Bennett Thrasher Presents: Beyond The Ledger

Bennett Thrasher

Explore “Beyond the Ledger,” Bennett Thrasher’s podcast where advisors and industry leaders look past the numbers to uncover the strategies, risks, and opportunities shaping today’s businesses. Each episode delivers timely insights across tax, advisory, and technology to help provide clarity through confident advisement.

  1. 5d ago

    From Idea to Impact: How Erin England Built Diaper Concierge

    Summary In this episode of Beyond the Ledger's special series, The Growth Exchange host Shardae Layfield introduces Emily Ackerman, Southwest Business Development Director at Bennett Thrasher, and Erin England, Founder and CEO of Diaper Concierge, for a conversation about turning a simple idea into meaningful impact. Erin shares her inspiring journey to founding Diaper Concierge, a revolutionary vending solution for parents on the go, and how one idea sparked a business that is transforming parenting and travel experiences. Together, Emily and Erin explore the realities of entrepreneurship and the persistence, partnerships, and purpose required to build and scale a business that solves an everyday challenge for families.  Diaper Concierge- Instagram Takeaways A Personal Frustration Sparked a Business: Diaper Concierge was born from a real parenting challenge, proving that some of the best business ideas come from solving everyday problems. Entrepreneurship Requires Persistence: Building a company means overcoming setbacks, navigating rejection, and remaining committed to a long-term vision. Access to Capital Can Be a Barrier: Women entrepreneurs often face additional funding challenges, making creativity, resilience, and strategic relationships even more important. Customer Stories Fuel Growth: Positive feedback from parents and venue partners continues to validate the business model and drive new opportunities. Strategic Partnerships Accelerate Expansion: Growth depends on building relationships with airports, entertainment venues, family attractions, and other organizations committed to improving the customer experience. Scaling Takes Patience: Expanding a vending machine business involves operational planning, logistics, and finding the right partners to support sustainable growth. Mentorship Makes a Difference: Learning from experienced entrepreneurs and building a strong support network can help founders navigate challenges more effectively. Focus Creates Momentum: Solving one problem exceptionally well has allowed Diaper Concierge to build credibility, differentiate itself, and create opportunities for broader adoption. The Future Is Family-Friendly Experiences: As businesses increasingly prioritize customer experience, amenities that support parents and caregivers are becoming a competitive advantage.   Chapters 00:00 – Introduction to Diaper Concierge 02:59 – The Origin Story Behind the Business 06:12 – Overcoming the Challenges of Entrepreneurship 09:04 – Customer Success Stories and Real-World Impact 12:09 – Pitching to Venues and Breaking Through Barriers 15:05 – Future Growth and Expansion Opportunities 17:51 – Leadership Lessons and Personal Growth 20:57 – The Power of Mentorship and Community 🔗 Learn more: btcpa.net | Follow Bennett Thrasher for more conversations that move business forward.

  2. Jul 9

    The Business of Being an Athlete: NIL, Taxes & the Financial Playbook Every Athlete Needs

