Family Business Accountants

Successful small business accountants make better recommendations. They connect with their industry's leaders, via virtual 21st Century mastermind groups to stay current & sharp. Click Here to Learn How! now.

In a nutshell exceptional business accountants are well trained, experienced accountants who work well with others.

For example, an accountant who is not a CPA yet who is willing to call in specialists whenever and wherever needed is more valuable to you and your business than a hot shot expert who suffers from the NIH Syndrome (Not Invented Here) who is unwilling to admit to their limitations and actively seek advice from others on your behalf.

Each an every person involved in the accounting profession has their place. Some got very little tax planning specific education in college, so what they know comes from real world experiences (theirs and their contemporaries) along with their continuing education studies.

They spend their careers certifying balance sheets, P&L statements, and dealing with various tax compliance issues. As a business owner you know this is a critical value your business accountants bring to the table, especially if you intend to seek outside financing or you are dealing with an audit.

Some business accountants focused on tax planning courses in college and continue to expand their tax planning education through their continuing education - because planning is what interests them.

Tax planning gets them excited and they devote themselves to continually tweaking their knowledge in this ever changing field.

Once these business accountants get into their practice they are able to expand the practical applications of these strategies and tactics on the ground - helping real business owners make real planing decisions that result in real profits for their clients.

Should you look for a small business accountant whose strength is compliance? Someone who knows how to get you out of trouble, papers over your mistakes, and can keep you from being the subject of annual IRS audits. Or someone you call before you make major decisions or acquisitions?

A small business accountant whose insights will keep you focused down the road so you’re decisions are leveraged in your favor every time.

Simple. The business accountant you should have is someone you like and trust, who recognizes their limitations, understands the value of other perspectives, and who has a network - formal or informal, of business accountant they regularly collaborate with.For example bookkeepers, forensic accountants, fraud accountants and investigators, enrolled (IRS) agents, etc.

Exceptional business accountants with a network of accounting contemporaries, when they see a situation outside their areas of expertise, that needs attention - can pick up the phone and get the right people on the case.

In addition their relationships with their peers will often result in free advice for you, since their relationships are likely to be build on the regularly exchange of information at no charge between them and their accounting colleagues.

And just as importantly, exceptional business accountants have working relationships with parallel professionals, individuals and organizations whose services are often required along with theirs - in order for your to receive the maximum benefits from your accountant’s knowledge and expertise.

For example Certified Financial Planners, Chartered Life Underwriters, Benefit Consultants, Estate Planning Attorneys, Pension Actuaries, etc. provide products and services that often dovetail with your business accountant’s advice. When your business accountant knows, likes, and trusts professionals in these and other areas you are the beneficiary on many levels.

Perhaps most importantly they have a history of working together for their client’s benefit making you part of a successful and profitable (for everyone) process.

Business accountants who are part of a mastermind group that includes these and other parallel professionals expand their own understanding of what’s possible, pick up knowledge and insights of value to you, and become an even more valuable asset for your business.

The number one characteristic of your exceptional small business accountant is that they are someone you can talk to. Someone willing to listen, is interested in you as a person as well as a business owner, and actively reaches out to other professionals - business accountants of all sorts as well as parallel professionals on their clients’ behalf.

Business accountants please note. People won’t care how much you know until they know how much you care and are interested in them!

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The new administration has made it pretty clear that taxes on the wealthy are going up. One particular area of focus, we believe, will be increasing the capital gains tax.

This article explores the impact on business sellers of this impending increase.

Thinking of selling your business? If you have planned it correctly, most of your transaction proceeds should be long term capital gains.

Given the current political climate and the upcoming change in the White House, capital gains taxes will come under attack.

If you are a business owner and are thinking of selling your business within the next 5 years, you may want to move up your exit timeframe says Dave Kauppi, President of MidMarket Capital, a Merger and Acquisition Advisor.

The reduced 15% tax rate on capital gains, previously scheduled to expire in 2008, has been extended through 2010 as a result of the Tax Reconciliation Act signed into law by President Bush on May 17, 2006.

In 2011 these reduced tax rates will revert to the rates in effect before 2003, which were generally 20%.

Read the whole story here

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We have an accountant that pretty much specializes in our type of business. If there were one closer than 45 miles and was recommended by someone I trust, I would probably try them out.

My work wants me to come up with a list of questions for a new accountant we are meeting with. Any suggestions?
i work at a computer repair/retail company

Do you have clients in this field? Do you know the field? What is your license? Do you take continuing education? If they are also going to do tax returns - do they take continuing education in tax and how much each year? WHO exactly will be doing my work? What is your turn around time? How do you charge (Hourly, by the phone call, whatever)?

Helen, EA in PA

I'm working with an accountant for the first time this year. Last February, I brought the pertinent tax information to this gentleman and left expecting everything would be filed by April 15.

April 15 came around and he had not filed. After several calls which he failed to return (his assistant assured me he was very busy), the assistant finally told me that he'd filed an extension and would have them filed by August.

August has come and after several calls, which he also failed to return, the assistant has told me that he will file by October.

I have not paid this guy a dime. He told me that he'd bill me after he filed. This also means that I didn't pay any estimated tax (assuming there is estimated tax) with the extensions.

I can't help but think that I am sort of up the creek without a paddle, but I also wonder if this isn't par for the course. As I said, I've never worked with an accountant before.

So, is this common business practice for accountants?

I am a CPA/Tax Preparer, and no this is not common practice for an accountant. If you brought him your complete info by February, there should have been no reason what-so-ever that they should not have been completed by 4/15. If he did file an extension for you (which I would ask for proof from him since he does not seem very reliable at all) the extension would be valid till October 15, but only if you don't owe. Hopefully he entered your info into his tax software system and found that you don't owe, but will be owed a refund. I would contact his assistant and give him a deadline to file your taxes by, otherwise you will ask for all your papers back and find another accountant, and if there is any penalties or interest that you owe from filing and paying late, that you will consider him responsible for re-imbursing you for them. You can also report him to his state CPA society if he is one, and preparers like him give the rest of us a bad name, and a black eye. Trust me, most of us are far from him. Our office gives a deadline of around March 31 or so for people to get their tax info in, to meet the 4/15 filing deadline.

I've already tried the Chamber of Commerce and the local SBA and they were no help. I can find plenty of the larger accounting firms but I'm looking for a smaller firm and it's difficult to get a referral.

Instead of asking the Chamber, ask the members of the Chamber when you network.

We walk you through the anatomy and mechanics of the Profit and Loss. Free small business accounting software and training from http://www.salesorder.com

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Discover the advantages of accounting software from Microsoft Small Business. View a live demo of Accounting Express, a free financial management resource.

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http://www.cpabookkeepers.com/free-small-business-accounting-software.html Free Small Business Accounting Software is a solution for any small business who needs free accounting software

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Accounting software designed for UK small business. Easy to learn and use - no accounting knowledge required. Full range of QuickBooks software products http://www.mybizhomepage.com/

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