Often times at year end, CPA stress levels begin to escalate because of tax planning, preparation for busy season, as well as what’s to come from analyzing a client’s set of books for the entire year. Our firm has seen specific accounting errors countless times, which snowballs into bigger problems that could have been resolved with a few quick conversations.
Examples of these problems include:
• How to handle intercompany transactions.
• Cash infusions into the business. How are they categorized? What is the purpose behind these contributions? What sort of documentation do you have to support this influx?
• Payments to employees/subcontractors. Are the recipients categorized correctly? What repercussions could result by not doing an employment analysis? What reporting has been considered with respect to these payments?
• Many owners take it upon themselves to wear every hat available as they run their business. They feel it is their obligation to be in the trenches with respect to every facet of the business. Unfortunately this can be detrimental to their goals. By delegating responsibilities to competent parties, owners can focus on growing their business not just by marketing, but by making everyone on their team accountable for their roles within the organization so that effective processes and controls continue to support growth.
I have been told by new clients that their old CPA firm would charge them for every single minute of their time. While this is considered standard professional practice, it does not instill the value we, as professionals, are trying to provide. Often times, problems are not brought to light due to the fact that clients are afraid of the bill they are to receive from reaching out for assistance. By forcing a resolution to the issue without consulting your accounting professional, you may be making matters worse, thereby incurring more professional fees just to have your advisors come in to fix everything.
When it comes to advisement on accounting issues, tax related questions, and accounting platform logistics, we at Stephano Slack LLC pride ourselves upon delivering valuable insight for problem solving and resolutions. The main reason we pursue this career path is to help clients and see them succeed at what they do best. No one succeeds if accounting professionals do not have your best interests at heart. If you are tired of the same old accountants, please call our office for an introductory meeting so we can prove to you just how much of a positive impact can be had on your business by having a solid CPA team behind you.
Dave Kubovsak CPA, CVA