Ounce of Prevention is Worth a Pound of Cure.
My Dad was an engineer. I’m an accountant.
For years, Dad complained that bean counters were the bane of his existence. He felt strongly that the individuals responsible for developing a company’s engine of growth should not be accountable to accountants. As a young public accountant, he infuriated me. After all, I worked for a Big Eight accounting firm. I was obviously very smart.
Fast forward thirty-five years and what’s changed… and what have I learned?
Not much has really changed. Engineering and accounting are both respectable professions represented by smart, hard-working individuals.
I, however, have learned a lot.
- Tax accountants who are able to put themselves in the shoes of engineer clients are significantly more valuable as advisors
- Accounting service firms need to be engineered.
Start-up companies typically don’t pay income taxes. The wise tax advisor counsels clients on where taxes become business risks today and where neglect could derail a future sale.
Accounting firms struggle with this stream of consciousness between the entrepreneur and the tax advisor. They are set up for projects and studies. They often lack agility.
The real benefit is having your own Tax Director Down the Hall.