If you run a business and you subscribe to the automate-everything philosophy of organizational efficiency (nods to Dave Allen of Getting Things Done and Mark Hurst of Bit Literacy) and you want to bring the same level of sophistication to that anxiety-driving area of accounting, bookkeeping and tax filing, then Lee Riley of Riley Accounting is your man.
Lee is also your man if you believe that the more data you store and make accessible electronically the more you can find opportunities that wouldn't exist in a paper-based process. The IRS is subjecting your returns to these types of analyses to find problems, so why not harness the same concepts to avoid them in the first place? The tax code is more complex and more subject to interpretation than a naive layperson such as myself might think. The level of knowledge of the tax code is not what distinguishes a good CPA from a bad one. The knowledge of how the taxing authorities apply the code and process returns is what creates this distinction. If you want to hire a man who knows the system and empowers you, the business owner and tax payer, with the knowledge to make smart decisions, then Lee is your man.
Because of the way Lee works, you need to get your systems up to speed. That means to convert from a filing system of receipt-stuffed drawers and bank statements scattered in random places replete with annual crises at tax time, to a system that holds everything electronically, and minus the crises. Lee recommends QuickBooks (which I had some big resistance to because it looks old and clunky to me--I'm a Web2.0 software consultant) and NeatReceipts to scan your receipts. Both run best on Windows, which was another point of resistance for me, but thanks to virtualization software it became manageable. If you can't convert to this type of process, you may not be able to leverage its advantages and then Lee may not be your guy. If you can, however, then bookkeeping and accounting loses not only its emotional charge but you get actual tax savings out of it, and Lee can help you most effectively.
Lee teaches seminars how to convert to this process and he's been exceedingly patient in meeting me for hours of his time to help me get up to speed. He also publishes guidelines, fact sheets and very helpful hints that have been invaluable in guiding me through the myriad of choices of how to do things tax-wise and business-wise. He views this as an investment into an effective client relationship. He's been responsive on email and in person in that regard, I'm aware of the overhead this creates on him, and it's in my own best interest to need less and less of his time. Lee will tell you how it is, he's not the one to sugar coat, but he's friendly and patient. Money and taxes can be a hugely emotional topic for many people, myself included. Ask yourself what you want: a CPA or a psychologist. Choose the best person for each area you need help with. Don't expect both to come in the same person, because you'd get at best an average of either.
All said and done, his fees are very reasonable.
Update 2/17/2014: I've had to part ways with Lee in 2012. The reasons were that he didn't notify me when business deductions that I had been taking in prior years were being phased out in 2011 (regarding medical expenses). That caused my tax bill to be substantially higher than anticipated and I learned about it after the tax year was done and couldn't make any more changes. The second factor was that his bedside manners deteriorate when he gets stressed which compelled him to charge me $50 out of the blue for answering a few questions over email. It's fine if he wants to charge and increase prices, but it can't be done in an emotional fit. It's a shame really, because all that I wrote above previously is still true. He's a tax technician and knows his craft. I wish his customer service was better. read more
