Long ago, I adopted the stance that bashing my fellow professionals was not a good idea. Though most of my clients came to me after becoming disappointed in their existing Accountancy. I never run ads, or promote in any broad way, their incompetencies. My clients are virtually all referrals. That is not a brag but rather a fact brought about becuase I adhere to the mantra I chant after being mentored by the vagaries of life and a tax system that is plane nuts. My mantra is “pay less tax, pay less tax, pay less tax”.
By remaining true to the pay less tax mantra, all else falls on line. It is axiomatic that IT'S NOT WHAT YOU MAKE, BUT WHAT YOU KEEP. A good Accountant may have some clients that really know how to MAKE and my best efforts are to help them KEEP.
It is true that the IRC is burdensome, often unintelligible without a team of lawyers and frequently circular in its constant references to other titles, sections, sub-sections paragraphs and enumerations galore…yikes, it's a lot to contend with. But honestly, I attribute any success I have had helping my clients KEEP more of what they MAKE to one overarching attitude. The attitude I elude to is one that refuses to accept that someone else knows better than I do. Of course I have humility in areas where I have no expertise but in the world of keeping more of what you make, I am an Authority. Let me add, keeping more of what you make LEGALLY.
An Accountant who has his nose in numbers and forms only is robbing 99% of his potential value from his clients. Years of tax work menas years of business analysis and that brings some substantial prognosticating ability. It's not that there isn't anything new under the sun but it is fair to say that experienced Accountants have almost seen it all. Clients who lie and cheat, clients who are frivolous about saving on taxation, clients who think their days to make hay are endless, clients who never keep records, clients who never worry but should, businesses that go bust from bad set ups, business that go bust after success…sigh!
One client I have makes $300K/year but won't do one damn thing I suggest. I try every year but for some reason, this person just doesn't respond. I've presented numerous ways to save taxation upwards of $50K. You'd think that would be of interest. Not yet and I am fairly persuasive.
Another client ignored my admonitions that small changes in a successful business is smart. Run pilots. They made big untested changes instead and failed. They caught on even saying they should have listened but too late to act. I did help salvage some value to start up a new venture. Getting blue in the face is not unheard of for those espousing good advice. I've had my share of blue.
And the problems in the system are not just clients but IRS agents too. I have seen the exact same issue resolved favorably for a client by one agent then another with an almost identical situation get slammed by a goof who himself had a supervisor even worse. Very frustrating to know that decisions can be arbitrary in the face of excellent work.
Yep, the system sucks. But I never change my mantra. In all of my directions when approaching a clients tax scene, pay less tax is my constant companion. I also carry a fairly large rolodex filled with hard gained know how that enables me to guide clients toward their goal of making money and remaining viable. Business advisories with tax expertise are powerful. I combine both in service to clients even if quietly. Seasoned eyes on a P&L is great but seasoned eyes in a head that cares is the key. Bothering to go the extra mile in figuring out anomalies or trends or unseen changes. You never know what you'll discover behind the numbers…one client was losing cash and inventory. We found a plain old thief. Once ousted all went back to normal. That's how getting to the right problem and its solution works. It changes things for the better. Wrong problem identified leads to wrong solutions and no betterment and often worsening of conditions. Worse of all is simply never looking and that is being asleep at the wheel.
Let's make a pact, you make money with my helpful advice along the way, and you keep more of what you make. Is it a deal?
Best,
Donn Marier
DM-Your Own CFO