Is My Accounting Firm Trying to Fire Me?

By Stacey Gorowitz, CPA, MBA With the continuing mergers and consolidation in the accounting industry, if you suspect you’ve become a little fish in a big pond, you’re probably right! As accounting firms move upstream and target larger prospects, they do not want to offend their existing clients by telling them that they are no longer an “A” client and it’s time to move on. Your firm may not directly tell you that your work is no longer a good fit for their firm. Even if you have a long relationship with your existing accounting firm, they may be trying to fire you if… 1)    They do not communicate with you throughout the year or return phone calls and emails in a timely manner. 2)    You feel like you’re training the person preparing your return because every other year there is a new staff person you have to educate about your business ,industry and the history of your family’s tax transactions. 3)    You’re concerned about the quality of the work because it feels … [Read more...]

Should I use an Accountant or a CPA – Does it really matter?

Stacey Gorowitz

By Stacey Gorowitz, CPA, MBA As a CPA in public accounting I often find many differences between a CPA and an accountant who is not a CPA. There are, of course, legal and licensing requirement differences, some of which are listed below. However, from a practical standpoint, does it make a difference to you as a person who needs to get your business financials in order? A few key differences are: Continued Education – a CPA is required to take a minimum of 40 hours of continued professional education per year. Continued education can be in many disciplines including tax law, financial statement reporting standards, ethics and technology to name a few. Education – a CPA is required to have at least an additional year of accounting courses beyond a 4-year accounting degree and typically studies extensively for the CPA exam, which covers extensive complex material beyond what is mastered in an undergraduate accounting degree. Financial statements - a non-CPA cannot … [Read more...]

If I had one hour with Gabby Douglas…

Gabby Douglas Olympics

  Imagine experiencing a substantial windfall of money - talk about everyone’s fantasy! Well, Gabby Douglas is one of these lucky people. CONGRATULATIONS GABBY!! As a CPA, I do worry about her sudden success. Can she manage and maintain this financial windfall? She’s a talented young woman with a good head on her shoulders, but it’s a big responsibility and a complex task to take on at such a young age. So, instead of yelling my advice to her through the TV, I thought I would blog about it. Everyone will tell her to assemble a good financial team around her – but really, what does that mean? What comprises a good financial team and what will they (hopefully) tell her? Gabby, here are my 3 pieces of advice… 1) When selecting your financial team, be sure to get a CPA who understands international tax law in addition to US tax law for entertainers and athletes. As a US citizen you are taxed on your entire worldwide income. The country you’re in may tax you too. There are … [Read more...]

It May Be Time to Upgrade Your Quickbooks

QuickBooks is the most widely used accounting program for small businesses and individuals. Annual updates keep the program current, adding new functions and increased record-keeping modalities. As they release new versions each year, Intuit also discontinues supporting older versions of QuickBooks. As of May 31, 2012, Intuit no longer supports QuickBooks 2009 for payroll, credit card processing, electronic bill pay or emailing customer invoices. If you use any of these services, you will need to upgrade. You might also want to consider updating to QuickBooks 2012 now if you’re using QuickBooks 2010, as it is scheduled to be discontinued on May 31, 2013. By switching over to the new version, you’ll be able to access new capabilities that make your accounting and bookkeeping processes easier. Some of the new and improved features of QuickBooks 2012 include: Attach Documents/Document Center: This new feature encourages a paperless environment. It allows you to scan and attach … [Read more...]