    In this episode of Beyond the Ledger, host Shardae Layfield sits down with Peter Stathopoulos, Partner in Bennett Thrasher's Entertainment Practice, to explore how Name, Image, and Likeness (NIL) has transformed college athletics into a complex financial and tax landscape. The conversation examines the tax implications of NIL income, common record-keeping mistakes, multi-state tax challenges, and strategic planning opportunities that can help athletes, schools, and collectives navigate this rapidly evolving environment with greater confidence. Takeaways NIL Income Is a Business: Student-athletes should approach NIL earnings as business income from the very beginning, with the same financial discipline expected of entrepreneurs. Record-Keeping Is Essential: Maintaining organized records of income, contracts, expenses, and payments can help prevent costly tax issues and simplify reporting. Tax Bills Can Be Unexpected: Many athletes are surprised by their tax liability, making proactive planning and setting aside funds for taxes a critical part of managing NIL income. Multi-State Taxes Add Complexity: Earning income across multiple states can trigger additional filing requirements and tax obligations that athletes often overlook. Business Structures Can Create Opportunities: As NIL earnings grow, forming the right business entity may provide tax planning and liability benefits. Schools and Collectives Have Compliance Responsibilities: Proper payment reporting, documentation, and education are increasingly important for institutions supporting NIL programs. Professional Guidance Pays Off: Working with qualified tax advisors early can help athletes avoid common mistakes and make more informed financial decisions. Planning Beyond College Matters: NIL income presents an opportunity to build long-term financial success through strategic tax planning, savings, and investment decisions. The NIL Landscape Will Continue to Evolve: As regulations and guidance develop, athletes and organizations must remain adaptable to new tax and compliance requirements. Chapters 00:00 – The Evolution of NIL in College Athletics 04:24 – Understanding NIL Income and Tax Implications 09:27 – Record-Keeping Essentials for Athletes 14:27 – Navigating Multi-State Tax Challenges 19:35 – The Role of Schools and Collectives in NIL 21:52 – Tax Planning Strategies for Athletes 23:45 – Future Trends in NIL Taxation and Compliance 26:22 – Navigating Opportunities and Avoiding Pitfalls 26:51 – Building Long-Term Financial Success 🔗 Learn more: btcpa.net | Follow Bennett Thrasher for more conversations that move business forward.

  3. Jun 23

    Outgrowing Your Accounting? The Smart Playbook for Scaling Without Chaos

    In this episode of Beyond the Ledger, host Shardae Layfield sits down with Chris Tomaselli to discuss how growing businesses can build accounting functions that support long-term success. The conversation explores the warning signs that companies have outgrown their current processes, when outsourcing may become a strategic advantage, and how technology, automation, and scalable systems can help organizations manage growth more effectively. Takeaways Growth Often Exposes Accounting Gaps: As companies expand, accounting processes that once worked efficiently can become bottlenecks that limit visibility, reporting, and decision-making. Outsourcing Can Be a Strategic Growth Tool: Businesses do not have to choose between control and outsourcing. The right partner can provide expertise, scalability, and operational efficiency while improving financial oversight. Technology Supports Scalability: Selecting the right accounting software and integrated technology stack is critical for improving visibility, automation, and operational efficiency. Scalable Systems Matter: Growing companies should prioritize solutions that can support increased transaction volume, multi-entity structures, enhanced reporting, and future growth initiatives. AI Is Creating New Opportunities: Automation and AI continue to reshape accounting functions, helping organizations improve efficiency while still requiring human oversight and judgment. Implementation Planning Is Critical: Successful accounting system transitions require clean data, realistic timelines, strong communication, and a well-defined implementation strategy. Partner Selection Impacts Outcomes: Choosing an experienced accounting and technology partner can significantly influence the success of outsourcing initiatives and system implementations. Future Growth Requires Preparation: Building scalable accounting processes early can help companies navigate acquisitions, investor expectations, audits, and increasing operational complexity. Chapters 00:00 Introduction to Outsourced Accounting Solutions 03:58 Recognizing the Need for Change in Accounting Processes 07:00 Common Accounting Challenges for Growing Businesses 10:49 The Role of Technology in Accounting 14:27 Leveraging AI and Automation in Accounting 18:36 Mistakes in Accounting System Transitions 21:48 Choosing the Right Accounting Partner 23:41 Advice for Future Growth and Scalability  🔗 Learn more: btcpa.net | Follow Bennett Thrasher for more conversations that move business forward.

