When to Consult

Why and When to Consult a CPA
Author: Marian Jacklich, M.S.A., C.P.A., Kissimmee, Florida

Small business owners are a unique breed. By the very demands of business, they must wear a multitude of hats, work hard, often on their own. Until their businesses are grown to mid-sized, they must budget themselves carefully, develop adequate financial resources and market themselves wisely. As a result, I have a great appreciation for the resourcefulness and ingenuity of the small business owner. Finding ways to "make do" is an essential business tool.

Accounting is an expense that many small business owners would like to trim to the "bare minimum". In this electronic age, a properly set up small business owner can accomplish a great deal without the expense of a full-time bookkeeper. Spouses, when involved, find themselves with easier record keeping.

Yet, every business owner knows (or should know) that there is such a thing as "Penny Wise and Pound Foolish". This is especialy true when it come to the handling of matters involving major events in life. Before these events take place, this is a list of some of the events when it is a good ideal to look for a licensed Certified Public Accountant ("CPA") rather than an Accountant (no CPA in the name), Tax, or Bookkeeping service.

(look for the "CPA" in the name of the company, as under Florida State law a business and/or individual must be licensed to use those initials):

Buying or selling a home, renting out a family home
Buying, selling, or starting a business (planning, set up, and transitions)
Setting up a retirement plan as a business owner
Inheritance of property (with or without custodianship of children)
Setting up family trusts, especially involving children, grandchildren, property, business(es)
Pre-marital advice (second marriages involving property and / or children)
Forming or changing any type of business entity around an existing business or property
Ongoing advice with an established business to work with matters as they arise unique to that business

While there are many accounting businesses in Osceola and Orange Counties, Florida that may be competent in preparing certain basic individual income tax returns and performing basic bookkeeping activities, these business owners and their employees have generally not met the exacting standards required in education, certification and work experience required to handle more complex transactions. Certified Public Accountants, by the rigor of the State of Florida's demands, have not only education and work experience, but ongoing requirements of continuing education and professionalism.

Most folks would not try to deliver a baby on their own in our modern day society, or try to set their own broken bones. Most lay persons are aware that self-treatment in these instances could easily lead to infection, pain and costly care for a physician to correct the self-treatment (if a correction can be made at all).

However, the same folks are unaware that to attempt to form their own incorporations, or to buy and sell property without consultation, or ignore setting up a family trust for their family, etc. just as easily leads to costly backwork, pain from unpaid taxes, penalties and interest, and costly care for a CPA to correct the self-treatment. (Contrary to popular thought, CPAs are not magicians. There is not a lot they can do "after-the-fact". There is often a lot they can do when consulted before a contract has been signed.)

There is no substitution for competent, professional advice and work. The best consultation with a CPA comes before you begin a major change.

We offer a FREE initial half hour consultation for business owners in the Osceola and Orange Counties, Florida area. Call us today at 407-344-0733 and ask for Marian.

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