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HOUSTON BUSINESS REVIEW
Getting the Most from Your CPA, The Fifth in a Series
By Gary Cooper
GARY N. COOPER, C.P.A., C.V.A., is managing partner of Cooper, Bergman & Company, L.L.P., certified public accountants which was formed in 1991, assisting small businesses and individuals with accounting, consulting and income tax planning and compliance. Services provided include medical practice consulting, business valuation, assistance with buy/sell transactions, development and implementation of policies and procedures, accounting services and tax compliance and planning. The Company has offices in Plano and Houston, Texas.
If you are using your CPA as a mere bean counter you are not getting the most of your money or that important relationship. Your CPA should have the knowledge, skills, and background to help in business financial services, estate planning, management consulting, financial planning services, and small business services. In the next several weeks we will review each of these areas and how you can make the most of that CPA relationship. If you don’t feel your CPA fulfills these objectives, feel free to contact me.
Financial Planning Services – Your CPA should have a sound understanding of personal financial planning. Personal financial planning is important to individuals at all income levels. Society is faced with complicated and ever changing tax laws, raising and falling inflation rates and numerous investment opportunities. Most clients have found it important to receive independent advice to assist with achieving a sound return on investment.
Your total financial and tax position should be analyzed and your CPA should assist with identifying your financial objectives. They should also take into account all of the components of your financial picture with a goal of targeting ways to help you meet your goals and objectives.
They should explain the impact of defined financial decisions and investment strategies. They should also provide an objective analysis of the investment recommendations of other advisors and provide counsel on risk, liquidity and the tax ramifications. Lastly, they should advise you about the use of credit, diversification, employee benefit plans and other financial strategies.
Some of the primary reasons you need financial planning are as follows:
- Children’s education
- Retirement income
- Inheritance
- Starting a business
- Credit card debt restructure
- Multi-state property
- Estate planning
- Tax planning
- Portfolio analysis
A CPA can assist with determining the amount of funds necessary for achieving your financial goals, create an estate or provide direction on maintaining a defined lifestyle. CPAs stay current on all tax law changes and working with their client to minimize taxes and assist in maximizing your net worth and provide for contingencies.
Next week I will close this series with a review of small business consulting.
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