  4. Jun 17

    Inside the IRS Audit Playbook: What To Know Before The IRS Comes Calling

    In this episode of Beyond the Ledger, host Shardae Layfield sits down James Pickett and Chris Stephens to explore the realities of the IRS audit process and what businesses should know before the IRS comes calling. The conversation examines common audit triggers, documentation challenges, communication strategies, and the proactive steps organizations can take to strengthen audit readiness and reduce risk before an examination begins. Takeaways IRS Audits Are More Strategic Than Random: Many examinations are initiated based on data analysis, compliance trends, and specific risk indicators rather than chance selection. Audit Triggers Often Stem From Inconsistencies: Significant changes in income, deductions, credits, reporting discrepancies, and unusual tax positions can attract IRS attention. Early Response Matters: How a business reacts to an initial IRS notice can significantly influence the efficiency and outcome of the audit process. Documentation Is Critical: Maintaining complete, organized, and accessible records is one of the strongest defenses during an examination. Communication Should Be Deliberate: Providing accurate, relevant information while avoiding unnecessary disclosures can help prevent audits from expanding beyond their original scope. Growing Businesses Face Additional Complexity: Multi-state operations, international activities, and complex organizational structures often increase audit challenges and scrutiny. Technology Is Changing IRS Enforcement: Advanced data analytics and digital examination tools allow the IRS to identify anomalies and potential compliance issues more efficiently than ever before. Disputes Can Be Managed Strategically: Businesses have options when they disagree with proposed adjustments, including appeals, negotiations, and administrative resolution processes. Penalties Are Not Always Final: Taxpayers may qualify for penalty relief, abatement opportunities, or other resolution strategies depending on the circumstances. Audit Readiness Starts Before an Audit: Regular compliance reviews, strong internal controls, consistent recordkeeping, and proactive planning can help reduce exposure and improve outcomes if an examination occurs. Chapters 00:00 Introduction to IRS Audits and Tax Controversies  01:29 Understanding Common IRS Audit Types  03:45 Triggers for IRS Audits  06:31 What to Do After Receiving an Audit Notice  08:37 Documentation Challenges During Audits  12:33 Communicating Effectively with the IRS  15:45 Audit Challenges for Growing and Multi-State Businesses  17:38 How Technology Is Changing IRS Audits  20:29 Managing Expanded Audits and Disputes  27:48 IRS Procedures for Large Businesses  31:33 Penalties, Interest, and Resolution Options  38:29 Building a Strong Audit Readiness Strategy 🔗 Learn more: btcpa.net | Follow Bennett Thrasher for more conversations that move business forward.

  5. Jun 12

    Audit-Proofing Construction: Tax Mistakes Hiding in Plain Sight

    In this episode of Beyond the Ledger, host Shardae Layfield sits down with Adrien Echols to explore why sales and use tax remains one of the most overlooked compliance risks facing construction companies today. The conversation examines common mistakes contractors make, why tax issues often remain hidden until an audit, and the documentation practices that can help businesses build a stronger, more defensible compliance process.   Takeaways Sales Tax Complexity Goes Beyond Collection: Construction companies often face filing and use tax obligations even when they are not required to collect sales tax.Nexus Creates Hidden Risk: Operating across multiple states and jurisdictions can trigger tax obligations that many contractors fail to identify early.Use Tax Is Frequently Overlooked: Contractors often focus on sales tax while missing complementary use tax responsibilities on materials purchased and consumed in projects.Audit Exposure Can Remain Hidden for Years: Many compliance issues do not surface until a state audit or major review uncovers gaps in reporting or documentation.Assumptions Can Be Costly: Believing taxes were paid somewhere in the process does not always mean the correct amount was paid or remitted.Documentation Drives Audit Outcomes: Contracts, invoices, quotes, change orders, and supporting records should remain consistent and clearly define project scope.Project Scope Matters: The distinction between new construction, repair, and remodeling work can significantly impact tax treatment in many states.Resale Certificates Require Careful Management: Not all states allow contractors to purchase materials tax-free using resale certificates, making compliance requirements highly state-specific.A Strong Audit Trail Provides Protection: Maintaining organized records and accurately documenting tax decisions can help reduce audit exposure and support deductions.Proactive Planning Reduces Risk: Regular reviews of tax obligations, filing requirements, and internal processes can help construction companies identify issues before an audit occurs.Chapters 00:00 – Introduction & Episode Overview 00:55 – Why Construction Companies Create Sales Tax Exposure Without Realizing It 02:21 – The Most Common Sales Tax Mistakes Contractors Make 03:49 – Why Tax Problems Stay Hidden Until an Audit 04:40 – Where Construction Tax Issues Usually Begin 05:50 – The Costly Assumption That “Tax Was Paid Somewhere” 06:38 – California and the Growing Focus on Use Tax Enforcement 08:00 – What Auditors Look for First During a Construction Tax Audit 10:11 – Documentation Mistakes That Create Audit Exposure 11:44 – The Importance of Scope, Contracts, and Tax Clauses 12:42 – Resale Certificates and Exemption Pitfalls 14:31 – Building a Strong and Defensible Audit Trail 16:14 – Proactive Steps Contractors Should Take Before an Audit 17:39 – Key Takeaways & Closing Thoughts 🔗 Learn more: btcpa.net | Follow Bennett Thrasher for more conversations that move business forward.

