advisory or its representatives.

Timecodes
00:00 Intro
00:26 Why understanding accounting is crucial for business success
00:57 The growing specialization in accounting roles
02:07 Financial accountants vs. tax accountants: Key differences
03:30 Tax laws and industry-specific nuances
05:12 Defining financial accounting and its role in small businesses
07:09 Challenges of hobbyist bookkeeping and why an accountant is essential
10:18 Proactive financial planning for businesses
12:42 The decline in entrepreneurship and its financial challenges
15:14 How financial and tax accountants complement each other
17:22 Reactive vs. proactive financial management
21:58 Strategic advice for improving cost accounting and financial health
24:06 Why stagnation leads to business decline and how to prevent it
28:07 The roadmap analogy
32:05 When to bring in a financial accountant to support your business
35:10 The growing role of fractional accountants for small businesses
41:07 Supporting startups and adapting to business growth
44:15 Cost accounting in Fortune 500 companies and its relevance to SMBs
50:10 Changing the mindset around business financials
52:00 Wrap-up and how to connect with Kristy and Unbridled Advisory