Nathan Kloster — Managing Your Money Like a Boss | Ep. 51

This week on Detail Therapy, Amy sits down with Nathan Kloster. Nathan is the CFO of Dunn Wysely, an accounting firm whose bookkeeping, budget, and tax work helps really busy entrepreneurs control the chaos and make proactive business choices. Nathan has also been my accountant for my entire self-employed career!

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This week on Detail Therapy, Amy Sits Down with Nathan Kloster

(0:26) What to expect from today’s episode

(0:52) Welcome to Episode 51 | AmyTV

(2:30) Book updates!

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INTERVIEW WITH NATHAN KLOSTER

(5:32) Why do you do what you do?
”It’s an exciting life.”

(6:54) How did you get started in accounting?

(8:19) Finding clients & the importance of following up

(11:44) How is tax for business changing now that everyone is an entrepreneur?

(14:04) Nathan breaks down the self-employment tax | Profit First

(16:16) “Entrepreneurship is actually the ultimate in adulting”

(16:59) “Nobody is ever going to call you from the IRS.”

(18:37) Why the IRS isn’t as bad as people think

(21:09) Why are taxes different now? Who do the changes actually impact?

(22:22) What are the biggest mistakes you see being made in the first years of self-employment?

(24:55) Maximizing your efficiency – Amy’s experience with Freshbooks

(27:00) Should you get a business-only credit card?

(28:23) Is there a general rule for holding onto receipts?

(32:04) What are 2-3 financial things I need to put in place before I start my business?

(35:45) “It’s not a good idea to ignore it.”

(35:54) Shine Squad Sponsor ✨| Shine Like a Boss

The Details

(38:48) When do you wake up in the morning?

(40:33) Nathan’s gratitude practice

(41:47) What do you do to stay fit?

(43:13) Nathan’s podcast recommendations | The Tim Ferris Show | Jocko Podcast

(44:22) How do you stay focused and organized?

(47:20) What does it mean to go after the life you want?

Follow Nathan on Social Media

(28:49) Detail Recap

  • Entrepreneurship is the ultimate adulting experience. (side note: the IRS isn’t as scary as you think!)
  • Don’t cut corners! Don’t skip on anything that’s going to benefit you in the future.
  • Make time for gratefulness.

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