  6. Jun 4

    Growth Without The Guesswork: Building Financials That Scale

    In this episode of Beyond the Ledger, host Shardae Layfield sits down with Molly Cochran, Senior Manager in Bennett Thrasher’s Financial Reporting and Assurance Practice, to explore what it really takes for companies to scale without breaking their financial infrastructure. The conversation unpacks the growing pains organizations face as they expand, from outdated processes and reporting inefficiencies to control gaps and system limitations, while offering practical strategies for building scalable, accurate, and sustainable financial operations. Takeaways Growth Exposes Process Limitations: As companies scale, manual and spreadsheet-based processes often become inefficient, especially when transaction volumes, headcount, or investor expectations increase.Early Warning Signs Matter: Longer close cycles, frequent adjustments after closing, and inconsistent reporting are key signals that financial processes are no longer sustainable.Processes Come First: Establishing clear, documented, and repeatable processes is the foundation before investing in additional people or new technology.Scalable Reporting Is Critical: Effective financial reporting must be consistent, accurate, and timely, with standardized workflows (like monthly close checklists) to support decision-making.Internal Controls Should Be Risk-Based: Rather than adding unnecessary complexity, companies should embed meaningful controls into existing workflows and prioritize high-risk areas.Balance Speed and Accuracy: Materiality thresholds and risk prioritization help companies stay agile without sacrificing financial integrity.Segregation of Duties Is a Common Gap: Growing organizations often struggle with proper role separation, increasing the risk of errors or fraud, especially in smaller accounting teams.M&A Adds Complexity Quickly: Acquisitions and expansion can introduce disconnected systems, duplicate processes, and reporting challenges without proper integration planning.Leadership Sets the Tone: Strong communication, alignment, and leadership involvement are essential to maintaining financial discipline during periods of rapid growth.Start Building the Right Framework Early: A scalable financial reporting framework with clear ownership, audit trails, and structured processes helps future-proof the organization while allowing flexibility to adapt and grow.Chapters 00:00 – Recognizing When Processes Break Down How growth gradually exposes inefficiencies and creates an “aha moment” for leadership. 03:00 – Prioritizing Processes, People, and Technology Why defining processes first is critical before scaling teams or investing in tools. 06:00 – Building a Scalable Reporting Framework What consistent, accurate, and timely financial reporting looks like in practice. 08:30 – Designing Effective Internal Controls How to implement risk-based controls without slowing down growth. 11:30 – Balancing Speed and Accuracy Using materiality and risk to maintain agility while ensuring financial integrity. 13:00 – Common Control Gaps in Growing Companies Why segregation of duties is often overlooked and how to address it. 15:00 – Managing Growth Through M&A and Expansion The operational and reporting challenges that come with acquisitions. 17:30 – Leadership’s Role in Financial Discipline Why alignment, communication, and tone from the top are essential. 19:30 – Key Advice for High-Growth Companies Practical steps to protect financial integrity while scaling. 🔗 Learn more: btcpa.net | Follow Bennett Thrasher for more conversations that move business forward.

  7. May 19

    Unlocking Tax-Free Growth with Qualified Small Business Stock

    In this episode of Beyond the Ledger, host Shardae Layfield sits down with Lauren Brown to explore Section 1202 and Qualified Small Business Stock (QSBS), breaking down one of the most valuable tax planning opportunities available to founders, investors, and growing businesses today. The conversation covers the fundamentals of QSBS, recent legislative updates, qualification requirements, common pitfalls, and proactive strategies that can help maximize long-term tax savings and support future exit planning. Takeaways Understanding Section 1202: QSBS offers eligible shareholders the opportunity to exclude a significant portion of capital gains from federal taxes when specific requirements are met.Qualification Requirements Matter: Entity structure, active business requirements, stock issuance timing, and holding periods all play a critical role in maintaining QSBS eligibility.Legislative Updates Continue to Shape Planning: Recent legislative changes have created new considerations and planning opportunities for founders, investors, and advisors evaluating long-term tax strategies.Early Planning Creates Greater Flexibility: Structuring the business correctly from the beginning can significantly impact future tax outcomes and exit opportunities.Common Pitfalls Can Jeopardize Benefits: Certain ownership changes, redemptions, business activities, and entity conversions may unintentionally disqualify QSBS treatment.Coordination Across Advisors is Critical: Tax, legal, and financial advisors should work together proactively to help businesses preserve eligibility and avoid costly mistakes.QSBS Can Support Exit Strategy Planning: Understanding how Section 1202 aligns with future liquidity events can help founders and investors maximize after-tax value.Ongoing Evaluation is Essential: As businesses evolve, regularly reviewing eligibility requirements and planning opportunities helps ensure continued alignment with QSBS rules and long-term goals.Chapters 00:00 Understanding Section 1202 and QSBS 03:09 Core Requirements for QSBS Qualification 05:58 Recent Legislative Changes and Their Impact 08:49 Common Traps and Mistakes in QSBS Planning 12:09 Strategic Considerations for Founders and Investors 14:51 The Importance of Proactive Coordination 18:01 Evaluating QSBS Eligibility and Future Planning 🔗 Learn more: btcpa.net | Follow Bennett Thrasher for more conversations that move business forward.

  8. May 4

    Tax Incentives Exposed: Are You Saving Big or Taking Big Risks?

    In this episode of Beyond the Ledger, host Shardae Layfield, alongside the expertise of Duwayne Sibley and Nina Desai, breaks down how businesses can more effectively capture and defend tax incentives like cost segregation and R&D credits. The conversation explores how differences between boutique providers and full-service public accounting firms can significantly impact both the value realized and the level of risk assumed. Key Takeaways: ·Boutique vs. Full-Service: Specialized vs. integrated; full-service firms align incentives with broader tax strategy. ·Study Quality Drives Outcomes: Methodology, documentation, and technical depth determine long-term value and audit defensibility. ·Hidden Risks of Boutique Providers: Lower upfront cost can lead to gaps in compliance, integration, and increased audit exposure. ·Audit Readiness is Essential: Strong documentation, basis reconciliation, and alignment across reporting areas are critical under rising IRS scrutiny. ·Holistic Strategy Matters: Integrating cost segregation, R&D credits, and overall tax planning delivers stronger results than siloed approaches. ·Collaboration Enhances Value: Cross-functional coordination improves both opportunity capture and risk mitigation. ·Choose Providers Strategically: Evaluate expertise, methodology, integration, and audit support; not just cost. Chapters 00:00 Understanding Boutique vs. Public Accounting Firms 03:32 Cost Segregation Studies: A Comparative Analysis 11:19 The Risks of Choosing Boutique Firms 17:56 Evaluating Trade-offs in Accounting Choices 19:14 Understanding R&D Tax Credits and Compliance Requirements 20:40 The Importance of Basis Reconciliation in Cost Segregation 22:58 The Benefits of Full-Service Public Accounting Firms 26:11 Holistic Tax Strategies for Businesses 30:03 Key Questions for Engaging Providers 34:47 Navigating IRS Scrutiny and Evolving Regulations Resources: American Society of Cost Segregation Professionals (ASCSP) - https://ascsp.org/ Bennett Thrasher - https://www.btcpa.net/resources Guest Links: LinkedIn - https://www.linkedin.com/in/ninadesai/ LinkedIn - https://www.linkedin.com/in/dewaynesibley/ 🔗 Learn more: btcpa.net | Follow Bennett Thrasher for more conversations that move business forward.

See All (19)

About

Explore “Beyond the Ledger,” Bennett Thrasher’s podcast where advisors and industry leaders look past the numbers to uncover the strategies, risks, and opportunities shaping today’s businesses. Each episode delivers timely insights across tax, advisory, and technology to help provide clarity through confident advisement.

Information